There are many correct explanations of the phrase “accounting advisory services,” which can make it difficult to understand and apply to our practices. The good news is that you are likely already providing some type of advisory, and that with a few more steps, you will be on your way to creating more value for your clients and practice.
Why do clients need advisory?
The reason clients seek out advisory services is because these are often things our clients cannot perform on their own. Advisory services include value-added services our clients don’t have time to do, don’t want to do, or can’t do for themselves.
As our client’s accountant, we have the capacity to provide tailored advice and opinions. Large advisory firms have committees, or act as a team, that have the authority to render a decision or judgment on an issue, in addition to providing opinions.
As accounting professionals, most of us have seen businesses succeed and fail. By offering our expertise and providing guidance, we can help our clients in one or more specific situations.