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A business consultant (from Latin consultare, "to discuss") is a professional who provides professional or expert advice [1] or service in a particular area such as security (electronic or physical), management, accountancy, law, human resources, marketing (and public relations), financial control, engineering, science, digital transformation, exit planning or any of many other specialized fields.
Consultants can be engaged proactively, without significant external enforcement, and reactively, with external pressure. [23] Proactive consultant engagement is engaged mainly with aim to find hidden weak spots and improve performance, while the reactive consultant engagement is mostly aimed at solving problems identified by external stakeholders.
A consulting firm's model of business may be compared to staffing, wherein the objective is to lower labour costs for clients for an intended result, or relative to an intended result or output, in order to charge for a profit margin for the consulting firm. Clients are looking to procure or purchase external help and assistance.
The manner of appointment, the qualifications, and the format of reporting by an external auditor are defined by statute, which varies according to jurisdiction. External auditors must be members of one of the recognised professional accountancy bodies. [2] External auditors normally address their reports to the shareholders of a corporation.
Compared to contracting, consulting can be seen as being "in business in your own right", not controlled by your client, etc. placing a consultant "well outside" of e. g. IR35. [20] Alan Weiss provides 20 "factors" for consultants in the US (IRS), which are similar in other countries, to avoid or understand in terms of their business activity.
Consulting is the activity or business of giving expert assistance on a particular subject, notably to other professionals but also to the consumer market. The following outline provides a general overview of consulting.
A Business Advisory Service counsels clients re the current and future state of their Company, with the aim of advancing the prospects of the enterprise in question.This service, used across various industries, involves (i) examining the relevant legal, tax, financial, market, and/or risk factors, and then (ii) advising re start-up (including company formation), or more common, re ongoing ...
Other professional services involve providing specialist business support to businesses of all sizes and in all sectors; this can include tax advice, supporting a company with accounting, IT services, public relations services or providing management services. [2]