The new world of accounting: How outsourcing can help firms scale and grow advisory services

Perhaps more than any other industry, accounting constantly evolves due to changes in every far-reaching area it touches—from new compliance rules to upgraded fintech feats. These continual shifts and all of their added stresses fall squarely on the shoulders of accounting professionals.

One of the most pervasive new pressures you may have experienced is a client’s higher demand for consulting and advisory services. While advisory might be work you welcome, it’s also a new expectation on top of the expertise and resources you and your staff are accustomed to providing.

Advancements and their drawbacks

Through experience, accountants know many factors have contributed to this new accounting landscape, including the ability to use automation and AI/machine learning in accounting. As with any change, though, these advancements present their own unique challenges and opportunities.

Rather than many manual hours spent preparing a tax return or creating forecasts from disparate data sources, for example, accountants can apply automation and machine learning to complete this work in a fraction of the time. But this time savings often leads clients to minimize the value of accounting work. As their clients’ trusted advisor, firms find they’re expected to fill this newfound “effort gap” with services that prove their worth.

The chain of demand for CAS

Business owners face intense change and complexity in their own industries. Beyond AP/AR, bookkeeping, and payroll, they now look to their accountants for financial planning and risk management advice, as well as actionable insights and analysis, growth goals, tech leadership, and an overarching business strategy.

Accountants can take up this mantle as their clients’ reliable strategic advisor and partner if their firms have the time and resources available. For many firms, that “if” depends on having enough staff to keep up with their clients’ day-to-day tasks and ever-evolving financial needs. Now more than ever, firms need a scalable solution to meet demand.

To better understand the business impact of offering advisory services at scale, including how outsourcing can free up capacity to grow revenue, use our CAS Revenue Calculator to model your potential advisory income.

Powering firms’ and their clients’ prosperity

At QuickBooks, we acknowledge and respect an accountant’s relationship with their clients, and through our work, we want to help these engagements thrive. We believe QuickBooks Live can help your firm get more done, freeing up more time for the strategic conversations your clients are craving.

Firms can turn to QuickBooks Live Expert Assisted* for support and extra assistance for clients in areas including:

• Initial setup* and troubleshooting
• Basic bookkeeping guidance
• QuickBooks product coaching
• Workflow setup

As your clients learn the most efficient ways to reap the benefits of QuickBooks, you can get back time to focus on the big picture. This reclaimed time allows firms to meet their clients’ advisory needs without overextending precious resources.

More about QuickBooks Live Expert Assisted

QuickBooks Live Expert Assisted lets you delegate repetitive tasks to Quickbooks-certified bookkeeping experts. They can answer a client’s questions using video, phone, and screen share, without ever touching their books. In addition, you’ll always be in the know on each client’s calls with our experts. You’ll have access to automated call summaries that show your client’s questions and how your QuickBooks Live expert responded. You get scalable, expert-assisted support that aligns with your firm’s advisory offerings—without sacrificing client control. Your team can then focus on consulting and high-value advisory services, without increasing overhead.

QuickBooks Live Expert Assisted is designed to provide accountants with newfound flexibility, helping them manage routine work in order to prioritize client strategy. With it, your firm can count on partnership, support, and reliability where you need it most. Delegating support services to QuickBooks allows your firm to be a brighter lighthouse for your clients in a seascape of financial complexities and demands. You’ll be right there to deliver valuable insights and guidance that can help them survive—and thrive.

Learn more about QuickBooks Live.