Accounting today means far more than just making sure the business is tax compliant. Many accountants offer financial management advice and efficiency advice that can shape the future of the business. Most accountants practicing today work in commercial situations and have experience with business cash flow in different industries.
What many small businesses and service-based businesses need is someone that’s available to look at the nitty-gritty of their finances and offer advice for business survivability. Here are some of the main areas that accountants are getting better advice for clients:
- Proper cash flow management by examining internal factors. The deep look at Accounts Receivable, WIP, stocks, taxes, loans and more will make sure that a business has a consistent flow of cash.
- Making financial reports understandable for small business owners. Having the proofs to examine the true performance of their business and looking at percentages to see how sales figures are going up and down each month can make it easier to understand the data in reports.
- Finding true cost on products and services that the business owner knows the best price to charge their clients to ensure profit. Offering discounts and competitive pricing is an added bonus here.
- Finding the best finance options for business based off of the structure of that business. Businesses have different finance requirements based on their industry. Businesses also have different requirements or their profit margins including how they at leased equipment or for materials.
- Understanding the true overhead of a business in formulating a better budget that can be monitored on a monthly basis to make sure that profits don’t disappear.
- Setting appropriate key performance indexes to ensure that targets can be met. If the business needs to increase their sales conversion rate by 50%. They’ll need to have consistent numbers to make sure that they’re generating the sales leads they need to succeed.
- Helping managers to analyze the feasibility of new ideas. Running the financial numbers to make sure that a new opportunity does not have to business by.
- Helping business owners to systemize their business to create more business value by showing the value in every department and making the business more attractive for sale.
- Helping business owners to pay themselves accordingly and structuring pay dividends in a tax effective manner for shareholders and themselves.
Bonus
- Acting as a trusted financial advisor and sounding board to offer support in making financial decisions that could impact the company.
- Providing a cost-effective way to ensure high-value propositions to a business. The benefits of an accountant should outweigh the cost of services.
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Basil Zaff has devoted his entire life to assisting business leaders and their teams in embracing the importance of numbers. When beginning discussions, he often emphasizes that revenue is vanity, profit is sanity and cash is king. Basil Zaff perceives running a business akin to managing a sports team, where everyone must be aware of the score. Every business aspires to elevate their cash flow, profitability, and overall value. The Strength of One, crafted by Basil Zaff and the secureCFO team, is the code of your company. How many incremental changes of just 1% or 1-day do you need to make to achieve your desired financial outcomes? Throughout Basil Zaff’s endeavors, a constant theme emerges; simplifying complexity. This empowers individuals without financial expertise to readily analyze and enhance their business’s cash flow, profitability, and overall value. Basil Zaff has devoted his life to this purpose. This has helped thousands of businesses to scale 2xProfit, 3xCash and 10xBusiness Value.
