Advisory Services | The Mobile Accountant
Knowing and understanding a clients’ finances, should put an Accountant in a position to offer advice and insight into the most profitable segments of their business and areas where costs may have increased that deserve attention. This is an aspect of Accounting known as Managerial Accounting. Compliance is necessary, but Owners/Managers/Operators and Partners also need data to understand what parts of their business offer the biggest return on their money, time, and sweat equity.
In addition, If you’re a start-up that needs help with organizational issues-creating the proper type of entity and operating agreements, I can help.
Product costing is another issue that small manufacturers can often benefit from by having an experienced professional. This is where a lot of Accountants struggle, because they’ve never been exposed to areas outside their primary training-compliance. If your Accountant has difficulty using data to suggest operational improvements or anticipate issues before they become problems, it’s unlikely they will be effective in advising their client. My professional career has given me a unique perspective. I’m an Advisor because I’ve “lived it.”
Extracting data from QuickBooks and using Excel can highlight aspects of a business that a client was not previously aware of. Understanding gross profit from various segments of a clients business can prove invaluable toward their understanding in associating direct costs to each revenue stream. This enables them to understand historical returns as a way of gauging future success in each aspect of their business.
Request a Consultation:
The Mobile Accountant
Mike Faremouth, Owner/Principal