{"id":11914,"date":"2025-01-16T13:27:02","date_gmt":"2025-01-16T02:27:02","guid":{"rendered":"https:\/\/smithink.com\/?post_type=recording&#038;p=11914"},"modified":"2025-01-16T13:30:46","modified_gmt":"2025-01-16T02:30:46","slug":"the-challenges-of-leveraging-compliance-data-for-business-advisory-services","status":"publish","type":"recording","link":"https:\/\/smithink.com\/recording\/the-challenges-of-leveraging-compliance-data-for-business-advisory-services\/","title":{"rendered":"The challenges of leveraging compliance data for business advisory services"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The challenges of leveraging compliance data for business advisory services\" src=\"https:\/\/player.vimeo.com\/video\/1047338639?dnt=1&amp;app_id=122963\" width=\"500\" height=\"141\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Historical financial information is a valuable and often reliable component of providing advice on business improvement. But is it enough? Do clients truly benefit from looking backwards each quarter, focusing on issues they can no longer change? Moreover, what happens when a firm struggles to translate compliance data into actionable management insights?<\/p>\n\n\n\n<p>This webinar explores how to overcome these challenges by telling the right stories and leveraging compliance data to ensure your <a href=\"https:\/\/smithink.com\/business-advisory-enabled\/\" target=\"_blank\" rel=\"noreferrer noopener\">advisory services<\/a> deliver forward-thinking value.<\/p>\n\n\n\n<p><strong>Presented by:<\/strong> <a href=\"https:\/\/smithink.com\/mark-holton\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mark Holton, Smi<em>think<\/em><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Video transcript: key points<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"> Challenges with Compliance Data:<\/h2>\n\n\n\n<ul>\n<li>Compliance reports are designed for tax and regulatory purposes, not advisory insights.<\/li>\n\n\n\n<li>Reliance on outdated or incomplete compliance data can hinder meaningful client conversations.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Transforming Compliance into Advisory Insights:<\/h2>\n\n\n\n<ul>\n<li>Shift from tax-focused accounts to management-level accounts.<\/li>\n\n\n\n<li>Regularly update and verify financial data for accuracy and relevance.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Essential Adjustments for Accurate Advisory:<\/h2>\n\n\n\n<ul>\n<li>Evaluate current and historical asset values accurately.<\/li>\n\n\n\n<li>Adjust for work-in-progress (WIP), inventory, and doubtful debts.<\/li>\n\n\n\n<li>Ensure salaries, benefits, and costs are appropriately allocated.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Strategic Use of Technology:<\/h2>\n\n\n\n<ul>\n<li>Leverage real-time data from cloud accounting systems for accurate forecasting.<\/li>\n\n\n\n<li>Adopt advanced tools for <a href=\"https:\/\/benchmarking.com.au\/\" target=\"_blank\" rel=\"noreferrer noopener\">benchmarking<\/a>, budgeting, and strategic KPI analysis.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Future Trends in Advisory Services:<\/h2>\n\n\n\n<ul>\n<li>Real-time benchmarking and predictive analytics are becoming essential.<\/li>\n\n\n\n<li>Artificial intelligence (AI) offers the potential for improved client engagement and reporting efficiency.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways for Advisory Success:<\/h2>\n\n\n\n<ul>\n<li>Accurate, relevant data is critical for delivering value-driven services.<\/li>\n\n\n\n<li>The transition from retrospective compliance discussions to proactive business <a href=\"https:\/\/smithink.com\/strategic-planning-enabled\/\" target=\"_blank\" rel=\"noreferrer noopener\">strategy planning<\/a>.<\/li>\n\n\n\n<li>Engage clients with tailored solutions focused on increasing business value and performance.<\/li>\n<\/ul>\n","protected":false},"featured_media":11313,"template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - 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