Lets get crazy and take it one step further. Reverse the order of our thinking and start with advisory...then add accounting when/if necessary. I know "many a managing partner" that would fire me on spot for that idea...but I'd be embarrassed to do it any other way. Now...that doesn't mean we're doing McKinsey level work on day one. BUT - it does mean mean we're asking foundational questions from the beginning. Things like.... Why did you start your business? When do you plan on taking time off? Who do you love working with...and why? What are you hoping will happen in the future? Whats the best part of your work? Whats the worst? How do you define success (personally and professionally)? You get the idea. Then...begin. Chances are...technical work will be required. Financial planning, tax, investment management, estate, risk management, business model design etc. Its absolutely certain - we won't do our best work without context. The reason is simple...no one will care....including ourselves.
Scaling $1M-$20M Growth Companies With Actionable Accounting & Data Services ✌️ Founder @ Full Send
Here's how most accountants think about 'advisory' services: Bookkeeping | Accounting | Reporting | Advisory Here's how I think accountants should think about advisory services: Accounting (Finance, et al.)Advisory Of course it's helpful to define your services clearly - how do you advise and support your clients, BUT I think your services are either inclusive of advisory services or they're not. In other words, you're either an advisor or your not. It's not a bolt-on service at the end of an accounting and finance relationship. It's the way you work alongside your client and support their goals. It starts at the transactional level. In my opinion, we need to do away with this popular medallion pricing structure that only offers 'advisory' services in the top tier. #accounting #cas #gofullsend
Rahul Rungta
4mo
Great approach, Obed Maurice! Starting with advisory ensures we understand the full picture and ask the right questions from the outset. This method not only provides deeper insights but also aligns the technical work with the client's true goals. Context is indeed crucial for delivering meaningful results.
Even if the first engagement isn’t advisory related, the first conversation needs to be. There are so many great accountants in the market but most of them want to get into the numbers provide a historical report or a tax return and move on to the next client. Just starting with questions like those listed above elevates our position and gets the client thinking about what really matters.
Allen Smith
4mo
Love this Obed Maurice! Starting with advisory builds trust & reveals deeper needs. Accounting then becomes a tool, not just a service.
Jordan Morley
4mo
I agree!
Business Advisor at Escalon | Outsourced Finance, Accounting, and HR | 4X National MX Champion |
4moIt is not uncommon for us to start with CFO advisory services before beginning bookkeeping and accounting services. Generally a mix of CFO/FP&A support. It can be instrumental in helping a founder to secure initial funding in particular cases.