Advisory services are growing, they’re profitable, and they represent the future of the accounting profession. But, what exactly are client advisory services (CAS)? In the simplest terms, client advisory services are any form of advice regularly given to a client in relation to their business.
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Offering Client Advisory Services across the business lifecycle
Turn one-off questions into a strategic service
Many accounting professionals offer this level of service without realising it. For example, have you answered client questions about cash flow issues or offered advice on how to get a short-term loan at a decent rate?
When discussing the challenges with attracting and retaining talent, have you presented the advantages of offering an employee benefits package? During tax season, have you ever helped a client look for ways to save money?
Focusing on CAS at different stages of the business lifecycle
In this article, we will highlight different advisory services and explore how they correlate with the lifecycle of a typical business. My goal is to help you turn those one-off client questions into a strategic effort to provide these services to your clients on a consistent basis.
Business lifecycle models come in many shapes and forms—usually anywhere from 4-7 stages. For our purposes, we’ll boil it down to three stages: startup, growth, and maturity. Your client’s business stage will determine the advisory services that make the most sense for them.
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Startups need support in people operations
Startups often need help finding, retaining, and training their team members. While people operations are not traditional advisory services, depending on your client, this could be an area of service at every stage of the business lifecycle.
For example, payroll became an emphasis during the pandemic with the rollout of the Australian Federal Government’s Jobkeeper Program or the support such as increased thresholds, waivers, and interest-free deferrals of payroll tax offered by individual states and territories. With ongoing inflationary pressures, conversations about redundancies, hiring, and employee benefit programs are common.
Accountants don’t have to become human resource specialists, but some firms are embracing this type of advisory, in addition to their core accounting services.
In some instances, firms simply assist with payroll technology selection. Others move into the analytics of costs and metrics related to their clients’ teams, combining financial and people data to provide a more comprehensive view of the organisation. Who better to access both sides of that data than an accountant?
Growth stage companies need CAS support around raising capital
As startups move into the growth stage, raising capital becomes very important. Of course, good financial data must exist, but these clients need more analysis that emerges from your understanding of their business goals, ownership structure, and financial markets as a whole.
As a business explores debt and equity financing options, you can offer guidance based on your knowledge of various financial agreements, as well as your past experience guiding other clients through the same process.
Not only is the initial conversation necessary, but ongoing advisory conversations are just as vital to help businesses grow, adapt, and expand. Consistent meetings to discuss cash flow, team expansion, and financial analysis are important aspects of advisory for growing businesses, and for which accounting professionals are perfectly suited.
Maturity stage companies need CAS for succession planning
Advisory services can grow as your clients progress into the maturity stage of the business lifecycle. Succession planning is front and centre for some 420,000 businesses owned by the baby boomer generation.
Accountants have an important role to play in helping owners pass businesses along to the next generation. Those acquiring these businesses also need an objective advisor to guide them through a capital raise from a bank, venture capital, or employee ownership model.
Accounting professionals are uniquely positioned to clarify this information in plain language for their clients. They can alleviate the confusion and worry that accompanies these major financial decisions.
Trusted advisors provide insight and calm at critical junctures
Whether in the startup, growth, or maturity stage, clients are looking for a competent advisor to provide insight and a degree of calm during critical junctures along the entire business lifecycle. Business owners have come to value, and even expect, this type of advisory service from their accountants.
This is the future of the profession: Expanding partnerships between accountants and business owners through advisory services, capitalising on the trust gained through years of delivering quality accounting services.
Learn more about Client Advisory Services
Building your Client Advisory Services offering is about people, processes, and technology. Download our Grow Your Firm CAS eBook to learn more, or read more about these elements in our client advisory services series:
People
- Building an effective team
- Your firm’s client advisory services offering starts with people
- Find your ideal clients and understand their business goals
Processes
Firm operations
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