Automation and artificial intelligence are transforming accounting. With routine compliance tasks becoming faster and more streamlined, accountants' roles are shifting. Advisory work – providing strategic guidance to clients – is emerging as the next step for accountants looking to stay relevant, deliver value, and boost profitability.
Why now?
As automation handles compliance tasks like bookkeeping and tax preparation, accountants have more time to focus on adding value in other ways. Businesses aren’t just looking for someone to balance their books – they want a trusted advisor who can help them grow, manage cashflow, and plan for the future.
This demand isn’t hypothetical; research from the Association of Chartered Certified Accountants (ACCA) shows that 84% of small business owners want more advice from their accountants beyond compliance. Advisory work aligns perfectly with this growing expectation.
Advisory services strengthen relationships with clients and open up new revenue streams. They typically command higher fees than compliance work, making it a win-win situation: businesses get the strategic insights they need, and accountants gain a more rewarding and sustainable way to work.
Common barriers to advisory work
While the benefits are clear, many accountants need help to embrace advisory work. Common barriers include:
- Feeling unprepared: Many accountants feel they need more expertise or confidence to offer strategic advice.
- Time constraints: Balancing compliance deadlines can leave little room for advisory work.
- Client buy-in: Convincing clients to pay for advisory services can be challenging, especially if they’re accustomed to focusing solely on compliance.
How to start offering advisory services
If you’re new to advisory work, start small and build from there. Here’s how:
- Start small: Integrate advisory services into your existing workflows. For example, add cash flow forecasting or budgeting discussions to regular client meetings.
- Communicate the value: Use real-world examples to show clients how advisory insights can help them achieve specific goals, like improving profitability or securing funding.
- Package services: Bundle advisory services with compliance offerings to make it easier for clients to see the value.
- Upskill your team: Equip your staff with the tools and training they need to succeed in advisory roles. This could include technical skills like financial modelling or softer skills like client communication.
- Leverage technology: Tools like Futrli can streamline the advisory process by providing ready-made frameworks for cash flow forecasting, budgeting, and KPI tracking.
Real-world success stories
Firms across the UK are already proving the power of advisory work. For example, Accounts and Legal, an accounting firm with offices in Brighton, Liverpool, London, and Manchester, doubled their turnover to £2.5 million and expanded their staff to 52 within a year by enhancing their advisory services.
Utilising Futrli's visualisation tools, they effectively communicated clients' financials, conducted trend analyses, and offered cash flow planning. This approach enabled 30 staff members to provide advisory services, leading to increased client engagement. By implementing free trials, they demonstrated the value of advisory offerings, resulting in higher client uptake and significant growth.
Join the conversation
If you’re ready to explore the opportunities that advisory work offers, we’ve got just the event for you. On 23 January at 11:00 AM, join our free webinar, Outpace Competitors in 2025: An Expert Guide to Gaining the Edge, where industry experts Amanda Watts, and Gerty Bester will share actionable strategies to help you transition into advisory.
You’ll learn practical tips for adding value to client relationships, overcoming common challenges, and positioning your practice for long-term success.