Accountants Urged to Expand Advisory Services for SMBs

What's Happening?

Small and medium-sized businesses (SMBs) are increasingly seeking advisory services from accountants, particularly in areas where they feel pressure. Despite offering CFO advisory services, many accountants face challenges due to clients' anchoring bias, where clients perceive them primarily as bookkeepers rather than advisors. To overcome this, accountants are encouraged to communicate their advisory capabilities repeatedly and integrate success stories into casual conversations. Staying informed about clients' industries is also recommended to help clients recognize the value of advisory services.

Why It's Important?

The shift towards advisory services is crucial for accountants aiming to expand their roles beyond traditional bookkeeping. By offering strategic advice, accountants can help SMBs navigate financial challenges and improve business outcomes. This transition can lead to increased revenue for accounting firms and better financial health for SMBs. As businesses face complex financial environments, the demand for advisory services is likely to grow, providing accountants with opportunities to enhance their service offerings and client relationships.