You are not creating value for clients when you are offering historical services - aka compliance. The vast majority of the profession has the vast majority of their revenue in compliance.
Offering compliance services is being an intermediary between the Client and the Government. Your role is to facilitate (between Client and Government) about the right amount of cash on about the right time. Some would say that Tax Minimization is part of compliance - I disagree.
How can you add value to your client this month when you’re talking about last year’s numbers? You just can’t. That’s Redundant Data Accounting! It’s rearview mirror Accounting that has to be done but offers little to no value. It’s a grudge purchase.
If you want to create value for your clients than you must be working with Real-Time Data - not Redundant data. If you have the real-time data then you can advise in real time. That means the client MUST be on a cloud accounting platform. As the client is transacting at their end, the accounting system is being updated and you have complete visibility of the real-time numbers whenever you want. If you’ve got access to real-time data, you can help your clients with real-time results.
Once you have access to the real-time numbers, you can offer a range of new services. Based on 23 years of advising Accountants all over the world, I would advise that you should stay ‘close to the numbers’. It’s what your clients expect and you can leverage the service by getting other people to deliver the service.
Here is a list of 10 services you could add to really help your clients.
All these services offer tremendous value to your clients and they should all be priced on value-based fees.
Rob NixonCo-founder at PANALITIX
About the Author
Rob Nixon is the world’s foremost authority on how accounting firms can achieve peak performance. Since 1994, he has been running businesses that specialize in helping Accountants run better, more profitable businesses. His speaking work has taken him around the world where he has spoken to in excess of 170,000 Accountants. Currently, his landmark strategies and products are used by Accountants in over 30 countries.
On average, clients increase profit by 75.5%, enhance capacity by 30.6% and achieve sustainable revenue growth of 52.1% - in just 12 months.
Rob is the author of two best-selling books “Accounting Practices Don’t Add Up – why they don’t and what to do about it” – and “Remaining Relevant – the future of the accounting profession”. Both have received rave reviews from Accountants and industry professionals from around the world.
Rob’s latest book “The Perfect Firm: Your Playbook for Building a Perfect Accounting Business” aims to help Accountants build their perfect accounting firm.
In 2005, he created the revolutionary coaching model called coachingclub. The coachingclub model enabled firms to be accountable, to consistently learn and to share ideas amongst their peers. So far, over 800 accounting firms have graduated from his coachingclub program. The vast majority of firms have doubled or tripled profits because of the program.
Rob is a keen golfer (single figures) and adventurer (he is ticket holder 293 on Virgin Galactic to go into space). He lives in sunny Brisbane, Australia with his lovely wife Natalie and three children.