Many small businesses in Australia are still up to their neck in paperwork. A recent global survey of 2,000 small businesses by Intuit found that Aussie business owners consume 25% of their time on admin tasks and only 22% are actually working to expand their business. The item that was listed as the “biggest barrier to business goals” was admin.
Can trusted advisors help you? In what way?
Trusted advisors are your life raft
Four out of ten business owners haven’t got a clue who to call for help on how to strengthen their business, specifically for financial dealings and strategic planning. Experienced accountants or bookkeepers have the know-how to provide advice and guidance on these matters to small businesses.
The people you go to if you want to go digital as they can advise you on software and solutions. An Intuit research found that one in five small businesses are not yet using cloud technology. Of those who have adopted cloud, 80% revealed that it saved them money. With cloud technology, small businesses can use a “single ledger” for universal access and real-time collaboration.
A business’ entire operations can potentially be transformed by business accounting software. Accountants and bookkeepers can teach their clients how to automate invoicing, billing and other business processes.
According to research, small businesses that have adopted mobile technology are saving as much as nine weeks annually, in time, and boosting their revenue by an average of 8%. Automating processes and adopting mobile technology will boost a business’ operations exponentially and allow their advisors to advise them on where to focus business and sales activities.
Many small businesses prioritise growing their business. This is where accountants and bookkeepers can expand their services by offering more strategic, high-level business insights to their clients. They have the opportunity to become a strategic partner to businesses, with data showing that only 6 out of 10 owners have a trusted advisor and businesses are open to turn to an advisor with the expertise to value and benchmark their business.
Find your pain points
Small businesses must turn to experienced and cutting-edge accountants and bookkeepers, who can find their pain points and devise a reactive business plan, moving forward. The essential job of a strategic advisor is to win customer loyalty and take the initiative in identifying parts of the business where there are problems, such as invoicing, account reconciliation or payroll.
There are small businesses that overlook the help and advice that their accountant or bookkeeper can provide in financial matters. It is the task of trusted advisors to make the business world become aware about the new roles they can play for small businesses.
By finding unresolved customer issues and attending to their unmet needs, trusted advisors can establish trust with small-business clients. This will help build business relationships and, in the long run, ensure customer loyalty.
If you or your business is in need of bookkeeping, accounting and other business-related processes, contact PJS Accountants. We have over 30 years’ experience with local Redlands businesses. Call us for enquiries on how PJS Accountants can assist you.