Embracing the future of advisory services with Thomson Reuters Practice Forward
This is the final blog in our three-part year-end tax planning series. In our previous posts, we’ve discussed setting your accounting firm up for success and providing your clients with expert guidance. In our final post, we’ll discuss how to elevate your firm’s advisory services to maximize the RIO for your firm.
Jump to ↓
| Understanding the Practice Forward methodology |
| The role of personalized consulting |
| Continuous learning and development |
| Engaging with the Practice Forward community |
| Unlocking the ROI for advisory services |
| Are you ready to elevate your advisory services? |
With the rise of tax technology powered by Artificial Intelligence (AI), today’s accounting firms are increasingly automating many routine tax preparation and compliance tasks, freeing up time to better engage clients and drive business growth by offering advisory services. This transition, however, requires a shift in mindset—one that goes beyond mere tax compliance and focuses on understanding and supporting clients’ financial goals with personalized strategies.
If your firm is considering making this shift, know that advisory services offer a dual advantage of additional revenue streams and stronger, more meaningful client relationships. To take full advantage, more and more firms are adopting a value-based pricing model that monetizes their knowledge and experience. But where do you start?
Enter Thomson Reuters Practice Forward, a powerful framework for accounting firms ready to embrace lucrative advisory services and rediscover their passion for the profession. Let’s take a look.
Understanding the Practice Forward methodology
From providing clients with financial insights to helping them navigate the complexities of tax law, accounting firms who have made the move to an advisory services business model are realizing significant gains.
The Practice Forward methodology offers a structured approach to transitioning from traditional services to an advisory-focused business model. With a set of standardized tools, templates, and strategies, this program equips firms like yours to deliver consistent, high-quality insight that meet your clients’ evolving needs.
- Advisory delivery. The Practice Forward methodology includes access to proposal templates, client deliverables, pricing calculators, checklists, videos, and more. With unlimited access to an online learning plan, including resources such as e-learning, videos, and guidance, you’ll gain insight into topics like individual tax advisory, cash flow planning, and entity structure planning. These resources quickly add value by delivering strategic insights that your firm can act on.
- Client engagement. Practice Forward’s tools support every phase of client interaction, from prospecting and onboarding to transitioning existing clients to advisory services. With a well-rounded set of resources, firms can develop a steady, structured approach to client engagement that fosters long-term relationships.
- Firm development. Shifting to an advisory model also requires aligning internal processes and goals. Practice Forward’s firm development tools address critical areas, including goal setting, client onboarding, staff retention, and firm structuring. These tools provide the foundation for sustainable growth by helping firms build an advisory-centered culture.
With over 280 tools at your disposal, your firm can effectively implement Practice Forward’s methodology with customizable, tailored resources that adapt to your firm’s branding and specific client needs.
The role of personalized consulting
An integral component of Practice Forward is the personalized consulting support provided to member firms. Your one-on-one business advisory consultant offers guidance, shares best practices, and provides accountability as your firm navigates the journey toward an advisory-driven model.
Through this transformative approach, firms across the country have experienced increased revenue, improved work-life balance, happier clients, and other life-changing results. Watch their testimonial videos to learn about their experiences.
Continuous learning and development
The Practice Forward program is built on the belief that building a successful advisory practice is an ongoing process supported by continuous learning. The Practice Forward Graduate Master Learning Series, a CPE-qualified program, enhances members’ skills and keeps participants up to date on the latest in advisory services. This series, combined with webinars and the exclusive Practice Forward Group, provides a wealth of resources for skill development and industry insights.
Through these programs, your firm can engage in peer-to-peer discussions, attend live events, and earn CPE credits while deepening your expertise in advisory topics and staying ahead of industry trends.
Engaging with the Practice Forward community
Practice Forward also offers members a thriving community for collaboration. Through the Partner Summit, 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. The Advisory Symposium also offers excellent learning opportunities for both new and experienced members.
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.
Unlocking the ROI for advisory services
Of course, a determining factor in making the shift to an advisory-based business model is the return on investment. Practice Forward members* report an impressive ROI, including:
- 133% increase in average first 12-month billing for new clients
- 113% increase in average monthly billing for existing clients
- 25% increase in overall annual revenue within the first 12 months
- 80% increase the number of clients on recurring billings
There is also evidence of a significant boost in engagement and satisfaction for those accounting firms who’ve shifted to an advisory services business model, including:
- 62% of firms reporting an increase in client satisfaction
- 63% of firms reporting an increase in the firm’s value and attractiveness to a potential buyer
Perhaps most importantly, an advisory mindset revives those accountants once overloaded with tedious work or who’ve lost the spark that once drew them into the profession. The power of shifting to an advisory-based model is that it can enable you to do what you started out in this profession to do: help your clients in a meaningful way.
*All results based on 87 Practice Forward member accounting firms who completed the Annual Practice Forward Member Survey.
Are you ready to elevate your advisory services?
By joining the Practice Forward community, you’ll gain access to industry-leading resources, support, and continuous education that empowers your firm to stay competitive in a changing business landscape. Now more than ever, is the time to take action to elevate your firm’s advisory services and reshape your future.
To learn how to make the most of year-end tax planning and all the ways advisory services can transform how you serve your clients, check out our 2024 year-end tax strategy planning webcast. If you’re interested in expanding into advisory services, learn more about how Practice Forward can strengthen your client relationships today.
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