Similar to how a personal trainer helps you create an exercise plan and provides continuous support and guidance to help you achieve your fitness goals, monthly account consulting can offer a similar service for your business finances.
A personal trainer also provides motivation and accountability to help you stick to your plan and achieve your goals. In the same way, a consultant can provide motivation and accountability for your business finances moving forward.
With the rapid evolution of today’s business landscape, safeguarding your business for long-term success is more critical than ever. While many businesses turn to accountants and bookkeepers to manage their finances, there’s a growing trend toward monthly consulting services to provide ongoing financial support and guidance.
In this article, we’ll explore why expert monthly consulting is so important for future-proofing your business and ensuring long-term success.
Why Future-Proofing Your Business is Important
In today’s fast-changing business landscape, future-proofing your business is not just an option— it’s a necessity.
Put simply, future-proofing can protect your business from some potentially nasty surprises. Let’s go into that in a little more depth.
Protecting Your Business From Market Fluctuations
Market fluctuations are a common challenge that businesses face, but they are nonetheless important to prepare for. A business not prepared to face these changes may experience significant losses and in the worst-case scenario, may go out of business altogether. By anticipating market fluctuations and having a plan in place to mitigate the potential impact, businesses can remain competitive and profitable, regardless of external circumstances.
Related: How Inflation Affects Small Businesses (And What You Can Do About It)
Monitoring Changes in Consumer Behavior
Nothing stays the same forever. Consumer behavior is continuously evolving, with new trends and preferences emerging all the time.
For example, the COVID-19 pandemic has accelerated the shift to online shopping, and businesses that were already embracing eCommerce were better equipped to navigate the change. Those that didn’t, however, are likely struggling more post-pandemic. We can learn from the unfortunate mistakes that retailers like Sears have made in the past; by adapting to changes in consumer behavior and staying ahead of the curve, businesses can maintain their relevance and appeal to a wider base of customers.
Staying Ahead of The Technology Curve
Technology is advancing at an unprecedented pace, and businesses that are not keeping up risk becoming obsolete. By future-proofing their business, companies can anticipate technological changes and plan accordingly.
For example, businesses can invest in new software or automation tools to streamline their operations, reduce costs, and stay competitive in their respective industries.
Keeping up with the technological Joneses can also help ensure that your business processes function as smoothly as possible at all times, or, as the adage says, working smarter and not harder.
The Benefits of Hiring an Account Consultant
Traditional bookkeepers and accountants can be helpful in managing your business’s day-to-day finances. However, account consultants provide higher expertise and strategic guidance that can take your business to the next level. Account consultants can offer valuable insights into financial trends, such as identifying seasonal patterns and recognizing when sales may begin to decline.
Another key advantage of working with an accounting consultant is their ability to help you optimize your financial processes for greater efficiency. For instance, they can recommend accounting software or other tools that can streamline your financial reporting and help you make better financial decisions. They can also provide ongoing support to help you make sense of your financial data and adjust your strategy as needed.
Once you’ve decided that hiring an accounting consultant is the right choice for your business, the next step is to consider the benefits of working with a consultant on a monthly basis.
How Monthly Consulting Can Help Your Business Thrive
Hiring a monthly consultant for accounting can provide a wide range of benefits for your business. Here are some of the main reasons why you might consider working with an accounting consultant on a regular basis:
1. Strategic Guidance and Expertise
While traditional bookkeepers and accountants can certainly help manage your day-to-day finances, account consultants offer a higher level of expertise and strategic guidance. They can provide insight into financial trends, identify potential areas of growth, and help you develop long-term financial plans to achieve your business goals.
2. Up-To-Date Decision Making
Monthly consults can help your business stay on top of finances and make informed decisions based on up-to-date financial data.
It also helps your business stay accountable to its financial goals and identify any issues before they become major problems. Monthly consulting provides businesses with a sense of stability and consistency in their financial management, which can lead to increased confidence and success in the long term.
3. Ongoing Support
Monthly consulting allows you to regularly review your financial processes, identify inefficiencies, and make necessary changes to increase efficiency.
For example, a consultant may notice that your accounts payable process is causing unnecessary delays in payment, resulting in late fees or missed discounts. By identifying this issue on a monthly basis, the consultant can suggest changes to the process, such as implementing an automated system or negotiating new payment terms with vendors, to optimize your financial processes and save your business time and money in the long run.
4. Regulatory Compliance
An accounting consultant can help you stay on top of regulatory requirements and avoid costly mistakes that could jeopardize your business’s success. They can help ensure that your financial statements are accurate and compliant with the latest regulations and provide guidance on tax planning and other financial matters.
5. Streamlined Accounting Software
A monthly consultant can help a business make helpful changes when it comes to accounting software such as QuickBooks by staying current with the latest features and updates. They can help you identify which updates are relevant to your business and implement them in a timely manner, providing any necessary training along the way as new features are constantly released.
Additionally, they can help troubleshoot any issues that may arise with the software and provide ongoing support to ensure that your financial data is accurate and up-to-date.
Utilizing QuickBooks Tools To Embrace Innovation
At Mission Accounting, we strongly recommend utilizing Intuit QuickBooks as it is one of the most popular and powerful accounting software solutions available today.
With its robust features and user-friendly interface, QuickBooks can help you manage your finances more efficiently and effectively. Our team of QuickBooks experts can help you set up and customize the software to fit the specific needs of your business, as well as provide ongoing support to ensure that you’re making the most of its features.
By using QuickBooks and other tools recommended by our accounting consultants, you can gain valuable insights into your business’s financial health and make informed decisions to drive long-term success.
Get Ahead of the Game with Mission Accounting’s Monthly Consulting
While traditional bookkeepers and accountants can be helpful overall, working with an accounting consultant can provide you with the expertise and strategic guidance you need to succeed in today’s fast-paced business world.
Whether you’re looking to grow your business, optimize your financial processes, or navigate complex financial regulations, an accounting consultant can help you achieve your goals and ensure long-term success.
Bernard Roesch, MISSION Accounting’s founder, is a Harvard MBA and a QuickBooks ProAdvisor. He has over 25 years of experience in advising his clients and helping them make smart and profitable business decisions. He and his team of QuickBooks experts can help you unleash the full power of QuickBooks to help your small business thrive.
At Mission Accounting, we offer monthly consulting services tailored to your business’s needs. Our team of experts can help you manage your finances more effectively, stay on top of regulatory requirements, and develop long-term financial plans that align with your goals. Contact MISSION Accounting today to learn more about how our monthly consulting services can benefit your business.
