How to Start Offering Advisory Services in Your Accounting Firm

Read Time: 5:33 minutes

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Accounting firms overcomplicate the advisory side of CAS. It is simple. At the core of CAS is a conversation. Everyone, including business owners, wants to be heard. Therefore, in its simplest form, CAS is a sounding board for business owners.

In this issue, we will discuss a simple but highly effective advisory offering you can use now and charge more than $1,000 per month for the service.

I am going to walk you through the Tweet below:

Top of Mind 🧠- 5 minutes

I start each meeting by asking my client, What is top of mind?" to ensure I cover whatever is pressing. I will do one of three things:

1. Answer it quickly

2. Tell them I will address this during the financials or strategy session.

3. Drop it down to the parking lot. The parking lot is to acknowledge you heard the person, but the matter is a priority right now. It is a list of items that need to be addressed in the future but are not a priority right now.

This step ensures you cover your client's essential items and helps guide the meeting. Plus, it helps focus your client by allowing them to braindump.

Historical Financials - 15 minutes

I only spend a little time on historical financials because you cannot change them. I highlight significant changes (5-10%). And focus on showing a graph rather than a bunch of mind-numbing numbers.

Here is an example of a graph I would show during the meeting:

Showing graphs is an easier way for clients to digest information. It also shows trends way better than any financials could.

I split the financials into three sections: revenue, cost of goods, and operating expenses. At the end of each section, I ask the client what questions they have after covering the significant changes.

Remember, your client cannot change the past, so keep it brief. They will ask if they want to dive deeper.

Strategize the Future - 30 minutes

This is where I see most accounting firms overcomplicate CAS. They think they need a sophisticated forecast. However, you don't. Having a forecast is nice to have, not a need.

I have seen countless $5 million+ businesses run without a forecast. Would having one help them? In some cases, yes, but most could run effectively without one.

Your client will get value from bouncing ideas off a financially-minded person. It can be as simple as asking, "What are your plans for the business?".

Let's assume your client would say, "They want to grow sales, so they are considering hiring a salesperson." Here are three items you can now expand on:

1. Discussion on outsourcing vs. hiring a salesperson

2. Building compensation package around sales goals

3. High-level budget in Excel showing the difference between outsourcing vs. hiring a salesperson

I bet 80% of entrepreneurs would have made a gut decision on the example above and then fired the person 3-6 months too late. Think of the value you provide here.

Some of these items will be out of scope, but most can be reused. Either consider chalking it up to research and development or tell the client I can build you a compensation package for $xx.

Wrap Meeting - 10 minutes

This is where I will finish covering top-of-mind items and moving them to the parking lot if needed. Remember, parking lot items are important, but not right now.

Then, I will review any to-dos from the meeting and who is responsible for completing them.

Most importantly, everyone, including you, rates the meeting on a scale of 1 to 10. One being the meeting was a waste of my time, and a ten being a perfectly executed and informative meeting. Anyone that rates the meeting under a 7 has to explain why. This gives everyone instant feedback, including the client, if they come unprepared

You do not need to follow this exact format. You just need to keep it simple.

Choose Your Own Adventure 🚶‍♂️🗺

What do you want to learn about next? Reply to this email with one of the options below:

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Guru Cache 👂📚👀

👀 The agenda discussed above is loosely based on an EOS Level 10 Meeting. Click here to learn more.

📚 You can learn even more about an EOS Level 10 Meeting and download an agenda by clicking here.

Client Cache 🗣

Warren's 20-slot rule applied to your business and pricing.

"I could improve your [business] by giving you a ticket with only 20 slots in it so that you had 20 punches — representing all the [clients] that you got to [take on in a year]. And once you’d punch through the card, you couldn’t [take on] any more [clients] at all.”

Warren's rule would change your pricing mindset. He would tell you, "under those rules, you’d really think carefully about what you did and you’d be forced to load up on [clients] you’d really thought about. So you’d do so much better.”

Thanks for reading, Luke Templin!

P.S. There are 3 ways I can help you grow your CAS offerings when you are ready:

1. Automate your CAS offering with daily financial digest on autopilot

2. Mini-courses on CAS

3. Book a 1-hour CAS consulting call

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