Business Advisory Software for Accountants
With an increasing number of business advisory software and tools becoming available in the Accounting & Bookkeeping market, what solutions will you choose to best structure your practice?
Here at MAUS, we recommend following our simple 7 step program to easily create a successful business advisory arm to your accounting practice. The program focuses on using business advisory software to automate each important step and with so many tools available in the market, we look at the benefits of using MAUS business advisory software as a complete end to end solution for your accounting firm.
The Business Advisory Success Methodology
1. Client Relationship Management
2. High Level Goals
3. Business Value Gap Analysis
4. Financial Analysis
5. Strategic Planning
6. Strategy Execution
7. Exit & Succession
Step 1 – Build client relationships
The first step is preparing yourself to be successful in business advisory services. The appointment of a business champion is critical to the ongoing delivery of services. Managing client relationships is especially important to pinpoint the right service plans and strategies for implementation.
MAUS business advisory software will help you to easily manage your clients and conduct business advisory services. It includes the largest range of consulting apps in an ‘all in one’ business advisory software platform. Simply select the tools you wish to use depending on the client needs.
Step 2 – Establish high level goals
Do you know what you will ask a potential client when you first engage with them? From here you need to determine your clients’ hot buttons with probing questions such as “What keeps you awake at night?”
This can be done through the MAUS Client Needs Analysis module which will indicate where the client’s strengths and weaknesses are, a structured approach that is effective for all clients. The software will then auto create a gap analysis report, an action plan and a detailed proposal to address specific needs.
Step 3 – Business value gap analysis
The third step is to educate the client the importance of non-profit building activities to boost the overall value of their business. This can be anything from establishing how much the client thinks their business is worth against the commercial value.
MAUS Value Enhancement Gap software creates a powerful return on investment selling document which explains the theory behind business valuation and also the value created by engaging your services.
Step 4 – Financial analysis
From here we run the client through a simple financial health audit to determine the areas of strength and potential that will improve the performance of the business. Its important to understand where the business is now, and where it can be in the future.
MAUS Virtual CFO software provides you with a structured process to analyse your clients’ financials, and pinpoint strategies to improve cash, increase profit and revenue.
Step 5 – Strategic planning
All businesses should have a good strategic plan. Help your clients focus on the key strategic drivers of the business by preparing budgets and cash flows.
MAUS Strategic Planning software will help you to quickly develop a fast or detailed business & marketing plan for your client in minutes, rather than hours.
Step 6 – Monthly strategic review
Create a monthly engagement with your clients to generate a recurring revenue stream. Establish a monthly or quarterly advisory board to keep them accountable to their plans.
The MAUS KPI Dashboard software acts as a common interface where clients can collaborate with your accounting. It takes all financials, strategies, obstacles, and action plans combining them into a one page dashboard which can be used for simple monthly reporting as well as a system you can use internally to increase profits, accountability and performance of staff, and strategy execution.
Step 7 – Exit & succession planning
The final step is to establish if the business owner has ever thought about selling/exiting their business. As the baby boomer market continues to grow, over 40% of business owners are expected to to sell their business in the next 5 years. This is a huge advisory growth area.
MAUS Exit Planning tools will help you to create comprehensive exit and succession plans in minutes rather than hours. The MAUS methodology has been recommended by the Exit Planning Institute in the USA and the Institute of Exit Advisors in Australia.
A complete “Business Advisory” cloud software platform…starting at $199 month!
All the MAUS advisory methodologies and consulting systems are available in the MAUS Hub Consultants Edition – an award winning business advisory software platform.
It will provide your accounting practice with an instant competitive advantage. It includes the largest range of consulting tools in one interactive platform.
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Rob Fiance – CEO, US Business Services
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