Cloud-based systems are reinventing accounting services and are fantastic for automating previously arduous jobs, cutting the time you spend on manual processes in half or more. It also allows you to see real-time financial reports, which are crucial for client success.
- Clients get immediate access to their figures. They want and need to see their figures at a moment’s notice, and in an age where so much is automated people are expecting you to keep up.
- Clients can look ahead. If you’re just keeping your clients compliant, then you’re not the right accountant for them. No offence intended here, but if they can look to the future, it’s your job to as well. Forecasting is the only way to keep pace with your clients’ way of operating.
- Clients get guidance. Not every single one of your clients is going to ask you for your opinions, but a significant amount of them would benefit greatly from your knowledge of industry. You’ve seen what works and what doesn’t, so make some money from it! You need to be asking them questions and looking at trends next to forecasted figures.
- Clients can meet their goals. Some of your clients will have very rigid targets, and this is a double-edged sword. Sometimes the rigidity will prevent them from being agile and moving with the times, while conversely, targets are a crucial part of staying on the right path.
Put client needs first
Ask a business owner about the future and the chances are you’ll struggle to get a word in! Take advantage of their passion and drive to push their business forward. Business advisory services are what accountants provide their clients, focusing on strategising for the success and growth of a business.
You need to set up forecasts for clients as they’re the best tool to see how healthy a business is, and it’ll project figures in the future. This is exactly what your clients need, as it’ll allow them to make decisions with confidence.
A great advisor will ask questions and dig into their client’s business as deep as possible. Examining previous trends and combining them with forecasts allow you to think ahead to the impact of coming events.
How to roll out advisory
There are of course a lot of ways to approach your shift to advisory services. But to get you started, we spoke to Adam Davy, the Head of Advisory for BDO New Zealand, recently who told us his 7-part framework for moving to advisory.
Before meeting with clients Adam and his team create a dashboard in Futrli so that they know what the numbers are before the meeting. He tells us that asking questions is a crucial part of making this approach successful. The 7-part framework includes questions such as:
Question 1: What are their goals and what strategy are they executing?
Question 2: What is their business structure and is it suitable for that business model?
Question 3: How are their reporting on business performance and monitoring this?
Question 4: What management and governance are in place?
Question 5: What is their exit strategy and do they have a successor?
Question 6: Do you like paying tax? As Adam confirms…“No one likes paying the maximum amount of tax, so that’s an easy conversation. However, I expect it is an area you are already supporting them with.”
Question 7: What are your personal ambitions?
This is just one example of how to get the discussion about your advisory services, but it’s a great one to get you thinking about how your cloud practice is going to differ from a traditional setup.
Structure is key
When you’re transforming your firm, you need to be consistent. You’re being paid for your services, so you’ve got to be there for every one of your clients. Consistency makes your firm’s reputation grow.
Setting up workflows, for example, will make sure your team are all on the same page. A workflow is a series of tasks designed to produce the desired outcome, giving your staff the tools they need to collaborate. Collaboration often produces the best results, especially when working over the cloud. Multiple pairs of eyes on a task will allow you to analyse and deliberate how to produce the best results or conclusion. You’ll find your team will begin to work more in unity with one another.
Get Futrli certified
Have a look at Continuing Professional Development (CPD) schemes. It’s a great way to combine education and work. We believe in this so much that we created the Futrli Advisory Certification course. It’ll upskill your team to master Futrli and understand the ins and outs of advisory.
Your team will become more competent and efficient in their roles; agile as they’ll be able to adapt to changes and developments in industry and in your firm. Your brand perception will be increased, and employing it internally encourages and promotes a good learning culture. In turn, you’ll notice that your team are more fulfilled in their roles, so staff retention will not be a worry.
Firms that are resistant to changes like investing in CPD are likely to fail as staff won’t be as qualified as they could be. Resistance comes when people don’t understand how beneficial these are, and have no idea how to get started. CPD will keep your practice relevant and fast-track your (and your team’s) learning.
If that’s not enough, we can also help you with…
- White Labelling. Make Futrli your own by uploading your own branding and log in page. Perfect for advisory, white labelling the platform will give your clients the full experience of your firm.
- Benchmarking. Evaluate your clients’ business against their industry standard. They’ll get a great understanding of where they are against their competitors.
- Training. If you feel unsure as to how to conduct a health check or shifting to advisory, get in touch. We have Management Accountants on hand who will coach you through it all.
- Marketing training. Completed all of the above and want to shout about it? We’ll take you through SEO, social media and email campaigns to really get your voice heard.