Professionals in public accounting firms are probably not first on the list when most business people consider the purchase of point-of-sale systems, the combination of hardware and software technology that helps retailers accept payment from customers.

But when they are participants in the Sage Accountants' Network, it's another story, says Jeff Rosengarden, CEO of Hightower, a large Sage reseller that also sells its own Point of Sale Professional, a POS module for Sage's MAS 90 and 200 packages. Hightower has marketed the package since it was acquired from Sage several years ago.

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Many firms understand the importance of using a value-add approach to improving client service and for developing new business. But an often overlooked area is providing financial analysis to small business clients.

Most small businesses lack resources to support a financial analysis expert, relying on their CPA, accountant or financial advisor to inform them of problems in managing their businesses’ finances.

Although we provide services such as tax, write-up, assurance or payroll services, in most cases our clients assume that we also keep an eye on all finances. This often leads to an expectation gap in client service, which most advisors would like to fill by providing business advisory services. The key to leveraging business advisory services is linking the financial performance of the client’s company to its operations.

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In 2008, the Massachusetts Office of Consumer Affairs and Business Regulation introduced 201 CMR 17.00 which has become the gold standard of data protection laws.

“This regulation implements the provisions of M.G.L. c. 93H relative to the standards to be met by persons who own or license personal information about a resident of the Commonwealth of Massachusetts. This regulation establishes minimum standards to be met in connection with the safeguarding of personal information contained in both paper and electronic records.”

 

In other words, the regulation applies to every CPA firm that has an individual client or an employee that resides in Massachusetts. The original deadline for compliance was January 1, 2009.  This deadline was first extended until May 1, 2009 and was later extended until January 1, 2010.

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The best business people I know are always ahead of the financial data they possess; that is, the shrewdest people running businesses have an inherent understanding that good management decisions are based on what is going to happen rather than on what has happened. I have worked with hundreds of people who run businesses and the approach often makes no sense to the rest of us. Yet, there is clearly some reasoning that they use to gather information and break down complex decisions. This is an alien approach to those of us working with financial data because our job is to report on results.

There are many reasons that clients live in the future. Sometimes, this is how they are constructed as people Also, the best business decisions are based upon a careful review of future conditions, not on past conditions. Yet, business people need to understand the past in order to be able to make their futures happen. You cannot run a business without piecing together results and gaining insight from them.

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