Whenever you’re doing freelance accounting for clients, whether it be small businesses or start-ups, it’s important to have some valuable tools in your arsenal so you can help them thrive in the best possible way. Business forecasting software is a tool you can use. Find out how different software works and learn about the benefits.
How Business Forecasting Software Works
As the name suggests, business forecasting software helps produce an intelligent outlook for your clients’ businesses. This is done by pulling budget numbers or recent actuals from your online accounting software and calculating a projection based on this information. It’s easy to help your clients plan for the upcoming year because you can generate profit and loss forecasts and balance sheet projections. If you tell the forecasting software how fast your client pays for invoices, you can create a cash flow statement for your client’s business, as well.
Benefits of Business Forecasting Software
- A Selling Point for Potential Clients: When you start to create your service bundles to sell to prospective clients, make sure to include business forecasting as a part of your package. Who doesn’t want to look into the future, especially when it’s concerning the status of their business? Forecasting software provides colorful and straightforward charts and graphs, so you can easily explain projections to your clients without any confusion. Instead of merely counting beans, you can also act as a financial advisor for your clients.
- Saves a Lot of Time: If you were to stick with the old-fashioned way of predicting a solid blueprint for your client’s company, you could spend at least 20 hours per week rummaging through mountains of spreadsheets. But with business forecasting software, you can cut this time down to just a few minutes per week and eliminate the need to do everything manually. This frees up your schedule and allows you to focus on other important tasks for all of your clients.
- Better and Smarter Decision-Making: There’s an old saying: big risk, big reward. While that statement is true, rash business decisions can be made that can ultimately cripple a company’s financial status. Luckily, with the help of business forecasting software, you can shine a light on your clients and help them see their businesses in new ways. Whether it’s cutting costs in a certain area or managing cash flow, presenting clients with different scenarios can lead to wiser decisions on their part.
If you’re a freelance accountant, it’s worth testing out business forecasting software. For your clients, it helps predict growth, anticipates risks and estimates profits for their businesses. For you, it streamlines the process of financial forecasting, reducing endless hours to just a few minutes. It also provides a unique selling proposition to reel in new clients. A wide variety of programs are available, so do some research to choose the best one that suits your needs.
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