At a glance
- With clients demanding more from accountants, there is an opportunity to expand their offer.
- Accounting practices can benefit from offering business advice and build their client base.
- Steps they can take include embracing technology, adopting a ‘consultant mindset’ and identifying opportunities to expand further.
Client expectations of their relationship with their accountants are constantly evolving, but one demand that remains consistent is expert support and financial guidance. A 2023 study from QuickBooks found that more than 3 in 5 (64 per cent) accountants report that their clients need more support with financial management, as they face shifting pressure.
This is a major opportunity for accountants to increase their competitiveness by shifting from traditional bookkeeping to strategic business advice and support. Expanding their role can boost revenue, strengthen client relationships and elevate skills and expertise. Crucially for firms’ sustainability, it also makes accountants even more indispensable to clients.
The transition can, however, be challenging, especially in terms of reshaping client perceptions and gaining the necessary skills to make it a success. We spoke to experts who have made the transition about some of the ways accountants can take the first step to elevate their business.
Embrace technologies
QuickBooks’s study shows that seven in 10 (76 per cent) accountants agree that technology is helping to free up time to focus on taking on more of an advisory role to clients. With the rapid rate of development in artificial intelligence and other technologies, firms that don’t take an active interest are at risk of being left behind.
Andrew Moss, partner at DSG Chartered Accountants, believes that cloud-based accounting software is crucial for accountants looking to level up.
This software allows them access to clients’ financial data in real-time, allowing for timely conversations about business performance. Add-on applications for forecasting, cash flow management, and data analysis also enable accountants to offer more detailed, forward-looking insights.
For Moss, the integration of these tools enables accountants to go beyond historical reporting and offer predictive advice, giving clients the information they need to make proactive business decisions. He says: “Technology is no longer a back-office function: it’s now the backbone of strategic advisory services.”
Vineta Bajaj, CFO at Rohlik Group, adds that using platforms that automate routine tasks and provide real-time data analysis frees up considerably more time that they can spend more strategically.
She says: “Staying informed about tech trends, including AI and blockchain, is essential for future-proofing accountants’ roles, embedding them within the strategic futures of their clients.
Offer a broader set of services
Transitioning to an advisory role lends itself to holistically broadening out the services accountants can offer, past simply bolting on business advice. There are many other areas accountants can expand into, whether that’s tax planning, fundraising or management incentives.
To shift from transactional work to high-value strategic support, Moss recommends offering services like management accounts, which allow accountants to embed themselves deeper into their clients’ businesses. Says Moss: “It’s about positioning yourself not just as a compliance expert but as a trusted business adviser, using financial insights to shape future business strategies.”
To enable firms to broaden the set of services they can offer, Mark Edmondson FCA, President and CEO of Inflo, adds that firms should consider investing in training their staff to enhance their advisory skills.
Training should focus not only on technical training but also developing soft skills such as client management, negotiation and strategic thinking, he says.
Adopt the ‘consultant mindset’
For Bajaj the task of reshaping client perceptions is particularly challenging, but very important. She says: “Clients might initially see accountants as mere number crunchers, so consistently demonstrating strategic value is essential.”
Bajaj says this evolution involves gaining deep industry knowledge and forging strong client relationships. “By adopting the consultant mindset, accountants can identify growth opportunities and optimise efficiencies,” she says.”For example, using data analytics can detect patterns in clients’ finances, unveiling insights that influence customer behaviour and market trends, transforming figures into actionable strategies.”
Moss finds that clients can be reluctant to outsource services like management accounts, particularly if it hasn’t been part of their process before. The transition to an advisory role requires not only technical skills, but also the ability to communicate with clients in a way that supports strategic decision-making.
Moss adds that there is an internal job to evolve staff from simply preparing reports, to interpreting and acting on the insights. “Training teams to understand the story behind the numbers is key.” she says.
As the value of accountants shifts from compliance to strategic insight, stepping into the role of trusted business adviser has become essential. For most accountants, the transition is a natural next step – shifting their position into a strategic partnership can help them remain relevant and indispensable, even as technology expands its reach ever further.
Broadening out the services they can provide can grow their value, increase client rapport, and help them adapt as the industry evolves.
