Compliance vs Advisory is the question. Everyone’s talking about accountants moving away from compliance and towards business advice but how many are actually doing that and how easy is it?
Calxa CEO, Mick Devine, remembers similar discussions at his first meeting as a newly-qualified CPA almost 30 years ago. He says:
“Back then it was mostly just talk. The technology wasn’t easily available to give clients up to date, relevant advice on their finances – but that has changed now”.
How GST changed the Landscape
One of the positive side-effects of the introduction of GST in Australia has been the requirement for businesses to maintain updated accounting records, reconciled and checked on a regular basis.
While this was initially often just once a quarter or maybe once a month, the introduction of cloud-based accounting software has meant that accounts are now commonly updated daily.
Having that data online also makes access easier for accountants and bookkeepers and opens the door to providing useful management reports in a timely manner.
Starting the Conversation
Providing relevant information to your clients is the first step in providing any sort of advisory service.
Any conversation about what is happening in the business needs to begin with good information – data on what has happened and what the business plans to make happen.
Reporting tools like Calxa make it easy to produce that information and produce it regularly and simply. But reports alone don’t make you an advisor. They are just the catalyst for a conversation with your client and it’s that conversation that will provide the real value.
For tips on how to Start a Conversation with your Client, check out our three part video and blog series.
Taking Effort out of Production
Automating the delivery then takes the effort out of production, giving you more time for analysis and discussion with your clients.
You can schedule delivery of monthly reports and know that they will happen reliably month after month. Deliver a copy to your own inbox and to the client’s so that you can have a discussion based on the same up to date information.
Pricing for the Practice
Calxa’s pricing for accountants has been structured to facilitate the automation of your advisory service. Starting at $170 per month for the first 5 organisations, the price drops to $10 for each additional organisation. As your practice grows and you use Calxa for more of your clients, you can move up to the Premier 50 or Premier 200 plans. There is no minimum term and you can move up and down at any time.
When you consider the time you’ll save and the value you provide to your clients with regular, reliable reporting, you’ll quickly see a return on your investment.
If you are hesitant at making the move to the ‘advisory’ model, have a look at Calxa’s entry level product Calxa Express. This article Calxa Express Adding Value to Your Practice has some suggestions on how to get started.