Advisory starts with Compliance: How to use Compliance to drive Advisory Services

The transition from traditional roles to advisory services has become increasingly significant for Accountants & Bookkeepers as technology advances and client demands increase. This shift towards advisory services begins with a fundamental cornerstone: compliance. The heart of this transformation lies in leveraging compliance work to propel and support advisory services. While compliance work remains a crucial component, the use of technology can bring significant efficiencies and create capacity for value-added services.

Compliance work will never disappear and will continue to be a significant part of total income. But compliance can serve as the springboard for accountants and bookkeepers to elevate their roles and offer invaluable advisory services to their clients and at the same time build on existing relationships and help clients achieve their goals.

In this webinar Paul Lodder will talk through the key areas of Compliance work that will drive advisory services:

• Data Insights: Compliance work involves data collection and analysis. Accountants and bookkeepers can leverage this data to gain valuable insights into a client's financial health and performance. By delving deeper into the numbers, they can identify trends, anomalies, and opportunities for improvement.
• Risk Mitigation: Compliance ensures that a business operates within legal boundaries. Accountants and bookkeepers can use their expertise to proactively identify and mitigate financial risks, helping clients avoid potential pitfalls and make informed decisions. With technology it is possible to provide real time insights and recommendations (for example VAT thresholds in Precision).
• Strategic Planning: Armed with a strong foundation in compliance, accountants/bookkeepers can collaborate with clients on a more regular basis to develop strategic financial plans. These plans go beyond basic financial statements and focus on long-term goals, growth strategies, and financial stability. Real time data collection can result in real time reporting. With accurate and up to date information there is a greater opportunity for more interaction with clients (rather than just a few times a year).
• Technology Integration: Embracing technology is essential for streamlining compliance work and providing real-time data access. By adopting accounting software and automation tools, accountants and bookkeepers can free up time to focus on advisory services. Advisory services also includes tech advisory that can be an income stream.