Updated: Mar 10, 2021
Accounting is undergoing rapid change like every other industry. Growing firms in today's complex technological world can introduce new accounting challenges for every business. In this blog, we explain how these growth changes and challenges can impact your business and how we can help you navigate that growth with our dedicated business partner plus services.
No More Shoeboxes
Every industry is undergoing rapid change; much of it brought about by smartphone apps, the Internet everywhere (5G technology on the horizon as we speak) and innovative technologies providing clients with the ability to do-it-yourself when it comes to basic bookkeeping. The age-old stereotype of delivering a box of receipts and papers to your accountant the week before tax deadlines no longer apply. Many clients now do their bookkeeping with QuickBooks Online, utilize online payroll services and can use smartphone apps to manage their business expenses and receipts. Instead of delivering a shoebox of receipts clients instead share online access to their bank accounts (with limited capabilities, of course).
The New Role of Today's Accounting Firm
In short, accountants of your parent's generation were more about transactions, inputting them and reporting them. Today's accountant however has a new role. One that moves beyond the transaction to analysis, business financial coaching and helping clients navigate increasingly complex financial relationships, rules and regulations. More and more clients are starting to view their accounting firm as a Growth Partner, not just a transaction and reporting partner. What does that mean?
Take the Pain Out of Tax Time
As growth partners, your accounting firm can do more than your quarterly or annual tax reporting. In fact, we prefer to help you monitor your financials on a regular schedule so that when tax time is actually here, filing and reporting your taxes is a much easier, painless process - one that reduces surprises because we've kept up with it the entire time.
As Growth Partners, We Help Our Clients Navigate Growth
As your company grows your business experiences more complex financial scenarios. We frequently help our clients project what they will need to hire, buy equipment, open a new location, buy a business or even bring on a partner. We help our clients plan for these large expenditures in ways that don't rely on debt or loans, if possible. Believe it or not, technology impacts our clients in many of the same ways it impacts us especially as you grow - increasing use of cloud technologies, an increasing need for security coupled with an increasingly remote workforce (especially since covid19) make technology infrastructure a challenge. We even help our clients analyze and set up their accounting infrastructure as their needs grow and expand with the growth of their business. In short, today's accounting firm is your partner in growth. At Peridot we call that being your "Dedicated Business Partner" and we've created a set of packages that make it easy for you to budget for these additional needs.
To access more information about the unique packages and levels of partnership with Peridot Consulting, go to our page for "Business Partner Plus" to understand the level of commitment we can have with you. Or, reach out to us directly via email at firstname.lastname@example.org or (828) 242-6971.
Disclaimer: This is a brief synopsis and individual situations may vary. The above has left out many details for summation purposes. Do not take any advice from this column and please consult with relevant parties before making any decisions regarding the subject matter within. Any U.S. federal tax advice contained in this blog is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this blog.