The shift in focus to higher value, more profitable client services…

Historically, client accounting services, such as client write-up, after-the-fact financial statement preparation, and bookkeeping services, haven't always enjoyed the same level of visibility and value as a firm's audit and tax services. Often looked upon as high-transaction volume, low-dollar value work, these services have suffered from staffing challenges and difficulty generating a profit.

The most profitable services you can offer, such as virtual CFO and controller services, require a partner, or higher level CPA, to meet with clients on a regular basis to review financial performance and provide proactive advice and strategies to improve the business. The fees you can charge for these higher margin consultative services can often exceed tax and audit fees.

Many accounting firms are beginning to recognize that client accounting services – at all levels of the value pyramid – can be greatly improved and further automated through advances in technology, such as cloud-based solutions. These new technologies can dramatically improve how you deliver services to your clients to increase their financial performance and provide more valuable business advice. With real-time access to the latest information, you'll be in a better position to collaborate with your clients, optimize your staff's time and resources, and offer higher margin strategic consultative services.

Next: Cloud-Based Benefits