Accountants exist to also SAVE MONEY for their business clients. Now this just isn’t my opinion, but the CFOs & CEOs I’ve interviewed for the book
“What do Accounting Clients Really Want?” also share this view … although they are much more colourful in the way they express their desire for their external accountants to save them money.
As mentioned in Monday’s post (https://whatdoclientsreallywant.com/why-do-accountants-exist-1-of-3/) , accountants tend to have an intimate knowledge of how their client’s businesses work.
Here is one example one of the CFOs I met with gave me about how their accountant saved their business money.
The accountant in question was undertaking a review of the client’s business and discovered that there were some tax concessions which could be obtained through a closer look at their research & development activities. To cut a long story short, the accountant (off his own bat) undertook a project around the R & D treatment, which wasn’t his area of expertise, investigated how the business was placed, liaised with the ATO and produced all the necessary documentation which was not a straightforward task. After a few months of concerted effort the end result was a tax saving of several hundred thousand dollars and a very happy CFO. In fact the CFO was so happy, they paid the accountant a big fat success fee.
Not a bad way to save money.
Now, of course, you may be thinking to yourself, well that’s great if you have a big client and can find big savings. The above client had a revenue of around $100m – so it was fairly big. However, there are dozens of ways to help your client save money. Here are just a few:
- Don’t use recruitment agents to find staff
- Convert offline advertising to online activity
- Ask suppliers for a better deal (believe me … you’d be surprised at some of the responses)
- Tender out non-essential business processes
- Survey your client’s staff and run a context to help identify cost savings
See you next post for the 3rd and final reason why accountants exist.
All my best,