Collaboration within the accounting sector has become a word that is readily thrown about, almost like the Digital Revolution of 4R. While this behaviour has become a concept within our sector, the need for collaboration between the client and advisor is becoming increasingly important as our world becomes digital and automated. I was reminded of this recently, I’d and like to share our experience with you.
Just last month two of our clients requested supporting documents for Bond Applications. Ironically both businesses operated in the same industry, their business structure was identical, their bottom lines similar, they banked with the same bank, their Bond application would be for a second property and both were looking for R4 million financing.
Client A communicated their intention to finance a second property months ago – before they even found the property they wanted. They reached out to us and discussed the various options between personally financing or business financing, the tax consequences of these options were delved into, and their business plan was adjusted to accommodate this move into the future.
Client B communicated very little, and no planning or advisory was put in place.
Ironically both requests for financing come within a week of one another. We were prepared for Client A and generated the relevant reports timeously and without much interaction with the client – we already knew what they wanted, they knew what the plan was, and they were sticking to it.
Client B, on the other hand was a surprise. “We’re applying for financing in our personal names. We need supporting documents for the request”. We were immediately on the back foot, and the team questioned the affordability based on the financial data we were preparing. We tried to explain this to the client, but it went on deaf ears. What followed were days of back and forth between us, the client and their banker.
I consider it a priviledge to have experienced both these cases in similar circumstances in the same time frame, as it’s enabled us to have a reflection on what we could’ve done better. The conclusion for us is that for our clients to flourish and succeed, collaboration becomes a two way street. The more information our clients provide us with, the more we’re able to advise and empower them to reach their goals and targets and live their best life. But that door swings both ways. While we as firm are big supporters of sound-boarding, both internally and with our clients, this can only work if both parties are content to speak-out, listen and implement. The true essence of collaboration.
Client A’s bond was approved within a week. We’re still waiting on feedback from Client B, but we suspect it’s been rejected. We will likely be blamed (as is the norm for accountants).
Effective collaboration is key to achieving your financial goals. At Bremner Advisory, we believe in building strong partnerships with our clients to ensure their success. Whether you’re planning for the future or need strategic advice, our team is here to support you every step of the way. Ready to take the next step? Visit us to learn how we can work together to achieve your goals.