Today’s accountants can offer far more value to a client than just balancing their books.
In March this year, I had the opportunity to contribute an article to Tax & Super Australia (a not-for-profit organisation that has assisted tax and superannuation professionals for 100 years). In that article, I explored what added values accountants can provide to their clients.
Here is an extract from my article.
INTRODUCTION
Being privy to the financial wellbeing of clients puts accountants in a strong position to add value to their clients’ businesses and establish themselves as trusted advisers.
Accountants are often the first port of call when a business journeys through its various stages. They are there when a business expands, diversifies or downsizes. They are on hand when their client needs to restructure to minimise risk or has to quarantine stakeholder assets. They are ready to help during succession planning and transition to retirement. This ability to offer strategic advice at each of these pivotal points cements their role as a true “partner” to a client’s business.
As well as this core support, there are extra ways accountants can add value to their clients.
KEEP THEM INFORMED
Offering clients continuous updates and helpful information about issues relevant to them is a great, and fairly easy, way to give that little bit extra. Accountant and strategic development business leader Daniel Wyner makes this point.
“Sharing technical knowledge with clients doesn’t need to always be in the context of a transactional relationship. Instead, also look for ways to educate, inspire and motivate them within their business.”
The financial calendar provides some regular opportunities for accountants to provide extra information to support clients. Consider, for example, the Federal Budget. Highlight specific changes proposed from both major parties and how they could impact on a client’s business. This information can be brief, but informative enough to form the basis for a client to request a meeting to discuss budget- proofing their business.
When proposed changes to legislation are announced, there’s usually a very long lead time before amendments are enacted to the relevant Acts. This is a good chance to contact clients again to help them prepare for change.
OFFER BUSINESS “HEALTH CHECKS”
Most SME owners are hands-on managers who struggle to step back from the operational side of their business and be strategic. Accountants can guide them towards considering the bigger picture. Offering a six-monthly check up can help identify any risks and opportunities for the client.
PRE-EMPT RISKS AND ISSUES
Be proactive in suggesting improvements, changes and, more importantly, highlight the importance of having a business strategy that is adaptable to the ever-changing economic climate.
BUILD YOUR REFERRAL GROUP
Create a network of credible and reliable professionals who can step in and advise or help your clients on matters beyond your expertise. Some of these professionals might include:
Financial planners – Business owners and SMEs need to align their finances appropriately to their business structures whether they are actively working in the business or planning to retire.
Bankers – For various banking needs and financing options for capital requirements of the business.
Insurance brokers – Adequate business risks and liability insurance cover needs to be in place and, where necessary, key personal insurance and business succession planning insurance may also be considered.
Superannuation specialists – SME owners will need specialist advice to plan for their own retirement funding throughout their working years.
Marketing specialists – Ever-changing consumer demands and increased market competition mean businesses need to create a brand that resonates with the target audience. The marketing plan will also inform budgeting and IT capabilities.
Lawyers - Legal advice is useful at various stages of the business journey. This includes advice on business structures for growth, diversification, exit and succession planning. It is also needed for various stakeholder agreements, asset protection advice, protecting intellectual property, risk management, employment, WorkCover and other compliance requirements.
IT experts – Although many IT solutions are user friendly, specialists can be enlisted to help automate operations and processes, facilitate communications (both internal and external) and to create customer-friendly interactive platforms and electronic marketing campaigns.
HOW TAX & SUPER AUSTRALIA PARTNERS WITH YOU
In the coming issues, we will explore a series of topics that will be relevant to all businesses.
While these articles will not constitute legal advice and certainly are not intended to be offered as such, they will equip you with the ability to spot “red flags” and identify potential legal and compliance issues and factor them into your services. Clients will appreciate the awareness and care that you exhibit in highlighting potential challenges and risks in their businesses and your ability to refer them on to the appropriate experts for further advice.
The full article was published in the Taxpayer March 2019 edition.
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Note: The information contained in this article and on www.laulegal.consulting website is general information only and does not constitute legal or compliance advice.