For decades, accountants and bookkeepers have been urged to shift their services from focusing on compliance to prioritizing services that are advisory. Why?
The logic is simple: Compliance services are vulnerable to automation and are seen as having less value than forward-looking advice that can have a positive impact on the bottom line.
But the term “advisory” encompasses MANY different activities, from relatively simple cash flow forecasting to much more complex business restructuring (and a whole lot in between). This lack of a clear definition has been a barrier to many firm leaders who struggle to understand what exactly they are being urged to do.
This landmark guide by Randy Johnston of K2 Enterprises breaks down the different modes of advisory activities and explains what each one entails on a practical level. It also includes a detailed overview of the available technology that firms can use to deliver different types of advisory services.