January 26

6 Benefits of Business Financial Consulting

By nolanacct

January 26, 2021


Small business owners often find themselves taking on numerous responsibilities including sales, marketing, and customer service. Managing the many day-to-day operations of a small business means that bookkeeping and accounting tasks often don’t receive sufficient attention. Managing your finances is key to a successful business. Working with an experienced accounting firm that offers business consulting can help turn your financial goals into reality.

Professional Accounting Advice Can Make the Difference

According to the National Federation of Independent Business, most new businesses fail due to a combination of problems including a lack of planning and failure to seek professional advice.  Unless you are a financial expert, managing your business finances on your own can result in costly mistakes. Every business regardless of size, needs the professional advice, expertise and support of a professional accountant. 

At some point, you’ve probably worked with an accountant to file your personal or business tax returns. What many small business owners may not realize is the added value that comes from building a relationship with an accountant on a consulting basis throughout the year. An accountant can serve as a trusted business partner who can offer knowledge, experience, expertise and an objective perspective that can help you reach your business goals.

Ways a Financial Consultant Can Help Your Business

Since accounting is all about interpreting information about your company’s finances and operations, your accountant should be a key part of your financial advising team. The right accounting firm can help small business owners navigate many important decisions that impact both personal and business finances. 

Whether you’re an experienced business owner or just starting out, an accountant can help you develop advise you on ways to improve your business finances

  1. Business Planning

It’s critical for a new venture to begin with a sound business plan. Whatever product or service you plan to provide, an experienced accountant can ask the right questions to help you develop a strategic business plan. They can help you optimize your processes and avoid problems with taxation and other financial issues. 

  1. Tax Planning 

Tax planning can be too complicated for even the most experienced business owner to handle on their own. When starting a new business, there are many things to consider including its legal structure. An accountant will be able to help you select the right legal structure, translate the legal jargon, and help you understand the tax consequences. They can also review your plan as your business changes and grows and discuss strategies that are available to minimize taxes without sacrificing profits. 

  1. Risk Management

Once an individual starts a business, the risks multiply. Business owners need to plan for the financial risk of early death, disability, and liability or loss related to property ownership. 

Business interruptions due to natural disasters, property damage and the death or disability of a person key to the success of the business are just a few of the risks that need to be considered. An experienced accountant will be able to provide information and advice on how to best manage your risks in order to protect your financial investment.

  1. Identifying Cost Savings

Unless you are already a financial expert, working with an experienced accountant will save you time and money. Experienced bookkeepers and accountants will ensure that tasks are taken care of quickly and accurately and you can make important financial decisions from a position of strength. 

Having sound internal accounting processes for monitoring expenses and avoiding unnecessary expenditures is an important benefit of working with an experienced accounting firm.

  1. Planning for Different Stages of Business Growth

Business owners have many challenges when it comes to long-term financial planning. To grow, a business needs a clear objective, a plan to get there and strategies to make it happen. 

An accountant can provide an objective, informed perspective when it comes to business finances. Meeting regularly with your accountant can help identify potential challenges and keep your financial goals on track.

  1. Coordinating Personal and Business Finances 

Many new business owners are focused on building their business and may neglect their own personal finances. An experienced accountant can help ensure that your personal finances are in good order along with your business finances. The two need to be coordinated for cash flow, investment and tax purposes. 

Your accountant can help ensure that your personal and business finances are working in conjunction to meet your financial goals.

Choosing the Right Accounting Partner

A good accountant should be a partner that supports you and your business all year long, not just at tax time. At Nolan Accounting Center, we pride ourselves on building strong relationships focused on success. 

Because our firm is relatively small, our clients benefit by receiving more personalized services. We help bridge the gap between your financial data and how to use it to make smart business decisions. 

The financial health of your business is summarized by your income statement, cash flow projection, and balance sheet. In addition to preparing accurate and timely financial reports, Nolan will help interpret those reports to improve profitability. Our experts are available to answer client questions whenever they arise. We are always available to help you by:

  • Interpreting your financial records and reports
  • Analyzing expenses
  • Reconciling bank statements
  • Suggesting new procedures and programs

In addition, we offer our clients business advisory services through The Mastery Network. Their Core Mastery program is an online platform that assists business owners in understanding more about how to run a successful business operation. 

Our accountants and CPAs provide a full range of accounting, tax preparation, bookkeeping and payroll services to small business owners in Southeast Wisconsin. We look forward to working with you to meet your financial goals. 

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