Building your advisory firm (Sponsored)

Jul 01, 2020

By Nadine Chetty, co-founder of Ecomm Accounting Solutions and Intuit QuickBooks Online trainer and writer

Many firms are opting for advisory services because of technology. Technology, such as cloud computing, is making the everyday tasks of bookkeeping so efficient that your billable hours are possibly decreasing. With all the extra time you have, you may be thinking of adding in new, higher-value services to your monthly retainer clients. Advisory is your answer. Your clients value the advice you are already giving free of charge. Now is the time to charge for those services.

In any accounting firm, there are three main levels of service offerings: compliance, performance and strategic. Most firms only focus on compliance, but accountants' roles are changing. Providing advice now is easier than ever because of technology that can provide us with the key analytics we need to get the information we need to advise our clients. QuickBooks Online has a dashboard feature, among other reports, that can provide valuable information to your clients. Becoming an advisory firm means that you will be distinguishable against your competition – a firm where one goes when looking for expertise.

What should you be doing to get your firm to the ultimate level? Firms need to have mastered the compliance sides of their businesses before they can move on to advisory. Moving to advisory means having to make a complete change within your team. You need to be geared up with the right processes and software to help you provide information in an easy-to-read package.

Steps to build your advisory firm:

  1. Identify the right team member to manage and head up the advisory team.
  2. Create a client list of your current clients who would be open to these services.
  3. Develop a menu of services for each of your service offerings.
  4. Value-price your services.
  5. Define your reporting processes and build your cloud app stack.

You ultimately want to become your client’s trusted advisor and not their technical advisor. Start building those client relationships and transform the way you do business, for yourself and your clients.

Intuit is the proud maker of QuickBooks, the world’s leading accounting software provider with over 5.2 million customers across the globe. Manage your firm and your client’s books all in one place with QuickBooks Online Accountant, now available for accounting professionals in Ireland at no cost. For more information visit quickbooks.intuit.com/ie/accountants

(This article is sponsored by Intuit QuickBooks.)