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How to support small businesses in recovery

24th Nov 2021
Brought to you by
bokio

Make managing your clients simple with our time-saving software.

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Many small businesses are now in recovery. Here’s what you can do as an accountant to help your smaller clients start to grow. 

Financial health checks

If your smaller clients have had difficulties during the pandemic, a financial health check is a great place to start. Analysing their accounts with your expertise can offer them the insights they need to bring their businesses back on track. 

Regaining customers and cash can be a top priority, and the results of a financial analysis can offer an actionable plan to your clients.

Forecasting

Forecasting can be a key tool to let your smaller clients see how their growth can look in the short term. Given the current climate this could be a challenging task, especially if businesses have faced decreased sales with unpredictable buying habits since the pandemic.

Your expertise is especially valuable to ensure that business owners have a realistic outlook on their near-future finances.

Guidance on loans

Whether clients are paying back loans or seeking new ones, your trusted advice can help make sure your clients are dealing with debt in the best way for their business.

If they’re in need of some extra finance and are in a position to pay it back, you can offer help with the application process. Meanwhile, for those paying back loans, forecasting and guiding them to a strong liquidity is key, 

Help reducing costs

Reducing costs can be a smart option for small businesses who are struggling. By taking a look at their expenses and offering areas of improvement, your clients have a chance to cut costs and save money while trying to grow their sales.

Advice and coaching

The need for advice and coaching has been clear throughout the pandemic. Regular check-ins with your clients to see how their needs are changing will give you the opportunity to offer tailored advisory services that provide them real value. 

About Bokio accounting software

Bokio cloud accounting software offers bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with smaller clients, like small businesses, sole traders and freelancers. Bokio helps you save time by using automation, so you can focus on offering high value advisory services.