Most small business owners strongly agree that their accountants are their trusted advisor when it comes to various financial advice. Today, small business owners are increasingly looking to accountants for services beyond bookkeeping, compliance, and tax preparation.
As an accountant, offering various advisory services such as cash flow forecasting and funding can help you deepen your relationship with current and existing clients. Besides, it helps your clients to make better financial decisions and successfully grow their businesses.
No matter whether you're a new or a reputed accounting professional in offering funding advisory services, adding it to your accounting arsenal is one of the smartest ideas. In this guide, we take a look at how funding advisory service can help you grow your accounting business, build trust, and beat competitors with a reliable and positive approach.
What Funding Resources Available To You?
Thanks to the rise of the online digital marketplace, alternative lenders, and crowdsourcing, today, accountants can help business owners in various ways who need extra working capital to run and grow their businesses.
Though there are numerous small business financing options available today, choosing the best option for your client should be at the top of your funding advisory list. You'll need to understand what different funding resources available to you and how you can help your clients to get the best financing as per their needs and budget.
To know the reason of your clients for taking out a loan, it's always a great idea to take your time to understand their funding needs, making them aware of different funding solutions you're offering so they can trust you when they are in need of financing for their business. You can partner with a reliable online lending marketplace that can help you find and compare a variety of small business loan offers for your clients.
Ask the Right Questions
No matter how hard it is, you must ask the right questions to understand your client's funding needs. When you have your client's important information available in hand, you can better understand how your client's business is looking to grow.
Here are some of the many important questions you can ask your clients to know them better:
- What is your business' financial position look like? (ask them to provide balance sheet, profit and loss statement, cash flow statement)
- What purpose do they need extra money for?
- How much amount they are looking for?
- How quickly do they need the funds?
- What type of loan will be best for their current financial needs?
- Can they provide any type of collateral?
- Are they in a position to repay the borrowed amount?
- Is their business stable?
You can use a questionnaire or take the help of a broad-based business survey to ask the right questions from your clients. This will not only help to collect valuable information about your clients' business but increase your trust and reputation as an accountant. Moreover, with answers in hand, you will be in a better position to find the right financing option to meet their unique financial needs.
Tips to Develop Funding Culture in Your Organization
As more and more small businesses are looking for loans these days, it's a great opportunity for accountants to add funding into their financial advisory service, so clients can seamlessly apply and secure capital for their small businesses.
Building a funding culture is important to fulfil your clients' business objectives, so it should be informed to everyone in the company. If you want to grow this culture in your accounting company, you should develop the way different departments communicate with clients. From the way, your team meets and greets the clients to your CPAs gives financial advice to their clients. Besides, you should invest in marketing and advertising to spread awareness of your funding solution so you can boost the trust among your prospective customers.
Benefits of Funding Advisory for Your Accounting Business
Funding advisory is one of the fastest-growing sectors that can give you a wonderful opportunity to solve your clients' funding problems and help you become a trusted advisor and grow your accounting business. Here are some of the top benefits of becoming a funding advisor:
- Help clients solve their small business financing problems
- Become a trustable advisor and grow your business
- Make meaningful changes in your clients' business and help them successfully run and grow their businesses
- Get the opportunity to work with a variety of clients
- Don't need any startup cost to start the funding advisory
- Enhance your small business funding knowledge
Final Thoughts
Want to solve the biggest small business financing problem of your clients? By adding financial advisory services, you will not only help business clients create a strong financial foundation but provide yourself with an amazing opportunity to build a successful career as an accountant.
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