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If you are looking to transition from a compliance-based financial account to a fully-fledged AI Business Advisor®, our blog is your essential resource. Packed with valuable posts on diversifying your accountancy practice, increasing revenue, upskilling, and future-proofing your skillset and business, our blog is a must-read for ambitious accountants. Stay ahead of the curve and unlock new opportunities by delving into the transformative insights and guidance offered in our blog.

How to assign responsibility

For Accountants Guiding Business Owners along the Advisory Pathway

You’re now introducing management accounts to your client, having set up 12 months of budgets so you can compare these to actuals. You’ve allocated responsibilities for each product line and for the overheads. If your client has no team, then s/he has their name against everything.

If you are producing these within your practice, then it’s straightforward provided your client keeps the books up to date. But if your client has a bookkeeper, you’ll need to stay close to them at each month end to ensure they update and close off all inputs.

So here is a monthly report that clearly places responsibility on individuals to explain what’s happening, why, and what they are doing about shortfalls.

At each quarter, review it and if badly out, revise the budget to keep it relevant. By the second quarter of monthly meetings, you and the team will be hitting your stride.

So it’s now time to introduce your FD service where you become the trusted advisor. I’ll cover in my next post.

Practical stuff from AI Business Advisor® See the series here

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