Advisory services are a growing opportunity for accounting firms, driven by clients’ increasing demands for proactive, value-added tax guidance. Explore how your firm can confidently make the transition to advisory.
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Advisory services represent a growing area of opportunity for accounting firms, driven by changing client demands for proactive, value-added tax guidance. Transitioning to an advisory-focused business model offers numerous benefits, including increased revenue, stronger client relationships, and a more fulfilling work environment for staff.
Despite these advantages, many firms are hesitant to make the leap. The shift can feel overwhelming, and firms often don’t know where to start. However, with a proven advisory roadmap, dedicated resources, and a robust support community, your firm can confidently and profitably make the transition to advisory.
Understanding the shift to advisory
To fully understand the need for advisory services, it’s important to take a holistic look at the tax and accounting environment. Automation and AI have streamlined routine tasks such as data entry, transaction processing, and compliance-based work. While skill gaps, turnover, and rising client expectations are very real challenges, AI presents an opportunity to transform workflow processes and boost profitability for accounting firms of all sizes.
These advancements enable accountants to shift their focus from once-a-year tax compliance to year-round proactive insight for clients. As such, a growing number of firms are shifting away from compliance-based business models in favor of value-based pricing and higher-margin advisory services.
An introduction to Practice Forward
Thomson Reuters Practice Forward is a comprehensive solution designed to help accounting firms transition successfully into advisory services. By providing essential tools such as proposal templates, pricing calculators, and checklists, along with personalized consulting and support, Practice Forward equips firms like yours to navigate the shift to advisory services confidently.
Through your Practice Forward membership, you’ll gain access to over 160 tools that help your firm:
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- Implement and execute a proven sales process
- Identify and package your firm’s services
- Develop a pricing strategy
- Standardize business best practice advisory delivery
- Transition existing clients to advisory relationships
- Uncover client advisory opportunities
Practice Forward also offers members a thriving community for collaboration. Through the Practice Forward Connect event, members can network, share ideas, and learn from industry peers. This in-person gathering fosters community among like-minded professionals, allowing for the exchange of insights on navigating the transition to advisory services.
In addition, virtual office hours and advisory roundtables provide ongoing support and collaboration opportunities so members can connect with consultants and advisory graduates, ask questions, and gain insights into common challenges and successes.
“The Thomson Reuters Practice Forward community is amazing. When I started to get into advisory and got to know other people and other firms within the Practice Forward group, I came to find out that there are unlimited resources online that you have access to that help with this journey.”
– Whitney Kisner, Director of Operations for Papin CPA and a user of Practice Forward
One of the standout features of Practice Forward is its thriving community of like-minded professionals. This network plays a crucial role in supporting firms as they embrace advisory services. By connecting with others who have successfully made the transition, firms can share knowledge, troubleshoot challenges, and spark innovative ideas.
The value of this collaborative environment cannot be overstated. As Kisner emphasizes:
“You’re not alone. You’re not on an island. You’re not doing this by yourself. You’re following the footsteps of a lot of other people who’ve implemented advisory into their firms and have become advisory-focused firms. They are willing to give you all the tips and tricks and help along the way if you ask. So, by no means are you alone.”
At the end of the day, Practice Forward is more than just a toolkit; it’s a pathway to building an advisory practice that stands out in a competitive market. By tapping into this wealth of experience and expertise, firms can accelerate their progress and achieve better outcomes for both their clients and for themselves.
A proven roadmap to stand out in a competitive market
The journey to becoming an advisory-focused firm is not one you have to take alone. With Thomson Reuters Practice Forward, you’ll gain access to powerful tools and a vibrant community dedicated to helping your firm succeed. By leveraging these resources, you can increase revenue, build stronger client relationships, and create a more rewarding work environment.
Now is the time to transform your business and embrace the opportunities that advisory services offer. Join the Practice Forward community today and download our white paper, How Women in Advisory Practices Are Succeeding, to learn more about the path to success in advisory services.
If you’re ready to embrace advisory services, explore Practice Forward below and request a demo today! ↓
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