Venturing into the competitive world of business requires careful planning. Meeting those stage-by-stage goals, aiming for company growth, managing the expenses and losses and taxes, handling employees and workers, establishing your business with the current resources and limited knowledge you have can be overwhelming. As an aspiring business owner, you need to consider that the best time to ‘get it right’ is to be early in seeking help from experts, such as financial advisors and accounting firms for start-ups.
Among the many categories of consulting, let’s compare these two: strategy consulting and financial advisory consulting.
In the consulting industry, strategy consulting is viewed as one of the most significant consultancy services. Corporate leaders (C-level executives) opt to seek the service of strategy consultants for expert perspective and guidance on levelling up their company’s competitiveness.
Strategy consultants can help by coming up with business strategies that will work best in driving a company into achieving long-term holistic and futuristic goals. Due to its specific problem-solving focus, this type of consulting is ideal for setting measurable objectives and improving overall business processes for the scalability and growth of the company.
How Does Strategy Consulting Work?
Strategy consultants help an organisation see from the outside and suggest the best internal strategic decisions you can implement for your enterprise. With the help of strategy consulting, your business will be able to align more with your vision and mission statements. You may also seek help for developing or transforming your business model structure to adapt to external changes, such as technological advancements, in the business environment.
Strategy consulting is, therefore:
- Concerned with giving advice across various industries and aspects which means that it covers an extensive range of work involving operations and strategy,
- Preferred by the business C-level executives who aspire to steer the company into long-term upgraded growth, and thus,
- Involved with management and high-level executive tasks that have a direct impact on the business entity’s future.
Financial Advisory Consulting
Financial advisory consulting is probably the most well-known in the field of consultancy services. A financial advisor’s role is to help you set your company’s financial goals and plan how to reach them in the most cost-effective way.
Among the tasks you can entrust to the expertise of a financial advisor or an accounting company in Sydney are the following: structuring plans for profitability, mapping budget systems, accounting for taxes and operating costs, brainstorming investment and saving strategies, and anticipating and navigating financial risks.
Unlike strategy consulting, financial advisory consulting grounds itself in a financial and analytical focus rather than overall structural strategy-related consultation.
A financial advisor generally focuses on wealth management, financial planning, and investment management. But you can also opt to seek the right financial and tax advisor based on specialisation. For example, if you are looking for general financial planning advice, consulting a certified financial planner (CFP) might be helpful. A CFP’s service covers the different areas of financial planning, such as taxes, insurance and estate planning. If you are looking for a professional financial and tax advisor, you may seek a personal financial specialist (PFS) or an advisor who is a certified public accountant (CPA) with a PFS certification because they specialize in accounting and taxes.
Financial Advisory and Accounting
While there are many overlaps between the expertise and services offered by financial and tax advisors and accountants, they address the financial aspect of your business differently.
Keeping Track and Taxes
If you are new to the business world, an accredited accountant can help you in getting accustomed to the discipline of keeping track of your transactions and perhaps manage or provide a bookkeeping system/software fit for your business structure. Far too often, start-ups neglect this area and struggle once tax time comes because of missing receipts and unreliable cash flow records.
Accountants are expectedly reliable when it comes to taxes and tax laws. They can save you from the tedious auditing tasks as well. An accounting company in Sydney can help keep track of your company’s expenses, familiarise you with paying taxes and tax-saving recommendations and seek the possibility of business expansion through investors or loans. They help you in tracking financial data for your crucial beginnings.
In this sense, they are like independent contractors you can hire for specific issues which are usually tax-related. Some opt for help via full-service accounting. You may find online recommendations of the best accounting service providers, tax and accounting services in Australia, accounting firms for start-ups, accounting companies in Sydney and accounting outsourcing services in Sydney.
Execute Plans for Long Term
One thing that sets financial advisors above these expert accountants is that financial advisors are licensed to execute plans for improvement to help you grow in your business. Financial advisors can present the same financial data to you as a CPA would, offer analyses and interpretations, and come up with specific plans to economise expenses, as well as spot and maximise opportunities for profit in the long run.
The strengths of financial advisors lie in their great ability to come up with wealth management plans, networking skills and investment strategies. Financial advisors can also help their clients assess how their business fits with their personal life. They can forecast situations you might not consider at the moment, such as investment opportunities outside your comfort zone and business succession plans. It is advisable to hire a financial advisory consultant that you can see yourself working with on a long-term basis, a trustworthy advisor who can help manage your business assets.
How Malkoun & Associates Can Help You
Behind every success is a wise and courageous decision. Achieving your business vision will be easier with the help of expert counsel.
Are you looking for financial advisory services and guidance in steering your company in the most strategic direction? We, at Malkoun & Associates, gear toward our client’s pursuit of growth and success. Quality service and professional accounting and tax consultancy is our branding. Get in touch with us today!