Are You Leaving Money on the Table? The Untapped ROI of Advisory Services
Roger Knecht PB, PGE, VB
Husband, Father, President, Author, Podcast Host - Working with owners of bookkeeping, accounting and tax business to have the Premier Accounting Firm in their area.
You may be feeling the ground shift under your feet as AI streamlines the once-tedious tasks of data entry and reconciliations.
If so, you're not alone. The accounting landscape is transforming rapidly, pushing firms like yours toward a future where advisory services become more essential to the client offering, rather than a value add to the traditional accounting services.
This isn't just about keeping pace with technology—it's a golden opportunity to deepen client relationships, extend client engagements, increase our revenue per client, and carve out a competitive edge.
Mastering the Return on Investment (ROI) of these advisory services isn't just smart; it's essential for any firm ready to thrive in this new era.
In this article, I’ll dig deeper into what it really means to offer advisory services and provide you with actionable tips to effectively package, price, and promote these services to your clients.
The Shift to Advisory Services
Gone are the days when accountants were seen merely as number crunchers. Today, the landscape is changing dramatically, and AI is accelerating the evolution of the modern accountant.
As Artificial Intelligence takes over the repetitive tasks, it frees up accounting business owners to step up as strategic advisors. This shift is more than a change of tasks—it's a fundamental shift in how accountants add value to businesses.
Here’s what this shift involves:
This transformation is vital in today's business environment as companies seek not just to comply with regulations but to gain insights and strategies that can propel them forward. Accountants are now crucial in guiding these strategic decisions, marking a significant evolution in the profession.
Understanding What Advisory Services Mean
Advisory services in accounting are transforming the way firms support their clients, moving beyond basic accounting tasks to offer a broader spectrum of strategic support. These services are designed to help clients not just survive but thrive by making smarter business decisions.
Here's a closer look at what advisory services typically include:
The goal of these advisory services is to provide clients with valuable insights that enhance business efficiency, reduce costs, and support strategic growth. The goal should be to ultimately impact the worth of the business, a great example being EBITDA. By offering these services, accounting firms can help their clients navigate complex business landscapes and make informed decisions that lead to long-term success.
Packaging of Services
To effectively market these comprehensive capabilities, firms must smartly package their advisory services. Packaging involves bundling various service offerings into tiers or customized plans tailored to different client needs.
For example:
Effective packaging helps clients understand exactly what they’re getting, making the perceived value more tangible.
Pricing of Services
Pricing these packages can be challenging but must reflect the expertise, value provided, and the specific needs of the client.
Here are a few strategies:
Recognizing the Value Provided
It's essential for accountants to effectively communicate the value of their advisory services. Clearly showing how these services can drive tangible business improvements will not only justify the investment but also build lasting client relationships.
Here are some concise, powerful tips to demonstrate how these services lead to tangible business improvements:
These strategies help clarify the value of your advisory services, making it easier for clients to understand and appreciate the positive changes your guidance can bring to their business.
Explaining the ROI of Advisory Services to Clients
When it comes to discussing the ROI of your advisory services, clarity and precision are key. Here’s how to make the value crystal-clear to your clients:
Immediate Next Steps
For accounting firms ready to enhance their advisory services, here are actionable steps:
I'd love to hear your thoughts! How does your firm handle advisory services? What tactics have you found successful in demonstrating their value to your clients?
Please share your experiences and insights in the comments below.
Additionally, if you’re looking to delve deeper, I invite you to explore the various resources available on my website. These materials are designed to enhance your understanding and implementation of effective advisory services.
And if you're ready to take your firm’s advisory capabilities to the next level, book a call with my team. We’re here to help guide you through the complexities and maximize your firm's potential.
Let’s achieve great things together!
Additionally, for more insights into enhancing the ROI through strategic advisory services, be sure to check out my free ebook,“Your Strategic Accountant”.
About Roger Knecht
Roger Knecht is president of Universal Accounting Center, a post-secondary school for accounting professionals. With over 20 years of marketing, sales, HR & operations experience, Roger Knecht has helped thousands of business owners work ON their businesses to increase revenue, improve profits and build value. His strong work ethic and collaborative style delivers reliable, high-quality results for business owners.
Roger’s podcast, Building the Premier Accounting Firm, keeps accounting professionals on the cutting edge of the industry offering quality bookkeeping, accounting, and tax services. He hosts discussions with some of the accounting world’s best minds and shares actionable insights for firms.
Roger is the author of “Your Strategic Accountant” and “Your Profit & Growth Expert”, each written to help business owners understand what they can expect from the accounting profession.
Universal Accounting provides accounting professionals with the training, certifications, coaching, and support they need to become Profit and Growth Experts for their clients.
Helping consultants get (and stay) fully booked!
1 周Yes! AI isn't replacing accountants, it's elevating them from number crunchers to strategic advisors. This shift from 'what happened' to 'what's next' is where the real transformation happens. The magic lies in blending technology with human insight. :)
Inc 5000 CEOs Leading the Future with Executive Gravitas | Exec Coach: Marshall Goldsmith’s 100 Coaches | Top 16 Leadership Voice | 2x TEDx Speaker | Intl Bestseller 65 Books | x-Public Board Member
2 周Insightful perspective on the evolving role of accountants as strategic advisors! As AI takes on routine tasks, the real value lies in providing clients with strategic insight and deeper relationships that build trust and long-term success. Moving from compliance to advisory services isn’t just a shift in tasks—it’s a transformation that requires clarity, credibility, and a commitment to client impact. I’ve seen how this approach, with structured processes and clear value communication, creates a legacy of leadership and competitive advantage for firms. Great roadmap for firms and individuals who are ready to embrace the advisory role fully!
Microsoft 365 & SharePoint Specialist | Power Platform Expert | Digital Transformation & Process Automation Consultant | IT Solutions & Business Efficiency Advisor
2 周Great insights ! With 15+ years in SharePoint, Power Platform, and Azure, I’m open to new full-time or contract opportunities to drive innovation and efficiency. ?? #JobSearch #Microsoft365 #PowerApps #Azure #TechTalent
As a TEDX speaker, best selling author of “Feel Better” and family physician, I empower individuals & organizations to improve culture, performance and communication by optimizing emotional and mental health
2 周Tax advisory alone can save clients thousands! Firms that offer this as part of advisory are adding real, measurable value.
I Secure Funding for your business - 0% Lines & No Collateral Loans?? Prospects Need Funding? 7FiguresFunding.com??
2 周Packaging services in tiers is genius! It makes the value more tangible and shows clients exactly what they’re investing in.