Client Service Goes Beyond Accounting Advisory Services

Any service that helps the client forward is an advisory service. We can support you in building an effective and efficient finance function with a range of accounting, reporting and analytics services. Supplement short- and long-term accounting talent resources within accounting teams, with Deloitte acting as a third-party service provider for management.

Bundled services can help transition annual compliance engagements into monthly or quarterly advisory engagements, where you can communicate your advisory expertise. We know this intuitively, but many firms do a poor job of separating advisory from compliance, and communicating their advisory expertise to clients. Advisory supports specialization, which leads to higher-value services and separation from the sea of generalists. However, if we can’t articulate our advisory expertise, it’s a certainty that clients won’t be able to untangle our compliance services from higher-value advisory services. By embracing the advantages that advisory services offer, accounting firms can significantly improve their success and remain competitive in this ever-changing industry.

IBOR transition—Practical experiences and lessons learned

Strategic advisory services are built into client engagements from the start — rather than being added on mid-stream — to help adjust behaviors to focus on the future. Throughout your marketing campaigns, it’s important to establish your firm as an authority and thought leader on tax and accounting topics that resonate with your target audience. Consider writing regular blogs or offering your unique insights on social media or by hosting a webinar.

Hourly rates, on the other hand, punish you for getting better at your job and don’t reflect what clients are actually paying for. Rather, it represents the Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented. Additionally, this edition includes recent answers to frequently asked questions from the industry and examiners. Process standardization, technology integration and automation are all great ways to increase business capacity and give employees more time to focus on value-driven work. Leading businesses to achieve operational excellence of the finance function.

Some accounting firms don’t think enough about client service, but it’s critical to the success of your firm. The more you can establish your firm as absolutely essential to your clients’ business, the more your firm will thrive. It’s what you want for your firm—and what your clients want from you as well. And not only is accounting advisory work more profitable, but it also enables more meaningful relationships with clients and a deeper sense of purpose in the services your firm provides. QuickBooks® Online allows us to have live bank feeds, a shared workspace between business owners and accountants, and real-time archival access.

Financial Services

With deep technical knowledge in US GAAP, SEC reporting and IFRS, we are well-versed and experienced with the regulatory and reporting requirements of the SEC and global exchanges. To effectively market advisory services, you should first identify your target audience. Listening and asking questions provides valuable insight into your clients’ wants and needs—and what advisory services you can offer to better serve them. If you’re ready to start your advisory journey, Practice Forward provides a true roadmap for shifting your business model to support advisory centered client relationships. In the end, it’s all about transforming your firm from a tax compliance processor into a trusted, strategic partner.

Client engagements are rightfully centered around your client’s business goals and the guidance your firm can provide, in addition to traditional tax compliance. Most of the traditional services we think of as accounting and bookkeeping can be categorized as compliance services. These include keeping up with the books, generating financial reports, and filing taxes—all compulsory for business owners. So, let’s break down what accounting advisory services really are, what they mean to your firm, and what they can do for your clients. As your company continues to change, grow, and evolve, so does DLA.

Valuation Services

We are fully committed to the long-term success of our clients. We credit our strong client relationships over the past 22 years to the trust we build with those we serve. We offer our clients deep expertise in technical areas of internal audit and accounting, and provide superior service delivered by our team of experienced professionals. The traditional hourly approach to billing can penalize firms for working quickly and growing their breadth and depth of knowledge. Instead, your firm should base its accounting advisory services pricing around the value you bring to clients. Overall, accounting advisory services help your clients identify their business goals and align their business plan to achieve those goals—all while relying on your firm’s unique knowledge and expertise.

We spent the next 20 minutes discussing staffing challenges they were currently facing and coming up with a plan to kick off a program that would help motivate employees. Consulting services are typically one-off services on an as-needed basis. When the client runs into a problem, they call you up to ask for your help. You consult for a short period (until the issue is solved) and then go back to compliance. You may collect a consulting fee, or—far too often—your client may just assume these 911 phone calls are part of the deal when they hired you.

What are accounting advisory services?

They are known as the “Big Four” as they are the four largest global accounting networks as measured by revenue. And you can bet these firms are not giving advice away for free. 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. Perhaps the most significant difference between Accounting advisory and consulting is the amount of time services are provided.

As you connect on a deeper level with your clients, you and your staff will become empowered to identify additional advisory opportunities along the way. Accounting advisory services include a variety of engagements designed to help clients streamline accounting processes, improve profitability, and enhance overall decision-making. These services are centered around providing your clients with proactive, forward-looking guidance and advice. This differs from traditional compliance work in that tax returns and related activities report on what happened in the past.

How accounting firms can shift away from a compliance-based model in favor of higher-value advisory services. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates.

Training & support

Explore the changing dynamics of the business world and what it means for finance leaders of today and tomorrow. Improving deal evaluation, structuring and communication by strategically approaching ASC 805. To thrive in today’s marketplace, one must never stop learning.

As accounting professionals, most of us have seen businesses succeed and fail. By offering our expertise and providing guidance, we can help our clients in one or more specific situations. Tools and customized coaching designed to enhance your firm’s advisory services, strengthen client relationships, and help you get paid for your value.

Accounting Advisory Services

Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see /about to learn more about our global network of member firms. To that end, value pricing requires more upfront strategic planning.

• Advisory services in accounting means the accountant provides expert recommendations, options, and strategies to help business owners achieve their financial and operational goals.
• Any service that helps the client forward is an advisory service.
• KPMG professionals help their firms’ clients with the accounting aspects of their financial reporting and compliance obligations.
• From financial accounting to reporting advisory, there are many types of advisory services that accounting firms can provide.

What this means is that we no longer work in an environment of stacks of paper manipulated and kept disconnected from our client’s day-to-day business. Combined with accountant-only features such as the Business Performance Dashboard, we have the technical foundation to delve into accounting advisory. A shortfall of the accounting profession is that we often are not providing the coaching our clients so desperately require. Small business owners find themselves paralyzed with indecision due to a lack of confidence in their financial knowledge. Frequently, business owners are unsure when to purchase assets or implement investment strategies.

Not only are strategic accounting advisory services more profitable, but they also encourage more meaningful relationships with clients. 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. Accountants are experts who can identify the applicable regulations and standards, and then assist with preparing the required reports and filings.