Preparing financial statements for clients is important and necessary. However, the real value is when a CPA partners with their client and takes the financial statements a step further to develop financial and non-financial strategies. Through multiple resources we will help our clients increase their business with higher standards of excellence for their customers, clients, and patients.
Financial Statement Analysis
Many successful business owners run their businesses by using just a few indicators to get a pulse on how their business is running financially. The most monitored of these indicators is the checking account balance. However, just looking at a checking account balance and other financial statements is not enough to improve the financial performance of a business.
The most common reason our clients switch to Parkhurst CPA PC is because we really dig into the numbers and show how client’s activities financially impact their business. This is done with a variety of proprietary tools and resources, such as custom prepared financial statements that are specific to our clients’ industries. We work diligently with companies to determine what the key performance indicators (KPIs) are that show what drives the profit and growth of the business. We also prepare custom services for each client and provide training to further improve their business. Click here to see the enhanced accounting services our firm can provide.
Certain metrics must be used and compared to best practices in order to reach previously unattainable standards of excellence. Partnered with our firm you will see how we can provide the financial information you previously thought impossible to extract, and use it to track and pin as revenue and overhead drivers.
Our firm has multiple consultation programs to ensure that your business is continuously moving in the right direction, even as your business model and offerings change and grow. Let us help you understand all of the financial scenarios and give you the ability to make the most informed business decisions.
Ratio & Industry Benchmarking
It is critical that the business owner continuously benchmark their business and compare it with industry best practices. This allows a business owner to monitor how their financial performance stacks up against competitors as a result. With access to our comprehensive databases, we will compare your business expenses and financial ratios to a cross-section of businesses similar to yours and assess where you stack up on the financial side of the overhead comparison. We will also utilize our niche industry expertise to further customize these comparisons knowing the unique intricacies of your business. This will further quantify the impact of how implementing certain best practices can improve your bottom line. With our proprietary financial management software you will be able to continuously monitor this on a real-time basis.
360 Financial Assessments
360-degree feedback is a method of systematically collecting opinions about an business’s performance from a wide range of individuals. This can be one of the most powerful and enlightening experiences a business owner can go through.
How It Works
Initially, we perform a preliminary SWOT analysis with the business owner to determine the company’s internal strengths and weaknesses, and external opportunities and threats. We extend on the analysis by identifying what the customer, vendor, and other stakeholders expect from the business, whether or not those expectations are being met, and any feedback that could illuminate problems or possible improvements that need to be addressed. This is determined by a series of interviews. As a trusted business adviser and non-biased third party, Parkhurst CPA PC performs these interviews with key customers, clients, patients, employees, suppliers, vendors, and any other individual or business that has a significant relationship with the business owner. We conduct our interviews with the individuals based on the financial goals and visions that the business owner wants to achieve.
What This Means For You
Almost always, the amount of extensive feedback provided to the owner puts the business in position for significant growth. Interview feedback given by the stakeholders allows the owner to enhance his or her services and strategy to better serve stakeholder needs. The direct and honest feedback from all parties places the business at a competitive advantage from their peers as recommendations are made and new ideas documented by the third-party CPA.
By having a third party such as a CPA provide these interviews separate from the owner, the customers and stakeholders are more likely to provide the most honest and comprehensive feedback. This approach addresses typical “blind spots” that the owner has by previously having made their own perceptions and conclusions of those individuals versus receiving direct and precise feedback from the individuals themselves. This is an eye-opening experience for a business owner that can have a strong impact on the way a company is run, opening the door for greater financial success.