{"id":25813,"date":"2022-05-27T08:00:10","date_gmt":"2022-05-27T13:00:10","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=25813"},"modified":"2023-08-22T11:07:41","modified_gmt":"2023-08-22T16:07:41","slug":"how-to-choose-the-advisory-services-you-should-offer-to-clients","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/how-to-choose-the-advisory-services-you-should-offer-to-clients\/","title":{"rendered":"How to choose the advisory services you should offer to clients"},"content":{"rendered":"

You are far more than just a CPA, EA, or accountant who prepares taxes; you are your clients\u2019 go-to resource when they need critical business advice.<\/p>\n

But are you getting paid for it?<\/p>\n

In this three-part series, we will look at how you can transform a declining revenue compliance-based business to an increasing revenue advisory-focused business. Here, we will explain what advisory services<\/a> are and how you should choose the ones you want to offer. Next, we\u2019ll show you how to identify your ideal clients, then close the series by showing you how to market the services<\/a> you\u2019ve chosen to the select client base you\u2019ve identified.<\/p>\n

Let\u2019s get started!<\/p>\n

Why advisory services are better than compliance services<\/h2>\n

Did you know that 86% of small business owners view their accountant as their trusted advisor<\/a>, not as their \u201ctrusted compliance agent\u201d? That means that your clients pay you primarily for advice, not for compliance. Compliance is necessary, but it\u2019s along for the ride and not what you lead with in marketing.<\/p>\n

Just as important, the value of compliance-only services is declining. That\u2019s because artificial intelligence (AI) will be handling more and more compliance work. But AI can\u2019t really \u201cthink,\u201d so it can\u2019t truly advise. To increase your revenues, not just barely maintain or even lose them, advisory services are fast becoming a \u201cmust\u201d offering.<\/p>\n

What are advisory services?<\/h2>\n

Your clients need many types of help. They need to know how to make good financial decisions, how to stay focused on their business, and how to see their business from new and alternative perspectives.<\/p>\n

When you offer guidance on these and related areas, you\u2019re providing advisory services\u2014and getting paid for them. This may seem obvious, but it\u2019s not. Most accountants in the tax realm charge only for compliance services, but give away the rest of their knowledge for free\u00a0. No matter how much value these tax pros add to their clients\u2019 businesses, they charge only for preparing specific tax returns.<\/p>\n

A good analogy are professional sports coaches. They show players how to position their body and increase their strength, but also advise the players on associating with ethical people, conducting themselves professionally, and building their reputation. A coach\u2019s value is much more than just ensuring biomechanical precision. Similarly, your value is much more than just ensuring tax returns get filed correctly.\u00a0<\/span><\/p>\n

Those of you who know this are already reaping the financial and career benefits, but now is the time for the rest of you to advance your business to this elite level. You do this by leveraging the skills you already have and getting paid.<\/p>\n

Which types of advisory services should I offer?<\/h2>\n

The biggest surprise is that you\u2019re likely already offering them \u2026 but you\u2019re not being paid one cent. Here\u2019s a list to help guide you:<\/p>\n