How advisory tools are shaping the future of tax and accounting

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Unlocking the power of advisory tools

Deliver advisory engagements with Checkpoint Edge Advisory Maps

Grow your firm with Practice Forward

Advisory tools have emerged as transformative forces in the tax and accounting profession, empowering firms of all sizes to deliver efficient and effective services to their clients. Thomson Reuters Checkpoint Edge Advisory Maps stand as a shining example of this transformative power, having been recognized as a winner in Accounting Today’s Top New Products for 2024. 

This accolade also emphasizes one key priority among tax and accounting professionals: improving client service. According to the Thomson Reuters 2023 State of the Tax Professionals Report, the majority (93%) of today’s tax and accounting leaders believe clients are looking for some form of advisory services. So how can firms ensure their clients are receiving the best possible guidance and support along the way?  

Unlocking the power of advisory tools

Clients today want accounting professionals who will provide them with proactive advice — and firms can stand out among the competition by enhancing their advisory services. In addition, nearly every product on Accounting Today’s list features some sort of AI component to its functionality or as support for other features. Advisory software that utilizes AI and machine learning allows tax and accounting professionals to increase efficiency in their day-to-day responsibilities, including streamlining workflows and automating routine processes. Eliminating these mundane tasks can free up professionals’ time, allowing them to focus on more strategic and value-added activities that will ultimately strengthen their client relationships.

If you’re ready to offer advisory services in a more structured, repeatable, and cost-effective way, here are two ways your firm can reach its full potential. 

1. Deliver advisory engagements with Checkpoint Edge Advisory Maps

Accounting firms often face challenges in offering comprehensive advisory services due to a lack of expertise in various service areas. This limitation hinders their ability to cater to a wide range of clients and seize opportunities in the growing advisory field. Checkpoint Edge Advisory Maps removes this barrier by providing end-to-end processes for delivering advisory services across different types of engagements.  

Featuring a comprehensive library of 50 tax advisory maps and 25 financial management/accounting advisory maps, each map identifies the required phases, the tasks within each phase, and then automates the step-by-step guidance by providing the implementation aids required to complete each phase and task.  

Other benefits of using Checkpoint Edge Advisory Maps include: 

• Delivering advisory engagements systematically 
• Opening new revenue opportunities 
• Training junior staff and reducing questions to senior staff 
• Keeping senior staff updated on changes 
• Educating and informing clients 

By utilizing this product, firms can find all the tools and content needed to define their place in the consulting and advisory arena.  

2. Grow your firm with Practice Forward

Firms that have embarked on their advisory journey with Practice Forward have eagerly shared successes like increased revenue, happier clients, and having more fun at work. As a content and consulting solution, Practice Forward is designed to help firms grow while improving client service and features an extensive range of resources, including industry-specific content, cutting-edge tools, and insightful coaching sessions.  

The following resources allow firms to adapt and evolve with Practice Forward: 

• Over 300 internal and client facing templates and tools 
• Personalized consulting with an experienced Practice Forward consultant 
• Access to CPE-qualified, advisory-focused webinars 
• Connection to a community of forward-thinking practitioners 
• The ability to ascertain additional one-to-one coaching if needed to further your success 
• Ongoing support for continuous progress in your advisory journey 

Firms can explore these resources and features at their leisure, which are all crafted to help them execute the Practice Forward methodology and ensure that their clients receive expert advice. 

Ensure maximum success with advisory service tools

With the power of advisory tools, firms can confidently navigate the complexities of the accounting industry while establishing themselves as trusted advisors. Learn how you can embrace these higher-value services today with a free Checkpoint Edge trial or a free Practice Forward demo. 

Enhance your advisory services with these 3 tips By embracing the advantages that advisory services offer, accounting firms can significantly improve their success and remain competitive in this ever-changing industry. Read blog post