Business advisors know about the frustrations with many of their clients who see record keeping as a burden they could do without. If it was not for required compliance to meet tax and company laws, these clients may have settled on keeping an eye on the bank account only. But the insights a business may gain and the ability to identify real problems early on would be impossible if it was not for keeping an eye on information about the business finances and trends in the market.
The next episode in the IBASA & EPI Webinar Series focuses on this topic and promises to provide business advisors with tools in helping their small business clients to use financial information in identifying problems to attend to.
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to book your place on the webinar
“I often have to remind business owners that their financial reports offer a reflection of how their businesses are doing and that they should use their accounting information in their decision making,” says Precious Mvulane, one of the panellists on the webinar.
“It is when these business owners start to understand how much power they get by using financial information, that they make the little effort needed to monitor key information pieces so that they can make changes in their businesses that lead to healthier and more profitable businesses,” she says.
Mvulane is a CA at GAD Consulting Services and author of various books offering guidance to small businesses in making sense of their finances. She has trained over 500 entrepreneurs in recent years and also serves on various audit committees for more than a decade.
“I’m looking forward to sharing some of the easy ways we are using to help clients with interpreting sources of financial information such as bank statements, cash-flow reports and income statements. Accountants may sometimes over-complicate these reports, but it does not have to be so,” says Mvulane.
IBASA members who attend this webinar may count it towards their CPD requirements.
The title of the webinar is:
“Easy Ways Of Using Financial Information To Identify Challenges to Address With Your Small Business Clients”
Tyronne Nel, the second panellists on the webinar, says that in addition to the financial information available in a company’s management accounts, there are other sources of information small business owners should be monitoring too. These relate to benchmarks and business cycles.
“If you do not have something to compare your information against, you do not know if you are doing well or not,” Nel says.
“We often show a client the statistics of an example company in their industry, compared to the norm, and they then say this business must have real problems. But then we reveal that it is actually their statistics we are comparing to what is happening in the industry,” he says.
Nel is a director at SME.TAX and has over 20 years’ experience in supporting entrepreneurs with their accounting and tax needs. He is the creator of SME Snapshot, an industry benchmarking and reporting tool.
The purpose of the upcoming IBASA & EPI Webinar is to offer business advisors practical tips on how they may source and interpret the already available financial information gathered by their clients.
As Mvulane puts it: “By focusing on a few small aspects of financial information, a business advisor may add huge insights to potential problems the business owner may not even be aware of.”
Here are the webinar details:
– When: Friday 26 July 2019
– Time: 11h30 to 12h45
<< CLICK HERE >> to attend (no charge)
– Christoff Oosthuysen hosts the IBASA & EPI Webinar Series and is the Founding CEO of the Entrepreneurial Planning Institute (EPI).