Advisory Accounting – Bridging the Gap Between the Business Owner and the CPA
(12 - 1-hour sessions available On Demand)
CPAs are routinely voted the most trusted business financial advisor. So, aren’t things fine? What gap? Consider if any of the following describe your situation.
- CPA professionals tend to assume that clients understand the financial statements they are provided if they do not ask any questions.
- Business owners, with typically no financial background, do not understand enough about the financial statements they receive to ask a question and assume everything is fine if the CPA does make any comment.
- If clients do have a question, they hesitate to ask it because they are fearful, they will not understand the answer, and they do not want to look stupid.
- The problem is that CPAs speak GAAP, and business owners speak CASE (Clear and Simple English). Learn how Advisory Accounting bridges this gap in the session.
Major Subjects Covered
- Overview of the steps involved in moving from trusted financial reporter to trusted business advisor; not just what the numbers on a financial statement are, but how to interpret them
- The use of Advisory Accounting to build Client Advisory Services revenue
- The four phases of business and how CPA firms can supply much-needed client advisory services in each phase
- The balance sheet and how to explain its importance as the foundation of the business
- The structure of the income statement and how to effectively measure profitability
- Measurement of Operating Performance and calculation of the Survival Score
- Cash Flow measurement and forecasting
- Financial cause and effect analysis and how to achieve optimal financial results
- Business planning and financial forecasting
- Break-even analysis
- Capital budgeting
- Important rules to guide the business owner in dealing with the banker
Upon completing this session, you should be able to:
- Identify opportunities to build business client advisory revenue
- Establish a strategy to successfully market Advisory Accounting to obtain new business clients
- Understand the advantages of Advisory Accounting versus Traditional Accounting
- Communicate a seemingly complex subject easily, quickly, and effectively
- Easily identify bad financial trends of business clients and suggest solutions before they become critical
- Ensure that business clients grow and thrive and become lifetime clients
- Significantly reduce the 80%+ failure rate of businesses in the US
Recommended CPE Credit
12 hours Financial Education - Each session is 1 hour CPE