What are accounting advisory services?

From a tax and accounting firm perspective, the following activities are considering advisory services: Essentially, accounting advisory services are geared toward identifying a clients’ business goals, setting the path toward those goals, and guiding the client down each step of that path.

What is advisory accounting?

Advisory accounting goes beyond the recording and reporting of financial transactions by examining the present or looking to the future and providing guidance to business owners. With the right direction, they can make better-informed business decisions, increase their profits and cash flow, and avoid potential problems. Advisory accounting is not the same thing as consulting.

Why do accounting firms need advisory services?

Advisory services make sense for accounting firms who already have the trust of their clients and are looking to provide a more robust and holistic set of services, while also growing their business. Consultants often don’t have the deeper, more personal knowledge of the client.