One of the emerging, positive trends we have seen this year is CPA firms moving more towards offering strategic advisory services. This trend changes from the more traditional accounting and compliance services we have seen in the past. There are some great reasons why this is the good news you are searching for to find!
Revenue Opportunity for your Firm
Bill.com recently did a survey. It shows that buyers are willing to pay to have their needs met. They desperately want to have someone come in a take care of the tasks that give them headaches each month. By becoming a financial advisor to them, you are that person. Clients know what they want; they are willing to pay for it and want to pay you to do it!
Value billing (sometimes also called Value Pricing) is an agreement between the business and the firm to pay for a package of services for a fixed monthly price. This type of billing benefits your bottom line and beyond because it eliminates the feast or famine scenario that often occurs with hourly billing. You can better forecast your revenues and create budgets.
As a financial advisor, when you know the specific services, you need to provide each month to each client, your financial stability and workload stability benefit. It even provides the knowledge to see if you can expand and take on more clients. In a word, value billing brings transparency to your firm.
Automation and Technology
If 2020 has taught us anything is that remote work has its pros and cons. Some of us love it and never want to see the inside of the office again. Others are counting down the minutes until their office is open. One thing for sure is that remote working is here to stay in one form or another. If your firm has not already moved toward using a cloud-based system, you need to think long and hard about why. Automation and technology are a big piece of the puzzle to becoming a firm offering strategic financial advisory services.
Cloud-based services will open a new world to you, your firm, and especially your clients when you switch. Tasks will be completed in less time, transactions will be faster and more reliable, and all those labor-intensive activities (think audits and tax prep) will be fully automated.
Listen, we all know 2020 will go down in history as “The year we don’t speak of,” but we can find the silver lining; it is a chance to embrace change and use the challenges to grow our business’ and ourselves. Give Reach Reporting a follow on social media. We work hard to keep you in the loop of new trends and changes in the industry.