Shifting Gears: Offering Client Advisory Services Post Tax Season

Tim Sines

If you run your own practice, you know all too well the intense demands of tax season. Once it’s behind you, it’s natural to want to take a break. Yet, it’s also the perfect time to set your sights on new goals. To attract more business and stay competitive, you can’t stay where you are—you’ve got to level up. What better way to do this than by adding value to your services? 

Coming up, we explore how you can effectively integrate client advisory services into your practice. This critical move ensures that you leverage your offerings’ fullest potential to generate year-long opportunities for both you and your clients.

What Are Client Advisory Services in Accounting?

Traditional accounting services focus primarily on compliance, record-keeping, and financial management. Its nature is transactional, maintaining what you already have rather than building or creating.

On the other hand, Client Advisory Services (CAS), which encompasses both conventional client accounting and broader advisory services, adopts a more proactive and integrative approach. A comprehensive suite of services provided by accounting firms, business advisory services in accounting aim to boost overall business performance and financial health.

CAS offers several future-forward enhancements that transform traditional financial management into a powerful tool that drives business success. One is real-time data management, which enables continuous monitoring and analysis, allowing businesses to make informed decisions quickly and efficiently. Another is strategic fiscal planning, as CAS takes a long-term view of your financial trajectory.  

And while standard client accounting services typically include bookkeeping, tax preparation, and audit support, CAS ramps these up several notches. This results in improved operational efficiencies often integrated with comprehensive tax planning and compliance management.

Key Benefits of Offering Client Advisory Services 

Discover these advantages of offering advisory services post-tax season:

Recurring Revenue Models

CAS often utilizes a subscription-based pricing model or retainer agreements, which provide a predictable and stable revenue stream. This model contrasts with the project-based or seasonal billing typical of traditional accounting services, smoothing out income fluctuations and providing financial stability for the practice​.

Deeper Client Engagement

Offering CAS turns your firm into a trusted advisor, integrating you more deeply into the daily operations of a client’s business. You become an indispensable partner rather than a mere seasonal service provider. This fosters stronger and more collaborative client relationships, which translate into a more sustainable practice.

Service Diversification

By offering CAS, your firm can address a wider array of client needs, from risk management and compliance to financial planning. Aside from attracting more clients, it provides a buffer against the seasonality of tax work​. Additionally, it gives you more flexibility, enabling you to tailor your services according to market demands, such as managing economic downturns or targeting growth sectors with specific consulting needs. 

How to Effectively Offer Client Advisory Services 

Guide your clients to financial empowerment with these seven innovative strategies:

1. Client Segmentation and Analysis

Begin by compiling data on all your clients. This includes basic information like industry type, business size, annual revenue, and financial complexity. Next, conduct a thorough analysis of your client base to identify their specific needs, preferences, and financial goals. Then, segment them accordingly. All these can often be done with advanced accounting software solutions that support tagging or custom fields.

2. Value Proposition Development

Tailor your client advisory services to address the unique requirements of each client segment. Craft a compelling value proposition highlighting the benefits of your advisory services, such as strategic financial planning, risk management, and wealth preservation. Whenever possible, use data to quantify the benefits. For example, you can show potential savings from optimized tax strategies or the financial impact of risk mitigation. 

Don’t forget to highlight your competitive edge, whether it’s your personalized approach, unique industry expertise, or advanced use of technology that delivers more valuable insights.

3. Marketing and Promotion

Develop a targeted and cohesive marketing strategy to promote your expanded advisory services to existing clients and prospects. You can jumpstart it with an informative website that showcases your services, client testimonials, and case studies. 

Follow through with email marketing campaigns for the effective delivery of personalized messages and updates. Also, consider regular webinars and interactive workshops that allow for real-time interaction and feedback. Amplify your marketing efforts by tapping all relevant means of communication, such as digital marketing channels, social media platforms, and referral programs.

4. Continuous Professional Development

Stay abreast of industry trends, regulatory changes, and best practices through ongoing professional development. Pursue relevant certifications, attend conferences, and participate in networking events to enhance your credibility and expertise.

5. Collaboration with Specialists

Identify areas where expert knowledge can elevate your service offerings, such as legal compliance or advanced tax planning. Then, build a robust network of trusted professionals in these fields to ensure comprehensive support across various disciplines. Integrate these specialists seamlessly into your service delivery by involving them early in client engagements and maintaining clear, ongoing communication through regular meetings or shared digital platforms. 

6. Performance Measurement and Reporting

Establish key performance indicators (KPIs) to measure the impact of your advisory services on client satisfaction, retention, and financial outcomes. Provide regular performance reports and benchmarks to demonstrate the value delivered to clients.

7. Technology Integration

Invest in technology solutions to optimize service delivery and secure client satisfaction. Leverage a good client management system to keep track of your interactions and client details. Use financial software to analyze and forecast financial scenarios, helping you advise clients based on the latest data. You might want to implement systems for secure file-sharing and storing to simplify accessing and managing critical information. There are also task management tools to keep your projects on track and ensure timely delivery. Finally, incorporate automated billing systems to streamline invoicing and payments

You can do all of the above or make tech integration—and life—easier while achieving your goals using Mango Practice Management’s comprehensive, cutting-edge solutions.

Elevate Your Accounting Services with Mango Practice Management

Mango Practice Management was designed by accountants for accountants—we understand precisely what you need. That’s why we created a single, user-intuitive platform that integrates with multiple software, reducing the complexities of managing different tools and vendors. With Mango Practice Management’s tech stack, you can effortlessly analyze client data, automate tasks, leverage advanced analytics to pinpoint advisory opportunities, and much more.

Discover how Mango Practice Management can empower your accounting firm to excel in delivering top-notch client advisory services. Schedule a demo today, and experience the difference we can make in your practice!

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