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A lot has changed for your customers: global changes, legislation, technology and financial trends, to name a few. With everything going on, one might expect businesses to seek paid advice.

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

But it doesn’t always work that way. If existing businesses and customers aren’t asking for advice, could it be that they don’t know what they’re missing?

Where is the gap in advice for clients and their accountants?

Here’s the sad truth: Some clients simply don’t know that an accountant can offer them advice.

The mistake they make is assuming you only do compliance work, like tax returns. That’s why they continue to struggle, grappling with problems they think they have to solve on their own. When they do, they often rely on:

• Conjectures
• AI Tips
• Web searches
• An expensive consultant.

The result is either a distorted image that leads customers to make mistakes or to spend too much money.

In other words, no one wins when a customer goes it alone.

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

So what’s the quickest solution to this disconnect: Where can you quickly focus on the untapped needs of prospects and customers?

Start with your strengths. There are a lot of 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, it may be second nature thanks to your experience and training.

Now is a great time to review a few.

Businesses are inundated with new regulations

Many customers are suffering from a wave of regulatory hurdles. For example:

• After Brexit, businesses face additional administrative constraints and procedures when trading with Europe.
• Environmental pressures are growing, with new sustainability rules putting a spotlight on corporate activities.
• Making Tax Digital (MTD) is another hot topic, introducing a whole new reporting landscape. What was once an annual test now becomes a quarterly test. For some, this means replacing “shoebox accounting” with a whole host of digital processes.

Businesses are struggling with their tech stack

Some good news here. Accountants have a flair for systems and analysis that many clients lack.

In some companies, there is an entire technological ecosystem running quietly, whose value is neglected. During the pandemic, businesses rushed to adopt cloud solutions, quickly connecting their teams so work could continue. But today, much of this technology remains unused and the possibilities remain untapped.

Companies are also scrambling to keep pace with the rise of cloud and artificial intelligence, fearing that their competitors will surpass them.

You can step up and make a real impact in both situations. You can help clients leverage their technology, review analytics, and provide them with clear insights and forecasts.

Businesses are racing to realize untapped financial potential

A real hurdle for clients right now may be securing new investment. In addition, there is a notable shift away from traditional bank loans to brokers. This is a major shift for many businesses, and an independent voice – like that of an accountant – becomes invaluable.

Then there is another “big picture” for some clients that needs your input. For mid-sized and growing businesses, private equity (PE) investment also comes into play. Here too, your expertise is crucial: you are ideally placed to advise when a company is truly ready to take such a step and to guide them through the process.

Who needs advice most?

All of this is happening at a time of change. Many accountant clients retire.

These leaders step back and let younger, savvy bosses take charge. This new generation sees the world from a completely different perspective. They will welcome to consulting services. Why then? With other professional services offering clear, step-by-step assistance, accounting is expected to do the same.

These new leaders are different in another way, too. They are rooted in the digital sphere – navigating a flood of information from the web, artificial intelligence and social media, all claiming to have the answers. Yet anonymous online “tips” can easily send them down the wrong path. That’s why these clients need to understand exactly how accountants can add value. At the same time, you need to make sure they recognize the financial value and will invest in it.

Get our guide to adding value to customers

Our special guide covers the importance of consulting services and strategies for implementing them. This is perfect for small businesses (we have a similar guide for larger businesses here).

The result? Happier customers and more revenue.