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Why Tax Season is the Perfect Time to Consider Offering Cash Flow

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Helm was built by accountants, so we definitely understand––you’re busy right now. Tax season means that you might be seeing your client’s books thoroughly for the first time in a year, and after an extraordinary year like 2020 no less. We don’t need to tell you twice that doing business has changed dramatically for most people, which means their financial picture has changed too.

The busy season provides the perfect opportunity to start prepping for other services that you can wrap into your capabilities. Being knee-deep in a client's financial data gives you a clear picture of exactly what kinds of advisory services they’ll need to set them up for success over the next year––like cash flow forecasting, for example.

If your client is having issues with cash flow, they stand to benefit significantly from seeing a visual representation of their cash position, various hypothetical scenarios, and hearing your advisory perspective to tie it all together.

Why tax season is the best time to talk to your clients about cash flow forecasting:

  • You have all the information. Tax season means you have more insight into your clients’ finances, more frequent communication, and a higher level of engagement. Clients are more likely to be receptive to increasing services––in fact, they might already know they need more help. Businesses that manage their cash are 90% likely to succeed. This is a massive advantage, especially against the lacklustre economic backdrop of COVID-19––any leverage you can provide your clients could be the key to their success. Many businesses would probably love to have access to cash flow management services, and may not be aware you offer the service.
  • Move away from yearly visits. Advisory services like cash flow forecasting enable a closer, higher-touch relationship with clients. Instead of working with a client in a once-a-year capacity as a tax preparer, advising leads to more interesting, higher-value work for you and more guidance toward financial stability and success for them.
  • Easily increase your revenue. Cash flow services can be additional revenue for your firm; a source of income unattached to tax season. Using a platform like Helm, the time investment in getting your client’s forecasting set up is minimal. Once done, you’ve uncovered a continuous revenue stream that benefits your own business and helps your client’s business dodge obstacles through proper cash management.
  • Proactively tax plan with your clients. Providing your client with a visual representation of their future cash position creates an opportunity to take action based on the forecasted cash highs and lows. You’ll be able to advise on minor (or major) tweaks, like paying tax instalments, adjusting investments into the business and cutting unnecessary costs. These forward-looking projections help prepare your client’s business for the future, rather than scrambling to solve for the past.

Did we mention we know how busy you are right now? It’s worth repeating. We wouldn’t suggest the benefits of offering cash management during tax season unless we knew––which we do––what it’s like to be an accountant this time of year, and how easy it is to implement cash flow services using Helm. If you want to try it out, sign up for a free partner account for cash flow forecasting with no strings attached!