Figured Article Image - ARTICLE IMAGE
This article dives into the exciting opportunity for accounting firms to expand their services into Client Advisory Services (CAS) specifically tailored for the agricultural sector. Traditionally, accounting services have focused on tax and compliance, but CAS offers a path to exponential growth. In agriculture, this growth potential is particularly significant, with a possibility of boosting fee bases by 200-300%.
Why is there a high demand for CAS in agriculture?
Farmers face complex challenges today: fluctuating markets, rising costs, and high interest rates create a landscape of uncertainty. They need trusted advisors and specialist financial tools to navigate these uncertainties and help them make informed business decisions. General accounting tools and manual spreadsheets don't have the capacity to handle the intricacies of agriculture.
Figured and QuickBooks Online: The Perfect Fit for Ag CAS
This is where Figured and QuickBooks Online come in by combining farm production and financial data on a single connected ledger to provide a holistic view of a farm’s performance. Agribusiness-specific outputs (i.e. profit per bushel, livestock performance metrics, field-level profitability etc.) provide key financial insights that enable accountants to enhance reporting and deliver advisory services at scale to their farmers.
But successfully implementing CAS in agriculture requires more than just the right technology. A mindset shift for accountants is crucial.
The Accountant as a Trusted Advisor:
Accountants need to move beyond simply reporting numbers and take on a consultative role. The eBook [download link to be inserted here] explores this shift in detail, outlining three key ways accountants can become trusted advisors for their agricultural clients:
- Interpreting data: Providing key insights that directly impact the farmer's business performance and growth.
- Focusing on future potential: Using financial data to forecast performance and identify opportunities to get ahead of the curve, rather than being reactive.
- Guiding farmers on financial technology: Being the financial expert who confidently recommends the right financial management and accounting tools for their business.
Customer Value at the Core:
The success of CAS also hinges on understanding that customer value is paramount. Developing CAS based on the specific needs of agricultural clients, and then scaling for efficiency, ensures the service directly benefits the farmer's bottom line. Value-based pricing, which reflects the value delivered to the client's business rather than time spent, is another key consideration.
Unlocking Hidden Needs Through Proactive Communication:
Unlocking these hidden needs requires a shift in communication as well. When your client relationships are purely based on tax and compliance, it is unlikely farmers will think of you even when they have needs you could meet with CAS services. One of the major changes to make is moving to regular and more proactive communication with your customers.
- Educating farmers: Explain how CAS can address their challenges and open doors to new possibilities (learn more about how to do this effectively in the eBook [download link to be inserted here]).
- Framing communication around real-world problems: Should your client repair or replace machinery? Should they expand and buy the farm next door? What do changes in interest rates or commodity prices mean for them? Focus your conversations on the challenges they are likely to face.
- Speaking the language of farmers: Use reports and outputs they can understand and relate to, to further strengthen the client relationship.
A Unique Opportunity for Growth:
The agricultural industry presents a unique opportunity for accounting firms to specialize and achieve significant growth through CAS. However, embracing this opportunity requires specialized tools like Figured and QuickBooks Online, along with a strategic approach that prioritizes the client's needs and leverages the accountant's expertise. By becoming a trusted advisor and adopting a future-focused mindset, accountants can empower farmers and unlock a world of success for both parties.
Ready to learn more? Download the eBook to discover how Figured and QuickBooks Online can help you unlock the potential of CAS in agriculture!