Growing Revenue, Improving Customer Engagement - Lead the Way for 2023 Accounting Firm Goals
Wolters Kluwer released their annual accounting survey late last year, highlighting the top challenges faced by accounting firms and their primary goals for 2023. While challenges varied by firm size (see table below on top 2022 challenges), the top goals for 2023 were consistent across the board:
1. Grow revenue and profit
2. Improve customer engagement
3. Enhance operational workflows
4. Boost employee effectiveness
5. Invest in new technologies to improve operations and support remote work
Fortunately, the Integrated Advisory model is designed to help firms achieve these goals, particularly goals one, two, and five.
How Integrated Advisory Helps Firms Grow Revenue
Increasing firm profits involves shifting client conversations from a retrospective to a proactive approach. Today’s accounting clients seek more than a simple tax return—they want an integrated approach that considers their business, personal, and estate financial planning needs.
The role of the accountant is evolving into that of a true trusted advisor. This role elevates them beyond preparing financial statements and tax returns, positioning them to assist clients in achieving broader financial goals.
This evolving role not only better serves existing and future clients but also increases and diversifies firm revenue. Firms in the Integrated Advisory network understand that personal and business finances are interconnected and must be viewed holistically. They also embrace a shift from time-based billing to a values-based approach.
How Integrated Advisory Improves Customer Engagement
Core to a successful values-based approach is the client relationship and experience. Trust is the cornerstone of this relationship, enabling accountants to provide a comprehensive financial experience by leveraging the Integrated Advisory network. This experience includes best practices in investing, insurance strategies, estate planning, and more.
It all starts with the Integrated Advisory discovery process. Step one of our Integrated Advisory Experience provides our accounting firm partners with deep insights into their clients’ personal and business lives by asking questions like:
Who is on your advisory team? (Banker, lawyer, investment counsellor, insurance advisor)
What is your past experience with other financial advisors?
What is your vision for your company in 3 years? 5 years? 10 years?
What are your cash needs—are you growing or harvesting in your business?
What are the biggest threats to your business?
How do you define legacy?
What challenges do you foresee for your family?
Through the Integrated Advisory network, accountants can deliver a client experience that encompasses a wide range of services, specialists, and skills—making them a truly invaluable component of their clients’ success.
Reaching Your 2023 Firm Goals
As Wolters Kluwer states in their report, “successful firms will be those that become essential business partners to their clients. Standard compliance work is becoming more and more commoditized. Now, clients choose firms based on the additional value they can provide. Elevating the client-firm relationship will require firms to level up their client experience through a greater array of services while empowering their professionals to find and deliver deeper actionable insights for clients.”
If you’re a client of an Integrated Advisory Network firm, ask your accountant how the Integrated Advisory Experience can help you reach your personal and business goals.
If you’re a firm looking for more information on how to become an Integrated Advisory Network Member, visit our “Accountants” page for more information.
The Integrated Advisory community consists of progressive CPA firms, along with best-in-class professional advisors, service, and product specialists, who work together to deliver an elevated and holistic client experience. One that optimizes both their personal and professional lives with an integrated financial strategy designed to help clients reach their goals.