Missed opportunities – do businesses always know what they need from accountants?

A lot has been changing for your clients… global shifts, legislation, tech and financial trends to name a few. With all that’s going on, you’d expect businesses to reach out for paid advice.

It makes sense – it’s the perfect partnership in this busy world. You add value, clients are more successful, and you both prosper.

But it doesn’t always work that way. If businesses and existing clients are not asking for advice, could it be that they don’t know what they’re missing?

Where is the advisory disconnect for clients and their accountants?  

Here’s the unfortunate truth: some clients simply don’t know an accountant can offer them advice.

The mistake they make is that they assume you only carry out compliance work like tax returns. Because of this, they struggle on, grappling with problems they think they must solve alone. When they do, they’re often relying on:

• Guesswork
• Advice from AI
• Web searches
• An expensive consultant.

The result is either a distorted picture that leads clients to make mistakes, or they spend too much money.

In other words, nobody wins when a client fends for themselves.

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A value-add approach that works wonders for both clients and accountants

So what’s the quickest fix for this disconnect – where can you quickly zero in on untapped prospect and client needs?

Start with your strengths. There’s a lot going on in a business’s world that you can help with. Whereas it might be hard for clients to understand some of these issues, for you, it could be second nature thanks to your experience and training.

Now is the perfect time to look at some of these.

Businesses are inundated with new regulations

Many clients are suffering thanks to a wave of regulatory hurdles. For example:

• After Brexit, businesses are struggling under extra admin and procedures when trading with Europe.
• Environmental pressures are mounting, with new sustainability rules shining a harsh spotlight on business operations.
• Making Tax Digital (MTD) is another hot topic, introducing a whole new reporting landscape. What was once a yearly ordeal is now becoming a quarterly one. For some, that means swapping out ‘shoebox accounting’ for a whole suite of digital processes.

Businesses are struggling with their tech stack

Some good news here. Accountants possess a flair for systems and analytics that many clients lack.

In some businesses, there’s a whole ecosystem of technology quietly ticking away, its value overlooked. During the pandemic, businesses rushed to adopt cloud solutions, swiftly connecting their teams so work could continue. But now, much of that technology sits idle, possibilities unrealised.

Businesses are also scrambling to keep pace with the surge in cloud and artificial intelligence, anxious that competitors are outdoing them.

You can step in and make a real impact in both situations. You can help clients harness their tech, examine analytics, and offer them clear overviews and forecasts.

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Businesses are fighting to realise unmet financial potential

A real hurdle for clients right now can be securing fresh investment. On top of that, there’s been a noticeable move away from traditional bank lending towards brokers. This is a major change for many businesses, and an independent voice – like that of an accountant – becomes invaluable.

Then there’s another “big picture” for some clients that needs your input. For mid-sized businesses and those scaling up, private equity (PE) investment also enters the conversation. Here, too, your expertise is crucial: you’re ideally placed to advise when a business is truly ready for such a step and to guide them through the process.

Who needs the most advice?

All this is happening during a moment of change. Many accountants’ clients are retiring.

These leaders are stepping back and letting younger, savvy bosses take the helm. This new generation views the world through an entirely different lens. They will welcome advisory services. Why is that? With other professional services offering clear, step-by-step support, there’s an expectation for accounting to do the same.

These new leaders are also different in another way. They are entrenched in the digital sphere – navigating a flood of information from the web, artificial intelligence, and social media, all claiming to have the answers. Yet, faceless online ‘advice’ can easily send them down the wrong path. That’s why these clients need to grasp precisely how accountants can add value. At the same time, you must make sure they recognise the financial value and will invest in it.

Get our guide to adding value for clients 

Our special guide covers the importance of advisory services and the strategies to implement them. It’s perfect for smaller firms (we have a similar guide for larger firms here).

The result? Happier clients and more revenue.