BEYOND THE DIGITS:

EXPAND YOUR
ACCOUNTING
PRACTICE WITH NEW
REVENUE STREAMS
A QUICKBOOKS EBOOK
 Introduction
While the core principles and activities of accounting remain the same, the profession is
undergoing a profound transformation, driven by advancements in technology, changes
in regulations and shifting client expectations.

Today, accountants and bookkeepers are more than just number crunchers, clients want
them to be strategic partners and advisors to their business. To be positioned in this way,
you will need the support of a cloud-based software partner such as QuickBooks, who
can support you with the data and insights you need to back up your strategic role.

This e-book explores this dynamic and the emerging opportunities open to you to
diversify your client services into the advice realm. While the familiar terrain of audits,
taxes and bookkeeping will still be your bread and butter, there is much potential to
offer an expanded array of products and services to cement relationships with existing
clients and attract new ones.

Here, we delve into actionable insights you can use to build your business by embracing
innovation and change. This will allow you to create a more robust and dynamic practice
that remains relevant and indispensable in the years to come.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 3
 1.Understanding the
shifting landscape for
accounting services
Workstreams such as audits, tax preparation and bookkeeping provide a solid foundation
for your practice. But there are many ways to broaden your suite of services to add value
to clients and expand your business.

One of the primary challenges lies in the fact traditional accounting services, while
essential, often operate within a well-defined scope. This can lead to a plateau in revenue
as clients may perceive these services as transactional rather than strategic.

One of the best ways to address this is to identify gaps in the market and unmet client
needs you can fulfil to expand your revenue. Businesses today are hungry for strategic
insights, data-driven decision-making and proactive financial guidance, backed by the
support of a trusted cloud-based software partner such as QuickBooks. Draw on the data
from your cloud-based system to produce the data and insights you need to support your
strategic advice.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 4
 2. Exploring alternative revenue
streams in accounting
Accountants and bookkeepers have many valuable skills that can be applied to various
areas beyond traditional tax and financial reporting.

Here are some alternate revenue streams you can explore.

Accounting advice and consultation

Consulting services: you can offer consulting services to help businesses

improve their financial processes and make more informed decisions.
This could include cost analysis, budgeting, financial forecasting and internal
control assessments.

Forensic accounting: you can investigate financial discrepancies, fraud and

other financial irregularities. Work with law firms, insurance companies or
corporations to analyse financial records and provide expert testimony in
legal proceedings.

Virtual CFO services: small and medium-sized businesses may not have the
resources for a full-time CFO, but can benefit from periodic financial guidance.
You can offer virtual CFO services to provide strategic financial advice and help
with financial planning.

Business valuation: help clients to determine the value of their businesses

for purposes such as mergers and acquisitions, succession planning and
shareholder disputes.

Business start-up assistance: you can guide entrepreneurs through

the process of setting up a new business, including choosing the
right business structure, registering for tax and providing advice on
financial management.

Not-for-profit accounting: not-for-profit organisations have unique accounting

and reporting requirements. You can specialise in this area, helping
organisations with compliance, financial reporting and fundraising strategies.

Sustainability and ESG reporting: as environmental, social, and governance

(ESG) reporting becomes more important, you can specialise in helping
companies measure, report and improve their sustainability performance.

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 Start-up advice: you can provide specialised support to start-ups, including
financial planning and growth strategies.

Transaction accounting: you can advise on financial aspects of mergers,

acquisitions and corporate restructuring.

Risk management: you can help businesses identify and manage financial risks,
develop risk mitigation strategies and implement risk assessment processes.

Insolvency and bankruptcy accounting: this involves assisting individuals and

businesses in financial distress or facing insolvency.

Data analysis and insights: with advanced data analytics skills and the support
of cloud-based software such as QuickBooks, accountants can help businesses
mine financial data for insights that can drive better decision-making and
operational improvements.

Technology consulting: as businesses rely more on technology, accountants

can offer consulting services to help companies select and implement software
and systems.
Technology consulting: as businesses rely more on technology, accountants
can offer consulting services to help companies select and implement software
and systems.
Training and workshops: you can offer training sessions and workshops on
financial literacy, cloud accounting software and other relevant topics for
businesses and individuals.

Advice for individuals and families

Personal or business financial education: you can create and sell educational
materials such as books, online courses or webinars, to help clients better
understand financial concepts.

Personal financial planning: with the right experience and qualifications, you
can offer financial planning services to clients, helping them set and achieve
financial goals, manage investments and plan for retirement.

Estate and trust planning: help clients create comprehensive estate plans,
minimising tax implications and ensuring smooth wealth transfer.

Family office accounting: you can manage the financial affairs of high-net-
worth families, including investments, estate planning and wealth preservation.

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 Tax accounting

Specialised tax services: while it’s common for accountants and bookkeepers
to provide tax services, specialised services such as international taxation,
expatriate tax planning or tax credits and incentives consulting can cater to
specific client needs.

