How pleased was I when I read the article published yesterday in AccountancyAge about advisory services and the growth potential for the sector.
Advisory services have been a growing area for the accounting profession in recent years and are likely to continue to be an important aspect of the professions future. The traditional role of accountants in auditing and tax compliance is being disrupted by advances in technology, increasing automation and changes in regulation.
As a result accounting firms are increasingly focusing on providing advisory/consultancy services to their clients which can help them to add value and differentiate themselves from competitor’s.
Advisory services can encompass a wide range of activities, including business consulting, financial planning, RISK MANAGEMENT and technology implementation. These services require a different set of skills than traditional accounting services and involve a deeper understanding of the clients business and industry.
Who would have anticipated that your accountant would be building and marketing websites for their clients, or outsourcing their internal resources such as HR and Information Security teams, this is now the norm for those firms looking to add value.
Additionally, the demand for advisory services is likely to continue to grow as clients look to their ‘trusted advisors’ for guidance on navigating complex business environments, managing RISKS and leveraging technology to improve their operations. Accounting firms that are able to adapt to these changes and provide high-quality advisory services are likely to be well positioned for success in the future.
I’ve certainly been highlighting the ‘advisory’ growth potential since we launch Risk Dashboard 6 years ago.
Advisory Challenges
One of the primary challenges for the sector to transition to a client led strategy is leadership obtaining buy-in from both internal and external stakeholders, especially when implementing new technologies.
The fear of the unknown, lack of understanding and certainly job security add to this challenge. It is clear that many have seen the benefits of technology by migrating from legacy tools to a more efficient, streamlined way of working.
How can Risk Dashboard help?
Real-time, evidence-based data is at the epicentre of Risk Dashboards software, allowing businesses to function and transform how they support the detection and monitoring of RISKS.
Risk Dashboard supports the advisor transition from risk management as a stand alone activity to a quantitative/consultative tool built into key decisions and processes of an organisation.
Risk Dashboard provides the foundation block and shift in demand towards advisory/consultancy services in the accounting industry. Firms can look to build strategic partnerships through Risk Dashboard to complement their service offering, creating more value for clients.
If you would like to know more about how Risk Dashboard can help in enhancing your position as the ‘trusted advisor’ please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk
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