Accounting is mainly about data entry and digitization of processes in each area replaces manual work. Today, the needs of financial advisors have changed, not just the compliance reports. Therefore, it is imperative that accounting professionals change their approach and increase their value in the emerging market. An advanced technology-integrated technology provides an easy-to-use platform like QuickBooks Cloud Hosting, which has already changed accounting processes.
The rapid evolution of the accounting industry will also pose many challenges and opportunities for accountants and their clients. To seize this opportunity, you must be prepared to offer your consulting services in a confident manner, as needed. However, the problem arises when you do not know how it works best.
The key is to put in place an effective business process that will guide day-to-day operations in creating cost-effective consulting services.
- Do not limit your services and skills.
Create a standard business process that can be applied to all types of customers, regardless of the industry. The niche may be the current advertising campaign, but it does mean that your specialization should be a restricted category. Only progression in a niche accounting process can be successful, but its goal needs to be well managed. The ideal is to be flexible with the customers and not to be specific to the sector for standardized services, but to specialize in their own niche.
- Keep your work scalable and fruitful.
Design your process knowing that everything can not be done in a month. In addition, the work done must be scalable and profitable. To do this, you must provide the client with a good amount of business advice every month. Not everything, but enough. We recommend that you create a list or menu with additional services that may be offered at an additional cost.
- Sell your services.
It all comes down to sales and customer satisfaction. Create a process that includes integrated steps for sales and customer retention as an activity. This means that all employees in your company can connect and sell customers successfully.
Building a business model of financial advice requires a manageable goal. Describe what you can offer your customers every month. Create a clear price model for each activity. Finally, use tools and software to create an infrastructure that supports your business model.
The current scenario
A survey was conducted to quantify their share of sales from consultancy or consulting work. The results were surprising.
Nearly half of the examiners say that consulting services represent only 10% of total revenues. However, the target rate should be at least 40%. There is a big gap in numbers, but to succeed in the future, this gap must be bridged.
Our educational system prepares and educates accountants who focus exclusively on technical skills. Knowing these skills makes you an expert but not a strategic consultant. When it comes to clients, it’s easy to explain the steps and explanatory processes instead of developing strategies that the customer needs to translate into growth and profit.
The advice may seem simple, but it is a completely different area on which we do not know much. Strategic advice is getting in touch with customers and getting enough weight to motivate them to take action that improves outcomes.
To successfully transition to consulting and creating a business ready for the challenges ahead, it is necessary to acquire the right tools, the talented people and the mindset that largely depends on soft skills. Your task will be to advise and not to do the work.