The 5 Services Financial Advisors Need To Offer Their Clients
Discover why bookkeeping and accounting firms, along with financial advisors, need to offer services like SALT/SUT compliance, HR reporting, budgeting, and forecasting to stay competitive.
The Changing Landscape for Financial Advisors and Accounting Firms
The world of bookkeeping, accounting, and financial advisory services is changing rapidly. As businesses grow more complex and regulations become stricter, clients are no longer satisfied with basic financial reporting and tax filing. They expect comprehensive, proactive services that help them navigate multi-jurisdictional tax laws, ensure compliance with employment regulations, and create accurate budgets and financial forecasts.
For bookkeeping and accounting firms as well as independent financial advisors, this presents both a challenge and an opportunity. To stay competitive in today’s financial landscape, firms and advisors need to expand their service offerings beyond traditional bookkeeping and tax filing. Offering services like SALT (Sales and Local Tax) compliance, HR compliance and reporting, and budgeting and financial forecasting can help firms remain indispensable to their clients while growing their business.
ℹ️ Let’s explore why these services are essential and how they can help your firm or advisory practice stand out in a crowded market.
Financial Advisors Should Offer SALT/SUT Compliance
With more businesses operating across state lines and even internationally, managing Sales and Local Tax (SALT) and Sales Use Tax (SUT) has become a daunting challenge. Each state or locality has its own tax rates, rules, and filing requirements, which can lead to significant compliance headaches for businesses—and by extension, their accounting firms or advisors.
Offering SALT/SUT compliance services can position your firm as a trusted partner for businesses that operate across multiple jurisdictions. It’s no longer enough to simply file taxes at the end of the year—clients need ongoing support to stay compliant with various state and local tax obligations.
💧 Why It Matters
SALT compliance is not just about filing the right paperwork; it’s about protecting businesses from audits, penalties, and lost revenue due to incorrect tax filings. For firms and advisors, offering SALT compliance means providing peace of mind to clients while helping them avoid costly mistakes.
- By offering SALT/SUT compliance services, your firm can attract businesses with complex tax structures, turning a challenge into a long-term advisory opportunity. This creates a steady revenue stream while helping your clients manage their tax liabilities.
HR Compliance and Reporting: Staying Ahead of Employment Laws
Keeping up with evolving HR compliance regulations—such as labor laws, benefits requirements, and tax regulations related to employee compensation—can be overwhelming for businesses of any size. Yet, compliance is crucial to avoiding legal penalties, protecting employees, and ensuring that the company remains financially sound.
By offering HR compliance and reporting services, bookkeeping and accounting firms, as well as financial advisors, can fill a significant gap for their clients. Businesses that don’t have dedicated HR departments rely on their advisors to help them stay compliant with labor laws and ensure accurate payroll and benefits reporting.
💧 Why It Matters
Non-compliance with HR regulations can result in steep fines, lawsuits, or even damage to a business’s reputation. Advisors and firms that offer HR compliance services help businesses protect themselves while staying focused on growth.
- Advisors who provide HR compliance services will not only strengthen their client relationships but will also have access to new revenue streams. Offering these services positions your firm as a one-stop shop for businesses looking for both financial and employment regulatory support.
Financial Advisors should Assist in Budgeting
As businesses scale, having an accurate budget is essential for managing resources, maintaining cash flow, and planning for the future. Budgeting services allow your firm to step beyond number-crunching and help clients strategically allocate their financial resources for maximum efficiency and growth.
Businesses often lack the expertise to create detailed budgets that account for fluctuating revenue, changing labor costs, or unexpected expenses. Offering budgeting services not only helps your clients avoid financial pitfalls but also sets them on a path toward long-term success.
💧 Why It Matters
Budgeting isn’t just about maintaining the status quo—it’s about planning for the future. When businesses have clear budgets, they’re more likely to succeed in the long run, as they can better anticipate financial challenges and allocate resources effectively.
- By helping clients build robust, data-driven budgets, you become more than just a tax advisor—you become a strategic partner in their growth. Budgeting services can also lead to ongoing advisory opportunities, especially when paired with financial forecasting.
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Financial Forecasting: Give Clients the Power to Plan for What’s Next
For businesses that plan to invest in large capital expenditures—whether it’s new equipment, technology, oFinancial forecasting goes hand-in-hand with budgeting, but it takes things a step further by helping clients predict future revenues, expenses, and cash flow based on current and historical data. Businesses that have access to accurate forecasting are better prepared for market fluctuations, economic downturns, or business expansions.
For financial advisors and accounting firms, offering forecasting services helps clients understand the financial implications of different scenarios—whether they’re planning for growth, expansion, or an unexpected downturn.
💧 Why It Matters
Without accurate forecasting, businesses are essentially operating in the dark. Advisors who can offer financial forecasting services provide their clients with valuable insights that empower them to make informed, data-driven decisions.
- Offering financial forecasting services sets your firm apart by providing forward-looking insights that help clients stay ahead of potential financial challenges. This is a high-value service that can deepen your client relationships and lead to ongoing consulting engagements.
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Business Planning: Aligning Finances with Strategy
At the end of the day, the goal of any business is not just to survive—but to thrive. Business planning services allow your firm to help clients align their financial strategies with their broader business goals, whether that’s growth, market expansion, or increasing profitability.
Client advisors who can offer in-depth business planning services—by providing insights into cash flow, capital needs, and resource allocation—become invaluable to their clients. This service goes beyond numbers and offers a holistic approach to business success.
💧 Why It Matters
Business planning helps clients understand how to achieve their long-term goals, while ensuring their financial resources are aligned to support those objectives. Advisors who offer this service are better equipped to help businesses navigate challenges and capitalize on opportunities.
- By providing comprehensive business planning services, your firm moves from being a transactional service provider to a strategic partner. This opens up more significant advisory opportunities and ensures that clients rely on your expertise for their most critical business decisions.
Why Expanding Your Service Offerings Is Key to Competitiveness
In today’s fast-changing financial landscape, simply offering basic bookkeeping or tax filing services isn’t enough. To stay competitive and grow your client base, bookkeeping and accounting firms, as well as independent financial advisors, need to expand their service offerings. By providing services such as SALT compliance, HR compliance reporting, budgeting, financial forecasting, and business planning, your firm can become an essential partner in your clients’ success.
These expanded services don’t just offer new revenue streams—they strengthen your relationships with clients by providing comprehensive, forward-thinking solutions that go beyond traditional financial management.
Ready to elevate your service offerings and stand out in the market? Start offering more than just accounting—offer strategic insights, future-proof forecasting, and comprehensive compliance solutions.
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