The accountant as the coach of businesses: how does he/she support in achieving financial goals?

For many entrepreneurs, the accountant means the professional who deals with monthly returns and strictly enforces the most important deadlines. It is a fact that the presence and attitude of professionals count a lot in these areas as well; however, the tasks of accountants are not limited to this.

In addition to enforcing rules and providing up-to-date information, professionals also play a key role in making financial decisions. They have great experience in strategic planning, making it very easy to achieve the set goals.

Accountants are also present in everyday life as the financial coaches of businesses. They warn, support, and provide essential information about the current financial situations and about what it is worth investing in in certain cases.

Through professionals, opportunities open up for company managers that they never thought of before. Accountants have the right insight into finances, they follow economic events much more closely, and through their cooperation, companies can take less financial risk.

Why is there a need for a financial coach?

The concept of a financial coach may sound peculiar to some, yet this is the most accurate way to describe this role of accountants. In business life, professionals are also needed who help to exploit the potential within the company. An experienced accountant will not let his/her clients wander alone in the labyrinth of finances. He/she provides proper guidance to ensure that the set goals can be achieved.

Up-to-date, experienced accountants see the future while also considering past calculations, as these can affect the coming years.

Expenses and revenues are mere facts, but for developments, much more is needed. Based on the received data, accountants can determine the risks and point out which areas are advisable to focus on for improvement.

A good professional is capable of motivating and focusing on what is essential. This is indispensable in business life.

What does the cooperation look like?

Cooperation definitely begins with an assessment, a so-called diagnosis. At this time, accountants review expenses, revenues, and cash flow, and based on the obtained data, determine where the company currently stands. This is necessary for entrepreneurs to understand why things happen within the company as they do.

The next step after analyzing the data is for the entrepreneurs, together with the professional, to define the goals. It is advisable to think in both short and long term, because this way one does not feel that everything is falling upon them at once.

After defining the goals, only the preparation of the plan is needed. This may be an annual budget, a cash flow forecast, or even an investment plan. The most important thing is that entrepreneurs should regularly, at least quarterly or monthly, review progress together with the accountant and, if necessary, correct the direction.

Our accounting office in the 11th district is fully open to clients in terms of consultation as well. We continuously monitor our partners’ work and, if necessary, can provide proper guidance in financial matters.

Our accounting office in Buda awaits those interested with flexible, client-centered services. If you would like to request more information about the opportunities we offer, please contact us at the provided contact details! We are happy to answer your questions.