Here's how you can gain an edge in a competitive market through consulting in corporate accounting.

Here are some ways to gain edge: - Specialize in a niche: Develop expertise in a particular industry or area of corporate accounting, such as mergers and acquisitions, international accounting. Focus on value-added services: Go beyond traditional compliance services and offer consulting services that help clients improve their financial performance. Build strong relationships: Develop trust with clients by understanding their businesses and goals. Stay up-to-date on the latest trends: Keep your knowledge current with the latest accounting standards, regulations, and industry best practices. Leverage technology: Use technology to streamline your processes and provide clients with more efficient and cost-effective service.

It is important to identify the correct KPI and not one that can be manipulated in a favour for a false impression. For example a KPI may represent an out turn such as meterage layed or structures built and show an increase on last year's total output. However there may be 50% defects which actually show there is double labour and cost now required on parts of the project. Thus a KPI with defects % should be used in tandum to get the true performance KPI.

Strategic planning entails coming up with a vision, mission and objectives. For Accounting Consultancy firms to succeed they need to plan ahead on what to do, how to do it, who will do it and how to finance. That tells you that strategic planning will entail issues to do with financial planning, procurement planning, human resource planning etc. It is simply the breaking down the vision and mission into small workable strategies on how to achieve them.

Specialize in a Niche: Develop deep expertise in a specific area of corporate accounting, such as mergers and acquisitions, forensic accounting, or international tax. Specialization can make you the go-to consultant for particular issues. Stay Updated on Industry Trends: Keep abreast of the latest developments in accounting standards, regulatory changes, and industry best practices. Being well-informed allows you to provide cutting-edge advice to clients. Offer Customized Solutions: Tailor your services to meet the unique needs of each client. Understand their business, industry, and challenges to provide personalized and impactful solutions.

Strategic planning is key to achieving the objectives and goals of an institution. it is not an end in itself, it is a means to an end. therefore, it is very important to take into account smart objectives to ensure that their actualization feasible to enable attaining the mission and vision of organisations. the objectives and goals should be specific, measurable, achievable, realistic and timebound. the Planners or strategists should have smart in the mind when framing the goals and objectives. further, there is need of auditing the current position, the needs, and choice of strategy as well as ensure that here is feedback in strategy implementation to ensure that there is determination of whether the institution. is on course.

Risk should always sit with the party most equipt to resolve it. Absorbe it, omitigate it, pass it to the other party or walk away. The probability of the risk is used to aportion the amount to the risk register. Eg. the risk of ground contamination is £100k After an assessment of the risk happening is 25%. The risk register will need to be allowed £25k. If the client is best suited they can take the risk. If the contractor is required to absorb the risk then a sum will be accounted for with in the project cost as spent and if not used may go to the contractor for maintaining that risk, unless there is some other agreement on residual risk pots in the contract.

Cost allocation across all cost centers and actively monitoring through budgeting could be a great idea to begin with using AI in business intelligence, scheduling of business expension and

Cost Optimization is the reduction of cost of a company to manageable level. It commences with doing a SWOT analysis of your company ie. Strengths, Weakness, Opportunities and Threats. Utilizing audit and compliance reports can lead to cost reduction as they give a professional opinion on issues to do with staff and spending. The best way to cut cost is to adopt new technology which will reduce size of workforce and produce excellent reports on time although the initial cost may be high but cheaper in the long-run.

Value engineering and cost value reconciliation is essential along parallel with good planning, forecasting and budgeting techniques

Accounting firms consultants need to understand a countries taxation system and new tax proposals such as Kenyan Finance Bill 2024 comprehensively for them to avoid legal costs and court penalties. Making sure you file returns and paying taxes way ahead of time can surely save you money because you won't incur any penalties due to tax default or filing of returns. Consultants need to understand impact of each tax proposal such as Corporation Tax, Value Added Tax and Income Tax so they they can offer requisite taxation guidance to clients so that they can ensure financial sustainability.

Yes. In my opinion financial reporting is crucial for business. And I would say correct financial reporting. These reports can help developers of the company to oversee the money.

For an accounting consultancy company to succeed in the competitive market, it has to invest in the best quality employees who understand Internation Financial Reporting Standards and International Audit Standards IAS. The employees should be technological savvy to save on time to produce reports and ensure it follows laws of the country and best practices in the field of accounting and consultancy. The accurate Financial Reports inform decisions of the future and also show signals whether a company is making profit or loss and that will impact on decision-msking by the companies management.

The adoption of new technology by Accounting Firms can make them edge out competitors out of the market and increase their market share due to the fact automation leads to efficiency, accuracy and reduces the amount of time to produce reports and reduces cost of hiring additional personnel. The adoption of Artificial Intelligence AI, Internet of Things, Quantum Computing and even Robotics can surely transform the accounting world and make companies operations run smoothly as almost all departments are interdependent. This will make the clients of Accounting firms including government and private sector make quick guided decision.

Yes. Agreed technology reduces repetitive task and increase efficiency. Also help to take decision quickly before we loose opportunity. I am using power bi and power automation which gave financial and non financial benefits to the company

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