{"id":127500,"date":"2024-07-21t11:59:27","date_gmt":"2024-07-21t15:59:27","guid":{"rendered":"\/\/www.g005e.com\/?p=127500"},"modified":"2024-08-29t23:52:47","modified_gmt":"2024-08-30t03:52:47","slug":"the-accountant-as-a-strategic-business-partner","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/07\/21\/the-accountant-as-a-strategic-business-partner\/","title":{"rendered":"the accountant as a strategic business partner"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-127743\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897.jpeg\" alt=\"woman pointing to laptop screen while talking to man\" width=\"1600\" height=\"1067\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897.jpeg 1600w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-424x283.jpeg 424w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-849x566.jpeg 849w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-768x512.jpeg 768w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-1536x1024.jpeg 1536w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-300x200.jpeg 300w, \/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/womanpointinglaptopman_adobestock_478175897-600x400.jpeg 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/strong><\/p>\n<p><strong>shift from transactional to advisory to become vital to your clients\u2019 success.<\/strong><\/p>\n<p><em>by katie thomas<\/em><\/p>\n<p>traditional accounting roles are evolving, now more than ever, as client needs change. ask 10 of your friends, and most will assume that an accountant is a number cruncher and focuses on <strong>compliance<\/strong> issues.<\/p>\n<p>and, to some degree, these people are <strong>correct<\/strong>.<\/p>\n<h4 style=\"padding-left: 40px;\"><b>more: <\/b><a href=\"\/\/www.g005e.com\/2024\/07\/14\/is-tech-causing-both-cpa-shortage-and-low-salaries\/\">is tech causing both cpa shortage and low salaries?<\/a> | <a href=\"\/\/www.g005e.com\/2024\/07\/08\/audit-firms-nervous-about-new-tech\/\">audit firms nervous about new tech<\/a> | <a href=\"\/\/www.g005e.com\/2024\/06\/20\/what-accountants-can-learn-from-t-ball\/\">what accountants can learn from t-ball<\/a> | <a href=\"\/\/www.g005e.com\/2024\/06\/13\/staffing-tops-list-of-woes-at-cpa-firms\/\">staffing tops list of woes at cpa firms<\/a> | <a href=\"\/\/www.g005e.com\/2024\/06\/02\/to-replenish-the-talent-pipeline-go-back-to-the-classroom\/\">to replenish the talent pipeline, go back to the classroom<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/30\/beware-the-work-life-workload-doom-spiral\/\">beware the work-life\/workload doom spiral<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/28\/why-the-dry-pipeline-its-about-time\/\">why the dry pipeline? it\u2019s about time<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/27\/business-model-transformation-do-it-or-die\/\">business model transformation: do it or die<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/26\/misperceptions-corrections-accountancy-and-lemonade\/\">misperceptions, corrections, accountancy and lemonade<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/22\/whole-person-retention-when-its-not-just-the-money\/\">whole person retention: when it\u2019s not just the money<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/20\/global-trends-show-many-dissatisfied-cpas\/\">global trends show many dissatisfied cpas<\/a> | <a href=\"\/\/www.g005e.com\/2024\/05\/14\/jobs-outlook-big-firms-cut-hiring-of-college-grads\/\">more big firms shut their doors to new college grads<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2024\/07\/21\/the-accountant-as-a-strategic-business-partner\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>certified public accountants know a lot about numbers. they analyze them, forecast them and \u201ccrunch\u201d them, but over 50 percent of firms now offer client advisory services and have become strategic partners with clients. accountants are doing a lot more today than even a few years ago.<\/p>\n<p>why?<\/p>\n<p>client needs are evolving, and you, as their accountant, are in the perfect position to serve them. after all, you\u2019re viewed as a trusted advisor and have access to the data to help your clients reach their goals faster and make better decisions.<br \/>\n<!--more--><br \/>\ndoing so enables you to transition into an even more integral part of their success and business.<\/p>\n<p><strong>the benefits of being a strategic partner \u2013 aka an advisor<\/strong><\/p>\n<p>being a strategic partner allows you to move up the value chain, offer higher-value services, and be an even more indispensable partner for your clients. it also differentiates you from your competitors. you may compete with dozens of accountants in your area by offering tax services, but clients will only need your service once a year or quarterly.<\/p>\n<p>adding the value of a strategic partner means that you help clients make smarter, strategic decisions year-round.<\/p>\n<p>your partnership offers long-term benefits for:<\/p>\n<p><strong>1. your firm<\/strong><\/p>\n<p>firms, especially if you deal primarily with taxes, have a few months each year when revenue is flowing in before it quickly declines. strategic partners avoid these issues because:<\/p>\n<ul>\n<li>business growth is expanded greatly, allowing you to offer services such as strategic planning and people advisory<\/li>\n<li>the increase in revenue allows for steadier revenue throughout the year<\/li>\n<li>advisory services attract long-term clients, which increases retention rates<\/li>\n<\/ul>\n<p>from an accountant\u2019s perspective, advisory services also offer more fulfillment. your work will directly impact your clients\u2019 success, and if you provide services you truly enjoy offering, it adds a higher level of fulfillment to your daily grind.