Business Advisory – The Evolution Of Accounting

What exactly is business advisory? This is where you examine trends from the past as well as predictions and forecasts for the future in order to be able to establish which is the right direction to head in for the business. Who is better placed to provide these types of services then your accountant? They have access to all this information through your cloud accounting system.

Standard compliance services, such as tax returns and account have been taking more and more of a back seat due to the surge in popularity of these advisory services. What value can business advisory services deliver to your business, some of which you might not be getting from your traditional reactive accountant?

Accountants used to have a traditional role of just compliance and tax advisory services, however, business advisory services has meant that traditional accountancy services have become mixed with that of business coaches and mentors. This has led to the proactive accountant going above and beyond and getting involved with additional services that include:-

  • A thorough analysis of KPI’s and accounts within the company, sometimes questioning you as the client in order for them to get a clearer picture of the current situation. If you’re a business owner it is imperative to answer these questions as accurately as you can as believe it or not, you do add a lot of value
  • Following the initial analysis of the performance of the business, we can create financial documents such as cash flow forecasts and budgets. This will help you as the business owner keep to your budget and get an overall view on how healthy the business is financial.
  • Finally, the role of that of a financial director. This is the stage where we’ll begin to work with you in order to form a strategy going forward for the business.

The relationship between you as the business owner and your business advisor is key to firstly, overcoming any issues that the business might currently be suffering from, and secondly, to establish a path going forward. It is more beneficial to you as a business owner to seek the services of a business advisor rather than someone who is just solely an accountant. Working with just ONE person on a multitude of issues, rather than working a mentor, coach and accountant separately can lead to a decline in productivity and can halt progress.

As we get more involved with your business, holding you accountable to your goals we will help you to overcome any obstacles that the current path you’re taking with your business has presented, as we want you to be as successful as you can be in your business.

If you would like to book an appointment to see how we can support your business from these advisory services, drop me an email to daniel@dkaccs.co.uk or click here to book an appointment.

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