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Why your business deserves a new accountant

Until as recently as two years ago, I can recall how much effort it took to convince a business owner that he or she needed an accountant. It was and to a large extent, still is an absolute grudge purchase.

This viewpoint not only applied to outsourced accounting services but also to internal finance departments. The grudge purchase feeling stems from most of the small businesses we connect with, that are all facing similar challenges: Their systems and processes are totally disconnected from what happens in the business itself.

Very little if any integration between systems exists which results in masses amount of time wasted on duplication or manual input at different levels of the process itself. Business owners are frustrated by the amount of effort and money it takes to get meaningful insight into how their businesses are performing, how many staff members it takes to process all the data, and how time-consuming the processes are. All of which in the mind of the business owner are administrative processes not adding any value to the business or its bottom line!

Luckily cloud technology has arrived at the rescue of the business owner like a knight in shining armor.

Cloud technology is currently disrupting the business and accounting world and at times it seems that there is new technology available every other day. This in itself makes running a business with properly documented systems and processes extremely challenging.

The biggest mind shift we have seen happen (in some cases still has to happen) is to no longer treat your accountant as your enemy, but to rather welcome him/her to the trusted board of advisers. Although you may think that this is not necessarily a new concept and is purely driven by cloud technology making its magic appearance – it is very well due to the fact that the finance function has now become the heartbeat of your business. So although in some cases your accountant might have already made the step-up to your board of trusted advisers, he or she will no longer only advise on financial or tax matters.

Your accountant now finds him- or herself as the custodians of bringing your business’ digital strategy to life. Almost never before – and if so, in very few cases – have accounting departments sat on so much data, integrated with so many other systems or processes. This brings a completely different picture to the accounting scene that in my opinion is twofold:


  1. Accountants now have access to all of this data and in very few cases know what to do with it or work that into meaningful management reports. This is the most underutilized value-add opportunity missed by business owners.


  1. Old fashioned desktop-based accounting software that used to be an even bigger grudge purchase than hiring the accounting service itself, has now been replaced by a cloud accounting interface that gives the user 1st point of contact access to all its connected data and no longer performs an accounting function only.


So if you are a business owner reading this article, you really have to ask yourself where your business fits into this new business world?

The irony is that I have spoken to so many business owners over the last two years, that feel their businesses aren’t impacted by the cloud drive and won’t be affected. I really do feel for them – the reality is that change is happening whether we like it or not. Just like a roller coaster we either get on board or we stand and watch this thing move at a lightning speed.

Many of them also feel that this sort of technology is more aimed at the larger businesses, employing hundreds of people. This couldn’t be further from the truth and although there may be a case made for that statement, the real benefits to be reaped are by small business owners. They now have access to software that fills so many voids previously left by staff they couldn’t afford to appoint. Having access to CRM, payroll, accounting, timesheets, website data, online store orders, and stock movement – to name but a few – all on one platform has significant increases in productivity and efficiency.

The end result where business owners see the impact of this can only be in one place – the bottom line…increased profitability!

Accountants play such a pivotal role in all of this as they are the ideal service providers to bring this digital strategy to the small business owner…as soon as they understand your business model they can advise on what the best way would be to unlock the true potential of your business!

So I guess that really only leaves you with the question you have to ask and answer yourself…

Can you continue to run your business without this digital strategy?

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I have only the greatest appreciation for this company. I was going through a difficult time and they were understanding and accommodating. My tax was handled speedily and efficiently.
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We have been using Melissa, Marche and the rest of the crew at ThriveCFO for over 10 years, in order to compile our annual audit for Law Society. They have been exceptional, efficient and pro-active every year. I would not take the business anywhere else.
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Our firm has been making use of the services of Thrive CFO for more than 10 years. Thrive CFO has amazing staff that is not only extremely helpful, but also very capable. We are extremely happy with their services and will continue to support them. They make accounting easy. Thanks Melissa, Marche and the rest of the Team - You Rock!!
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The ThriveCFO team has been our trusted accounting and tax partner since 2010. They are competent, honest, approachable, quick to respond, and they really do care. I highly recommend them.
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I feel as though Thrive CFO is a natural part of our business. 100% professional. Very knowledgeable. Incredibly organised. And with a work ethic and proactive communication practices, I know I am in the very best hands possible.
Sean Fabian
Sean Fabian
07:45 04 May 23
As someone who has had the pleasure of working with Thrive CFO, I can confidently say that they are an exceptional company with an unwavering dedication to their clients. From beginning to end, their commitment to providing top-tier financial services is evident in every interaction.One of the things that sets Thrive CFO apart is their focus on education. They take the time to educate their clients on financial best practices and help them understand the reasoning behind their recommendations. This approach ensures that clients are empowered to make informed decisions about their finances.Thrive CFO also uses the latest technology to streamline their services and make the financial management process as efficient as possible. They utilize cloud-based software to provide real-time financial data and make it easy for clients to access their financial information at any time.Overall, Thrive CFO is an exceptional company that is dedicated to providing personalised financial solutions that help their clients succeed. If you're looking for a financial firm that truly cares about your success, I highly recommend Thrive CFO.
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Great experience with the team! Always willing to assist with questions and able to help guide my small business to ensure that I am compliant.
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