Embrace advisory services to increase revenue

Digitalisation is disrupting the accounting industry, with automated tools taking on compliance work that was the mainstay of many practices. Practices now need to provide new services, such as advisory, to remain profitable.

With compliance work contributing only 0-3% of revenue growth, it’s advisory services that are predicted to produce 30-40% of revenue growth in the next few years. Practices who have begun thinking about an advisory model, and adopted cloud-based solutions which enable them to move into new service areas, have already reported growth of over 10% in revenue year on year, as well as improved client and employee retention.

Integrating your accounting software into a single suite of best-of-breed products will drive the efficiency your practice is looking for. Automating daily operations and time-consuming tasks like data collection and workflow management enables your staff to work more efficiently and unlocks time for revenue-boosting advisory services.

If your practice hasn’t successfully harnessed the power of digital technology yet, you’re missing out on its ability to grow revenue by adding new services. It’s important to identify how you can protect your existing compliance revenue while growing revenue from other services to secure your future.

Download our whitepaper for more information on how your practice can transition smoothly to advisory services.