The Financial Edge

Every company, big or small, in any industry can benefit from financial accounting. However, the...

As a financial advisor, part of your job is teaching your clients. You are more than a report generator, number-puncher-inner, and tax preparer. Educating clients not only helps them but helps you as well. They become more versed in how the finances of a business run, which in turn can make their chances of success skyrocket. And you get a grateful client for life. 

You can help your clients ask the right questions about the data you provide by presenting it as information. Data turns into information with context. By doing this, you will increase your value while improving your client’s decision-making for their business. When your clients don’t understand their data, they may miss opportunities to propel their business forward. 

Now more than ever, clients are expecting clear communication from financial professionals. When a firm is lacking in its communication skills, that firm is missing out on revenue. The better a firm understands the value of good communication, the more likely it will implement and improve communication practices and policies.

Are you familiar with the DIKW pyramid? No, it is not one of the Great Pyramids of Giza. No, you did not learn it in elementary school, akin to the food pyramid. It’s ok. Most people are unfamiliar with this pyramid.

One of the most confusing aspects of a financial report is when accountants provide data without context. A 5% increase in revenue from last month sounds impressive but is it? Is the growth taking in the 10% increase in the cost of goods or the additional employees? Though there was a 5% increase in revenue, is your client realizing they dropped 8% in net profit?

Today we’re going to talk about dashboards and financial statements. So this is a chance that some of our CPAs made over the last year. I would venture to guess this is probably one of the most impactful changes we’ve made.

Most accountants feel a solid GAAP financial statement is what their clients need but they need more to take advantage of the fair or foul winds of their financials.

If you don’t kiss your clients every time you meet you should. Here are a few tips on how to kiss your clients to help them understand how you feel.

Think of your chart of accounts like a filing cabinet. Each drawer represents an account. Each file is an accounting transaction. The better organized and structured your filing cabinet is, the more granular your reports can be. 

The causes of stress can be different for each of us and different based on industry. Some pressures come from within ourselves, and some come from outside sources. 

Accurate and proactive reporting makes a huge difference in analytics and financial performance. By increasing the perceived value of financial reporting, most companies help their decision-makers understand the importance of these powerful tools to help them grow, innovate and compete effectively.

Learn tips on providing visualized financial data with insight that business owners are demanding so they to be more agile, more innovative, and more profitable than their industry peers. 

As the CEO of Reach Reporting, Justin Hatch has met countless business owners struggling to...

As technology continues to evolve, accounting firms must adapt to stay competitive. However, many...

Discovering and finding the most crucial data insights for your clients is only the first part of your job as their accountant and financial advisor.  Transforming those insights into understandable financial stories is the second, and I believe, the most critical part. 

The pandemic has not only brought about health and economic concerns, but it has also...

Simply creating and then giving clients a financial report is NOT ENOUGH. The message needs to tell the story of their financial situation.

Here at Reach Reporting, we're all about creating charts and graphs that bring financial data to...

Reach Reporting is the only solution that we’ve found in our price range that allows us to standardize our custom solutions. That’s been critical in our growth.

It is becoming less and less acceptable to be a reactive accountant who prepares taxes once a year, producing tedious and confusing financial reports. Your current and future clients want a forward-thinking approach to their financials. 

Every business owner, CFO, CEO, or Company President knows the importance of cash flow when running a business. Regardless of the size of the company or the industry they work in, cash is king. 

No matter if your business provides a service or produces and sells a product, you have a break-even point (BEP). Knowing your break-even point will be critical in your success and your ability to make your company’s best financial decision. 

We define accounting as “The Language of Business” because the accountant plays an essential role in interpreting that language to their client.  Therefore, the small business owner values an accountant who can help them understand the financial details of their business.  

As you are preparing to offer more financial advisory services at your firm, there are opportunities to up your chances of success. Of course, being a total pro with your accounting skills is at the top of your list of assets!

With the pandemic and financial, political, and social unrest, financial professionals are...

Social media has become an essential tool for businesses, and accounting firms are no exception....

Small business owners are the backbone of the American economy, with over 30 million businesses...

    Starting With Necessity Start by doing what's necessary; then do what's possible;...

Happy clients are the lifeblood of any business, and this is especially true for those in the...