Accounting firms and private practices are discovering a simple, efficient, and highly profitable way to provide value-added advisory services at the "click" of a mouse—Technology.
What used to take hours and hours of cross-tracking and painstaking data entry to compile traditional compliance reports can now be accomplished in a matter of seconds. Which explains why technology is moving front and center of highly effective strategies within the accounting industry to scale firms and private practices.
It makes good sense. Who would not want to slash wasted work hours, increase efficiency, and boost their profitability without working harder or longer? Especially if the technology is simple to use, surprisingly affordable and backed by an expert Customer Success team always ready to help customers every step of the way.
The 3-Step Process for Deploying Easy-to-Use Technology to Launch and Scale High-Value Advisory Services
Qvinci is the industry leader in providing innovative technology solutions that are transforming the way accounting firms are doing business. Its patented solution automates the near real-time collection, consolidation and mapping of financial data to a Standard Chart of Accounts.
Plus, its Turnkey Advisor Program is a simple 3-step process that is proven to increase advisory engagements while also enhancing efficiency and slashing wasted work hours.
Overview of Qvinci’s Turnkey Advisor Program
STEP 1 — Review the Metrics with the Advisory Portal
Utilization of a single, dynamic dashboard with color-coded favorable (GREEN) and unfavorable (RED) trending across multiple time periods for the 10 key ratios that drive most organizations is essential.
The Advisory Portal is proven to increase advisory engagements by motivating accountants and bookkeepers to keep in touch with their clients to advise them on areas of concern before they become problems.
Additionally, the Advisory Portal provides accountants and bookkeepers with a wide-angle view of critical, dynamic data and performance analytics that focus on the 10 key ratios that drive most organizations.
The general ledger and journal entries can be accessed directly from the portal. Plus, the sophisticated layout is fully customizable.
STEP 2 — Generate the Reports with the KPI Scorecard and Financials
Providing clients with easy-to-understand Business Intelligence and Financial Reporting packages is proven to motivate clients to promptly call their accountants or bookkeepers for corrective advice. In other words, GREEN means you are good and RED means, “Uh oh, we need to talk.
Using Qvinci to generate the actionable business intelligence and financial reports for clients with the Turnkey Advisor Program accomplishes in seconds what normally takes hours and hours.
The Automated KPI Scorecard (Single Entity) selects the top 5 Income, COGS, and Expenses for any accountant or bookkeeper’s client connected to Qvinci and exports the report package to Excel. It also allows for the omission of any KPIs the user doesn’t want their client to see, as well as the ability to convert the report to a PDF and email it straight to the client.
- The "Ideal Range" of Income, COGS, Expenses, and KPI analysis is based on the weighted average of a client’s last 12-months actuals with a +/- 2% spread.
Join Qvinci Software for "How to Deploy the Right Technology to Launch and Scale Profitable Client Advisory Services." The webinar will be held July 27 at 2 p.m. (EST). SIGN UP HERE.
In summary:
o GREEN = At or above the "High" for Income; At or below the “Low” for COGS and Expenses
o BLACK = In range
o RED = At or below the “Low” for Income; At or above the “High” for COGS and Expenses
- The "Entity Performance" section shows how a client's business is trending in the critical areas of Income, COGS, Expenses, and KPI analysis over the selected period.
o GREEN = Favorable trend
o RED = Unfavorable trend
- Additional four tabs provide graphical views of a client's Income & Total Expenses, Cash Balances, Top 10 Expenses, AP & AR Actuals.
STEP 3 — Spread the Word Using the Marketing Kit
Marketing advisory services to existing and prospective clients is an absolute must to keep up with the competition and is also an effective strategy for generating interest in accounting firms that provide advisory services. This is easily accomplished with Qvinci’s Marketing Kit, which contains easy-to-implement instructions and expertly crafted email marketing templates provided free by Qvinci to all users.
Using Advanced Technology to Drill into Granular Client Data
When using the right advisory services technology, accountants and bookkeepers can easily access multi-level data. This enables the acquisition of critical information that gives clear causes for financial performance.
With Qvinci, the user can start in the Advisory Portal and with four quick clicks of a mouse:
- Choose the desired reporting period and review the data
- Click any desired cell and drill down to the Advisory Analysis Card to review more data
- Drill down even further into underlying financial reports for the next level of granular data
- Drill down to the most granular data at the transactional level in the General Ledger and Journal Entries
Now is the time to integrate high-impact technology into your accounting firm’s business model to provide and scale value-added advisory services to your clients. When using the right technology, it is easy to significantly increase your profitability without working longer or harder.
In fact, when implementing processes like Qvinci’s Turnkey Advisor Program, making more money in less time with minimal effort and risk is as simple as 1-2-3. Just review the metrics, generate the reports and spread the word.
That’s every accounting client’s dream come true—Actionable financial insights everyone understands.
Brad Adams is the CEO of Qvinci Software. A primary component of Brad’s role is to consult with the leadership teams of accounting firms of all sizes. Brad is known for his expertise in implementing advisory engagement programs that significantly reduce manual work hours while adding enormous value and profit to client advisory offerings.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.