Leveraging Practice Forward’s support network to success
Advisory is a growing business opportunity for accounting firms. This is due to the increasing demand from clients for proactive and value-added tax advice. Discover how your firm can confidently transition to advisory. Jump
To Transitioning to an advisory-focused business model offers numerous benefits, including increased revenue, stronger client relationships, and a more fulfilling work environment for staff.Despite these advantages, many firms are hesitant to make the leap. It can be overwhelming to make the switch, and many firms don’t know how to begin. However, with a proven advisory roadmap, dedicated resources, and a robust support community, your firm can confidently and profitably make the transition to advisory.
Understanding the shift to advisory
To fully understand the need for advisory services, it’s important to take a holistic look at the tax and accounting environment. Automation and AI has streamlined routine tasks like data entry, transaction processing and compliance-based work. AI offers accountants the opportunity to move their focus away from annual tax compliance and towards proactive insight year-round for clients. As such, a growing number of firms are shifting away from compliance-based business models in favor of value-based pricing and higher-margin advisory services.
An introduction to Practice Forward
Thomson Reuters Practice Forward is a comprehensive solution designed to help accounting firms transition successfully into advisory services. By providing essential tools such as proposal templates, pricing calculators, and checklists, along with personalized consulting and support, Practice Forward equips firms like yours to navigate the shift to advisory services confidently.
Through your Practice Forward membership, you’ll gain access to over 160 tools that help your firm:
Implement and execute a proven sales process
Identify and package your firm’s services
Develop a pricing strategy
Standardize business best practice advisory delivery
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- Transition existing clients to advisory relationships
- Uncover client advisory opportunities
- Practice Forward also offers members a thriving community for collaboration. Members can learn from their peers, network and share ideas at the Practice Forward Connect event. This in-person gathering fosters community among like-minded professionals, allowing for the exchange of insights on navigating the transition to advisory services.
- In addition, virtual office hours and advisory roundtables provide ongoing support and collaboration opportunities so members can connect with consultants and advisory graduates, ask questions, and gain insights into common challenges and successes.
- “The Thomson Reuters Practice Forward community is amazing. When I first started my journey into advisory, and I got to know the other people and firms within the Practice Forward Group, I found out that you can access unlimited resources online to help with this journey. This network is crucial in helping firms embrace advisory services. This collaborative environment is invaluable. As Kisner emphasizes:
- “You’re not alone. You are not an island. You’re not alone. You are following in the footsteps of many others who have implemented advisory into their firm and become advisory-focused firms. If you ask, they will give you all the tricks and tips you need. By no means are you on your own. By leveraging this wealth of expertise and experience, firms can accelerate progress and achieve better results for their clients and themselves. Thomson Reuters Practice Forward gives you access to powerful tools, as well as a vibrant community that is dedicated to helping your business succeed. By leveraging these resources, you can increase revenue, build stronger client relationships, and create a more rewarding work environment.
Now is the time to transform your business and embrace the opportunities that advisory services offer. Explore
Practice Forward
and request a demonstration today!
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