Why It’s Time to Pivot Your Accounting Practice from Compliance to Advisory ServicesMarch 7, 2019
Does your firm have a solid plan in place for pivoting from compliance to advisory services? If not, now’s the time to get started.
For a number of years now, technological advances have been driving big changes in accounting practices. This is not a phenomenon that’s likely to slow down. In fact, quite the opposite is true. As technology continues to advance, accounting firms must face the need to make an important transition. It’s time to pivot from compliance to advisory services.
Making the Transition from Compliance to Advisory
As your firm considers how to tackle this key change in the accounting industry, here are some helpful tips.
Understand the Impetus for Making the Transition –
If you work within the accounting industry, you’ll know that there’s been a lot of talk swirling over the last few years about big changes in store. New technologies are the driving force behind these changes. The short version is this: new technologies are poised to take the reins when it comes to the number-crunching work that has occupied a large portion of accountants’ time, historically. Pessimists predict that many accounting professionals will lose their jobs, but that’s not accurate. Rather, CPAs are about to experience an important windfall in the form of time. It’s how accounting firms employ this newfound commodity that will set them on the path for either success or failure.
Establish a Well-Rounded Plan –
Armed with the knowledge of the transition happening in the accounting industry, firms should start planning today for how they will weather the change. This is where compliance to advisory comes in. As computers take on more and more compliance services, accounting professionals must pivot to advisory services in order to maintain their practice and demonstrate their ongoing value. Consider performing some sort of internal survey to develop a variety of feasible options for moving forward, then implement the best ideas.
Start Small –
Important work takes time, so don’t feel as though you need to perform this transition in one fell swoop. The pivot from compliance to advisory means change in a lot of areas. You’ll need to phase in new systems, updated pricing structures, and important client communications, to name a few. As much as possible, schedule out your changes over the course of a year or more, making your firm’s transition smooth rather than rocky. It’s helpful to leave yourself room to analyze and adjust along the way.
Accelerate Towards Growth and Expansion –
Finally, your initial patience and precision will pay off. As you and your firm get used to the new normal, you’ll realize that new technology frees up valuable. This time can be used for a variety of purposes. Perhaps you’ll start to consider pursuing additional growth via new clients or new services. If you’ve already done the work of phasing in new systems and practices, check out this recent entry for tips on determining if it is time for your firm to consider expanding.
ABLE Can Help Smooth the Transition from Compliance to Advisory
The benefits of employing a CRM for CPAs are many. In the particular area of transitioning from compliance to advisory service offerings, ABLE’s key offerings are its tools for relationship development, pipeline management, team accountability, and thought leadership. These are all important areas of focus for firms looking to make their transition smooth and seamless.
Ready to learn more? Schedule a free, no-obligations ABLE demo today to talk with an ABLE expert about how our system can help you elevate your firm.