CPA Firm Advisory Services

Reduce chaos. The Power of Converting to a Subscription Model – More Value in Less Time

Colin Dunn
June 1, 2023
minute read

Embracing an Advisory-Led Subscription Service for Unprecedented Client Value

Quit Playing Catch Up


Most accountants say the thing they like most about their job is advising clients. Yet surveys show that most of them spend less than 20% of their time engaged in advisory work. The primary reason for that is that they are swamped with low-level work for low-value clients who create stress and burn-out.  


In this blog, we’ll explore how you can change this model and become a trusted advisor (rather than a service provider), working closely with your clients year-round to provide timely insights and strategic guidance.


Understand Where the Insanity is Coming From


Before you can successfully embrace an advisory-led approach, you may need to walk before you run. Renew firms undergo a Pareto for Profit™ analysis every year and pinpoint ways in which they can upgrade their client base and reduce their working hours. This may mean letting go of clients that are not aligned with your firm's business model and focusing on those who have the potential for long-term growth and mutually beneficial relationships. By making these tough decisions and optimizing your client portfolio, you can create the necessary time and resources to fully engage in advisory services, providing unparalleled value to your clients.


Better Leverage with Advisory Services


In the past, accountants would often spend entire days with their clients in planning sessions to address financial matters. However, now that cloud-based technology and collaboration tools are in mainstream use, the way advisory services are delivered has undergone a dramatic change. Interactive information gathering and remote collaboration have replaced the need for lengthy in-person meetings. You can now leverage cloud accounting systems to access real-time data, allowing you to provide timely and relevant advice to your clients. This shift has made it possible to have regular check-ins with clients, enabling you to stay connected throughout the year rather than just during the annual compliance cycle.


Leading with Advisory and Tax Planning


One crucial aspect of the advisory-led subscription model is the integration of tax planning throughout the year (rather than as a last-minute after-thought). By engaging in proactive tax planning, you can help your clients optimize their tax positions and make informed financial decisions. With real-time data available through cloud accounting systems, you can identify potential tax and accounting implications and advise clients before it's too late to take action. This not only minimizes the stress associated with the tax season but also allows for better tax planning and more efficient use of resources.


Simple Steps to Transform Your Model


To fully embrace the transition to an advisory-led subscription model, we recommend that you run your annual subscription process from May through April, rather than on a calendar year basis. By working closely with clients throughout the year, you can gather the necessary information, perform regular reviews, and ensure that all compliance requirements are met. As a result, the tax return process in March and April becomes simpler and less daunting, freeing up time and energy for more valuable conversations with clients.


Get Your Time Back in less than 90 Days!


If you like the idea of transitioning to an advisory-led subscription model, one obstacle could be the time required to create the systems you’ll need. Renew firms have access to online training and a suite of "done-for-you" resources, meaning you don’t need to reinvent the wheel. These resources include service agreements, proposals, master service agreements, and pricing methodologies. By leveraging these tools, you can save a ton of time, enhance your service offerings, and focus on building meaningful, advisory relationships with your clients.


About Renew


Renew Group’s focus is making tax season less daunting and creating a better life for accountants by commanding premium pricing with the right clients through leading with advisory services.


Renew Group firms thrive as profitable modern firms. How?


Renew’s platform is rich with content and applications, collaboration tools and community engagement plus events.  Renew’s world class coaching and consulting is supported by the fastest and most potent responses in the industry.


Led by Shannon Vincent and Colin Dunn, Renew does not deal in fluff. Just REAL results.


To find out more about Pareto for Profit™ or the Renew advisory subscription model, please feel free to schedule a call:

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