{"id":14016,"date":"2018-11-28T08:00:29","date_gmt":"2018-11-28T14:00:29","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=14016"},"modified":"2023-08-22T11:09:17","modified_gmt":"2023-08-22T16:09:17","slug":"tax-practice-of-the-future-3-steps-to-increase-advisory-services","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/tax-practice-of-the-future-3-steps-to-increase-advisory-services\/","title":{"rendered":"Tax practice of the future: 3 steps to increase advisory services"},"content":{"rendered":"

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The stars have aligned for firms ready to shift client services from a singular focus on tax preparation and compliance work to leading with planning and advisory services. Tax reform, technology automation, a growing economy and clients seeking greater financial insights have cleared a path for tax professionals to flex their financial acumen through advisory services.<\/p>\n

The AICPA and industry thought leaders have long predicted that advisory services<\/a>\u00a0will automate more of the compliance work. As this happens, successful firms will deliver more advisory services, such as tax planning, financial planning, budgeting, wealth management and CFO services; however, most firms have been slow to lead with advisory services.<\/p>\n

In a June 2018 survey of Intuit\u00ae tax pros, only 27 percent of respondents said they were engaged in active tax planning with business clients, while 52 percent were still trying to understand the changes to the tax law. Only 10 percent were leading with tax planning and advisory services beyond tax planning. So why change now? Intuit\u2019s CEO Brad Smith likes to say, \u201cThe best time to replace the roof is when the sun is shining.\u201d<\/p>\n

The recent tax cuts and a strong economy are contributing to a record high in business and consumer optimism. Incomes are rising, and taxpayers want to keep more of their paycheck.\u00a0Tax reform is a national conversation, which naturally creates an opportunity to lead with tax planning. Clients value planning services that reduce tax liabilities more than tax preparation, which is required, but not necessarily desired. And that is why the \u201csun is shining\u201d for tax planning services.<\/p>\n

Even when firms commit to focus more on tax planning and advisory services, they often don\u2019t know where to begin. Leading firms that have made the transition have three things in common. They:<\/p>\n