Does Your Accounting Firm Offer These 3 Small Business Services?
Posted on: 20 December 2018
Do you work with an accounting firm to handle your business's taxes and bookkeeping? An experienced and skilled accountant can make all the difference in a small business's success. They can help you maintain accurate books and financial records and gain a clear understanding of your financial outlook. That can help you make informed, smart decisions about your business's future.
Accounting firms aren't just for bookkeeping and preparing the books though. In fact, many firms offer other complimentary services that can accelerate your growth and boost your bottom line. Below are three such services. If your accounting firm doesn't offer these kinds of services, you may want to look at alternatives.
Financing preparation. Are you preparing to take out a loan to fund your business's growth or expansion? It can often be difficult for a small business to obtain a loan at a reasonable interest rate, especially from a traditional lender like a bank. You have to have great credit, but you also need to have excellent financials and a sound plan for how the financing will help your business.
Many accounting firms offer financing preparation services, which could improve your odds of obtaining a loan. They prepare your financial documents and even provide advice on how to improve your financials before you apply for funding. They may even help you develop a business plan and address questions from the lender.
Business valuation. How much is your business worth? You may have an idea, but the truth is that business valuation can be a complex task. It's also an important one. You may need to know the value of your business to obtain a loan, raise money from investors, or even to plan your own personal financial strategy. If you're considering selling your business, an accurate valuation is even more important. Many accounting firms offer valuation services. They analyze your books, your financial records, your assets and outlook, and much more to determine your business's fair market value. That can help you negotiate with confidence and make more informed decisions.
Advisory services. Running a small business can be a lonely endeavor, especially if you're the sole owner. You may feel like you have no one to talk to or to work through challenges with. Your employees are coworkers, but they aren't necessarily your peers. Your family may not fully understand the challenges you face. There may be no one who understands your business quite like your accountant. They've seen your financials and your books and they understand your goals and obstacles. Some firms offer business advisory services to help you work through problems that go far beyond accounting. They could advise you on the market potential for a new product or service or analyze a competitor that you may want to acquire. They can talk through growth strategies with you or help you find ways to trim the budget. In short, they're your consultant to help you tackle your most challenging problems.
Does your accountant offer these services? Contact accounting firms in your area today to learn how they can help you grow your business and meet your goals.
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