The latest advancements in technology have put the accounting industry into a spin. A step forward in accounting services means accountants no longer need to spend hours dealing with compliance-based tasks. Technology has allowed Accountants and firms to offer business advisory services broadening their horizons.
The need for business advisory work is on the rise, and firms that provide this service are also rising in number. There are now many more areas of business where you can help clients for the growth of their business. The growing need for business consultants in today’s market is not likely to change anytime in the near future.
Read on for answers to all your questions regarding business advisory services and how to take that big step forward.
Adding advisory services to your portfolio
Most experienced Accountants plan on providing advisory services to their clients but lack the time and resources. They spend most of their time auditing information to assure the completeness of data. The next most significant time-consuming task is monitoring all this data for changes and analysis. However, with progress in technology, analytical tools enable Accountants to monitor all data and drill into unusual information. This leads to more free time for Accountants to address the more advanced needs of businesses.
Delegating compliance work and improving client relationship management
First and foremost, don’t wear multiple hats. Delegate the task for compliance work such as bookkeeping, financial reporting and taxes. Many Benchmark reports have stated that the efficient delegation of work and proper client relationship management is the ideal way to eliminate time wastage and focus on services that genuinely add value to clients. Find the perfect combination of hard-working, talented staff great at using smart technology for getting things off your plate.
At Corient, we do just this – our staff is talented, trained and experienced in using smart technology to do the boring compliance bits for our clients so that they can focus on their high-value advisory services.
Identify good team members within the organisation
An excellent way to establish a business advisory firm is with a good team of consultants. Hire the best consultants and advisors who have a passion for the work, a zest for excellence, and the accounting industry’s expertise to solve business problems efficiently and set them to work for your premium clients. A skilled consultant will help the client with market analysis, management plans, government regulations, strategic planning and much more without any hiccups. We at Corient will be able to support your team by drawing up the accounting reports you need when you need them to help you on this exciting journey.
Identify clients who value these services
Create a detailed client list to filter the client names interested in your business advisory services. This will enable you to prioritise the clients for your new services. Advisory services are aimed to analyse the functioning and growth of the businesses. This extra level of comfort gives the client a chance to focus on other important matters – running the business. Your consultants will help these client businesses by focusing on customer relations, marketing strategies, employee relations, etc. This approach helps you increase client base by providing greater value to their business and building a reputation as a trusted advisor for all your clients’ financial matters.
Build a cloud ecosystem
The most crucial step before you launch your business advisory services is to get an efficient cloud ecosystem. To survive and thrive in the marketplace, you must have quick access to your financial operations. Now, cloud-based technologies such as Xero provide several accounting services such as auditing, tracking, recording, and reporting financial data to clients. Corient helps you to access these services by deploying a software solution to meet your organisation’s needs for quick financial operations. A vibrant cloud ecosystem integrated with the above solutions, allows you to have up-to date and accurate information at your fingertips.
When a company wants to take its business to the next level, that too in the business advisory domain, many hurdles are expected. But once your firm completes the transition into a reliable advisory firm, you will have wider range of services to offer. Your team of consultants will help businesses succeed in significant ways. Take a step forward and update your business operation with the latest technology around. Reach out to Corient for more details.