Bringing More Value to your Clients through Advisory Services

Posted 06 August by Jay Owen in Advisory, Cash Flow

It’s no secret that lately CPAs and CPA Firms have been moving towards advisory services. Businesses that fail to offer these services risk losing clients or failing to expand their businesses, so we’re here to explain the Value Chain, pinpointing how your firm can improve and add value to current and potential clients. 

Wearing your CPA hat while acting as a consultant for your clients can bring immense value beyond their initial expectations. This all starts with being more aware of clients’ needs. Using Dryrun to support clients’ Financial Modelling & Cash Management needs is an easy way to build value for your firm and impress your existing clients while attracting new ones.

Visit Dryrun to learn more about our Advisory Partner Program.

You can add value to your clients in several ways, including: 

  1. Profitability
  2. Productivity
  3. Customer Service 
  4. Employee Retention 
  5. Core Values 
  6. Growth 
  7. Maintaining Financing 
  8. Change Management 
  9. Marketing 
  10. Competitive Analysis 

What you offer will be directly based on the skillsets available within your CPA Firm, but programs and software like Dryrun can help you out with a few of these like forecasting and modeling. 

To add value, you must understand your client’s business objectives. 

These are the long-term goal you have in mind for your business as you run and grow it. A business objectives list will give you direction as you plan. As a business owner, you need to consider everything in your business and come up with clear plans to ensure success.

  1. Profitability

Maintaining profitability requires revenue to exceed operating expenses while maintaining profit margins on sold products. This can be analyzed and modeled using Dryrun software to compare “what if” scenarios on different profit margins. 

  1. Productivity

Hiring new employees, providing maintenance for existing equipment, and purchasing new equipment are all activities that increase productivity. Your goal is to ensure all the resources you need are available to your employees in order that they remain as productive as possible.

  1. Customer Service

Customer service is a top priority of a company. It helps you retain customers and generate repeat revenue. While it’s hard to forecast customer service, you can compare results before and after placing a focus on better service to see if results are being achieved. 

  1. Employee Retention

Employee turnover costs you money in lost productivity and recruitment costs. Positive work environments tend to increase employee retention. Factoring in hiring and firing into financial models provides additional insight regarding the efficiency of your recruitment process.  

  1. Core Values

While your firm can’t advise on your client’s core values, you are able to measure certain factors related to these values. Your core values describe the beliefs your business holds regarding customer interaction, community service, and employee satisfaction. A positive corporate culture based on the company’s core values can certainly affect its bottom line. 

  1. Growth

Growing requires systematically managing its resources, both financial and team oriented. Dryrun modeling provides unparalleled insights into growth and future forecasting. 

  1. Maintain Financing

Even well-funded companies need financing to expand. To maintain operations and plan for long-term projects, companies need financing sources, including payroll and accounts payable, which is why cash flow forecasting and financial modeling are relevant tools. 

  1. Change Management

Change management involves creating an organization that is better prepared to meet the challenges of your industry, thereby enabling it to grow more effectively in a rapidly changing marketplace. CPA firms can offer forecasting services to assist your clients in being more prepared for change. 

  1. Marketing

Marketing professionals predict future distribution needs better than anyone else. They establish strategic partnerships that increase your organization’s market share. While CPAs can’t advise on marketing strategy, per se, they can certainly analyze the effectiveness of marketing investments based on the ROI. 

  1. Competitive Analysis

A continuous objective for your company should include a complete analysis of the behavior and tactics of the competition. To know how to boost your revenue and market share, you must know how your products rank in the marketplace. This will be reflected in your quarterly numbers and your CPA firm should be able to advise on whether to keep certain products or pivot a strategy to improve cash flow. 

Visit Dryrun to take advantage of our 50% OFF of Annual Plans & our 30-Day FREE Trial.

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By using your CPA Firm to add value along the Value Chain for any number of your clients, you are providing a service that directly impacts the success of small and mid-sized businesses. 

As their biggest line-item cost and most valuable assets, their employees represent both the greatest cost and greatest value for the company. Thus, the productivity and profitability of your clients depend on how well they manage their workforce, with your help.

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