The right business accounting approach for your clients
In Australia and around the world I am certain, business owners of small to medium sized enterprises are doing the same thing when it come to accounting records, softwares and business day to day running and maintaining.
Are we all failing to plan ahead or without knowing, planning to fail?
What are we really doing?
What is your role as an accountant or bookkeeper? I am not referring to BAS or Tax agents, I am referring to house keeping reponsibilities for general accounting and bookkeeping.
Let’s start from the beginning…
A business owner is running a business with the business know how that entails the following:
- Registering a business
- Providing the product and services
- Knowing the customers
- Building the networks
- Making the sales to bring in the money!
These are key skills that usually make a business successful, however, there is a downfall that can cause stress to business owners and it comes to record keeping, financial data for reporting requirements and own business analysis. I see many small to medium sized businesses that are operating on cash know how basis- meaning what money is coming and what we are spending vs what are we making in profit and what strategies can we implement?
A business owner is working to maintain cash flow to cover their spending and try to save some. Is it working?
Is this wholly reliant on just the right accounting software that we tell our clients to invest into or do we need to educate our clients to make the most of their accounts?
What is limiting the client from seeking a good service and what is limiting the accounting professionals from providing the necessary service?
1. I can tell you that many business owners do not realise that a year flies and they haven’t maintained their records of general business transactions and make on the go decisions hourly to daily.
2. I can tell you that many of these business owners are budget conscious, it is a small to medium size business. In having said that, large organisations have small profit turnover’s as well.
The point is, the budget of the business owner does not include an accountant cost/ bookkeeper.
What can we do to help? To do this you need to be committed.
Think of this as a simple two step process- does it work? It is Work In Progress… A WIP!
Inform the client, educate them about what they need to do and how it will help them.
Set up an easy process,
When it comes to business receipts and transactions, create a means of communications with your client that they can reach out and easily give you a copy of their receipts and invoices for their expenses. They don’t need the physical copies, everything is cloud based- a screen shot is sufficient. A photo is worth a thousand dollars! They are receipts and invoices- not just words 😊
What is it costing you as the professional and what is it costing the client?
Not a cent to make or lose a Dollar!It is working in partnership.
Stay tuned for cloud based storage and accounting software solutions and advantages…