With the challenges that COVID-19 has brought, the advisor community has experienced a phenomenal increase in workload. Speaking to accountants and bookkeepers, they all say they have been run off their feet. They are making a difference, helping clients apply for wage subsidies and loans, preparing cash flow forecasts and scenario planning – the list goes on.
Advisors have quickly changed the way they work with clients. Some are interacting weekly or fortnightly, providing more regular assistance with cash flow and acting as a financial sounding board for small business owners. Some have been, and still are, dealing with really tough circumstances and the fallout that follows. While there’s no silver bullet for businesses experiencing a downturn due to COVID-19, it’s become essential to track real-time data on a daily basis, to run regular cash flow forecasts and to seek expert advice.
I’d like to think that this season has altered the way some advisors will engage with their clients going forward. Hopefully this ‘new norm’ will mean higher engagement between advisors and businesses on an ongoing basis. As an industry, we have often talked of advisory – well the time for advisory is now.
From running community Zoom sessions with Xero partners, it’s evident that many accountants and bookkeepers have not had sufficient time or resources to process all existing work, as well as respond to the huge volume of queries they’ve received. Due to the ‘busyness’, it’s clear that accountants and bookkeepers would benefit from more external support.
There are several industry consultants who provide scalable resources and dedicated support, and I’ve listed some below. While this is not a comprehensive list, these consultants can do some of the heavy lifting for you and are not expensive.
TAPP provides unlimited access to valuable content for practices to offer their clients. We know advisors don’t have a lot of spare time to create resources, so it makes sense to utilise content from experts. In TAPP, you can find helpful articles and training on a range of business topics, which gives advisors the ability to add extra income streams for their practice.
Take advantage of TAPP’s special offer and help your clients gain value today.
Specialists in the accounting industry, The Gap Portal provides accountants with fully systemised processes, coaching and education to market. They also provide and deliver business advisory and improvement services to their clients.
Experts in Xero Practice Manager and WorkflowMax. Puzzle Solutions provide software implementations and advice for accountants and service professionals.
Mindshop provides experienced support to build a higher performing advisory business.
Learn new capabilities, inject cutting edge advisory technology, guide the evolution of your models and services and join a like-minded community of peers to share and learn from.
Advisor-e.com provides coaches (and ex-accountants) who can assist you through a growth fundamentals framework.
Boma Marketing is a digital marketing tool for accounting and bookkeeping professionals.
Cloud Integrators are software consultants who assist with the migration and set-up of apps, as well as training and support.
Register as a service provider to offer specialist, tailored advice. Eligible business clients can get access to free specialist advice and support for cash flow financial management and planning. Clients can also get access to business continuity planning and HR.
If you are working with any other industry consultants, feel free to add them to the comments section below.