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Be a trusted advisor: Simple ways to start tracking your clients’ KPIs Tax Pro Center Intuit

how to use data to do advisory services for accounting clients

It’s becoming increasingly necessary to develop personalized tax strategies and mitigate tax consequences. A scope agreement clearly explains the scope of your services — what is included and what is not. This is particularly important for accountants who find themselves unknowingly giving away tax advice for free by answering one-off questions on a regular basis. For example, maybe you work with mostly dental or optometry practices.

how to use data to do advisory services for accounting clients

tips for starting a client advisory services practice

If most of your current clients are only in need of annual filings, it might not be the right time to introduce a CAS or CAAS offering. Payroll management in the context of CAS involves not just disbursing wages, but also optimizing tax withholdings, managing benefits, and ensuring compliance with labor laws. Today’s business environment calls for strategic business partners to offer deeper advice and insights. The AICPA CAS Core Advisory Skills Program helps participants master the technical and leadership skills needed to become the transformational leader that firms and clients are looking for. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

Drawbacks of CAS for CPAs:

CAS team members need to probe with questions, to dig a little deeper into the heart of what services the client may be asking about. The Practice Forward Graduate Master Learning Series is a CPE qualified, 6-session program presented by our Advisory Partners. This accounting advisory services series is designed to advance your firm’s advisory journey and enhance your skills and knowledge in the field of advisory services. In addition to your tax and accounting credentials, accounting advisory requires a special set of soft skills and experience.

How to Use Client Advisory Services to Grow Your Accounting Business

What makes advisory services so important is that your unique expertise becomes the centerpiece of your value proposition. From helping clients protect their wealth to supporting small businesses to securing a future for families, the shift to advisory is not only more lucrative, but offers a deeper and more fulfilling work experience. Plus, with technology taking over much of the work related to traditional tax compliance, the long-term success of today’s accounting firms hinges on building and sustaining deeper and more meaningful client relationships. Advisory services make sense for accounting firms who already have the trust of their clients and are looking to provide a more robust and holistic set of services, while also growing their business.

From there, you can weigh up all of these factors and give them a quote that accurately reflects the effort, time, and work required to meet their needs. Many CAS models offer virtual controller services, where the accounting firm essentially provides outsourced CFO services. These financial tools make it easy to pull out important insights, which you can use to supercharge your financial advice and to collaborate with your clients in real time. Traditionally, the role of the CPA is to create financial statements (be that a cash flow statement, balance sheet, or profit and loss statement), and then give them to their client (the business owner). Introducing any new tax service offering requires careful consideration, ensuring you have the available, resources, team members, and clients necessary to make your efforts worthwhile.

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They estimate the changes they made saved the client 91 employee-hours per week, or $136,000 a year in expenses. “The employer can now scale and grow without significantly adding to the headcount,” Moe said. Your CAS team needs to focus on unveiling the story your data is telling. So the first step is to consolidate all the financial data residing in different ERP and accounting systems, like SAP, Xero, QuickBooks, Sage, etc., into a single database or data warehouse. Advanced FP&A solutions, like Acterys, provide built-in connectors that help connect and import data from multiple sources with just a few clicks. They allow you to automate and schedule all the import tasks on set intervals, which can be daily, hourly, all the way down to a minute.

Acquire a Firm Already Offering Advisory Services

It’s likely the numbers overwhelm certain clients, especially if they experience financial shame. Fortunately, there is a lot of great content on offering advisory services. A quick Google search will help you find multiple resources on starting to offer advisory services and what you can offer. Manual processes and Excel-based planning are no longer sufficient to meet growing demands.

  • As mentioned earlier, you would need to befriend technology and let it automate a lot of the manual tasks your team has been doing as part of its routine.
  • If you want to begin offering advisory services and enjoy some of these benefits, my guide can help you transition from compliance to advisory services to better serve your clients.
  • But the answer lies in how you perceive the benefits of automated planning, reporting, and analytics for your firm and clients.
  • These consultative meetings are a dedicated time to translate the reports.
  • She later confided that there was no way she would have been able to expand her business and add new locations without us.

how to use data to do advisory services for accounting clients

We help you achieve profitable growth by delivering your customer priorities and increasing operational efficiencies. In the front office, we help improve marketing, sales, and customer service functions and customer experience. In the middle office, our industry-aligned teams help improve operations, supply chain, and related functions. Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients. It can also mean helping your clients understand complex business issues informed by their accounting.

How to take advantage of tax credit transferability though the Inflation Reduction Act

Let the Paychex Partner Program help your firm offer higher value services while strengthening your client relationships. If you’re convinced that accounting advisory is the way to go but not sure if you have what it takes, I want to encourage you to start taking steps. You don’t need to have “arrived,” you just need to be moving forward and have something to offer your clients. Advisory accounting goes beyond this by examining the present or looking to the future and providing guidance to business owners.

how to use data to do advisory services for accounting clients

By offering bookkeeping services, you’ll not only gain a real-time understanding of your client’s tax needs, but you’ll also have the opportunity to form more meaningful connections with your client. Incorporating advisory services into a traditional accounting firm is not simple. There are many things to take into consideration and because starting a CAS practice is such a significant undertaking, firms need to fully commit to it for it to thrive. However, once the move is made, there are significant benefits and, as client expectations evolve, it is a real differentiator.

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