<\/p>\n<p><strong>2. your clients<\/strong><\/p>\n<p>it\u2019s easy to appreciate higher revenue and business growth because they directly impact your firm, but there\u2019s no denying that they will benefit your clients, too. you want your clients to find success.<\/p>\n<p>strategic partners instantly offer a better, more complete service to their clients who already need what they offer.<\/p>\n<p>for example, if you work with startup companies, helping them manage their taxes, they may also need help with cash flow management, so the demand is already there. your strategic partner services will allow your clients to:<\/p>\n<ul>\n<li>reach their goals faster<\/li>\n<li>have someone by their side to advise them<\/li>\n<li>reduce many of their growth pains along the way<\/li>\n<\/ul>\n<p>client satisfaction is one metric every accountant should follow closely because a happy, satisfied client will continue to use your service. a survey found that 82 percent of accounting clients expect more from their accountants than five years ago.<\/p>\n<p>demand already exists for advisory services, so it makes sense to offer them.<\/p>\n<p>an advisor or strategic partner separates themselves from their competitors. you start creating deeper relationships with your clients, and they\u2019ll know their successes are linked to your advice.<\/p>\n<p>it\u2019s a win-win for everyone, and advisory services are in such high demand that it\u2019s something your clients already want from you.<\/p>\n<p>if you\u2019re excited by the benefits of advisory services, it\u2019s time to make the shift, but <strong>how should you make that shift?<\/strong><\/p>\n<p><strong>how to make the shift from transactional to advisory<\/strong><\/p>\n<p>now that you know the benefits of advisory services, you may wonder how to make the shift to start offering them.<\/p>\n<p>more importantly, <strong>what<\/strong> should you offer? there are a host of advisory services, so where should you begin?<\/p>\n<p>here\u2019s what i recommend:<\/p>\n<ul>\n<li>first, understand your firm\u2019s skill sets. which advisory services are you already equipped to offer, if any?<\/li>\n<li>next, consider your client\u2019s needs. are there specific services you know they want or need?<\/li>\n<\/ul>\n<p>you marry the two together once you know your skill sets and client needs. from here, you can create packages and set your prices.<\/p>\n<p>you have a few options if you find a gap between your current skill set and client needs. you can either upskill your existing team members, hire new talent, partner with a third-party service provider or leverage technology to automate as much as possible.<\/p>\n<p>leveraging technology allows you to offer higher-level services almost immediately and helps ensure your service delivery is efficient, timely and accurate.<\/p>\n<p>shifting from compliance to advisory will require planning and support. ensure that your team is prepared and that you provide the support they need to transition successfully.<\/p>\n<p><strong>cultivating an advisory culture<\/strong><\/p>\n<p>once you\u2019ve made the shift, the next step is to cultivate an advisory culture. this process should start from the top down. leaders must be committed to the advisory approach and communicate this vision.<\/p>\n<p>to continue cultivating an advisory culture:<\/p>\n<ul>\n<li>invest in team training. support your team by providing regular training on advisory skills, client relationship management and technology. frequent training sessions will ensure your team is always one step ahead and on top of industry advancements.<\/li>\n<li>encourage mentorship. knowledge sharing will benefit everyone on the team. create an environment that encourages your team to share insights, advice and best practices, including the use of technology.<\/li>\n<li>gather feedback from team members and clients. seek feedback regularly and continue to improve your services based on the comments and suggestions you receive.<\/li>\n<\/ul>\n<p>when you cultivate an advisory culture, you help ensure that your team provides clients with the highest level of service.<\/p>\n<p>the accounting world is shifting from compliance to advisory. more clients seek strategic business partners to help them reach their financial and performance goals. there are many advantages to shifting to an advisory role, and you can leverage technology to make the transition as smooth and seamless as possible.<\/p>\n<p>plus, your clients already want more from you, so why not become more integral to their success?<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>shift from transactional to advisory to become vital to your clients\u2019 success.<\/strong><br \/>\n<a href=\"\/\/www.g005e.com\/2024\/07\/21\/the-accountant-as-a-strategic-business-partner\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-127751\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2024\/07\/250_thomas_womanpointinglaptopman_adobestock_478175897.png\" alt=\"\" width=\"250\" height=\"125\" \/><\/a><br \/>\n<em>by katie thomas<\/em><\/p>\n","protected":false},"author":4499,"featured_media":127743,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3184,3120,3002],"tags":[],"class_list":["post-127500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>the 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