As a small business owner, keeping your finances on track is crucial, but deciding how often to seek support can be challenging. Here at Advivo, we offer monthly or quarterly service programs, specifically tailored to your needs, that provide regular check-ins to help manage and grow your business. But is this type of support right for you? Here, we break down some circumstances where these service programs could be beneficial, as well as instances where they may not be the best fit.
When a Monthly or Quarterly Service Program Might Be a Good Fit
- Growing Businesses Needing Real-Time Financial Insight
If your business is expanding, regular accounting and advisory support can keep you financially organised and alert you to opportunities for cost savings, tax benefits, and profit maximisation. A monthly or quarterly program can provide consistent financial insight, helping you make informed decisions as your business evolves. - Cash Flow Monitoring and Management
Cash flow is the lifeblood of any business, especially small businesses where liquidity can be tight. Regular check-ins can provide you with an accurate, up-to-date picture of your cash flow, helping you anticipate shortages and manage resources more effectively. - Compliance and Tax Planning
Tax regulations and compliance requirements can be complex and overwhelming. Monthly or quarterly service programs ensure that you stay on top of these obligations, with advisors available to update your strategy and guide you in maintaining compliance and optimising tax planning opportunities. This support can reduce risks, increase family wealth and save you from last-minute tax season headaches. - Goal Setting and Performance Tracking
For businesses aiming to hit specific targets, such as revenue growth, expanding into new markets, or increasing profitability, regular advisory meetings can be instrumental. Advisors can help set measurable goals and track progress against these targets, adjusting strategies as needed based on your latest financial performance.
When a Monthly or Quarterly Service Program Might Not Be Suitable
- Stable, Low-Volume Businesses with Simple Finances
If your business operates in a low-growth industry with minimal transactions and a straightforward financial structure, a monthly or quarterly service might be more than you need. In such cases, annual accounting and tax preparation may suffice and still meet your basic compliance needs. - Limited Budget for Advisory Services
Although regular service programs do come with some additional costs, if your budget is limited, it may be challenging to justify the expense. For early-stage or budget-constrained businesses, periodic consultations for specific needs (like annual tax prep or an occasional cash flow review) might be more cost-effective. - In-House Financial Expertise
If you have a solid in-house finance team or you’re a financially savvy business owner, you may not need monthly or quarterly guidance from an external advisor. Instead, you could opt for periodic consultations or annual audits, only bringing in external expertise for specialised advice or specific projects. - Business records in a mess
If you’re struggling to keep your business records up to date or if you’re not on Xero, then insights drawn from incomplete data can be flawed. In such situations, we normally suggest an initial project where systems and processes are refined and streamlined to ensure your business records are able to be kept more accurately. This will better position your business to leverage the benefits of a monthly or quarterly service program.
The Bottom Line
Our monthly or quarterly service programs offer valuable benefits that can help small businesses grow and stay financially healthy. They provide structured support, proactive financial insight, and peace of mind in handling compliance and cash flow challenges. However, for businesses with simpler needs or limited budgets, it may be worth exploring alternative solutions that better match your unique circumstances. Either way, we can help. If you’re ready to take that next step for your business, we’d love to hear from you!
