Success and Peace of Mind
It’s true that most accountants tend to stick to ‘the numbers’. They are trained in that area. It is often stated that ‘what you can measure you can manage’. Accountants are educated to measure and report financial outcomes.
Traditionally, accountants report historical information. Normally, a Profit and Loss Statement to report on trading results for a period and a Balance Sheet to report the position of the business at a particular date.
In more recent years, it is now well accepted that historical information is not enough for effective business management. Business owners have realised that to be competitive, they also need to look to the future. So, whilst historical information remains important, it is no longer enough. Future planning is even more important and our clients now demand to know more.
Business owners know that if they run out of cash, they are out of business. They need indicators that predict cash flow. If it looks risky, action needs to be taken and the earlier the better.
This is about risk management and asset protection.
The concepts of managing risk and protecting assets have always been important, but the world is so competitive these days and things change fast. Profitable businesses can quickly turn into loss making businesses. Management skills are required, not just technical know-how.
Complying with the taxation laws and other government legislation remains central to the services offered by an accountant. However, adding value in the area of management skills is becoming more important for accountants to become involved in helping clients.
We are well qualified to help our clients. We are dealing with different businesses every day and we see a lot of businesses that work and sadly some that do not. We have much to share with our clients. In the end, it’s all about improving the odds of success.
If you have a question or concern, please give us a call. Our purpose is to help our clients achieve success and peace of mind.