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It is the impetus for building long-term relationships with clients and sustained revenue. In the end, it’s all about transforming your firm from a tax compliance processor into a trusted, strategic partner. By capitalizing on your unique knowledge and experience, you get a powerful combination that engages staff, strengthens client relationships, and boosts your bottom line. In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. It’s about finding ways to set your firm apart—and there’s no better way to do that than by offering advisory services. Compliance services in accounting simply means ensuring the company’s financial records, reports, and filings comply with the applicable regulations and standards for the type of business.

Some accountants fear losing clients due to higher fees, but the reality is, clients are willing to pay a premium when they have a clear understanding of the scope of the engagement and the value being provided. Shifting to an advisory services model strengthens your client relationships and opens up additional revenue streams based on your unique knowledge and experience. Essentially, accounting advisory services are geared toward identifying a clients’ business goals, setting the path toward those goals, and guiding the client down each step of that path. As you and your staff gain a deeper understanding of the expertise your clients really need, you will become empowered to identify additional advisory opportunities along the way, like a niche in mergers and acquisitions advisory.

Quiz: Advisory Progress Report

Join other Practice Forward members for an in-person event at Synergy presented by your Practice Forward consultants collaborating with forward-thinking advisors. Access to over 190 tools (templates, pricing tools, checklists, videos, and more) to execute the Practice Forward methodology. Your membership also includes unlimited access to the online Learning Plan which provides eLearning, videos, and guidance to implement with maximum success. The trick is being attentive enough to notice and agile enough to make their demands a reality.

Likewise, CPAs, specifically, need to be licensed by their state’s board of accountancy. CPAs also must pass the Uniform CPA Exam, which tests their knowledge of accounting and tax laws. It also helps to find someone who is knowledgeable about the laws in your particular state, especially as it relates to taxes. Otherwise, you could end up working with someone who isn’t sufficiently knowledgeable to provide reliable advice or worse, who provides bad advice.

Explore other services tailored to your business​

Supplement short- and long-term accounting talent resources within accounting teams, with Deloitte acting as a third-party service provider for management. Our services can support clients in implementing Integrated Reporting using an integrated thinking process and the value creation principles of the International Sustainability Standards Board (ISSB). With our in-depth advisory accounting experience, our Accounting and Reporting Advisory services can provide a pragmatic, business-oriented approach that considers the holistic impact on stakeholders and your organization. Nominations may be submitted anonymously and should include an explanation (less than 500 words long) of why the nomination provides decision-useful information to investors.

With two of the more common financial roles—a financial advisor and an accountant—it helps to understand what each can do for your money. Practice Forward Webinars are CPE qualified thought leadership webinars that cover advisory centric topics and top-of-mind industry developments. Advisory Roundtables are virtual peer-to-peer events to connect and share with peers about best practices, challenges, and hot topics. How we can help Our global teams have deep knowledge of the emerging accounting rules and regulatory climate across the world and we have extensive experience across different industries.

Why is advisory important?

Being clear about what is in scope, and what is not in scope will help you identify other opportunities that may exist to help your clients. These conversations can open up a dialogue and change the dynamic of the relationship—from feeling obligated to answer casual questions to a more formal transaction that supports your client and grows your firm. Additionally, many accountants are overloaded with tedious work and have lost the spark that once drew them into accounting.

• Accountants are experts who can identify the applicable regulations and standards, and then assist with preparing the required reports and filings.
• In the end, it’s all about transforming your firm from a tax compliance processor into a trusted, strategic partner.
• Discover how streamlining tax returns can elevate your firm’s client service to a new level.
• Depending on their specific services, advisors are typically required to pass both the Series 7 and Series 65 or 66 exam, which test their knowledge of securities and investment strategies.
• Regulatory, technical, and business complexities are driving finance and accounting teams to re-evaluate their policies, processes, controls, and systems.
• Our services can assist with the implementation of new or amended accounting standards.
• Otherwise, you could end up working with someone who isn’t sufficiently knowledgeable to provide reliable advice or worse, who provides bad advice.