Have you ever wondered what the profit potential of your accounting firm is? Are you concerned that you’re leaving money on the table unnecessarily? Are business advisory services delivered by only your most senior accountants? Clarity has created a calculator to show you how you can improve the profit potential in your firm.
Watch this video of CEO Aynsley Damery talking you through why we created the calculator and how to use it with your own numbers to improve your own firm’s profit potential.
Try it out now: https://clarity-hq.com/calculator/
The issue we are highlighting
Reports suggest that profits have decreased by 41% in accounting firms over the last 5 years. This is despite the influx of new technology which was supposed to bring time and efficiency to your practice. Added to that the squeeze on compliance prices and it is clear that many accounting firms must adapt or they may die.
BUT compliance is not dead!
Your clients still need your help to prepare stat accounts and tax returns. They need your help to navigate the ever-changing legislation and government policies to ensure they don’t fall foul of accounting malpractice.
However, businesses need more than just compliance. Now, more than ever. Firm’s must find the right mix between compliance and business advisory in order to achieve the returns they deserve.
Scaling business advisory
Commonly, advisory services are delivered by the partners or senior managers to about 10-20% of the client base. This leaves the remainder of your clients to a compliance only relationship.
But, with compliance prices falling, this can no longer be a sustainable business model.
What if advisory services could be delivered by 100% of your team to 100% of your client base?
What if you could see the firm’s profit potential by scaling these services?
The solution
Clarity provides the platform for you to systemise advisory and deliver it to everyone. It empowers and encourages the whole of your team to do this by breaking down Advisory into 5 levels:
- Awareness
- Accountability
- Insight
- Planning
- Consulting
Read our blog on the 5 levels of business advisory for more info: https://clarity-hq.com/the-5-levels-of-small-business-advisory/
In conclusion, there is a level of advisory that can be delivered by anyone. Get your younger team members delivering Awareness and Accountability services now, and you’ll end up with not only a happy and engaged team, but with well-equipped partners of the future.
What should you do now?
In the video above, CEO Aynsley, shows how by providing advisory services to an additional 20% of your client base, the effects on profit can be dramatic.
We encourage you to try it out yourself with the Clarity calculator: https://clarity-hq.com/calculator/.
Note the data is anonymised so we do not keep records of any firm’s numbers.
So, why not arrange a call with one of the team today to understand how you can generate significant profitable revenue quickly?
