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Many accountants take CPA exam courses in order to attain the top designation in their field and deliver business advice as well as accounting services. Possessing the distinction of a CPA license is the right approach for attracting consulting work. But moving into an advisory role demands some special planning by a CPA firm.

The process is initiated by developing a reputation of trust. This arises from individuals trusting an accountant to discretely handle confidential data. In addition, a CPA gains trust by accurately compiling financial reports and tax returns according to the standards set forth in study for CPA exam completion.

CPAs with established relationships of trust are empowered to move forward with steps that promote their expertise as advisers. One of the benefits of embracing the role of business adviser is that it permits opportunities to convey the level of knowledge embodied in courses for CPA credentials. Better proof of CPA ability strengthens relationships with clients and results in referrals of new business.

Most accountants that deliver business advisory services as part of their professional practices did not take that direction merely to attain higher profit. This accounting specialty was appealing because of personal satisfaction derived from having the twin function of numbers master and business adviser. For many accountants, rendering business advice was always part of their career objectives. Their plans to work with small businesses were established during CPA review courses.

Branching out into a role as business adviser is a long-term plan. CPAs must first establish a foundation of trust with core services such as tax return preparation, audit, or financial reporting. Over the course of several years, a gradual system of trust develops. From that point forward, a CPA can begin asking more penetrating questions of clients and eventually open them to the concept of contracting for ongoing regularly delivered advice.

A CPA that provides advisory services is essentially a strategic partner for businesses. This requires selecting clients that are the best fit for a collaborative process. Accomplishing that might necessitate focus on a particular industry or businesses with distinguishing elements such as a large number of employees.

Accountants extending their services as business advisers don’t have to know the answers to every client question. They only need to know where to find the answers. This is just like fundamental numbers tasks in accounting work. That is, some issues take time to explore in greater depth. An accountant doesn’t always remember every detail from CPA study material. But, a little research quickly finds the right answer to a specific matter. Giving business advice is a lot like that. Advisory services entail plenty of reflection and then helping business owners visualize the likely results of intended
actions.

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.

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