Missed opportunities – do businesses always know what they need from accountants?

Many things have changed for your clients… global changes, legislation, technology and financial trends to name a few. With everything going on, you’d expect businesses would ask for paid advice.

It makes sense – it’s the perfect partnership in this busy world. You add value, clients are more successful, and you both prosper.

But it’s not always like that. If existing businesses and clients don’t ask for advice, perhaps they don’t know what they’re missing?

Where is the disconnect in the consulting relationship for clients and their accountants?

Here’s the unfortunate truth: some clients don’t know that an accountant can give them advice.

The mistake they make is that they assume you are only doing compliance work like tax returns. Therefore, they continue to struggle, grappling with problems they think they must solve themselves. When they do, they often rely on:

• Guess
• Suggestions from AI
• Web search
• Expensive consultants.

The result is a distorted picture that causes clients to make mistakes, or they spend too much money.

In other words, no one wins if clients fight alone.

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A value-added approach that works wonders for both clients and accountants

So, what is the quickest solution to this disconnect – where can you quickly discover the untapped needs of prospects and clients?

Start with your strengths. There are many things going on in the business world that you can help with. While it may be difficult for clients to understand some of these issues, for you, this may have become second nature thanks to your experience and training.

Now is a great time to take a look at some of them.

The business world is flooded with new regulations

Many clients are suffering from a wave of regulatory headwinds. For example:

• After Brexit, businesses are experiencing difficulties in terms of admin and additional procedures when trading with Europe.
• Pressure on the environment is increasing, with new sustainability regulations placing greater emphasis on business operations.
• Making Tax Digital (MTD) is another hot topic, introducing a whole new reporting landscape. What was once an annual ordeal has now become a quarterly ordeal. For some, this means replacing ‘shoebox accounting’ with a series of digital processes.

The corporate world is struggling with their technology stack

There’s good news here. Accountants have a talent for systems and analytics that many clients lack.

In some businesses, there are entire ecosystems of technology that are slowly disappearing, and their value is being overlooked. During this pandemic, businesses have quickly adopted cloud solutions, quickly connecting their teams so work can continue. But currently, many of these technologies are not used, and their possibilities have not been realized.

The business world is also scrambling to keep up with the surge in cloud and artificial intelligence, fearing that competitors will outdo them.

You can step in and make a real impact in both situations. You can help clients leverage their technology, check analytics, and offer clear overviews and forecasts.

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The business world is struggling to realize its unfulfilled financial potential

The real challenge for clients today is securing new investments. Additionally, there has been a marked shift from traditional bank lending to brokers. This is a big change for many businesses, and an independent voice – such as that of an accountant – is becoming invaluable.

Then there is another “big picture” for some clients who need your input. For mid-sized companies and growing companies, private equity (PE) investment is also a topic of conversation. Here too, your expertise is crucial: you are ideally placed to advise when a business is truly ready for that step and guide them through the process.

Who needs advice most?

All of this happens in times of change. Many accountant clients are retiring.

These leaders took a step back and let younger, smarter bosses take over. This new generation views the world through a completely different lens. They will Welcome consulting service. Why is that? With other professional services offering clear step-by-step support, accounting is expected to do the same.

The new leaders were different in other ways, too. They are entrenched in the digital world – navigating the flood of information from the web, artificial intelligence and social media, all claiming to have the answers. However, faceless online ‘advice’ can easily lead them down the wrong path. That’s why these clients need to understand exactly how accountants can add value. At the same time, you have to make sure they are aware of its financial value and will invest in it.

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The result? Happier clients and more revenue.