Accounting firms have failed to keep pace with the challenging economic climate we’re doing business in, and frankly, about five years ago, I felt like my practice was headed in the same direction. So, we had to go back to the drawing board—accounting, tax, and business advisory services. What’s the value of business advisory? Is it worth the cost, and does it deliver results for business owners?
I’ll explain in detail, but first, another question for my readers: What issues keep you up at night? It’s probably not tax preparation and compliance. I’d venture to guess the challenges run deeper—how to scale operations, administration, finance, and hiring to meet the needs of a growing list of clients. That’s one example. If we look at the big picture, the answer is closer to this: “Do I know where I stand financially? Do I have the resources necessary to take opportunities when they come, and do I have a plan backed by numbers?”
Let me explain exactly what “business advisory” means and why it matters.
A business advisory firm works with business owners to solve problems and overcome obstacles to growth.
What is business advisory? It’s the process of solving critical business challenges. It’s a fundamental shift away from a myopic focus on materials and tasks (forms and filing) and toward a broad objective, which is client success. Of course, the question has to be answered—how?
The way I practice business advisory is relatively straightforward. I take what I know carries significant value independently—tax planning, strategies for business and financial accounting, and CFO services.
First, I work with clients and my team to turn the numbers into insights. Second, I want to support those insights with valuable and understandable data.
Then, we can take that data and use it to plan, set benchmarks, or, in many cases, root out inefficiencies, which lowers the cost of doing business and builds the foundation of a mature organization.
Business advisory services are built on a foundation of sound tax and accounting.
So, the value for businesses is that they get everything that comes with an experienced Certified Public Accountant (CPA). Yes, your taxes will be filed on time and in the proper manner. Yes, every available deduction and credit will be maximized to reduce tax liability. Yes, your accounting processes and bookkeeping are going to be squared away and organized. That’s a given.
We take that expertise and deliver data that grows your business, reduces costs, and quantifies decision-making.
Here’s what accountants aren’t doing for their clients:
- Getting after it with strategic tax planning that goes beyond the tax year—that lowers taxes into retirement.
- Delivering financial statements with accurate data that optimizes cash flow management.
- Making decisions now to protect assets and connect clients with wealth management services.
- Producing data businesses can use for forecasting and setting KPIs.
- Modernizing clients’ technology and software.
- Connect key players and hold quarterly strategy sessions for real-time feedback and continuous improvement.
We’re going to take a look into your business for opportunities to increase profitability. Accounting firms are selling products instead of partnerships. This must change.
Advisory services secure your legacy and your family’s prosperity.
Legacy is a big word. It starts with considerations that sound pedestrian but have a significant impact on what your business and life are going to look like in twenty years.
So, what about your business entity structure? Is it time to graduate to an S corp? That depends on your personal income, the state of your business, and your tax situation.
Then, we move on to properties and assets, purchasing or selling businesses, and how to adapt to shifts in income that produce a lot of wealth you don’t know what to do with.
Money that’s not working is losing value. We’re going to put together a plan to grow the wealth you’ve created from your business, and then we’re going to interface directly with expert partners who will put together a plan for retirement and your estate.
Listen, we do business because we want the best for our families. Business advisory is about maximizing value in the present and the future.
Get a partner.
I believe that business advisory is the only acceptable service for growing small businesses. Complexity is accelerating. We live in uncertain times. So, I am Jeremy A. Johnson, and I’d be honored to work beside you to make sure the hard work pays off.
Schedule a discovery call today, and let’s get to work.
Talk soon,
Jeremy A. Johnson, CPA