In the latest 50+50 report published by Accountancy Age, a number of firms have managed to achieve considerable growth and performance, as consultancy fee income across the UK’s top 100 firms grew by an incredible 169% in 2022 from £1.3Bn to £3.5Bn.
This level of increase clearly demonstrates that accounting firms are expanding their advisory services to their clients, and there are several reasons why;
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- Diversification: Many accounting and advisory firms are looking to diversify their service offerings in order to remain competitive and meet the evolving needs of their clients. By offering consultancy services, they can provide a wider range of solutions to their clients and expand their revenue streams.
- Cross-selling opportunities: Offering consultancy services can create opportunities for cross-selling other services, such as HR or Cyber Security. For example, using Risk Dashboard with clients, you will identify which clients have poor ‘cyber hygiene’ and provide the necessary support to help implement those improvements.
- Client demand: Clients are increasingly seeking integrated solutions to their business challenges, rather than piecemeal services from multiple providers. In deploying Risk Dashboard, obtaining client data on business requirements and problems, advisory firms can meet this demand and become a one-stop-shop for clients.
- Technological advancements: The rise of technology is disrupting the traditional accounting and advisory services, making some of these services more commoditized. Consultancy services on the other hand, often require more specialised expertise and are less likely to be replaced by technology, making them an attractive area for firms to invest in.
Through 2022, top 100 accounting firms invested on average £356,735 in new technology.
How can Risk Dashboard help?
Risk Dashboard’s unique data and compliance software allows accounting and advisory firms to differentiate themselves from competitors, meeting evolving client needs and generating new revenue streams.
Using Risk Dashboard allows you to focus on real-time evidence-based client data, which set’s out the pathway to developing your consultancy service proposition.
If you would like to know more about how Risk Dashboard can help deliver internal advisory growth and external business support services, please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk