Why Do You Need Advisory Services Over Good Bookkeeping?

Today’s bookkeepers use your financial data to help you grow your business.

Rely on Your Accountant for More Than Basic Records

The world of accounting services is changing. Today, CPAs are moving into advisory roles. By analyzing your books, an advisor can guide you toward smart financial strategies.

Advisors Provide Value

Your accountant keeps an eye on your business’ financials and knows your daily transactions and overall financial health. In fact, they may have a better idea of your money situation than you do. Accounting professionals speak the language of numbers, and they understand your business’ patterns in ways that you might not be able to.

Who better to provide guidance based on that information than the team maintaining your books? Ateam doesn’t just track the numbers, but also pays attention to what they mean. Professionals who use your data to help you keep a close eye on your business, make predictions about your business going forward, and develop a financial strategy.

Signs of Quality Accounting

However, just because a CPA firm offers to provide advice, that doesn’t mean you should entrust your business to them. Your outsourced accountant or CFO needs to be able to back up those promises with reliable, trustworthy advice and actions.

To advise you, a quality accounting firm must be willing to build a relationship with you. You’re looking for a financial mentor, which requires an investment of time that’s dedicated to listening and dialogue.

Additionally, the advisor should be able to clearly outline what services are provided and how those services are accomplished. Savvy CPA firms tailor their services to best fit your needs. They know which programs and systems deliver the most value, and they can advise you on which is ideal for you based on their knowledge of those systems and your business. 

Pitfalls of Bookkeeping Services

You could stick with the same bookkeeper that you’ve used for years. However, doing so may not be the most efficient, cost-effective, or organized option available. Accounting is becoming increasingly automated, which frees up CPAs to truly add value to your business in addition to keeping records. Your competitors are likely considering accountants who provide advisory services; continuing to complete in your industry may require that you, too, take the advice of those with financial know-how.

Need additional help determining if your practice is ready for advisory services to fuel growth? Schedule a consultation with us and we can help you make sense of it.