My background is similar to Drew`s. I started working in the industry, climbing the ladder in the control and finance departments. My financial reporting required an understanding of the business and data analysis. I have often presented this information to the owner, managers or sales managers. Compliance and consulting services are interdependent – consulting services that require an up-to-date and accurate book base to provide actionable insights. While the range of compliance services is constant across all businesses, the range of consulting services is usually customized for each business. Without a clear demarcation between services, some companies offer consulting services and are at the same time paid for compliance work. How can these skills be transferred to the growth of SMEs in cooperation with large companies? To avoid any slippage of scope and put your consulting know-how in the spotlight, carefully define your service offer. Consulting services and your financial acumen are what set you apart from any other business. Also consider creating bundled service packages to extend your compliance services with more planning and consulting services.
Bundled services can help you turn annual compliance engagements into monthly or quarterly consulting engagements where you can share your consulting expertise. “I`m a business owner, I know my business better – why should I pay for a business like yours?” Why do you think a company should invest in management consulting? Advisory management services allow individuals to maintain full control over their portfolios and make their own investment decisions. The role of the investment advisor is first and foremost to give an informed opinion. So, while an asset manager that provides advisory services advises and advises its clients, it is the client who makes the ultimate buy and sell decisions. We don`t want to know your business better than you do. We want to understand every company we sit in front of – if we understand that company as much as possible, we can help you make those informed decisions. The more we know, the more we can support and the more we can advise with our financial expertise. The AICPA defines consulting services as services in which the practitioner “develops ideas, conclusions and recommendations for the review and decision-making of the client.” The AICPA also provides examples of consulting services that include “a review and operational improvement study, analysis of an accounting system, assistance with strategic planning, and definition of information system requirements.” This is useful, but this definition seems more formal and narrower than the way practitioners describe consulting services in their companies.
My experience comes from the industry – I worked on the UK`s largest farm. My role was both a Chartered Accountant and a Financial Business Partner, and I advised an industry with a turnover of over £100 million a year. My role was simply to advise and try to add value to this industry. Conversely, the advice, expertise, planning and strategy that were integrated into the process prior to the preparation of the report are highly differentiated. Consulting services grow from our unique experience and expertise and are the secret sauce that creates value for our clients. For more information and to make an appointment, contact Drew Norcup, our consulting specialist, by email drew@nephosaccountants.co or by phone at 07376 784847. You can also call our main office on 01242 260590. We offer a free one-hour consultation where we can discuss your business concerns and provide important information.
These meetings may include, but are not limited to: It is an investment as it will help your business grow. We dig deeper into the data for you, analyze your numbers and offer you high-level analysis. For example, you could have different sales categories and we would find out what your best sales are, what your highest margins are per product, what costs are needed, which is useless. So if you have marketing expenses that are credited with more sales, we can analyze that for you and return them so you can make the necessary changes. While advisory service managers always spend time understanding their clients` goals and assets, it is often not as thorough a process as discretionary managers. Business consulting isn`t just about helping customers understand numbers, it helps them grow. You need to build that relationship – a real personal relationship – and understand your client`s business to really be able to help them. I feel like I`m a personal financial business partner for each of my clients. TL`s key achievements in 2018 include: “Consulting services in the areas of renewable energy, electric mobility, climate diplomacy and long-term strategies for low-emission development;” Refinement of the concept and methodology of the Green Growth Index; “Preparation of 15 scientific publications;” New strategic cooperation with the AfDB, ILO, LUCCC and Japan.
In our profession, the term “counselling” is often used, but there is little consensus on what it actually means. When we ask multi-service companies what consulting services they offer, the range of answers is incredibly wide and often overlaps with traditional compliance services. Investment advisors who work for advisory groups meet and work with clients in a number of roles. They assess a client`s time horizon, performance targets and risk tolerance to determine which asset classes are the most appropriate investments. Advisors are responsible for routine monitoring of investment performance and often execute orders and also provide advice on asset allocation and portfolio rebalancing. Portfolio rebalancing protects an investor from undesirable risks and ensures that the portfolio`s exposure remains within the manager`s area of expertise. Ultimately, it`s all about data analysis and knowing your numbers. It`s about diving into the data and conveying what`s valuable to your stakeholders. It`s not so much a question of the size of the company, it`s just the amount of transactions that differs then. Regardless of the size of the company, you need to know your own data from scratch – this is something I can really help businesses. The term management consulting and the term management accounting are often discussed in this industry. Companies think they are offering business advice by simply sending a profit and loss of Xero.
Some companies will go a step further and perhaps send a cash flow report. But for us, we are trying to create a lot more value. What brought me to Nephos were the applications and technologies we use. It`s a very forward-thinking company, but I`ve also seen that the team really cares about customers and tries to help them grow. I thought that with the skills I learned in my old role, I could apply this to small and medium-sized enterprises (SMEs) and help them grow as well. First of all, we want to understand the company, this applies to every company we talk to. We are trying to understand their strategy and continue this journey of growth with them. We analyze the granular data behind their activities. Secondly, we are experienced accountants, we have experience in data analysis and provide useful feedback, this is really important. We provide detailed analytics and feedback on each group of accounts we send. And finally, I think our passion and drive to succeed and that entrepreneurial spirit sets us apart from the rest.
Consultative management involves the management and planning of investment portfolios, usually for a fee. Individual investors seeking investment advice will use the services of an advisory manager or management company. Individuals, an independent team or a group of professionals within a private bank, an investment management company or a specialized consulting boutique can carry out an advisory management. Key roles in the field of de-advisory management include: The term advisory management refers to the provision of professional and personalized investment advice. Advisory management services allow individuals to consult with investment professionals before making changes to their portfolios. Advisory management professionals have expertise in one or more areas of investment and provide advice tailored to a person`s specific situation. To better define consulting services, here is a comparative analysis to illustrate where compliance ends and consulting begins. Compliance services are required, and there is very little differentiation in performance between practitioners. A tax return or annual financial statement is generally similar no matter who created it.
The fact that most companies include exactly the same description of compliance on customers` invoices underscores that the compliance report is nothing special. .