Value-added services are key for modern accounting firms to distinguish themselves and provide comprehensive support beyond traditional accounting functions. Leveraging communities is a fantastic approach to extend this value. Let's take a closer look:

Value-Added Services:

Offer an Advisory Service

New age accounting firms are more than just number crunching. They are strategic partners or should position themselves that way.  Beyond the bookkeeping and tax number crunching, they are in a position to provide invaluable guidance.  Two forms of advisory are:

1. Strategic Financial Advice: Once a client’s goals are understood, the firm can offer tailored financial strategies to achieve them. This can be in the form of expansion plans, investment opportunities, or risk mitigation and exit plans.

2. Forecasting and Planning: Offering predictive models and scenarios that assist clients in understanding potential outcomes and planning accordingly. The standard cloud based accounting platforms today offer “what if” reporting and can be configured to each client’s needs.

Note that these advisory services are billable add-ons to proposed services.  They should not be “free” as they will not be valued by the client.  “Free” advice is rarely heeded.  The same advisory, as a billed service, will more likely get the client to focus on the directions you suggest, which will benefit the client and create a more efficient long term relationship.

Don’t Just Offer Performance Reports - Offer Performance Analysis

Financial data, whether it is standard accounting reports or custom indicators, need to be delivered in a format to facilitate actionable insights.

1. Data Analytics: Using advanced analytics tools to interpret financial data, identify trends, and offer actionable recommendations.

2. Decision Support: Provide comprehensive reports and analyses that enable clients to make informed decisions about their businesses.  These reports should distill issues down to yes/no or go/no-go options. 

There are many third party tools on the market that will extend accounting platforms’ transaction data into impactful trend and analytics formats. The billable aspect for your firm is the time it takes to work with the client to set indicator parameters and configure the tools for use and delivery.

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