Five ways to take your clients’ business to the next level
One of the great advantages of being an accountant specialising in small business is the close contact that you can have with your clients. Your influence can be instrumental in pushing your client’s business to new heights.
Small business owners often have to wear many hats, and can be stretched thin. Providing services that cater to your client’s unique circumstance is not only a great way to get good word out about your business, but could also be the difference between your client’s venture succeeding or failing.
1. Know the business beyond the balance sheet
Your primary business as an accountant for small business is to ensure that your client’s books are in good order. But financial good standing isn’t all about the credit and debit columns. Talk to your clients about how they structure their business, and investigate whether their current state of organisation is the best fit. If not, suggest more suitable structures, and suggest relevant changes to the business’s operations, where appropriate.
2. Talk about the future
A small business owner can be vulnerable to sudden shocks in the economy, and cash flow forecasts can be a crucial tool for a business to evaluate their position. Expanding a business during unfavourable times can be ruinous, and failing to invest when conditions are favourable can be folly – knowing your client’s growth plans will put you on sound footing when they are faced with growth-oriented decisions.
3. Use the best tools at your disposal
Sage One’s accounting software provides the best in cloud-based accounts management. You can update your client’s books anywhere you can connect to the internet; having client data wherever you go will let you accommodate problems as they arise, and help their business run smoothly. Great software can illuminate complex issues clearly, and give you the edge in dealing with your client’s financial needs.
4. Make tax less taxing
Small businesses are often hit hard by tax and bureaucratic red-tape, and ensuring that your client’s are not being over-burdened with tax should be an essential feature of your service. Government may also provide subsidies to small businesses, so keeping up-to-date on the latest developments can be a great boon to your client’s business.
5. Manage change for your clients
If your client is trying to raise capital to grow their operations, your input as an accountant will be crucial in guaranteeing that your client manages to secure the funding that they need to accomplish their goals. Help with business plans, dealing with banks, finding investors, expanding payroll – your financial knowledge will be key to bringing your client’s plans to reality.