It starts with bookkeeping!
Business Advisory Services Update
It is important that the basic documentation within a business is being prepared regularly. This allows the key information required by various people to become available, to enable them to undertake the tasks that have been allocated to them.
Critical to this is the bookkeeping function. If an accounting or bookkeeping firm is going to undertake a broader range of services known as “advisory services”, it is important to start with a review of the bookkeeping functions.
The bookkeeping system should ensure that reports that are required on a daily basis are being prepared. These reports could include sales for the day, average sale and number of customers.
The bookkeeping system supplies vital information for the preparation of the weekly performance report, which relates to the actual sales achieved together with the various expenses that have been incurred during the week. From this process, a weekly profitability report can be prepared.
The monthly financial reports relies on the bookkeeping function, to ensure that all supplier invoices have been brought to account, all sales invoices have been processed and that cash sales have been appropriately treated.
If there are discrepancies occurring within the bookkeeping function, this can have a triggering effect through a whole range of other reports that are being prepared to assist management.
The key objective for a professional firm undertaking the introduction of advisory services is to conduct a full review of the bookkeeping function, to ensure that the data recording is prompt and accurate, so that the information required daily, weekly and monthly is readily available.
ESS BIZTOOLS has developed a comprehensive range of resources that will assist accountants and bookkeepers to offer Business Advisory Services to SME Clients.
To find out more, reach out to our Managing Director, Peter Towers, and call 1800 232 088 or email .
