Bookkeeper: A guide for customer financial analysis in a minute.

Everyone is undoubtedly familiar with blank page syndrome. But imagine spending 29 days a month handling detailed numbers and solving specific bookkeeping problems for 50 clients. And when the month-end closing arrives, you’re expected to deliver a quick, customized financial analysis for each client in just minutes. Today, the role of a bookkeeper in managing a company's finances extends far beyond keeping the books. Customers value up-to-date financial analysis and a clear understanding of the company's economic situation, not just individual bookkeeping entries.

However, bookkeepers' work is often very focused on numbers and details of single bookkeeping entries, and creating financial analysis in a helicopter view can be challenging due to time pressure.

In this blog post, we explore how economic analysis can be made easier for bookkeepers and how to provide added value to customers to make them loyal, long-term clients. Acquiring a new customer is 1-15 times more expensive than serving the existing customer.

Why is that Customer value financial analysis?

The financial analysis helps customers gain a clear view of the company's economic situation. This is why customers who receive accounting and advisory services from the same firm are more likely to remain long-term clients.

Typically, business owners are not finance experts. Because they are busy, they must get to the point in seconds. The bookkeeper's job is to provide up-to-date financial analysis and forecasts that simplify the owner's decision-making.

Customers value up-to-date financial analysis and a clear understanding of the company's finances, not just individual bookkeeping entries.

The challenge: How do we get to the point in minutes?

A bookkeeper's daily work consists of making individual entries, handling numbers, and complying with regulations. This work, which requires precision and thoroughness, can sometimes prevent seeing the bigger picture of the business.

When work is busy and time is limited, achieving a helicopter view can take time and effort.

1. Let automation do the financial analysis for you.

One way to make analysis easier is to cut the production cost of one high-quality report by 99% by utilizing riskrate financial reporting tools that help automate routine tasks. For example, accounting firms can use riskrate's financial analysis tool to generate analyzed financial reports and forecasts with a click. This frees up the bookkeepers' time, allowing focus on what matters: the customer.

Riskrate financial reporting automation provides written, concise summaries and conclusions in reports.

The report reader, whether the company owner or board member, often wants a quick and straightforward overview of the company's financial situation.

The bookkeeper can summarize highlights and offer personal, concrete action recommendations.

2. Select the same reporting model for each customer segment.

You can segment your customers and choose the best financial reporting template for each segment. Riskrate's ready-made financial reporting templates allow you to use standardized formats for monthly, quarterly, or annual financial reports. Get tips about customer segmentation on our blog here.

3. Provide a financial forecast on top of the monthly report.

Business analysis should also be forward-looking. This can mean, for example, creating cash flow scenarios or developing financial forecasts to get an overview of how the financial year looks like.

This thinking gives the company's owner the tools to prepare for future challenges. Thus, the bookkeeper's role becomes more strategic and anticipatory, which adds value to clients.

"Customers who receive accounting and advisory services from the same firm are more likely to remain long-term clients."

Why should you invest in financial analysis?

Customers who receive accounting and advisory services from the same firm are more likely to remain long-term clients. Loyal customers are also more inclined to recommend the firm to their stakeholders.

You can increase sales.

Loyal customers are more willing to try new services, which helps increase the firm's revenue.

You can improve profitability

acquiring new customers is 5 to 25 times more expensive than serving existing ones.

Enhancing predictability 

when customers make repeat purchases, you can forecast future cash flow better, simplifying recruitment decisions.

It's enjoyable to work with loyal customers.

Customer loyalty doesn't develop by accident. It results from systematic, customer-focused work. Improving customer loyalty is also an investment in the customer experience.

Your customers will recommend your services.

Loyal customers recommend services they use and are satisfied with, and they effectively do sales and marketing for you. Regular and high-quality financial reporting is vital to increasing customer loyalty. A modern analyzed financial report sent directly to the customer's email is an effortless way to receive updates on their financial situation. Precise, personalized, and regular communication enhances customer trust in your financial services.

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