Keen to deliver advisory services to SMEs?
Business Advisory Services Update
Bookkeeping firms and bookkeeping sections within accountancy firms certainly have a lot of contact with their SME clients on a daily, weekly or monthly basis.
This means it is very important that the basic accounting information is recorded appropriately and that there is an awareness of what the client’s ambitions are. It is also important to understand what the role of the bookkeeping firm or section could be to assist the client to achieve his/her vision.
Bookkeepers having an involvement beyond the recording of financial data can be very beneficial for the SME client and it can provide interesting and challenging work for the bookkeepers.
This is ADVISORY SERVICES!
Some bookkeepers have already committed to delivering Advisory Services. ESS BIZTOOLS currently has two bookkeeping firms who are ‘Delivering Advisory Services’ using our most advanced product – ‘Financial Forecasting Package’.
What are the services that a bookkeeper could provide to SME clients?
At ESS BIZTOOLS, we gave this question a lot of thought and have developed our new ‘Advisory Intro Product Package’ to reflect the type of services that SMEs need including:
Due diligence review on the business operations, to gain “an inch wide and a mile deep” knowledge of the clients business. This is very important because if you are going to supply Advisory Services to clients, you need to have a broader understanding of what your client’s business. Your involvement is going to be broader than just contributing data for the maintenance of the financial records and ultimately, to the preparation of an annual set of accounts and income tax return.
Reviewing the daily information that the client would like to receive, and then implementing the system to generate that information and identify who will be responsible for the preparation of that data.
Introduction of a weekly performance report and profitability estimate system, together with KPIs
Implementation of a daily/weekly ‘cash management report’ for your client.
This is the start of the implementation of Advisory Services to benefit an individual client. We will look into budgets and cash flow projections at our next post.
ESS BIZTOOLS has been developing resources to assist Accountants and Bookkeepers to deliver Advisory Services for 25 years. The new ‘Advisory Intro Product Package’ supplies Bookkeepers and Accountants with the resources to create FINANCIAL FOUNDATIONS, to give individual SMEs the ‘business smarts’ that they need.
To find out more, CLICK HERE to register to our complimentary webinar, free of charge, on Tuesday 19 March at 11am AEST.
