In today’s fast-paced accounting landscape, one thing is clear: the future of the profession lies in advisory services, not just transactional work. The shift towards advisory engagements fuels a deeper understanding of clients’ business goals and strategies, integrating greater value from the outset. This transformation enables firms to provide more comprehensive support, resulting in increased revenue, deeper client relationships, and greater job satisfaction.
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| Understanding firms’ need for change |
| Embracing the advisory model |
| Practical ways women can thrive in their advisory journey |
| Building your dream firm with Practice Forward |
Women in accounting are particularly well-suited to thrive in advisory roles, bringing strengths like emotional intelligence, collaborative mindset, and strategic thinking to the table. As we explore this journey, discover how transitioning to an advisory model can reshape your practice and unlock new opportunities for growth and success.
Understanding firms’ need for change
The accounting landscape is undergoing significant changes. Talent shortages, AI-powered tax technology, and increasing client demands are reshaping the profession. Traditional compliance work is no longer sufficient to meet these challenges.
In response to these challenges, forward-thinking accounting firms are shifting their focus towards higher-value advisory services that require a deeper understanding of client needs and personalized service. Ultimately, the accounting profession is at a crossroads, and firms that fail to adapt to the changing landscape risk being left behind.
Embracing the advisory model
By embracing the advisory model, your firm can unlock significant value and establish a steady, year-round revenue stream. For women professionals, this transition presents a unique opportunity to leverage their exceptional communication, empathy, and relationship-building skills – essential qualities for delivering tailored advice and understanding client needs.
The growing client demand, particularly among Millennials and Gen Z business owners, highlights an increasing interest in strategic guidance. They seek efficient and tax-effective operations, making advisory services a crucial part of modern accounting practices. Firms that transition to this model can benefit from consistent and stable revenue, moving away from the cyclical nature of compliance work.
Moreover, advisory services offer greater work-life balance, reducing burnout associated with tax season and allowing for a more balanced dynamic. This flexibility is especially beneficial for women who often juggle multiple roles. By adopting an advisory mindset, female accountants can transition from tedious compliance tasks to providing meaningful and satisfying client support year-round.
The benefits of advisory services for women professionals
Some of the significant benefits of making the move to advisory services include:
- Year-round revenue stability: Firms are no longer slammed during tax season and looking for more work during the off-season, as they can provide consistent and stable support to clients year-round with tax insights.
- Control over business relationships: Advisory services put you in the driver’s seat of your business relationships, allowing you to set expectations for your current and future clients.
- Value-based pricing: This approach allows firms to charge based on expertise, guidance, and results, rather than time spent, creating a more equitable and sustainable pricing model.
- Lasting client relationships: Value-based pricing creates a lasting bond with clients, establishing longevity for the professional relationship and allowing firms to take more time to challenge clients, guide them, and support their overall financial well-being throughout the year.
Practical ways women can thrive in their advisory journey
To successfully transition to an advisory model, consider the following key strategies:
Set clear expectations: While clients want proactive advice, many don’t understand the value of the service they are asking for and the additional cost that comes with it. Setting proper expectations upfront is key. Katie Lomness, Founder of Lomness CPA, reflects on her transition to advisory, emphasizing the importance of having the right team and resources. In their first year of implementing advisory, her firm sold $225,000 worth of engagements for just 30 clients with advice that they used to give away for free.
Leverage technology: AI-powered tax solutions are transforming the work of today’s accountants. Firms are harnessing data-driven capabilities like predictive analytics and assisted decision-making to tailor insights and better serve clients. Early adopters of AI can capitalize on its benefits sooner, positioning their firms as forward-thinking leaders in the profession.
Build a supportive network: By connecting with others who have successfully made the transition to advisory, firms can share knowledge, troubleshoot challenges, and spark innovative ideas. Thomson Reuters Practice Forward offers members a thriving community for collaboration. Members can network, share ideas, and learn from industry peers, allowing for the exchange of insights on navigating the transition to advisory services.
As Whitney Kisner, Director of Operations for Papin CPA and a user of Practice Forward, expressed, “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.”
Business Coaching: The journey to becoming an advisory-focused firm is not one women have to take alone. Firms across the country have experienced increased revenue, improved work-life balance, happier clients, and other life-changing results by implementing Practice Forward.
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Building your dream firm with Practice Forward
The accounting profession is undergoing a significant shift towards advisory services, and firms that adapt will thrive in this new landscape. By partnering with Practice Forward by Thomson Reuters, women-led firms can experience a transformation in their business, leading to:
- Increased profitability: Firms see a 25% increase in overall annual revenue within the first 12 months after implementing Practice Forward
- Increased monthly billings: Practice Forward firms experience 113% increase in average monthly billing for existing clients and 133% increase in average first 12-month billing for new clients
By embracing Practice Forward, women accounting professionals can build rewarding practices that not only meet the evolving needs of their clients but also align with their professional aspirations. Take the first step with Practice Forward and thrive with the advisory practice you’ve always wanted.
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