The days of providing little outside of traditional tax and audit at accounting firms are numbered. Small and Midsize businesses in all sectors have a gaping need for fiscal and asset management. This fact has remained true over time.
CPAs and other organizations are capitalizing on the value they can offer by producing better financial decisions for your clients'. It is also key to note by increasing efficiency, eliminating waste, and accelerating profitability your client will find it difficult to leave. Clients want your opinion. They want to work with a trusted professional who understands their goals and can be relied on when faced with an issue. More importantly, they want to receive the advice that will help get them there.
Some firms still describe feeling uncomfortable being paid for an opinion, which inherently could be wrong. This is simply foolish. If you work to understand your clients’ current and future objectives, then you will become the expert for the client. Fully equipped with this knowledge, there is nobody in a better position to deliver financial advice than you. Remember, it is not required that you always give them the right answer, but rather the one with the highest likelihood of success.
With all of the automation tools and product add-ons available to accountants this expanded offering of services to clients will create few, if any, additional work. In return, from your client's perspective they will be ecstatic because of the added value and individualized focus they are now receiving. You will also be in a position to track KPIs and monitor areas of interest in helping keep your client on track towards their goals. Being your clients’ most trusted advisor, they will acknowledge you have the information and ability necessary to construct a professional recommendation. Since it is much easier to switch accountants now, leveraging the cloud and tools like ProfitSee can help you stay relevant. Traditional tax and audit work is being commoditized. Although we do not know what lies ahead, one thing remains clear; value-added services are an essential component to any successful CPA or accounting firm.
Read the full article by Kyle Walters here