june2022 - 33

FEATURE
How to Know when You're Ready
to Move to Advisory Services
By Jasen Stine and Jim Buffington
EVERYONE'S TALKING ABOUT advisory - it continues to be a
hot topic in the tax and accounting profession, but how do
you know as an accounting firm when it's time for your firm
to make the move to advisory? And why do firms make the
decision to change?
Especially if things are going well,
a lot of firm owners can be opposed to
or hesitant to make any big changes
that could disrupt what their business
is accomplishing. However, there's no
" right " time to make the change to
advisory, but there's no time like the
present. Deciding to begin offering
advisory services will help your firm
keep up and evolve with the industry,
and tax and accounting firms should
make a plan to adapt soon.
So what ultimately makes firms
and tax professionals make the
switch to advisory? It almost always
comes down to one thing: Lifestyle.
Owners no longer want to go through
the motions, feel under appreciated
and strapped to their desk. When you
get down to it, it's the firm owners
wanting another lifestyle - something
better for their firms and employees -
and adding advisory services can help.
What often happens is some of
the more traditional firms will take
a course or network with others in
the industry and have an epiphany
moment where they realize the difference
advisory services can make
to their overall work-life balance.
They realize their practice is maxed
out on the volume of tax returns and
compliance work, and they come to
the conclusion that making changes
to their overall business will help
them and their staff. They finally
understand they no longer need to be
a firefighter, putting out fires but feeling
under-appreciated, and they can
instead move towards a more strategic
and relationship-driven business.
Advisory isn't only a benefit for
the clients - it's a benefit for the firm
owners and their employees. It takes
the pressure off a lot of the compliance
work that keeps you in the office, tied
to your computer until the late hours
of the night. Advisory allows you to
be creative, make a difference in your
client's lives and do the tax/accounting
planning you have always wanted to
do. All of the financial acumen and
the years of tax knowledge is lost in
compliance work. With advisory, tax
pros can build strategies to help clients
reach their goals.
Oftentimes, tax and accounting
firms perceive the shift to advisory
to be such a big project and one that
would disrupt their already successful
business. However, in the long
run, this service will make a positive
difference to how you work, recruit,
and find balance in your life and your
business. It will take time, it's not a
short or easy journey, but it's worth it.
Once firms finally change, they see
something they're excited about. They
see a practice that they love, that they
are energized about and one they want
to deliver to clients and employees to
create a better place for people to work.
It's not easy. Trying to change
the behavior of your firm is difficult,
and things don't change overnight.
But it's important to begin this
journey - start aligning with clients
on their goals, and see the immense
benefits you, your firm and your
employees will start to receive.
■
Jasen Stine is tax and accounting education
leader at Intuit. Jim Buffington is
advisory services leader for Intuit Accountants.
JUNE
2022 ■ www.CPAPracticeAdvisor.com
33
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june2022

Table of Contents for the Digital Edition of june2022

The ProAdvisor Spotlight: QuickBooks Online Recertification Window Open Through June 30, 2022
From the Editor: Summertime Blues
From the Trenches: Your Firm and Your Upgrades: Throw It Out!
2022 Tax Season Review: The Good, The Bad and The Ugly
Technology In Practice: Post Tax Season: 10 Tips for Getting the Most Out of Your Tax Season Debrief Meeting
2022 Most Powerful Women in Accounting
The Labor Law Advisor: Pregnant Employees and Employer Obligations
The Risk and Rewards of Big Data
How Businesses Can Defund Against Payment Fraud
The Staffing & HR Advisor: Return to the Office: How to Ready Your Team for the New "Disruption"
The Leadership Advisor: How to Create a Better Advisory Relationship
The Millennial Advisor: Firm Management Lessons from the Grocery Store
7 Principles for Becoming a Better Listener
Creating Digital Experiences is the Future of Remote Work
7 Ways to Improve Your Work-Life Balance as a Firm Owner and Accountant
Independent Contractor Update
Why CPA Firms Need a Top-Notch Website
8 Steps to Finding the Right Software Solutions
R&D Tax Credits Can Help with Software Development
Marketing Your Firm: How Accounting Firms Can Target a Niche Using SEO
Is Your Firm at the Crossroads of Change?
The Secure Act and the Growing Popularity of Roth Conversions?
How to Know When You're Ready to Move to Advisory Services
AICPA News: A round up of recent association news and events
Bridging the Gap: Your Firm's Next Hire: A Project Manager
june2022 - 1
june2022 - The ProAdvisor Spotlight: QuickBooks Online Recertification Window Open Through June 30, 2022
june2022 - 3
june2022 - From the Editor: Summertime Blues
june2022 - 5
june2022 - From the Trenches: Your Firm and Your Upgrades: Throw It Out!
june2022 - 7
june2022 - 8
june2022 - 2022 Tax Season Review: The Good, The Bad and The Ugly
june2022 - Technology In Practice: Post Tax Season: 10 Tips for Getting the Most Out of Your Tax Season Debrief Meeting
june2022 - 11
june2022 - 2022 Most Powerful Women in Accounting
june2022 - 13
june2022 - The Labor Law Advisor: Pregnant Employees and Employer Obligations
june2022 - The Risk and Rewards of Big Data
june2022 - How Businesses Can Defund Against Payment Fraud
june2022 - The Staffing & HR Advisor: Return to the Office: How to Ready Your Team for the New "Disruption"
june2022 - The Leadership Advisor: How to Create a Better Advisory Relationship
june2022 - The Millennial Advisor: Firm Management Lessons from the Grocery Store
june2022 - 7 Principles for Becoming a Better Listener
june2022 - Creating Digital Experiences is the Future of Remote Work
june2022 - 7 Ways to Improve Your Work-Life Balance as a Firm Owner and Accountant
june2022 - 23
june2022 - Independent Contractor Update
june2022 - Why CPA Firms Need a Top-Notch Website
june2022 - 8 Steps to Finding the Right Software Solutions
june2022 - 27
june2022 - 28
june2022 - R&D Tax Credits Can Help with Software Development
june2022 - Marketing Your Firm: How Accounting Firms Can Target a Niche Using SEO
june2022 - Is Your Firm at the Crossroads of Change?
june2022 - The Secure Act and the Growing Popularity of Roth Conversions?
june2022 - How to Know When You're Ready to Move to Advisory Services
june2022 - AICPA News: A round up of recent association news and events
june2022 - Bridging the Gap: Your Firm's Next Hire: A Project Manager
june2022 - 36
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