Driving growth and client success: The power of client advisory services in accounting

Karen Chalmers is vice-president of marketing at interVal.

IN TODAY's rapidly evolving landscape of public accounting, Client Advisory Services emerge as the fastest-growing service area, reshaping the traditional role of accountants and fostering deeper client relationships. This transformative shift not only benefits accounting firms but also enriches the overall health of SMB clients. Client Advisory Services facilitate revenue opportunities, and with the right tools in place can act as human capital multipliers and enhance the well-being of SMB clients. 

Client Advisory Services open new avenues for revenue generation within accounting firms. Traditionally, firms relied heavily on compliance-based services like tax preparation and auditing. However, Client Advisory Services introduces a proactive approach, allowing accountants to offer strategic insights, financial analysis, and forecasting to clients. These value-added services create opportunities for firms to diversify their revenue streams and move beyond the confines of traditional accounting services. 

Trevor Greenway, Co-Founder and CEO of interVal, emphasizes, "Being able to highlight what’s important to a clients long-term growth and goals will empower accountants to be proactive advisors rather than reactive number-crunchers. By leveraging data-driven insights, accountants can identify untapped revenue opportunities within their client base, driving growth for both the firm and its clients." 

By automating the discovery process using data-driven AI technologies like interVal, accountants can allocate more time and resources to high-value activities like strategic planning, client consultation, and relationship-building. This not only enhances operational efficiency within accounting firms but also allows professionals to focus on delivering personalized and insightful guidance to clients. 

Greenway remarks, "Tools like interVal empower accountants to amplify their impact by automating time-consuming tasks and providing actionable insights in real-time. This not only enhances productivity but also enables accountants to elevate their advisory role, driving value for clients at every touchpoint. We tee up advisory and growth opportunities for you, and all you have to do is knock them down — instead of spending your time looking for insights, you’re leveraging them." 

InterVal automates the identification of opportunities that are otherwise hidden in accounting data and financial statements.

Perhaps the most significant benefit of Client Advisory Services is the positive impact that it has on the health and longevity of your SMB clients. By offering proactive financial guidance, strategic planning, and performance analysis, accountants help SMBs navigate complex financial landscapes, anticipate challenges, and capitalize on growth opportunities. The domino effect of these efforts can be seen by fostering financial resilience, enabling SMB clients to make informed decisions, mitigating risks, and achieving sustainable growth in an increasingly competitive market. 

"By leveraging data-driven insights, accountants can identify untapped revenue opportunities within their client base, driving growth for both the firm and its clients," explains Trevor Greenway, Co-Founder and CEO of interVal.

Greenway underscores, "Client Advisory Services are not just about numbers; they're about empowering SMBs to thrive in a dynamic business environment. By providing tailored insights and actionable recommendations, accountants become trusted partners in their clients' success stories, driving positive outcomes and fostering long-term relationships." 

Rick Santos, Managing Partner of Davis Martindale, shares his thoughts on how SMBs view this proactive approach, “It’s clear to us that our business owners want to tap insights from a tool like interVal. It truly helped us contextualize advice in a way we hadn't been able to previously." 

Client Advisory Services represent a paradigm shift in public accounting, offering unprecedented opportunities for revenue growth. With the right tools in place providing human capital optimization, clients feel empowered. As accounting firms embrace the transformative potential of Client Advisory Services, innovative tools like interVal play a crucial role in propelling accountants to enhance efficiency and deliver unparalleled value to SMB clients. By embracing the new trend of advisory-forward accounting, firms position themselves as strategic partners in their clients' journeys towards financial prosperity and sustainable growth.

Karen Chalmers is vice-president of marketing at interVal.