How accountants can stay relevant for small businesses

go to link Small- to medium-sized businesses (SMEs) could benefit significantly from the right accounting advice but many of them feel they don’t have the budget or the need to engage an accounting firm. This is partly due to the increasing availability of technology solutions to simplify accounting tasks.

trading system etf Transformative enterprise technology used to only be available to enterprises with big budgets. The emergence of cloud-based delivery mechanisms has reduced the cost of enterprise-level technology solutions to a point where any SME can access them and pay a nominal per-license monthly fee. Furthermore, these solutions are more functional, higher quality, and easier to use, and there are more of them.' Doing nothing in the technology space is no longer an option for SMEs who must accept that digital transformation is now a given for businesses to remain viable. One of the most valuable technologies to consider for SMEs is cloud-based accounting tools.

seriöse broker für binäre optionen Cloud-based accounting software is a powerful tool for businesses wanting a real-time view of their financial information. It cuts down on manual processes and can also help businesses get much more value out of their accountants.

go Accountants can spend far less time on administrative tasks by accessing their client’s financial information in real-time via the cloud, rather than spending time on data entry or finding information through manual processes. The automation and real-time information offered by cloud accounting systems lets accountants focus on providing strategic business advice and other value-added services for clients.

follow url The time savings come from cloud-based tools’ ability to easily integrate real-time business financial information into other systems. This means accountants no longer have to export and import files, chase up information, or connect to local databases. Cloud-based software automatically enters financial information into the accounting system, eliminating the need for a person to manually enter this information.

binary options buddy This results in faster, more efficient and more accurate processes. It means there is one single source of data for both business owners and accountants to refer to, and no paper forms to be keyed in with the possibility of error or loss.

go to link Cloud accounting software can provide businesses and accountants with a highly secure feed of daily transaction and cash flow data. Businesses can easily integrate this information into other systems for immediate insight and overview, letting them collaborate in real-time with their accountants.

opzioni binarie punto com The beauty of cloud accounting is that SME owners can invite a number of trusted people such as accountants to collaborate online.

The ready availability of cloud-based and self-service accounting tools means today’s accountants must find a way to remain relevant or risk becoming obsolete. Cloud accounting has made day-to-day tasks such as keeping track of income and outgoings, and finding ways to minimise SMEs tax burdens easier.

This has created an environment in which accountants can deliver more value than ever before to their SME clients. Saving time on managing day-to-day tasks gives accountants more space to really advise clients on what will help their business grow and planning for the future.

Clients’ expectations are changing. They no longer want accountants to provide a picture of their financial position; they want accountants to analyse it and provide advice on what to do to improve it.

Accountants that can embrace this shift and move towards delivering strong advice based on up-to-the-minute information will add significant value to their SME clients. A good accountant should get to know a client’s business intimately, always be on the lookout for opportunities, and be experts in their field, such as taxation, risk management, or mergers and acquisitions.

By becoming a genuinely trusted adviser, accountants can build longer-term partnerships with clients. This results in more challenging and rewarding work for accountants, and it also makes it more likely that they will be able to grow their business over time as clients come to rely on them more and more.

This need to act as a trusted adviser has seen a renaissance in the consulting services sector, which now encompasses financial reporting, strategy and risk mitigation, through to a burgeoning range of business advisory services, including the current gravitation towards cloud-enabled real-time accounting.

Unsurprisingly, consulting services now represent 55 percent of what’s collectively a $27 billion tax, audit, and consulting industry. Increased competition continues to raise the bar on service offerings. Also, according to a report by research company Source Global Research, called Planning for Growth in 2017, Australia is now one of the most attractive consulting markets in the world, surpassing the UK and the US.

While growing competition within the consulting space should be good news for local businesses, many don’t necessarily understand the full range of services now on offer or what criteria they should use to differentiate value from price.

This is where good accountants can step in to help clients understand the range of consulting services available and the value clients can get from engaging with a trusted adviser.

Ultimately, SMEs are looking for ways to do more with less, optimise their businesses, and compete more effectively in the marketplace. A strong accountant who has earned the right to call themselves a trusted adviser will always be relevant to SME clients as long as they continue to provide the right advice based on a deep understanding of the client’s business.

Judy Snell, business advisory director, RSM

Leave a Reply

Your email address will not be published. Required fields are marked *