{"id":25111,"date":"2022-03-01T08:00:41","date_gmt":"2022-03-01T14:00:41","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=25111"},"modified":"2023-08-22T11:08:06","modified_gmt":"2023-08-22T16:08:06","slug":"growing-advisory-while-keeping-compliances-value","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/growing-advisory-while-keeping-compliances-value\/","title":{"rendered":"Growing advisory while keeping compliance\u2019s value"},"content":{"rendered":"

It can be difficult for accountants to transition from necessary compliance work to having deeper financial conversations, so here is the framework I used to gain the confidence I needed to lean more into\u00a0advisory work<\/a>.<\/p>\n

In my firm, we do data entry and review at two separate times. This allows the team to take off the compliance hat and put on the advisory<\/a> hat.\u00a0We know multitasking is a myth, so by focusing on data entry one day, we can keep our brains on task and potentially eliminate errors the next.<\/p>\n

Once we have reviewed to make sure the data entry is complete and correct, we can move out of the weeds and look at the overall picture.\u00a0What is that tax return or that monthly financial statement showing us?\u00a0Looking at comparison data such as year over year or month over month can help highlight those areas that need more research.<\/p>\n

Do a little digging<\/h2>\n

I take those comparison statements and use ratio analysis to highlight the key areas of investigation. I start with period-over-period changes that are 40 percent or higher.<\/p>\n

Once those areas of interest are pinpointed, it’s time to do a bit more research and glean some insights to share with clients. I look at the transactional data that happened during this period and the comparison period and ask some\u00a0key questions:<\/p>\n