A study by Emolument ranks accountancy as the 5th most boring profession. The study had 1300 participants, and 67% of them indicated that accounting is a tedious job. Standard bookkeeping practices can be extraordinarily routine and mundane work. What with doing the same thing every year after year! The good news is that a professional accountant can venture into other related tasks that can be exciting. Venturing to Advisory can herald new opportunities, excitement, and engagement with clients. And this can open doors to a more fulfilling accounting career. Here, we explore how Advisory Services, Fractional CFO, financial modelling, and financial management can enrich your accountancy profession.
Client Advisory Services
Accountants can break from their routine tasks and offer advisory services to their clients. Thanks to the use of cloud technology, accountants can enrich their professions by becoming business advisors.
Previously, client advisory services have been reactive. Many clients sought them when they encountered problems. However, the situation is changing as cloud technology takes root. With reliable software information, an accountant can explain to a client how they can proactively navigate through various situations and keep their business running.
Providing advisory services to a client can be a fulfilling task, primarily when you use factual data. At Dryrun, we equip you with reliable tools and resources to unlock your business advisor potential. Please get in touch with us and find out how you can partner with us.
Young businesses that are expecting to expand may hire a fractional team to support their daily operations. The fractional model has multiple perks for businesses that choose them. Here are the key advantages of a Fractional Model:
• Affordability: Startups can access these services at affordable rates. Young companies need to control their expenditure by hiring services that they can afford.
• Fundraising efforts: Because a fractional team is detached from the client, it uses high-quality tools to offer authentic information. A startup can secure funds to finance its growth with accurate information, transparent reporting, and trustworthy projections.
Fractional modelling can enrich your accounting career, as you use software and other tools to offer startups advisory services. Furthermore, with this model, you work on a part-time basis by offering a range of financial services, such as:
• Financial reporting
• Cost accounting
• Cash flow management
A financial model is a tool developed in a spreadsheet app such as MS Excel to predict the performance of a business. The prediction enables one to prepare an income statement, cash flow statement and supporting schedules using the historical performance. Once you have the financial modelling tool, you can develop more advanced forms of frameworks, such as:
• Discounted cash flow analysis (DCF model)
• Mergers and acquisitions (M&A)
• Sensitivity Analysis
The outcomes of a financial model are applied for decision-making and working out financial evaluation. Companies may use the results for financial modelling to make decisions about:
• Raising capital
• Acquiring other businesses
• Organic growing of business
• Asset divesting
• Budget predictions
• Business valuation
• Management accounting
• Priority on capital allocation
Learning financial modelling requires time and practice. The good news is that some specific tools and resources can help you. Are you wondering how you can enrich your accounting career through financial modelling? If yes, please check what Dryrun has to offer you.
Financial management entails planning, organizing, directing, and controlling financial tasks, like procurement and use of money in an organization. A professional in financial planning applies the rules of general management to the financial assets of the firm. The field has the following components:
• Capital budgeting: Financial management helps you to understand how a business can make wise investment decisions.
• Financial decisions relate to raising funds from multiple sources, which depend on various factors, like financing period and cost of financing.
• Dividend decision: the finance manager determines the net profit distribution.
Financial management has various objectives, including:
• Ensuring consistent and enough supply of finances to the concerned.
• Ensuring enough returns to the shareholders as per their earning capacity, market value, etc.
• Ensuring optimal use of funds
• To plan for the best capital structure.
Venturing into a financial management role can boost your accounting career and kill the boredom of sitting all day crunching numbers.
A traditional accounting career can be pretty dull. Your wish is to choose a career that can be fulfilling and exciting. Technology has made it possible to venture into multiple accounting professions, like Financial Modelling, Advisory services, and Fractional CFO. Please check how Dryrun can help you to reignite your accounting profession.