Consulting accounting goes beyond maintaining a company's accounting and financial routines. Its purpose is to build improved strategies in order to promote business growth.
In this way, we can say that Consulting Accounting is an area of accounting that brings accountants closer to management. This professional starts to act strategically and assists in the decision-making process.
Simply put, the accounting professional becomes an ally, acting in an advisory capacity. As well as carrying out routine accounting operations, they analyze company data and suggest areas for improvement.
Consultative Accounting is a new way of providing accounting services, with a focus on client performance and growth.
While a traditional accounting service is focused on delivering basic services, limiting itself to bureaucratic business issues, a consultancy service relies on technology to automate the routine and is more dedicated to strategic management, providing a solid basis for decision-making.
In advisory accounting, the accountant is seen as a key partner for the company to achieve success. They have the autonomy to suggest improvements and advise the manager on the best practices for efficient financial management.
According to a Paypie survey published in 2020 by Forbes, around 70% of the accountants who work with small businesses in the world are already using a consultative approach.
How does Consulting Accounting work?
First of all, in order to work in this direction, there needs to be a relationship of trust. In this way, through consultative accounting, the company can achieve a greater understanding of its figures, in order to increasingly improve growth planning.
One of the most important aspects of this accounting model is that it is customized. All the work is done based on the specific information and needs of each business.
For this reason, it is very important to pay attention to hiring professionals who are specialized in the company's area of activity.
Professional consultants analyze data, records and all the company's movements. They must follow the day-to-day running of the business, establishing a true partnership with the entrepreneur. This enables them to offer better solutions for business development.
What are the best advisory accounting options?
The ideal option is one that is able to meet the needs of the business in a totally personalized way.
When looking for a consultancy accounting service, it is of the utmost importance to find out about the professionals who will be carrying out the work.
It must be clear that the company needs to have experience with tax planning, financial management, performance reports and other traditional services. It also needs to be able to propose concrete actions based on data analysis.
In addition, as we mentioned above, it is very important to check that the accounting firm has experience in the sector in which your business operates. In order to propose assertive strategies, it is essential to have market knowledge.
To do this, you can research which clients the firm has already served.
What are the benefits?
The deliveries made by advisory accounting are of great value to the company's management, as they help to improve decision-making.
Therefore, one of the most important benefits of this modality is precisely obtaining reliable information to improve planning and make more assertive decisions.
The accountant who also acts as a consultant can, for example, indicate opportunities for cost reduction, change tax frameworks in order to reduce tax payments, optimize the collection process, among other actions.
As he always has the company's reports and diagnostics to hand, it's easier to suggest ways to improve the financial and equity situation.
Technology is an important ally of Consulting Accounting. With the automation of routine tasks through applications and software, the accountant ends up having more time available to take care of business growth. Therefore agility of digital solutions is also an important benefit.
Technology can be used for tasks such as issuing invoices, bank reconciliation, online ticketing and other services.
We can also highlight the following benefits of Consulting Accounting personalized service, a full report generation about the business and the broad market knowledge.
How can I apply Consulting Accounting in my company?
In order to apply consultative accounting to a business, it is necessary to find accounting firms with qualified professionals for this service model, such as CLM Controller.
In addition, it is very important that the company hired uses technology to automate routine procedures, so that the professional can devote more time to analyzing information and advising management.
Do you want to apply Consulting Accounting in your company? Contact us.
