Every week we hear and read about the impact on traditional compliance work. We hear that traditional accounting services are drying up and with it our revenue streams. But are they really. Or is that we need to rethink our services and the value we add to clients.
Tax planning is a great example of a simple process that certainly does this. Tax Planning is a very specialised and highly skilled service so why don’t firms do more tax planning for their clients?
Here is the challenge… how many times in the last five years have you quantified for your client the tax savings from the advice you provide? As an industry we need to get better at selling what we do and this is a key service offering. Tax planning is a core service that we should be offering to more clients.
Another by-product of tax planning is developing an action plan and including it with the tax planning report listing all the actions the client needs to take by a certain point in time. E.g. super contributions, prepaying interest etc. This way there can never be any confusion about what the client needs to do to achieve the tax benefits. This also creates an environment of accountability going forward in the relationship.
I encourage each and every practice that offers taxation services to look at tax planning cloud solutions. You could significantly reduce the time involved yet provide a more valuable service to your clients.
If you want to learn how to unlock tax planning as a revenue stream and find out how it can provide incredible margins to your practice then I suggest you come along to ATSA (Accountant’s Technology Showcase Australia) on 24 and 25 October 2016, there will be a number of providers you can visit at the exhibition, and tech talks that will show you how Tax Planning can be a huge boost to your practice’s revenue streams.
Mark Holton, Smithink