Advice from industry leaders on how to create a positive culture in your firm that helps you break into advisory services
Top accounting and advisory firms are adapting to developments in the industry. To maintain a competitive edge, these firms are not only prioritising conventional compliance services but also broadening their scope to encompass advisory services. This shift in focus necessitates a distinct approach and fresh outlook. We want to share some advice we have learned from industry leaders on how to create a positive culture in your firm that helps you break into advisory services.
1. It all starts with a conversation
‘Advisory is just about having really good client relationships.’
Helen Cockle, director, Futrli by Sage
The office chatterbox just became your most valued colleague. As clients are increasingly comfortable with cloud accounting, it may seem like a good idea to let them handle their finances on their own and only check in at key accounting events. However, this is not the case. With access to a wealth of data, you can reach out to your clients and provide guidance and assistance in areas where you see they may be struggling.
2. Don’t overthink the word ‘advisory’; it’s overhyped and overused!
‘The term ‘advisory’ has been made too complicated by talking about it as an additional thing. What is it we’re trying to do? We’re just building deeper relationships.’
Will Farnell, author of The Human Firm and chairman of Farnell Clarke
Advisory is simply everything firms do that isn’t compliance. From answering a quick query to detailed cash flow forecasts, it all falls under advisory. At times, when discussing advisory, we tend to make it more complex than it needs to be. We may overcomplicate ‘advisory’ by focusing on the activities of larger firms. Yes, corporate finance and mergers & acquisitions are advisory, but they represent only a small fraction of what advisory truly is.
3. Create meaningful colleague environments
Giving trainees tasks and little projects helps junior colleagues feel valued. Taking someone early in their career and developing these habits is important. Behaviour breeds behaviour.
Tom Jamison, managing director, Abbeygate accountancy
Skills shortage and colleague retention are critical issues for any accounting firm. When you have skilled and talented employees, it’s essential to come up with innovative ways to keep them engaged. One effective method is to provide opportunities for your junior staff to interact with clients. Encourage them to take on tasks such as calling clients and performing project-based assignments.
4. Break those bottlenecks!
Advisory bottlenecks occur if you have got one person who is the adviser. This slows things down. Futrli has enabled us to have 30 of our 50 staff deliver some form of advice. It’s important to ensure that this work is opened to the team.
Stuart Hurst, director, Accounts and Legal
Skills shortage and colleague retention are critical issues for any accounting firm. When you have skilled and talented employees, it’s essential to come up with innovative ways to keep them engaged. One effective method is to provide opportunities for your junior staff to interact with clients. Encourage them to take on tasks such as calling clients and performing project-based assignments.
5. Drive success with tech solutions that count
Futrli has redefined our internal expectations of what management accounts and real-time forecasting should be. We provide a better level consistently. It comes out in the right way, every time.
Mark Simic, partner, Simpkins Edwards
We, at Futrli by Sage, are proud to offer the ultimate advisory platform. Perform the tasks that create opportunities for your firm by using real time cash flow forecasting. If you want to:
… then we’re the people for you.