See yourself as a personal trainer — for business
ACCOUNTANTS DO GREAT WORK for their clients (so be sure to see our EOFY checklist and our EOFY series of blogs for tax preparation for how to keep ’em happy). Accountants find ways to help them save money, make money, and improve the profitability of their businesses. But too many accountants spend too much of their time on compliance work, when they should be focussed on the kind of work that will help their clients grow successful businesses.
When cloud accounting software entered the market, many accountants thought it signalled the end of the bookkeeping profession. However, plenty of bookkeepers have in no way lost out to accountants (and we’ve given reasons as to why and how in previous blogs) but, rather, have found myriad ways to stay relevant.
Just some of these include becoming BAS or tax agents, providing software training to their clients and focussing on niche industries. And as more people start their own businesses, bookkeepers are as relevant as ever. It’s accountants who aren’t!
Talk to your clients about growth
As an accountant you understand numbers and what a business needs to do to grow. These are insights many business owners lack because they’re too close to their business to see that there are different ways of doing things. Instead of providing run-of-the-mill compliance services to your clients, offer services that will help them to focus on the ways they can grow their business, whether it’s by focussing on different KPIs or by establishing new processes.
Your role, here, is to work out the projects to be implemented and tested, then setup the systems to measure the results. It’ll be up to you to monitor the results and hold the client accountable. Think of it as being a personal trainer, except for businesses not people.
Help your clients manage cashflow
Cashflow is a huge problem for a lot of businesses, and it’s most often caused by poor credit management processes. However, in some cases, it’s also caused by businesses they spend more money than they make, or that spend money on areas of their business that isn’t revenue generating.
In each instance, as the numbers person, this is something you should be able to spot from a mile off, but which may not be obvious to your client. A lot of business owners also don’t see how inefficient credit management processes can adversely affect their business, when their business is profitable. Help your clients to understand the difference between cashflow and profit.
You need to evolve to be relevant
In a digital economy, no profession is safe from disruption. Just as bookkeepers had to evolve to stay relevant in an era of cloud accounting and DIY bookkeeping, accountants must too.
Think about the value you can bring to your clients’ businesses, and focus on providing those services — the ones they can’t do themselves or hire someone else to do for them cheaply — as opposed to spending your days knee-deep in compliance work.
EzyLearn Excel, MYOB and Xero online training courses count towards Continuing Professional Development (CPD) for bookkeepers and accountants. EzyLearn online training courses are endorsed by accountants, BAS agents and bookkeepers. Find out how CPD points can be of benefit to you.