For some time now it has been increasingly common to see firms describing themselves as “accountants and business advisers.”
But what does that really mean? Is it just branding fluff, or a genuine service offering?
Some firms add the label as a way to differentiate themselves locally. Others just think it sounds more impressive. And some are doing it because they have been told for years that they should do more ‘advisory’ work. Though the nature of this work is rarely explained – beyond possibly employing some new tech resource.
NB: I know of accountants constantly seeking the perfect tech solution to both analyse clients’ data and position the accountant as a great business adviser. At some point you have to accept that YOU need to develop the confidence to deliver the advice (and to help clients appreciate the value you deliver such that they are willing to pay good money for your advice. The software cannot do any of this for you!)
Here’s the other catch: not everyone who claims to be a business adviser is actually providing business advice – or at least, not in a way that clients recognise or value.
Hence my question: Are you an accountant, a business adviser – or both? And more importantly, would it benefit you (and your clients) to position yourself as the latter?
The origin of this blog post is an article I wrote ten years ago. And I have been delivering talks on this subject for some years too. Always to help those accountants who want to make the transition to do so.
Obviously there have been plenty of developments since 2015 but the thrust of what I said in the article is unchanged.
Why many accountants avoid calling themselves business advisers
You might not promote yourself as a business adviser for a number of good reasons:
– You don’t feel confident or experienced enough to offer advice outside the core compliance work you have always done.
– You give practical input naturally during conversations, but don’t see it as a chargeable service.
– You’ve never really thought about it.
– You prefer to keep your brand clearly “accountancy” focused.
All perfectly valid. But let’s not assume it has to stay that way.
What makes for a credible business adviser?
If you do want to go down the “business adviser” route, credibility matters. Clients are savvy – they’ll spot the difference between someone who genuinely adds value and someone who just adds a title.
Ask yourself: where does your knowledge come from?
- Your own experiences – running a practice, prior in-house roles, or working with similar clients.
- Ongoing learning – through reading, listening, networking, or attending events.
- A structured system – perhaps software, frameworks or programmes you’ve adopted to formalise the advice you give.
Whatever your approach, you need more than good intentions. This isn’t about being a cheerleader or saying what clients want to hear. It’s about being grounded, commercial, and helpful – without pretending you’re a one-person board of directors.
And remember, that otehrs are looking to offer your clients business advice too. People like management consultants, business coaches and profit improvement specialists. One accountant told me how upset he was to learn what a client of his was paying a business coach. “He has less business experience than me, no understanding of the finances and yet my client is happy to pay him thousands of pounds!” There’s a lesson here.
I don’t position myself as a business adviser – beyond noting that some of my mentoring clients have described me or chosen me as they want my blend of skills, insights and advice as a quasi-NED for their practice. That’s what they want – not a ‘business adviser for accountants’.
What kind of advice do your clients actually want?
Many business owners want more from their accountant than the production of accounts and tax returns. But they don’t always know how to ask – or what to expect.
They complain about accountants who just do the books and give no proactive advice. Yet many accountants quietly do offer solid business insights during meetings or calls – they just don’t label it as such.
Here are three possible styles of “business advice”:
- Quasi non-exec – attending regular meetings, reviewing performance, acting as a sounding board.
- Business coach – supporting, nudging, and challenging clients to think bigger and act smarter.
- Trusted first port of call – someone who listens and points them to other specialists when needed.
Each of these roles has value. But you need to be clear on where your boundaries lie – ethically, professionally and practically.
5 types of advice for your clients
I have long suggested recognising 5 types of advice that accountants typically offer their clients:
- Impromptu or ad-hoc advice: You probably list out on your website a lot of topics on which you COULD provide advice, IF a client asks. In practice they don’t ask very often. So your impromptu advice tends only to be required when something happens out of the ordinary. The client needs your help dealing with a third party, such as HMRC, with the bank or with a possible purchaser for the business
- Specialist advice: Equally you might have some specialist expertise on which you do proactively offer advice to many of your clients and for which new clients choose to approach you and for which you get paid. Perhaps the most common area of specialist expertise in this context is specialist tax advice.
- Financial analysis: It’s only now that we start to move more into generic business focused advice – it’s the advice some accountants give that involves reviewing the results of the business and offering insights and advice re cashflow projections. It starts with quite low-level financial advice that is akin to the sort of thing that financial controllers might otherwise be doing in-house for larger clients. It might include backwards looking analysis of the numbers in management accounts for example. Debtors analysis and so on.
- Profit improvement advice: This goes further than simple financial analysis and includes the projections, forecasts and advice that are closer to what a CFO or FD might be providing. If you provide such advice to clients they are less likely to engage an outsourced FD, a part-time or even a full time FD.
- Strategic business advice: This is the holy grail and typically involves providing regular and valuable strategic business advice that your clients are willing to pay for on a monthly basis. Clearly this is harder and more time consuming than compliance work and less easy to delegate or leverage. Larger clients who don’t get this from their accountants but who have recognised the benefits it could offer, may instead engage an outsourced, fractional, part-time or even a full time FD.
Is there demand for advice among your client base?
Let’s be honest. Some clients just want their accounts filed and tax calculated.
They don’t want or value business advice – and they definitely won’t pay for it.
That’s fine. But it also means you might be stuck in a cycle of undercharging, over-servicing and under-valuing your own expertise.
So the question is: could some of your clients pay more – and benefit more – if they got your insights in a more structured, proactive way?
And if the answer is yes, perhaps it’s time to start showing up differently. Not with hype or hollow promises, but with clarity and confidence.
You don’t have to do it all alone
Not every accountant has the personality or interest to be a full-blown business adviser. That’s ok. But that doesn’t mean your clients should go without support.
Sometimes, the most valuable thing you can do is introduce them to someone better placed to help – whether that’s a marketing expert, HR consultant, funding adviser or coach.
Being a connector builds trust and deepens relationships. And it positions you as the person who “knows people” – which is a huge win in itself.
You can also learn from other accountants who’ve cracked this already. Maybe it’s not as scary as it sounds. Maybe it’s just about taking the first step, trying something new, and seeing how your clients respond.
Conclusion: are you both, and do your clients know?
Most accountants working with business clients already do give some form of business advice – even if they don’t call it that.
If that’s you, then perhaps it’s time to own it. Let clients see what you’re really capable of – beyond the numbers.
And if you’re not sure how to make that shift, or want to learn from others already doing it, let’s have a conversation.
