Helping clients with Valued Services

What are valued services and are you ready for helping clients with valued services?

All clients have to use the standard compliance tasks in bookkeeping but how much do they really value this work? Do they see you as “just the bookkeeper”? Now is a great time to step up and add some valued services.

What are valued services?

A valued service is something that you can provide that is very valuable to your client. It means you go above and beyond the regular bookkeeping tasks and offer something more.

You probably already have the skills to offer these services. If not yet, then you can learn some new areas.

What does a client value?

A business owner really values meaningful information to help them run the business. Or in difficult times, help them keep the business afloat to thrive in the future. They want to know what their options are, and a bookkeeper is in the best position to supply this information

What can a bookkeeper offer?

There are any number of additional valuable services you could offer the client. If you are doing the bookkeeping, you have a really good understanding of the business’s financial position. You are in a unique situation to have a current and ongoing view of the financial situation.

If you see areas where the client is over-spending why not offer a research project to see where you can cut costs. Suggest a project fixed price for additional services – don’t do it for free! Your time and expertise is valuable to the business owner.

Cashflow Planning

Cashflow planning is super valuable – either short term or long term. If your client is worried about the upcoming recession for example, then offer a cashflow service. You have all the numbers already on the past history of the business. Talk to your client and ask them what they want to achieve in the next 12 months. Then produce a realistic cashflow projection which will show either the business is financially sound or needs an injection of cash.

If the business is thinking of taking finance or buying as asset; then cost this out for them and look at different methods of financing and how this affects the cashflow.

Finance Planning

Of course, this has been particularly relevant during Covid-19 but businesses are going to be in a long recovery period. Give valuable advice on all finance options that are available to your client. This could be not only Covid-19 related but also to help the business survive and thrive going forward. Some ideas here

Monthly management reporting

Do you make full use of all the management reports at your fingertips? Engage the business owner in meaningful conversations as to their meaning. Make sure they are relevant and clearly explained. For example, have you calculated debtor days? If they are too high you can prove this with the numbers and give advice with regard to credit control. This will also help with cashflow planning.

Increasing Profits

What about showing how much net profit the client is making and the many ways this could be improved. Show the effect of a 5% increase on the business sales prices. How does this improve profit?

Does the business sell a range of products or have more than one location? Why not track the numbers for each and show which area is making a profit or loss? The business owner may have a “feeling” that a particular sales item is not making a profit. Put together some meaningful numbers so you can offer advice on this.

Meaningful Relationship

The bookkeeper can make themselves a real asset to the business owner. You can become the first person they turn to when they need good advice. By the time the accountant is dealing with the year-end accounts it may be too late. Make sure your clients understand the extent of what you can offer them.

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