Don’t think that just because you have used business advisory applications, that this means you are now a business advisor. Software on its own does not provide business advisory services to your client.
Xero has created an environment over the past 10+ years of whereby they preached that Accountants can be business advisors now. Software vendors have followed suit by developing software that creates advisory talking points based on a client’s financial position.
Everything that Xero has said is not incorrect, accountants are positioned to provide advisory and everything that software vendors (such as Spotlight, Fathom, Futrili just to name a few) have created have also greatly assisted. However….
Here’s what you need to re-focus on and be wary of when providing advisory utilising software to present:
Xero is now putting an emphasis on app advisory and cloud integrators. App advisory is not your traditional sense of advisory when you think about what business advisory is. App advisory focuses on providing the client with the right application/s to run their business effectively and efficiently. It does not focus on traditional business advisory services such as Profit, Cashflow, Debtor days,Business KPI’s etc.
Cloud integrators, such as Clarity Street, can help implement software for clients of accounting and bookkeeping firms and help them with their app advisory revenue stream. Get us involved both to assist your business to provide relevant business advisory software tools for your clients and likewise, if we can assist your clients for their internal software, well that only helps you the advisor out also.
App advisory will be discussed in our next blog in depth so stay tuned!
Go forth and advise...maybe prosper too!!
Clarity Street was conceived from years of engaging with Accounting firms on a daily basis and a constant desire to make Accounting firms & SME’s more efficient and profitable.