Our Services – Accounting, Advisory, Bookkeeping and Tax fit within two broad categories – Compliance and Advisory
Compliance:
Compliance to tax laws, regulations and rules vary by the type of business and industry in which they operate.
Instead of looking at compliance as a necessary, but non-value added activity for small businesses, we view good, historical, financial data as an indicator as to what can be expected in the future, in the absence of structural changes to the business. When a business is compliant, it means that there is reasonable assurance that (potential) threats imposed by external authorities can be addressed and overcome. But, additionally, having solid financial data forms the basis to make sound decisions concerning future growth or other financial goals of the business.
You can’t effectively run your business if your continually chased by taxing or other authorities for information or evidence of compliance. If you do get challenged, you need to resolve these issues, quickly. It’s a hell of a lot easier with well-structured, organized, classified and reconciled, data, records and transactions.
Advisory Services:
Advice needs to be grounded in data and facts. The rule should start with, “first, do no harm.” We take the view that any business’s operation or activities should be looked at to improve the time it takes to start, create/manufacture, complete and deliver products and services. The velocity of this start and delivery cycle determines how fast revenue is recognized and payments (cash) is ultimately received.
The faster and more efficiently a business can create and deliver their products and services, through operating improvements, the more it will enhance their gross margins. Gross margins are the difference between Sales Revenue and those Direct Expenses required to deliver their product or service. Gross margins need to be sufficiently (large enough) to cover the remaining indirect or overhead costs necessary to run the business.
Many Accountants are preferring to base their Firm or Practice’s focus, exclusively on Advisory Services. Fine. But, the business Client still needs Compliance work to be completed. Transactions need to be reconciled, records updated, and financial statements, created. The point is that Clients will not draw a distinction between Accountants that are solely, Advisors and those Accountants that do Compliance work. Client’s normally expect their Accountants to do both.
We always advise Clients to take obvious actions to better cash flow to enhance faster growth. But, other advice requires a review of a business’s financials to understand the best decision(s) for future growth. One more thing. Business Owners should avoid advice from Coaches or Advisors that have no understanding of the possible repercussions that their advice might have that conflicts with applicable tax law, rules or state law.
Compliance and Advisory Services – As a Repeatable Process
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