Skip to main content

Looking for Valuant? You are in the right place!

Valuant is now Abrigo, giving you a single source to Manage Risk and Drive Growth

Make yourself at home – we hope you enjoy your new web experience.

Looking for DiCOM? You are in the right place!

DiCOM Software is now part of Abrigo, giving you a single source to Manage Risk and Drive Growth. Make yourself at home – we hope you enjoy your new web experience.

Growing your firm’s advisory services: Financial management

July 15, 2015
Read Time: 0 min

One of the growing interests for accountants is expanding
their firm’s services to include financial advisory. The transition from
compliance to consulting makes sense: tax season is just that, a “season,” and
nearly 60
of respondents to a Sageworks survey indicated they saw an increase
in total revenue by adding financial services to their accounting practice. If
you have already made this transition or are thinking about it, it is important
to understand your clients’ pain points.

One such pain point is the confusion behind identifying ways
to effectively grow their business through the management of financial
resources. Helping your client plan and implement the ways they acquire and use
financial resources to grow their business can be beneficial to deepening your
professional relationship
. Here are three ways you can help your clients
acquire and manage their financial resources:

  • One simple and, if well managed, surefire way to introduce
    more capital into the pockets of your clients is a business
    rewards credit card
    . Whether using a national bank, regional bank,
    community bank or credit union, there are numerous cards that can help your
    client leverage their credit to create capital. Credit cards, whether for
    personal or business use, can add value to businesses because of the rewards
    they offer. Some provide higher rewards for travel, gas, restaurants or online
    purchases, among others.
  • Equity, in the first few years of operation, can be
    beneficial in establishing the base of your clients’ operations. Advise clients
    to look for business partners or help connect them with investors in their
    region. Investing personal assets can also be a helpful route to gain working
    capital, however the riskiness of the business should be determined before
    advising this option.
  • Loans for small businesses are another avenue that you can
    advise clients to use. Although some banks have largely
    pulled out
    of <$1MM loans, there are still lenders like Bankers Healthcare Group that provide different
    types of financing
    to businesses in various healthcare industries. For example, Bankers Healthcare Group offers commercial working capital loans from $20,000 to $500,000 that can be used to increase cash flow, make
    expansions and improvements, perform marketing services or fulfill a number of other needs. They also offer loans for business startups, which have been used to open wellness centers, patent development, ice cream parlors and developmental disability computer software. Lenders like this, and other companies like Funding
    , are great resources to advise your
    clients to use.

The advantage of working capital is obvious to some degree.
Having capital on hand will allow your clients to pursue the opportunities that
will help develop their presence in the market. Whether purchasing equipment
that helps decrease their days in inventory or investing in progressive
technology, working capital can provide your clients opportunities that were at
one time difficult for them to consider.When considering moving into an advisory
it is helpful to know the benefits of making the transition. One
in four
tax professionals offer financial advisory services to their
clients and the
one reason small business owners switch accountants
is because of their
lack of proactive guidance. By adding financial advisory services to your firm you
will remain competitive and mark yourself as a proactive, industry leader.

For more information on loans and financial advisory
services, access the complimentary whitepaper:
Help Business
Clients Win Loans: The Accountant’s Guide

About the Author


Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

Full Bio

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.