Is business advisory the next move for your practice?

There is a lot of discussion about the ways in which AI tools will take away the tedious tasks that hold back accounting teams and this is where a lot of the appeal lies.

However, senior managers usually have to think multiple steps ahead if they are to get the most out of their team and keep the firm going from strength to strength.

Accounting firms could consider expanding the range of services to offer greater value for clients and business advisory could be a good road to take.

Why should accounting firms consider offering business advisory services?

Accounting firms are at an exciting crossroads where better access to resources and the reduction in time-consuming tasks is enabling them to make meaningful decisions about the future of the firm.

We recently discussed the way in which accounting firms could take on more work through the use of AI, but diversifying offerings is also a strong approach.

Businesses and individuals are keen to make the most of their finances in increasingly challenging economic situations and are keen to find new ways to do this.

Many turn to social media or generic AI to look for answers, but TSB discovered that 59 per cent of those who follow financial advice from social media regret it and 56 per cent lose an average of £700.

The need to find information is likely due to a number of factors, but rising inflation coupled with frozen fiscal thresholds means that more people are exposed to complex financial matters than before.

In this environment, accountants can either stick with their existing clients or make meaningful steps to welcome the additional cohort that is brought in by changing economic policy.

Business advisory services will be undeniably useful for those having to contend with new financial matters, but even those with more experience would likely appreciate expert insight in times of economic challenge.

How does technology pave the way for accountants offering business advisory services?

As a senior manager, you will be keenly aware of the expertise that exists in your team.

This may manifest in the skilful way they handle client concerns or in conversations around the office.

What you may have also heard is frustration from the team when they find that clients make the same mistakes as each other or continually approach things inefficiently.

Your team deserves the chance to demonstrate their expertise and providing this additional service to clients may help them to become more confident with their finances and feel more positively about your firm.

Technology clears the way to offer this additional service by giving your team back their time so they can get stuck into the work about which they are truly passionate.

Glasscubes is tailor made for this as it focuses on streamlining workflows by bringing together client information into a workspace that is visible to all who may need to engage with it.

Client information is obtained effortlessly with automated reminders through a secure link, meaning your team does not spend hours a day chasing the information they need.

While Glasscubes streamlines the process, your team can review the information compiled for each client and make meaningful recommendations to them that will strengthen their financial position.

Glasscubes also has a bespoke AI system that is capable of saving even more time by pulling financial information from digital and physical records.

If you want to discover what your team is capable of with time saving technology, book a demo today.