What Small Businesses Really Want from their Accountants

Let's talk about what clients really want from their financial professionals. As someone who specializes in cash flow advisory, I've gained some insights on this topic that I'd like to share with you.

It's All About Improvement

So, what do clients really want? They want help improving their business in the future. That's right. Whether it's from their bookkeeper, accountant, CPA, or finance people, they're expecting ways to show improvements.

But here's the issue - and I see this far too often - instead of providing improvement advice, many financial advisors are just pointing out problems. "Here's a problem. Here's another problem." Sound familiar? They're adept at spotting issues, but not as skilled at saying, "This is how you can fix it." And that's where the ball is often dropped.

A Personal Analogy

Let me share a personal experience that illustrates this point perfectly. When my daughter got married, it was a wonderful event. We had a photographer there, capturing every moment. When the wedding was over, what remained? The photos.

These photos show us the good moments, and yes, some of the not-so-good ones too. But here's the key point - those photos won't be much help when planning my younger daughter's future wedding. Why? Because photographers are archivists. They record the past, and that's the extent of their role.

In fact, if you had looked at my social media post at that time, you would have seen bright rainbow-colored flowers that were shipped by accident. A photographer can capture that mistake, but a wedding planner could have helped us prevent it. 

The Distinction Between Accountants and Cash Flow Advisors

Now, let's apply this wedding analogy to the world of finance. Traditional accountants, like photographers, often focus on recording the past. Bookkeepers record transactions. Accountants ensure that past is presented in an understandable way. And CPAs? They're very concerned about making sure the past is documented properly, whatever that archiving entails.

But what do clients actually need? They need a wedding planner! That's where cash flow advisory comes in. As a cash flow advisor, I'm like that wedding planner who's going to help them improve the next "wedding" - or in this case, the next fiscal year, the next quarter, the next big business decision.

What Clients Truly Desire

I've had enlightening conversations with clients, and they all confirm it. They want help with improvements. They're asking:

• How can they increase their profit margins?
• How can they reduce their costs?
• How can they manage their cash flow?
• And once they've managed cash flow, how can they optimize it?

These are the questions that keep business owners up at night, and these are the areas where cash flow advisory really shines.

Bridging the Gap

Here's the situation. If you're a financial professional, especially an accountant, and you're contemplating what more you can do for your clients, it's straightforward: help them with the future.

Don't just be the photographer showing them pictures of what happened. Be the wedding planner helping them make the next big event even better. That's what our clients want, and that's how we can truly add value.

As a cash flow advisor, I've witnessed firsthand how this forward-looking approach can transform businesses. It's not just about managing the numbers - it's about helping our clients use those numbers to build a better, more profitable future.

So let's step up and be the advisors our clients really need. Whether you're an accountant looking to expand your services or a business owner seeking more from your financial professionals, remember: the future is where the real value lies.