by Nthabiseng Maidi, Principal Director, MMCP Wealth and MMCP Business Advisory Services
Gone are the days where an accountant will receive paper invoices, receipts, bank statements and delve into processing and producing a trail balance, then the financial reports. There is an old myth that accountants are necessary for compliance purposes and that is not true. With the advancement in technology and the move to digital, some of the work that was previously done by accountants will be obsolete. The WEF of 2019 issued the trends of threatened jobs, and accountants were on the list. Meaning that accountants must rethink their service offering. We are not paper pushers anymore and we do not focus on the past. Our role should be forward looking and providing a service that will grow our clients.
I read somewhere that every business owner knows the type of client they are looking for, and the product provided is tailored specifically for that client. As accountants, we know the type of client we are looking for. The research done by Sage in the UK indicates that a business owner is looking for the following:
Someone who could provide support and direction. This will be in the form of coaching or mentoring. I recently attended a session where the two were explained thoroughly and, in both instances, one needs certain skills. Mentoring refers to experience shared, and coaching is having the skill to ask leading questions.
Getting to know your client better. Scheduling regular meetings, spending time understanding their business, their issues and goals. I get surprised by business owners who don’t meet regularly with their accountant to discuss the performance of the business. How do you then manage the business? Spending time with the accountant will make sure that issues are not left to pile up until they are dealt with. This has a feel-good effect as the client feels valued.
Prompt replies. Small businesses are swift in their decision making. With the assistance of cloud computing and cloud accounting software, decisions and response time should be quick. As an accountant, establish an open line of communication with your client. The cost of the time spent can be built into the fee paid.
Be proactive. Provide clients with information even before they can ask for it. Especially information that will allow the client to be independent and learn in the process. Encourage the clients to have budgets, cashflow forecasting and review that regularly. Peter Drucker, in his book titled: “The Practice of Management” said: “WHAT GETS MEASURED, GETS MANAGED”.
Improve yourself. Have a habit of incremental learning. We are liquid people and we need to constantly learn and have access to information that will transform the client’s business. Keep up with technology and learn new traits, learn about the diverse industries.
Provide more value-added services. If you can do it, then offer clients a one stop shop for related services. Some business owners prefer to deal with one company and not a multitude of service providers. Be able to refer the clients to service providers or bodies that will be resourceful.
At MMCP Business Advisory Services, we strive to offer our clients a service that goes beyond numbers, hence our tagline is: “TAKING YOUR BUSINESS BEYOND NUMBERS = TRANSFORMATION”, meaning that we will provide our clients with information that will enable them to make proactive decisions. We endeavour to have close working relationships, so that we can understand the industries they work in and provide relevant and reliable data that will assist them in running their businesses. This is done by incorporating a reporting tool that will link your financial data with business data. In this way, the financial information is created in such a way the is suitable to the business and industry. For those clients that cannot afford the added fee to have bespoke reports, we offer them a standard dashboard.
Be on the lookout for my next series of blogs, where I provide suggestions of what to consider when engaging an accountant; I provide clarity on the role of a bookkeeper and that of an accountant; I explain why small businesses need outsourced accounting services; and how an accountant can help you as a business owner.
All the best with your business.
Nthabiseng Maidi is the Principal Director of MMCP Group of companies. She is a seasoned Chartered Accountant, Tax practitioner and Businesswoman. MMCP Wealth is a wealth management company that is solution based and the advice provided is “advice-based planning”. MMCP Business Advisory Services Practice providing transversal integrated solutions to clients. The business is registered with SAICA as an accounting practice.
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