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Growing Revenue, Improving Customer Engagement - Lead the Way for 2023 Accounting Firm Goals

February 02, 2023

Wolters Kluwer released their annual accounting survey late last year, sharing, amongst other findings, the top five challenges facing accounting firms and their top 2023 goals. While the top challenges faced by firms varied based on firm size (see table below on top 2022 challenges), the top 2023 goals were consistent across the board:

  1. Grow revenue/profit
  2. Improve customer engagement
  3. Improve operational workflows
  4. Improve employee effectiveness
  5. Invest in new technologies to improve operations and support remote work

Fortunately for firms, the Integrated Advisory model helps to accomplish goals one, two, and five in spades.

How Integrated Advisory Helps Firms Grow Their Revenue

Increasing firm profits lies in changing client conversations from taking a hindsight approach to taking a front-facing approach to their financial state. No longer are accounting clients satisfied with a simple tax return – today they are looking for an integrated approach that considers not only their business accounting needs, but their personal and estate financial planning needs as well.

The role of the accountant is evolving to one of a true trusted advisor. One that elevates them beyond the preparation of financial statements and tax returns and is best positioned to assist clients with achieving their broader financial goals.

This evolving role not only better serves existing and future accounting firm clients, but it also increases and diversifies firm revenue. Firms in the Integrated Advisory network understand that personal and business finances are integrated and must be looked at with the same set of eyes. They also look to wrap their arms around as much of the client experience as possible, driving a shift from time-based billing to a more values-based approach.


How Integrated Advisory Helps Firms Improve Customer Engagement

Core to a successful values-based approach is the client relationship and experience. Trust is the cornerstone of this relationship, one in which the accountant can provide a one-stop-shop for their clients by leveraging the Integrated Advisory network to provide a holistic financial experience. One that includes investing best practices, insurance strategies, estate planning, and more.

It all starts with the Integrated Advisory discovery process. Step one of our Integrated Advisory Experience gives our accounting firm partners deep insights into their client’s personal and business life, by asking questions like:

  • Who is on your advisory team? (Banker, lawyer, investment counsellor, insurance advisor)
  • What is your past experience with other financial advisors
  • What is your vision for your company in 3 years? 5 years? 10 years?
  • What are your cash needs -  are you growing or harvesting in your business?
  •  What are the biggest threats to your business?
  •  How do you define legacy?
  •  What challenges do you foresee for your family?

Through the Integrated Advisory network, accountants have the opportunity to deliver a client experience that encompasses a wide range of services, specialists, and skills – making them a truly invaluable component of their customer’s success.

Reaching Your 2023 Firm Goals

As Wolters Kluwer states in their report, “successful firms will be those that become essential business partners to their clients. Standard compliance work is becoming more and more commoditized. Now, clients choose firms based on the additional value they can provide. Elevating the client-firm relationship will require firms to level up their client experience through a greater array of services while empowering their professionals to find and deliver deeper actionable insights for clients.”

If you're a client of an Integrated Advisory Network firm, ask your accountant how the Integrated Advisory Experience can help you reach your personal and business goals.

If you’re a firm looking for more information on how to become an Integrated Advisory Network Member, visit our “Accountants” page for more information. 

The Integrated Advisory community consists of progressive CPA firms, along with best-in-class professional advisors, service, and product specialists, who work together to deliver an elevated and holistic client experience. One that optimizes both their personal and professional lives with an integrated financial strategy designed to help clients reach their goals.