Promote your value to the client

As a financial professional, how do you get small business owners to recognize your value? Here are our tips.

An accounting firm owner promoting their value to a potential client

Time is money

You know you can help companies throughout the different stages of their growth. From business plans to company formation, loan applications to tax audits, a partner like you makes life easier. You can improve any company's business prospects – every step of the way.

But despite these advantages, some business owners may not understand the value you provide. They may simply think that they can't afford your services. It’s important to explain how accountants and bookkeepers can improve efficiency and increase productivity. Those benefits can save or earn your clients much more than the cost of your services.

Take the end-of-year close as an example. Starting a tax return often begins with countless hours catching up on past reconciled transactions or hunting down missing expenses. But you can do all of this much faster, thanks to cloud-based accounting software.

In fact cloud accounting simplifies the end-of-year close by improving client collaboration all year round. This means the data is always up-to-date. Partners save time through automated processes such as live bank feeds, and by working with clients using accurate accounting data.

But that’s just the start. Here are ten ways that you can add value to your clients' businesses.

1. Business plans

Small businesses are discovering the value of involving an accountant when writing their business plans. That’s because you can provide useful insight into key business indicators and your clients' target markets.

Your expertise in these key areas can help businesses become financially stronger and more agile. This puts them in a better position to take advantage of new opportunities as they arise.

Not all small businesses fit into the same legal box. Every structure, whether it's a sole proprietorship, partnership or company, has different considerations with respect to liabilities and taxes. You can explain these legal business structures in simple terms. That will help your clients choose the one that provides them with the greatest benefit and protection from risk.

3. Finances

Small business accounting can quickly become complex, particularly when managed in-house. It can be easy to lose control of invoicing and other financial responsibilities. This is where you can help. You can get the company back on track, with additional work on payroll, cash flow and other areas. A cloud-based accounting solution can give you a quick and comprehensive overview of this vital financial data.

4. Delegation

Small business owners love control. But as their company grows, so do their responsibilities. You can take on some of those duties. By focusing on finance and accounting, you can let business owners concentrate on the parts of their business that they love.

You can give them the freedom to improve their customer service, do more creative work, and grow their business. After all, few business owners started their company out of a desire to do lots of bookkeeping.

5. Compliance

You can complete and file the required legal and compliance documents:

  • Keep the business owners up to date with the latest tax laws
  • Prepare annual financial statements
  • For companies, maintain the statutory records and Companies Office registers
  • Handle payroll and ensure that all employees' tax codes and payments are recorded correctly

“Penalties for missing wage reporting and tax payment deadlines are among the most costly compliance issues for small businesses,” according to Isaac O’Bannon, the Managing Editor of CPA Practice Advisor and long-time follower of compliance issues facing business owners.

“As businesses grow, the complexity and labour involved in compliance can increase dramatically. By ensuring small businesses stay in compliance with even just these two issues, an accounting professional provides a highly visible and tangible example of their value to a small business.”

In addition, your knowledge of tax laws and legislation is highly valuable. You can use it to suggest ways to free up cash flow, save money and raise capital for expansion.

6. Audits

It’s statistically unlikely that a company will face an income tax audit. But if it does happen, you can steer them through the auditing process. You can also help ensure future compliance with tax laws – and perhaps add value by providing audit insurance.

Businesses must also pay attention to other audits, such as GST/HST audits. You can help those businesses stay on top of their responsibilities when it comes to collecting taxes from online sales, for example

7. Business loan or overdraft

Every business needs a sound business plan when it comes to applying for credit or seeking capital investment. You can help here, by reviewing loan terms and conditions to identify the best option.

Your presence alone tells the bank that the business is serious about its finances. And with a reliable, cloud-based accounting solution, you can present facts and figures and answer questions to support the funding application.

8. Business growth

Armed with your knowledge and a cloud-based accounting solution, you can:

  • Help with growth transitions, such as hiring employees or taking on more office space
  • Review all important details, including payroll, employee tax management, property tax and utility payments – this frees the business owner to focus on growth
  • Analyze cash flow, inventory management and pricing
  • Become your clients' expert accounting partner

With your strategic perspective, you can provide insights on how best to grow the business. For example, you can determine the best time to introduce a new product or service.

9. Pre-purchase advice

Some people start their new business with an idea scribbled on a napkin, and build it from the ground up. Others prefer to purchase an existing business. When it comes to buying a business, you can study the target company's accounts in detail – and highlight any areas of concern.

For example, you can confirm if a company’s assets are fully owned, leased or part-paid for. You can also check whether the company has any outstanding debt.

10. Selling

Just as when starting a small business, your accounting expertise is important when an owner is ready to sell their business.

Using cloud-based accounting software, you can build charts and tables to position the company in the best light. You can interview potential buyers and structure the company's financial affairs in a tax-efficient way. All of this will help your client get the best possible deal from the sale of their business.

You have so much to offer your clients

As you can see, there are many reasons for a small business to hire you. So make sure you highlight the time and money savings you can provide across their entire business – including planning, legal and financial advisory services.

Ultimately, peace of mind is the greatest service you provide. You and your accounting knowledge provide small business owners with peace of mind about the state of their finances. That leaves them free to devote their attention to running and growing their business.


Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

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