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11 Examples of Advisory Services Commonly Offered by Accounting Firms

Accounting firms offer a wide range of advisory services to help businesses navigate financial challenges and plan for growth. These services include financial planning, risk management, strategic planning, mergers & acquisitions support, tax advisory, business valuation, succession planning, compliance, cost management, budgeting, forecasting, and operational improvements. Each service is tailored to meet specific business needs and goals.

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11 Examples of Advisory Services Commonly Offered by Accounting Firms

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  1. 11 Examples of Advisory Services Commonly Offered by Accounting Firms www.expatriatetax.ca

  2. Introduction Depending on your team’s experience and knowledge, you can start offering various types of advisory services. By doing so, you can tap into a steady stream of revenue throughout the year, creating more stability in both revenue and workload.

  3. 1. Fractional CFO Services Budding startups and small businesses may not have the resources or need to hire a CFO full- time. However, they may require this support on a part-time basis.

  4. 2. Financial Statement Preparation Businesses may need help preparing their financial statements to ensure accuracy and compliance with regulatory requirements.

  5. 3. Strategic Tax Planning Taxes are a common pain point for both businesses and individuals. As a result, strategic tax planning services are something you can offer all your clients.

  6. 4. Budgeting Another advisory service you can offer business clients is for budgeting. Again, not all businesses have the internal resources or expertise to make these planning decisions and may be interested in ongoing budgetary support.

  7. 5. Compliance Services Your business clients can be subject to a complex regulatory environment, depending on their industry.

  8. 6. Business Planning Clients may also be interested in business planning services and looking for an experienced advisor to assist them with long- term growth. This service might include an in-depth market analysis, competitor analysis, and growth strategy ideation.

  9. 7. Benchmarking and Analysis Benchmarking services help business clients better understand how they stack up against their industry peers using key performance indicators (KPIs) and other metrics.

  10. 8. Risk Management Risk management is an in-demand service for many businesses. Your accounting firm can assist clients in identifying and assessing their risk exposure. You can then create a strategy to mitigate it, including credit, supplier, financial, and market risks.

  11. 9. Process Improvement Services Firms can offer services that involve auditing a client’s existing operations and processes, looking for potential inefficiencies and cost-saving opportunities.

  12. 10. M&A Advisory You may have business clients interested in potential mergers and acquisitions. These can be large undertakings, both financially and legally, and these businesses often seek support from external advisors to guide them through the process.

  13. 11. Estate Planning Estate planning is another worthwhile service to offer individual clients. Estate laws are often complicated, and CPAs can partner with attorneys to handle the financial strategy of asset transfers. That might include providing guidance on how to set up a trust, creating plans to minimize wealth taxes, and more.

  14. For More, Contact us Our team develops tailored tax strategies to minimize returns, allowing you to focus on achieving your business and personal goals. Telephone (403) 383-2286 Email eaton@expatriatetax.ca Website www.expatriatetax.ca Address Suite 2000, 125 9 Avenue SE, Calgary, AB T2G 0P6

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