Prediction: Forecasting Will Benefit Your Accounting Practice
Business owners across the country are wondering, more like, dying to know, what the impacts of COVID might be to their business, their revenue, and their cash flow.
They want to know the best case, worst case and likely case scenarios. And they want to know the UH-OH case of how long do I have before I run out of cash. By providing simple scenarios, you can help your business-owning clients, make wiser decisions sooner.
As a CPA, you can run scenarios and be clear about the variables you use and be frank about the assumptions you’ve made and see what results each scenario spits out. Doing this for your clients now can be the difference between them weathering the COVID storm with some bruises or their ship totally sinking.
Even if you can’t tell them exactly how things will play out, showing them what happens in these different scenarios gives them a greater sense of control over their future.
And when you provide your clients with a greater sense of control and an ability to make better informed decisions, now the value you add as a CPA goes way up.
But it’s YOUR accounting practice that has the most to gain. When you add more value, it allows you to:
- command much higher fees
- let go of low-margin compliance work
- free up time for higher impact work.
Start by picking one client for whom you could easily run scenarios. Walk them through your thinking and be sure to include the variables they know to be important.
Start there and you will be well on your way to offering this service more broadly to your best clients and transforming your CPA firm.
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