2020 has brought many changes and we are only halfway through the year. The changes have given many business owners the time for deep reflection about their businesses and the strategy for the future. One of the issues is how you work with your accountant.
Reflections that have them considering what really matters in their businesses and what is working and as the saying goes if it is not broken why fix. Then consider the matters in the business that are not working and the time to say do I stay with the old or do I change to a new way.
Using Online Services
We have had a lot of traction from new clients during the Covid pandemic. We have heard tales of hands-off accountants and how they often do not really understand the businesses that they are working with. We have won over new clients because of our ability to form a relationship with the business owner, to understand their business and to offer in-person and online services.
While ‘normal times’ might have facilitated a ‘hands-off’ working relationship with limited interaction. More and more business owners want a more symbiotic relationship where their accountant plays a more active role in the development of their business. The term ‘Accountant’ does not cover their requirements for their current need in business. Why is this the case with so many clients and the need for change?
The Importance of Data in Decisions
Irrespective of industry, data is pivotal to the decisions for the successful running of any business. Data for the key metrics that analyse the business and give clear guidance are essential. Business owners want information that is relevant, timely, and also they want the advice on how to strategically look to the future on the risks and rewards of those decisions.
Many business owners are obliviously working with the old traditional structure. Yet is this structure working for the client? Many business owners accept it because they are not aware that there is a different way of doing things and that business automation and readily available software makes their financial data more accessible. It is not controversial to say, but most business owners (particularly in the SME sector) only know the true financial standing of their business when they receive their annual accounts back from their accountants, and even then the relationship with their accountant is something that only happens once a year.
Now, as businesses try to steer a course through lockdowns, supply chain issues, and wage subsidy schemes, cash flow management 2021 forecasting and Brexit to name a few issues, it has never been more important to be able to know exactly where your business stands. Business owners should not be making decisions now based on historical data; they should be making decisions based on current information. Unfortunately, for most businesses, their advisors are not able to provide them with such a service.
Think of it in simple terms
You would not make a clothing choice based on last week’s weather forecast or even the weather forecast from 9 months ago, so why should you make decisions for the future based on last year’s financials?
Speak to AAL
We, at AAL, look at the relationship between Accountant / Advisor and a client in a totally different way.
We understand that when a decision needs to be made related to your business, you need to make it with real-time data, with business savvy advisors. We make it our business to understand your business. It is not just another ‘set of accounts’ for us to complete. For us, it is about what you want, how you do business, and how we can make a better impact on your bottom line by going the ‘extra mile’. That is the prioritization when it is needed, the stats when they are needed, that gives the client the comfort in knowing the positive and negative on the business strategy.
Our team takes time to understand your industry and the factors driving it and we delve deep to ensure that we know as much as we can about your business landscape, therefore, we are ‘up to speed’ when questions and issues arise, we are aligned with the long term strategy and are able to work the short term plan to adjust for the ever-changing balance.
Our relationship with our customers is very important.
We have expertise in the full cross-section of business leadership and management. We answer the call when you need us, we work on the strategies that are a priority for you that need attention today.
We then keep in constant contact with you to ensure that we are supporting you.
For us, the client relationship is not an annual exchange of documents; it is a two-way relationship that enables us to support clients in making the best decisions for their business in a timely manner.
Take the next step to energizing your business, advisors that have the passion and drive, to run your business like our own.