When it comes to tax legislation, change is the only constant. While many accounting firms find a shifting regulatory environment to be a significant challenge, forward-looking firms are harnessing the latest technology to give their firm a competitive advantage.
But how do you know where to start? Sometimes, the best business insights come directly from the clients you serve. The key is being attentive enough to notice and agile enough to make their demands a reality. Let’s take a look at how.
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Embrace change, don’t fight it
One undeniable truth in the tax world is that new laws, regulations, and guidelines are rolled out with increasing frequency, and firms that view these changes as disruptions may struggle to keep pace. However, by reframing how your firm approaches legislative updates, these changes can become opportunities for growth rather than roadblocks.
When clients turn to you with questions about how the latest tax law affects their business, this is an opportunity to build trust, offer proactive advice, and ultimately strengthen your relationship with them. That’s why many forward-thinking firms are now driving growth by expanding beyond traditional tax compliance into an advisory-based business model—and changing tax legislation is the perfect opportunity to make this shift.
If you are wondering whether advisory is right for your firm, consider this: If your clients are asking for counsel on recent tax-related legislation and how it affects their business decisions, it’s a clear indicator that an advisory opportunity is at hand. This is particularly important for accountants who find themselves unknowingly giving away tax advice for free by answering one-off questions on a regular basis.
Capitalize on the advisory opportunity
With changing tax legislation comes uncertainty for businesses and individuals. This creates a prime opportunity for accounting firms to expand their services beyond compliance and into advisory roles. Instead of simply filing returns, firms can offer strategic advice on how to prepare for and thrive under these new regulations.
The key, however, is communicating the full value of advisory services, building a brand around them, and pricing them in a way that ensures your firm is being fairly compensated for the value it provides to its clients.
That’s where a program like Practice Forward can help. Traditionally, accounting firms operate on a transactional basis, providing yearly services primarily focused on compliance and reporting requirements. However, the rise of AI-powered tax technology and increasing client demands have prompted accountants to move beyond compliance into value-added services that address clients’ broader needs year-round, including guidance on changing tax legislation.
By taking the time to truly understand your clients’ unique circumstances and goals, your firm can tailor its services to meet each individual client’s needs. This personalized approach not only enhances the client experience but also builds trust and loyalty, ultimately leading to stronger long-term client relationships. In addition, satisfied clients are more likely to recommend the firm to others, resulting in increased organic growth and revenue opportunities.
Harness the power of AI-enabled technology
In today’s digital age, accounting firms are leveraging advanced software, automation, and AI-powered solutions to streamline processes, improve efficiency, and deliver better outcomes for clients.
However, many firms hesitate to proactively address changing tax legislation with their clients because staff members are not adequately trained on how to conduct proper tax research or simply lack the necessary experience. Due to how fast and frequently tax policy changes, senior colleagues may struggle to find the time to offer proper guidance.
Enter Checkpoint Edge with CoCounsel, an industry-specific, professional-grade, generative AI tax research assistant built specifically for tax and accounting professionals. Simply pose a question and quickly receive a relevant answer in everyday language, complete with citations from experts and primary sources, which can be copied and pasted into communications to clients or colleagues. Even junior staff are empowered with straightforward answers to their most challenging questions—just as if they were speaking directly to a subject matter expert or trusted advisor.
Is your firm ready to make changing tax legislation a competitive advantage?
In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. It’s about finding ways to set your firm apart—and there’s no better way to do that than by taking advantage of legislative change to better serve your clients.
So, rather than seeing the shifting tax landscape as an obstacle, use it to your advantage. By embracing changing legislation and providing guidance on how your clients can prepare for and take advantage of tax law changes, your firm can become an indispensable partner in a complex legislative landscape.
To ensure you are having the right conversations with your clients about how you can help them navigate the legislative changes that impact them, view our latest webcast on-demand.
For more information on adopting an advisory-based business model, visit Practice Forward. To ensure your firm can keep pace with changing tax legislation, learn more about Checkpoint Edge with CoCounsel.