Turn Your Accounting Firm into a Business Advisory Empire

Beyond the pain of crunching numbers and finances data, your clients’ organizations face challenges that affect the overall picture of their business success. Their reports, disclosures and communications are their key concerns. This is why A-list clients don’t simply hire accounting firms but want providers who can give them solid advice on how their finances impact their operations, management and ROI.

If you have already worked with a wide range of clients, then soon is definitely the time to expand your services through business advisory.  

Create your advisory board; the group of selected team members to provide strategic advice to clients. These are team members with proven track experienced and diverse capabilities in various areas. There will be need of extra manpower in your firm as key members are to shift focus to the advisory side.

As advisors, your new roles to your clients could include on areas of:

  • Due Diligence
  • Business Valuations
  • Sale and Purchase of Business
  • Business Establishment and Consulting
  • Business and Individual Structural Advice
  • Compliance Advice and Liaison with Regulatory Bodies  
  • Lending and Finance Advice
  • Property Investment and Development
  • Systems Review and Evaluation of Internal Procedures
  • Financial Statements
  • Management Reports
  • Cash Flow Analysis, Budgeting and Forecasting

Collaboration among your team members, your clients and their staffs are needed to grow and mitigate risks. Your firm has to be able to create foresight and straightforward approach beyond what your traditional accounting services could offer.

You are to resolve issues on reviewing clients accounts and reporting systems for better management controls. You will help them on developing growth strategies and business plans.  You will also assist them on both their manual and computer system. They will also need your expertise on agreements and tax legislation to make practical sense of specific solutions for their business as well as for their financing strategies.

Your advisory team needs deep knowledge of the accounting rules and regulatory climate specific to your client’s demographic and across different industries. Your will need consistent in-house methodologies to optimize business efficiency, safeguard compliance and help ensure clients success on things involving their finances.

You may be creating new sets of processes and standards for their organizations. You may need to give advice to update their accounting tools if need be and assist on training their staffs. Your advisory board’s role to your clients is broad and customized according to their organisation’s needs.

Ready to take the shift?

Building an advisory side for your business will only work if you integrate your expertise with tools that can help you simplify and accelerate your processes. There are so much to do in order to succeed in this new venture for your firm.

Aside from the basics of using accounting tools, you should integrate tasks, routines and data using cloud computing tool like Infusionsoft. The role of this technology is to eliminate redundant tasks, automate routines and make sure there are no duplicated entries.

The core function of Infusionsoft is to simplify client-nurturing processes through its Customer Relationship Management system so that it would easier for your firm to communicate among clients you slowly evolve into a business advisory empire.