There exist three primary levels of accounting services. They are performance, compliance and strategic. In this context, it is important to note that most of the companies lay emphasis on these basic compliance services. However, the demand for these is steadily decreasing. With the advent of new technology has made these services fully automated. On the other hand, accounting professionals are also discovering that the newer forms of technology provide them with stronger analytical capabilities which in turn is good for the growth of the business. Moreover, these types of technology also provide them with deeper insight into the financial requirements of their respective clients.
The recent trend in accounting lays emphasis on the fact that Bookkeeping is completely dead. Automation is the new buzz in the financial world. The clients are in need of strategic advisors and not experts in compliance. In this context, it is interesting to note that Bookkeeping is all about data entry. The digital automation has efficiently replaced that. With the emergence of digital technology, the digital estimates on a tablet can be changed into sales invoice or cash receipt.
The ecosystem of tools that have surrounded the ecosystem or tools has made accounting invisible. The accounting platform that exists nowadays is subjected to rapid innovations that can change the way financing is done in the main companies.
Trusted advisor versus technical advisor
It is vital to note that the trusted advisor resembles more of a visionary. The role of a confidence advisor is to balance perfection with progression. In all probability, you are more likely to help your clients by offering creative courses and solutions. You can execute that by combining our expertise and data.
On the other hand, when you operate at level one, you would call yourself a technical advisor. It is more of an executive role that lays emphasis on process-driven tasks which also includes monthly reconciliation and tax preparation. Moreover, it must be carried out 100 percent correctly. The aspect of accuracy is still crucial. However, the advisory services would allow presenting various options to a client. It is also interesting to note that the accountants who operate at level one do not have time for advisory services. Quite interestingly, these professionals are opting for minimal revenue.
The shift to Client Advisory Services
A Recent survey has suggested that 80% of small businesses are not satisfied when they use an accountant for taxes and compliance only. It is interesting to note that the Client Advisory Services comprises of accounting services as a part of the package. You can start off by offering consulting services to your clients. For instance, you can show them the ways through which they can set up their accounting system. Moreover, you can show them without keeping bookkeeping or accounting personnel on site.
Your customers would need access to the accountant. And this is where technology plays a crucial role. It is all about educating your clients to be educated enough to handle the daily challenges. In the age of digital revolution, all the accountants need to be familiar with the tools so that they can help their clients so that they can efficiently run the business. It is not just the core accounting system with which they are concerned.
If your client needs to pay invoices, then they have to take into account various online applications that would slash bill approval and payment time almost by 60%. However, to pay bills, a client needs to collect money. Moreover, other ecosystem applications would help to shift the accounting services to client advisory services.
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