February 20, 2020 | Accountancy, Business Growth
Research recently published has shown that accounting firms that continue to focus solely on compliance work as part of their practice deliverables can continue to grow annually at between 0-3%. If you compare that, with firms focusing on delivering advisory services to their clients, they can anticipate growth in the region of 10-20% annually.
Many Accountants we meet through the Risk Dashboard are already offering some form of advisory high value service, even if they are not recognising them as that initially.
Accountancy firms are now considering options on how they can monetise this process and drive greater value from these additional value services, and this is precisely where the Risk Dashboard is helping deliver growth in terms of practice revenue a well as improved client satisfaction.
The Risk Dashboard’s modular advisory platform, asks questions in a clear, concise audit format. Logic based questions with a weighted algorithm depending on a company’s size (revenue and staff), location and sector.
On completion of an audit, the Risk Dashboard provides a set of quantitative and qualitive indicators of systematic risks within a client’s organisation – this is the data that forms the basis of the advisory services that accountants are now looking to monetise.
A growing number of our accounting partners are now developing their own bespoke modular content, creating enhanced service lines in our existing modules, such as; Information Security, Human Resources, Fraud, Health and Safety and of course Finance.
The Risk Dashboard now has two mid-tier accounting firms creating content for new modules for the Charitable and Manufacturing and Engineering sectors to support specifically this client base.
If you are an accounting firm looking to incorporate added value services to retain and extend on to your existing fee structure, whilst creating new revenue streams as services, then the Risk Dashboard compliance and advisory platform provides this pathway to growth.
For more information on how the Risk Dashboard can support your practice and your team, please don’t hesitate to get in touch with us today.
You can visit our website, or contact Neil Campbell, Commercial Director on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk. We look forward to hearing from you.
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