Will my clients want advisory services?

In this article, we will explore whether your clients want advisory services alongside the significance of advisory services in enabling you to meet your clients’ evolving needs.

The role of bookkeepers and accountants has undergone a significant transformation in recent years. As our roles continue to evolve, there is a growing demand for advisory services among clients. Gone are the days when bookkeepers were solely responsible for double-entry and ensuring accurate bookkeeping for their clients; accountants responsible for submitting tax returns and ensuring compliance.

However, with the changing landscape of business and advancements in technology, clients now expect more from their bookkeeper/accountant. Today, clients seek valuable insights and guidance to drive their business forward – they desperately need their bookkeeper/accountant to go beyond basic record-keeping and provide these valuable advisory services that provide these insights.

Interpretation Required

In today’s digital age, clients have access to an abundance of information at their fingertips. Most of the operational software that they use to run their business will provide them with easily generated financial (and non-financial) reports. However, what they lack is the expertise to interpret this data effectively and make informed decisions based on it. This is where bookkeepers and accountants can step in and offer advisory services that bridge the gap between data and actionable insights.

Bookkeepers and accountants have traditionally been focused on recording financial data and producing tax returns. Thankfully, advancements in technology have automated many of these tasks, enabling the role of bookkeepers and accountants to shift from data entry to data analysis. Business owners need someone to interpret financial (and non-financial!) information, identify trends, and provide strategic guidance to help them optimise their business operations, and who better to do this than you, the bookkeeper/accountant who has full visibility of everything happening in the business.

Building trust and loyalty

The business landscape is complex, dynamic and rapidly changing. As a result, business owners need more from their bookkeeper/accountant than just number crunching and compliance. Business owners are looking for proactive bookkeepers who can offer strategic guidance. They require someone they can rely on to provide them with sound and well-balanced advice.

More importantly however, they need someone who they trust not just to look after their finances, but to confide in about issues they are facing and to share their exciting business plans with. Offering advisory services not only adds value to your clients’ businesses but also helps build trust and loyalty – by demonstrating your expertise and commitment to their success, you position yourself as a strategic partner rather than just a service provider. By expanding your services to include advisory support, you can position yourself as a trusted partner, adding significant value to your clients’ businesses.

Business Owners don’t want to fail

While some clients may readily embrace advisory services, others may be resistant due to misconceptions or cost concerns. It is crucial for bookkeepers and accountants to communicate the value of these services effectively. Emphasising how advisory services can drive profitability, improve decision-making, and save both time and money in the long run.

Without advisory services, the statistics for small businesses are dire. Just taking cash flow as an example; as many as 1 in 7 small businesses have been unable to pay employees because of cash flow issues. It is also reported that a whopping 90% of businesses that fail in the UK are due to cash flow. Don’t let the clients you support be included in these statistics.

Consider offering flexible services and pricing models to accommodate different budgets – such as a one-off forecast or quarterly reviews for those who can’t afford monthly (or weekly) support and demonstrate the tangible and intangible return on investment your services can provide.

Unlocking business potential

The majority of business owners wish to increase their profits. By embracing advisory services, bookkeepers and accountants can unlock the untapped potential within their clients’ businesses. They can use their expertise to identify areas of improvement and provide strategic recommendations. This may include cost-cutting measures, cash flow management strategies, pricing optimisation, or even assistance with growth plans.

This strategic guidance will help the business owner navigate challenges, seize opportunities, and make informed business decisions in order to drive business growth. Bookkeepers and accountants who provide valuable advisory services position themselves as indispensable trusted partners and essential contributors to their clients’ success. The enhanced client satisfaction will also lead to the client recommending you to other businesses who they feel will also benefit from your support – so what are you waiting for?!

Join the accounting revolution

Are you ready to embrace the potential of advisory in your practice and become a catalyst for growth?

If you haven’t fully explored these services yet, it’s time to consider the immense value they can bring to your clients and your practice; this is before we even consider the additional revenue and profit it can generate for both you and your clients!

By integrating advisory into the services you provide, you position yourself as a forward-thinking, proactive professional, capable of delivering holistic support that goes far beyond the numbers. Advisory allows you to guide business owners, shape their success and help them achieve their aspirations.

So, embrace the power of advisory, and unlock the full potential of your profession as a trusted advisor.

Need Support?

I provide a range of support to #Bookkeepers and #Accountants who would like support in providing advisory services (or the next level!) - from 1-1 mentoring, to self-paced courses that teach you how to create (sell and deliver!) #ManagementReports and #Cashflow #Forecasts . With options including webinars introducing advisory services or focusing on more advance aspects of advisory, there really is something I can do to help everyone, even you!

Book a (free!) virtual cuppa with me; register for my next Advisory webinar or book a 1:1 Superhero session (power hour) depending on the help you need to take your advisory offering to the next level HERE!

The most important thing is that we are providing business owners the insights, suggestions and advice that they need to ensure that they don't become one of the failure statistics so whatever it is that's holding you back, let me help you overcome that hurdle!