How to Turn Regular Bookkeeping into Cash Management

Posted 19 August by Jay Owen in Advisory, Bookkeeping

Make the leap from traditional accounting to Advisory services this year. 

It is a very common perception that the transition from Accountant to Advisor seems overwhelming. However, you can easily have the skills to grow into an advisor over time if you use some of your everyday activities (like bookkeeping) to support your clients. 

Using Dryrun’s Advisor Platform and learning from our consultants will put you in a better position for success.

Visit Dryrun to learn about our Advisory Partner Program.

So, without delay, here’s how you can start building your advisory services into your regular bookkeeping operations. 

Have you noticed that common tasks like tax preparation and bookkeeping have become so automated that your billable time tends to decrease? Don’t worry! We’ll show you how to offer new, higher-value services that can help you recover revenue and keep clients (while keeping them happy)! 

Typically, firms provide compliance services, but their demand for them is declining. New technology is improving the efficiency of compliance services, or, in some cases, making them completely automated.

At the same time, though, new technology is also giving accountants better analytical capabilities, allowing them to gain a deeper understanding of their clients’ financials.

Forward-looking accountants will now have the chance to reinvent their profession by focusing on advising their clients on the best course of action for their business by providing cash flow management and Advisory services.

The advisory services you provide will distinguish you from competitors and increase revenue, leading to a longer-term relationship and lasting engagements for your firm. Sounds great, doesn’t it? 

But how exactly can you start making the switch from run-of-the-mill bookkeeping to advisory services? 

Compliance operations like taxes, financial reporting, and bookkeeping are starting to take less and less time, thanks to new technologies like Dryrun.

Visit Dryrun to learn about our Advisory Partner Program.

If you see your firm starting to log less billable hours thanks to new technology, here’s your window to start offering advisory services. Accounting firms can then begin analyzing the health of their clients’ businesses. Services like growth profitability and business intelligence have become commonplace. Mostly at this level are Big 4 firms, though some level one firms dabble in performance services to a limited extent.

This is all changing right before our eyes, as newer technological advancements allow level one firms to start offering more advanced services to smaller clients. These services are now becoming more affordable because businesses looking for advisory don’t have to approach one of the Big 4. 

Firms that provide strategic services analyze performance, propose strategies, and help clients form succession plans, as well as manage risk. Clients will start to see you as a trusted advisor and previous simple bookkeeping clients will quickly elevate into long-term strategic ones. 

How can my firm move into advisory services? 

Level one services are required for firms before moving onto levels two and three. Many smaller firms fall between levels one and two briefly. Advisory services may be offered by such practices from time to time, but they are not the focus of their business.

While it is a good starting point, if you wish to move all the way up to level two or three, you must have a stronger foundation in place. 

Therefore, we have developed the Dryrun software. To provide tools for smaller, lower-level firms that allow them the opportunity of offering comprehensive advisory services to their clients. By elevating your clients’ businesses, you will also be elevating your firm’s services and reputation along with them.

Visit Dryrun to learn about our Advisory Partner Program.

Companies that succeed in introducing advisory services usually make these changes:

  1. Choose a leader and team members to specialize in Advisory ─ typically, firms choose one representative to learn the Dryrun software and teach others. 
  1. Identify potential clients that could benefit from Advisory ─ by prioritizing clients that would be the best fit for the program you ensure a higher chance of success. 
  1. List all potential services that come with cash management and Advisory ─ keep your other services that are more popular but include higher value services like cash flow management in your price list. 
  1. Create a Package grouping popular services together ─ tiered pricing and bundles of popular services make it easier to price out different options for your clients. 
  1. Use the right software ─ by using cloud-based ecosystems, it is easier to collaborate with team members and clients. Dryrun offers document storage, connection to various accounting software’s, project management, forecasting, and even collaboration tools to help your clients’ businesses run smoothly. 

─ Has your firm recently transitioned into offering Advisory services? Still considering it? Let us know your questions or concerns in the comments below!

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