These changes have arguably been accelerated by Covid, and what we hope is our recovery from these difficult times. Not surprisingly, the nature of client advisory services is evolving to take these changes into account.
While this challenges us all, it presents huge opportunity for those in practice and, in turn, their clients.
I believe advisory services will become increasingly important over time for two main reasons:
- Technology will change how accountants work with clients, as data processing becomes increasingly automated. This will shift our focus from producing numbers to presenting and interpreting them on behalf of our clients, using our experience and the tools available to us to make a tangible difference to our clients’ businesses.
- Clients’ expectations will change as they start to recognise what their professional services relationships should be providing for them. They will look at our sector to help them understand how technology can improve their businesses, to provide real time, meaningful financial information and to advise on and support key decisions.
In my experience, the main difference between a good accountant and a good advisor is undoubtedly mindset.
An accountant will base their client relationships around compliance-based elements, which are largely reactionary. Business advisors, on the other hand, help their clients to understand and comply with the rules and regulations that apply, but also to think about other ways they can help them. They link their own knowledge and experience with their client’s financial information to help them understand how their business is really performing, to make informed decisions and to plan effectively for the future.
Failure to embrace the changes in technology currently dominating our sector is probably the biggest obstacle facing our industry. Accountants need to recognise that client relationships and expectations are changing, and that this is likely to continue for the foreseeable future. We can’t afford to sit in the past and assume that what has always worked will continue to do so.
The TaxAssist Accountants network is in the perfect position to provide advisory services as we are already embracing changes in technology and supporting close relationships with our clients. That means we can concentrate on educating our clients and supporting their businesses, utilising financial information and the breadth of commercial experience our franchisees have.
About the author:
Daren Moore FCCA joined The TaxAssist Direct Group Board of Directors in February 2018. Daren has spent his whole career in the accountancy practice sector, having worked his way up from accounts trainee to a member of the Management Board of Price Bailey LLP, a Top 25 regional firm, where he has an outstanding track record of achievement.
Daren's role involves working alongside our award winning support team, using his 25 years of experience in practice to help our network of franchisees grow their businesses and deliver high quality compliance and advisory services to their clients.
He works to ensure that TaxAssist continues to grow, capitalising on its growing brand and reputation as a leading provider in the UK and supporting the business as it looks to mirror this success at a global level.
May 2021
