"Accounting and Advisory Services Go Hand-in-Hand": Whiz Consulting
The accounting and advisory concepts are getting used together in the industry for quite a while. The senior consultant at Whiz Consulting highlighted the matter and discussed how the services complement each other in the recent interview.
- Dallas, TX (1888PressRelease) April 14, 2022 - Whiz Consulting is a prominent name in the virtual accounting and bookkeeping industry. In a recent interview, their senior consultant shared insights into advisory and accounting services. They said, "The accounting landscape and its significance for businesses have transformed in current times. Companies no longer view it as a single task but a combination of comprehensive number-crunching and punching activities. Accounting advisory is one of the most sought-after services."
In recent times, the term accounting advisory has come up many times. It refers to the process of guiding a business from a long-term perspective. The advisors offer routine checkups of accounting services, adherence to regulations, and thorough analysis of opportunities and threats. They crunch numbers to make the best estimates and add value to their operations.
While it may sound similar to consultation, significant differences exist between advisors and consultants. Consultants are individuals/ firms to whom entities run in case of issues. It is a one-time transaction. On the other hand, advisors stay and lend their expertise long-term. Also, the latter focuses on building relationships and values higher engagement. "At Whiz Consulting, we ensure our clients know and can differentiate between consultancy and advisory. We offer our services based on what our clients require at the time," said the Senior Consultant.
When asked about the role of advisory in accounting and vice-versa, their Senior Executive provided the most befitting reply:
"A business operates in a dynamic environment, and every function contributes significantly to its running and growth. Accounting and advisory are two different concepts. While accounting services focus on processing numbers to generate financial statements, tax obligations, etc., the latter studies these insights thoroughly to offer a long-term view. Thus, it is safe to say that both processes go hand-in-hand.
For decades, many accountants have offered advisory services to their clients without extra costs. However, with the advancements and in-depth studies today, accounting advisory has become a separate service. It allows companies to grow seamlessly with accurate information and its interpretation. Advisors solve issues and identify opportunities, threats, strengths, weaknesses, and other aspects. It keeps the long-term view to ensure the company does not fall because of mismanagement of numbers. In short, accounting provides data, and advisors combine it with other vital information to give an overall picture and guide the company towards the light."
Advisory in accounting services can take two forms:
Technical advisory: These advisors educate their clients about the changing regulations and compliance requirements. They make them understand and guide why something has happened, its effect, implementation, etc. From the planning phase to disclosure processing, they stay with you on every step to guide you in the right direction.
Operational finance and accounting services: The advisors stay in touch from inception to conclusion. They help you pick the most suitable practices, software solutions, and opportunities that streamline services. They ensure optimal utilization of resources, improved productivity, integrated dispersed cash flow, risk mitigation, etc.
Both these practices complement each other. They depend on each other for data to process and make sense. Accounting services like payables management, receivable collection, cash flow management, inventory, invoice generation and sending, etc., come together in the financial statements and disclosures. The ultimate reports get interpreted by advisors to scoop out valuable insights. These insights influence future planning and decision-making.
Whether a business avails of these services separately or combined, it can help them grow without the hassle but with proper guidance.
About Whiz Consulting:
Whiz Consulting is a renowned outsourcing company offering accounting and bookkeeping services in the US. It covers routine accounting activities and provides advisory, budgeting, KPI reporting, forecasting, management accounting, and project accounting. Their services are available to small, medium, and large-scale companies operating in real estate, media, e-commerce, law, and other industries.
Their services speak for themselves, and client testimonials prove it. Available at affordable costs, their services offer a competitive edge to companies. They have a skilled team, proficient in the latest accounting software like Xero, Quickbooks, Freshbooks, Zoho, etc.
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