Why Accountants are struggling to add ‘Business Advisory’ services to their firm - Succession Plus

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Why Accountants are struggling to add ‘Business Advisory’ services to their firm

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Why Accountants are struggling to add ‘Business Advisory’ services to their firm

By , October 24, 2017
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With compliance work on the decline, it’s no surprise that accounting practises are looking to add business advisory and coaching services to their firm’s offering. In a survey of Australian accounting practises conducted in 2016, nine out of ten firms said they would like to add these additional offerings to their services. Surprisingly, only a very small percentage of accounting practises have managed to implement an advisory and coaching service. When we look at why, typically there are three main challenges that have stopped accounting practises creating this new offering.

First, is the time required. Most accounting firms are already busy delivering compliance services or other services to their clients that dominate the amount of time required.

The second challenge is not having the expertise or the systems to be able to implement these services quickly and efficiency, and get them up and running in a timely fashion.

Thirdly is the perceived risk with introducing a new product or service to your firm. When asked, most practise owners will clearly say the risk of not implementing advisory and coaching services is far greater than the risk involved with implementing these services.

Additional benefits of having these services available include: replacing compliance work with a new revenue stream, gaining a competitive edge over the competition, keep current clients longer by being more proactive, attract new clients by being proactive, increase current compliance work with businesses that are now growing more aggressively.

Business owners today are far savvier and connected to the world around them than they ever have been. They’re demanding more, they’re wanting accountants to be proactive, they’re wanting information faster, they’re wanting support to grow their business and take it to the next level. Accounting is one of the most trusted professions in the world, and business owners will continue to turn to accountants for this advice. If an accounting practise doesn’t add business advisory and coaching services to their offerings, there’s a chance they may be left behind.

MaxMyProfit has developed a ‘Plug and Play’ solution for Accounting firms. Enabling firms to offer some of the most innovative and comprehensive business assistance in Australia.

MaxMyProfit is making it easy for Accounting Firms across Australia to add Business Advisory and Coaching.

The success of this solution comes from the minimum amount of resources required from the firm. Capability is one of the largest issues with creating and adding this new service, by becoming a MaxMyProfit Accredited Agency you’ll leverage off 16 years of industry experience and know that your new division will be generating new revenue for your firm in the first 90 days.

 

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.