For Accountants: Improving The Quality Of Your Valuations
There are two articles this week for accountants who conduct business valuations. The first is from SageWorks, a company that provides financial analysis and valuation applications to accountancy firms. They’ve called it “How to Perform Efficient Business Valuations “.
There is no universal answer to how long a valuation should take, because valuation assignments can vary widely. However, Sageworks asked valuation professionals attending a recent webinar to estimate how long most business valuations take their firms.
Some common questions about valuation services include:
Are business valuations at your firm as timely as they should be?
Could the practice serve more clients each year if it could accelerate the process of performing business valuations?
How long “should” a business valuation take?
They strongly recommend the use of technology (which is not surprising given that they provide this technology). But they make a good case, including pointing out how technology can assist with the complying with professional standards. Read more.
The other article is from Accountancy Today – “Accountants want substantially more advisory revenue ”
Everywhere these days, news headlines scream that automation stands to eliminate many of the traditional jobs in the U.S.
Indeed, a 2013 research study estimates that nearly half of total U.S. employment is at high risk of becoming automated over the next 10 to 20 years. The study ranked accountants and auditors in the top one-sixth of the most automatable occupations.
While some believe the fearmongering is overblown, many firms in the accounting profession are nonetheless seeking to move away from the kind of backward-looking compliance work (such as tax preparation and auditing) that is increasingly automated. These firms aim to offer value-added advisory services that are not so easily automated and are more forward-looking. The services, such as business valuations, business strategy consulting and advanced tax planning, can help accounting firms offer the next level of service for their clients and can create faster-growing revenue streams that make it easier to let go of compliance work. Read more.
