As uncertain as the future can be, you must have a safety net prepared in the form of a feasible financial strategy. With the help of your accounting consultant, you can strengthen and improve your current strategy; however, this is only possible with effective co-operation.
1. Defining The Process
Before the data is gathered and recommendations are made, your accounting and business advisery firm should be able to explain to you the process that they follow when it comes to developing a financial strategy. Treat this as the 'getting-to-know-each-other' stage, where you can ask them about their background with small business accounting, their systematic approach on dealing with their client's financial needs and pricing for their business accounting services. Once these things have been made clear to you, it's time to move forward with your adviser on what you want for your business.
2. Setting Your Goals
When you have a strategy, it should have a purpose. You may have some ideas about the goals you want to achieve for yourself and your business. Your business adviser will help to clarify and group goals as short-term and long-term financial goals.
3. Assessing Your Financial Situation
In order to determine effective time frames for your business goals, your accounting adviser will asses your current financial position. This includes; reviewing your assets, liabilities, investments, insurance coverage, tax strategies and other expenses incurred.
4. Creating Your Financial Strategy
By formulating your financial strategy together with your accounting and business adviser, you will be able to consolidate business goals and gain the support of an expert, solidifying the methods and steps you'll have to take to meet your objectives. Your business adviser will also recommend strategies and services that can cater to your needs. You and your accounting adviser can work together to craft solutions and plans to mitigate crises and problems that your business might encounter along the way.
5. Putting The Strategy and Recommendations Into Action
Your business adviser will assist you in implementing your financial plans, and may also enlist the help of tax professionals and other financial analysts to see how well your business is performing. To keep you updated as the business owner, your adviser will make sure you get a bird eye's view of your business using management reporting.
Working together as partners, your accounting adviser will understand your goals, needs and resources available, before making recommendations and strategies.
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