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Why Offer Advisory Services in your Accounting Firm?

A Win-Win for Talent and Clients

Author

Luke Templin
June 19, 2024

Read Time: 3:01 minutes

✋Welcome to The CAS Cache, a newsletter designed to help accounting firms grow their CAS offerings in five minutes or less.

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Attracting and Retaining Top Talent

One of the hidden gems of advisory work is its impact on staff morale and retention. In my experience, firms offering advisory services see a noticeable boost in employee satisfaction. Why? Because advisory roles provide a dynamic work environment where staff can engage in meaningful, impactful work without the grueling hours of public accounting.

However, a word of caution—ensure you have enough advisory work to keep your team engaged. I've seen firms hype up their advisory services only to fall short on actual projects, leading to disappointed staff and turnover.

Pathway to the CFO Dream

Many accounting professionals aspire to become CFOs. Offering advisory services can accelerate this path by exposing your team to high-level financial strategy and decision-making processes earlier in their careers. This invaluable hands-on experience positions your staff as future-ready leaders, giving your firm a competitive edge in attracting ambitious talent.

Meeting Client Expectations

Today's clients want more than historical data—they crave proactive advice. They're looking for partners who foresee potential challenges and opportunities rather than just tallying up last quarter's numbers. This is where advisory services shine. Becoming a forward-thinking advisor strengthens client relationships and drives more value.

Learning from the Best

One of my mentors, Greg Crabtree, posed a thought-provoking question to a room full of entrepreneurs: "Would you rehire your current accountant?" The unanimous response was a resounding no, primarily because their accountants weren't proactive. This feedback highlights a crucial shift needed in our industry—from compliance-focused tasks to strategic advisory roles.

Charging What You're Worth

Advisory services not only allow you to add more value but also to charge for it. You might find some pricing models surprising, even extreme. But consider this: consultants in other fields charge significantly more for services that often involve less intensive work than we do with numbers.

For instance, Entrepreneurial Operating System "EOS" implementers, whose main job is facilitating strategy sessions, charge hefty fees. The comprehensive financial insights and strategic advice you offer are undoubtedly worth a premium if they command those rates.

In conclusion, embracing advisory services can transform your accounting firm. It creates a more engaging work environment for your team and positions your firm as a valuable, forward-thinking partner for your clients. So, gear up to plunge into advisory services and watch your firm thrive in ways you never thought possible.

Thanks for reading, Luke Templin!

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