Kate Collier, a Manager from our Corporate Services team at our Northwich office has recently obtained a new certification – Advanced Financial Modeller from the Financial Modelling Institute (FMI).
The additional knowledge Kate has gained from the AFM certification will enhance the teams ability to provide financial modelling services to our clients.
Choosing a firm of accountants with financial modelling skills can provide numerous benefits to a business, especially for owner-managed enterprises with turnovers between £1 million and £20 million and limited internal finance functions.
Find out more below around how financial modelling can help businesses unlock information that can be the key to their strategic advantage.
Informed Decision-Making.
Scenario Analysis: Accountants with financial modelling skills can create sophisticated models that incorporate multiple variables and scenarios. This allows businesses to assess the potential outcomes of various decisions before implementation.
Strategic Planning: Financial models enable businesses to make strategic decisions aligned with their objectives by providing a comprehensive understanding of the financial implications of different courses of action.
Operational Efficiency.
Streamlined Financial Analysis: Accountancy firms with financial modelling expertise can streamline financial analysis processes, reducing the time and effort spent on manual data entry and calculations.
Automation: Financial modelling skills enable the automation of repetitive tasks, allowing for quicker responses to changes in assumptions and facilitating more agile decision-making.
Accurate Financial Projections.
Error Reduction: Financial modelling techniques help identify and avoid common pitfalls that can lead to inaccuracies in projections. This accuracy is crucial for making reliable forecasts and strategic plans.
Flexibility: Skilled accountants can create flexible models that can be easily adapted to changing business environments, ensuring that financial projections remain accurate and relevant.
Effective Communication.
Transparent Reporting: Financial models serve as effective communication tools, providing transparent and detailed insights into a business’s financial health. This facilitates communication with stakeholders, investors, and other key parties.
Clarity in Strategy: Accountancy firms with financial modelling skills can help businesses articulate their financial strategies clearly, fostering better understanding among internal and external stakeholders.
Client Trust and Retention.
Building Confidence: The provision of accurate and detailed financial models builds trust and confidence between the business and its accountancy firm. Clients are more likely to rely on financial advice from professionals with demonstrated modelling expertise.
Long-Term Relationships: Businesses benefit from stronger, long-term relationships with accountancy firms, as the latter becomes a trusted partner in navigating financial complexities and achieving sustained growth.
Risk Management.
Identifying Risks: Financial models can be used to identify potential financial risks and assess their impact on the business. This proactive approach to risk management helps businesses mitigate challenges before they escalate.
Strategic Growth Planning.
Optimizing Opportunities: Financial modelling skills allow accountants to analyse potential opportunities for growth and expansion. This aids businesses in optimizing their resources and capitalizing on strategic opportunities.
At bennettbrooks we believe our services and insights linked to financial modelling extend beyond the provision of traditional accounting that other providers offer. Our expertise can help clients enhance their decision-making ability, improve operational efficiency, and assist their positioning to achieve sustainable growth and success in competitive markets.
If you think any of the points covered above would make a difference to your business, Â please get in touch and we can arrange a meeting to talk through the best options for your business.
