Wasp Barcode, 41% of small business (SMB) owners feel their accountants are too reactive instead of being the proactive advisors they want them to be. The research study indicates that this is the most common complaint about accountants and the services they provide among SMBs.
While this insight may not surprise too many accounting professionals, for many firms, the clear path to address it with true advisory services remains elusive.
The difficulty in delivering the next generation of accounting services lies in part because of the revenue structure of traditional accounting firms which is based on monthly and quarterly compliance-based revenue, and partly due to the time and focus it takes to scale the services required to create a true advisory firm, rather than a tax and accounting firm offering some advisory services.
Making this shift to the next generation of advisory services and reaping the revenue and efficiency rewards of scaling them also requires you to take a truly holistic advisory approach with your clients.
Where do you begin in becoming a next generation advisory firm and answering the proactive advisory needs of your SMB clients? One key way is by implementing an integrated bill pay, spend management and expense management platform that can act as an accelerator for your firm in this process.
How does this strategy help you? The value proposition for you and your clients is clear and compelling with Corpay One:
- Using a single suite of spend management solutions allows your firm to create an additional revenue stream
- Eliminates the technology costs associated with using multiple solutions.
- In addition to the revenue increase, the time it takes to deliver these services is reduced by approximately 50%
- Your firm makes money on your clients’ payments, the transfer of cash and when clients sign up for Corpay One’s corporate card
- When clients use the card, you also receive revenue
The Corpay One integrated spend management platform is a free, secure, multi-application platform, there are no costs for you or your client to use it, which means you can keep more money in your pocket—or use it to advance your advisory services even further.
To learn more about implementing the infrastructure necessary to deliver proactive advisory solutions with higher value and lower cost, DOWNLOAD Corpay One’s "Next Generation Advisory Services Leverage Automated Spend Management for More Profitable Client Engagements."
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