Sep 24, 2014
A young accountant, who participated in a business advisory services training program, sent me an email at the end of the training and said:
“Thank you, I now feel like I’m offering real accounting services.”
Deloitte has predicted significant ‘digital disruption’ to professional services firms (of which accounting services are part), amounting to a 32% drop in business activity.
Deloitte has made some suggestions on how the ‘digital disruption’ can be reduced, including ‘replenishing revenue streams’.
Offering business advisory services, as a series of services to an accountancy business’ clients, is a positive way of ‘replenishing revenue streams’.
A decision to commence offering business advisory services is a big one and involves getting input from the accountancy business’ key stakeholders, partners, team members and clients.
Many surveys of SMEs have identified that SMEs require a wider range of financial products delivered by someone. Last year’s survey, conducted by CCH, has identified that SMEs wanted assistance on:
· Management of Costs
· Management Monitoring
· Business Plans
· Assistance in Raising Capital or Loan Funds
· Expansion Advice
These identified requirements all form part of business advisory services. If individual accounting business don’t offer these services, then many of their clients will probably look elsewhere to obtain these services in the future.
ESS BIZTOOLS has developed introduction modules on business advisory services, to assist accountancy businesses on the journey of preparing to offer business advisory services.