International taxation: you can advise clients on cross-border tax issues and
international business transactions.

As you can see there are many

different options open to you.
The right choice will depend on
your interests, your current
clients and the industries in
which they operate, as well as
the business climate.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 7
 3. Advisory services: unlocking
your expertise
Advisory services encourage proactive planning and forward thinking, helping clients to
anticipate potential issues and capitalise on emerging trends.

Here are some of the advisory services you can offer clients:

Initial consultation fee: you charge a fee for the first consultation, during
which you assess the client’s needs and propose potential advisory
services. However, many advisors don’t charge for this and instead build
this cost into the fee charged for ongoing work.

Hourly rate: this involves charging clients based on the number of hours
spent providing advisory services. This is a straightforward method, but it
may not always accurately reflect the value of the advice provided.

Fixed fee: this means offering advisory services for a predetermined

fixed fee. This can provide clients with cost predictability and may
encourage them to seek advice more freely.

Retainer: in this approach you charge a regular monthly or annual

retainer fee for ongoing advisory services. This can provide a steady
income stream and continuous support for the client. But it’s important to
have a clearly-outlined scope of work and charge for anything beyond
the scope, as agreed with the client.

Project-based pricing: this means charging a flat fee for specific

advisory projects. This approach is suitable for well-defined projects with
clear deliverables.

Market-based pricing: this means setting prices based on industry

standards, competitors’ rates and your experience and expertise.

Whichever method you choose, it’s an idea to do some research and find out what other
similar firms charge, so you can meet the market.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 8
 4. Positioning your business as
a specialist in niche areas
Another great idea to diversify into different areas and develop your positioning as an
advisor is to focus on an industry sector. Here are some options.

Here are some options.

Healthcare accounting Real estate accounting Entertainment and

media accounting
This requires handling financial This means managing financial
matters specific to healthcare aspects of real estate transactions, You will handle financial matters
institutions, such as medical property management and real for artists, entertainers and
billing and reimbursement. estate investment. media production companies.

Hospitality and
Agribusiness accounting
tourism accounting
This means serving the unique
financial needs of agricultural and You will provide financial
farming businesses. expertise to hotels, restaurants
and tourism-related businesses.

Build your reputation

To position yourself as an expert in a particular industry,
you will need to get close the sector in a number of
different ways. For instance, you can become an
associate member of industry and trade associations,
become involved in online forums where people from
the industry discuss their opportunities and challenges
and attend events to expand your networks.

Remember, this is a long-term approach. The key is

consistency, so you build your reputation and status in
the sector over time.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 9
 5. Using data analysis and
reporting to build your practice
There is a multitude of ways you can expand your practice into new areas through
sophisticated data analysis, drawing on insights generated from leading cloud
accounting software systems such as QuickBooks.

Here are some examples:

Trend analysis for proactive planning

By tracking financial trends over time, you can identify patterns and
anomalies that reveal valuable insights about your clients’ businesses.
The idea is to analyse revenue, expenses and profitability to help
clients plan for the future, recommending adjustments to capitalise on
upward trends and mitigate risks during downward cycles.

Ratio and benchmark analysis

Use financial data and industry benchmarks to assess your clients’
financial health relative to their peers. Calculate measures such as
liquidity, solvency and profitability to pinpoint areas of strength and
weakness. Then, provide actionable advice on how to improve their
financial performance.

Cash flow forecasting for

liquidity management
Help your clients navigate cash flow challenges by creating detailed
cash flow forecasts. Analyse historical data to predict future cash flows
and identify potential shortfalls. Suggest strategies to optimise cash
flow, such as delaying expenses, accelerating receivables or
managing inventory more efficiently.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 10
 Cost-volume-profit analysis for
pricing strategies
Guide clients on setting appropriate pricing for their products or
services by conducting a cost-volume-profit analysis. Evaluate how
changes in costs, volumes and selling prices impact profitability,
then recommend pricing strategies that balance revenue
generation with cost control.

Break-even analysis to set

performance goals

Use break-even analysis to determine the minimum level of sales

needed to cover costs. This helps clients set realistic performance
goals and understand the profitability implications of various
scenarios. Advise on cost reduction or sales strategies to achieve
desired outcomes

Capital budgeting and

investment appraisals
Assist clients in making informed investment decisions by analysing
the potential returns and risks of capital projects. Calculate metrics
like net present value (NPV) and internal rate of return (IRR) to
assess project viability. Provide guidance on prioritising projects
that align with the company’s financial objectives.

Tax planning and compliance reviews

Go beyond tax preparation by offering strategic tax planning services.
Analyse clients’ financial information to identify opportunities for tax
optimisation. Advise on deductible expenses, tax credits and
structuring transactions to minimise tax liabilities while ensuring
compliance with regulations.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 11
 6. Collaborating
with other
professionals
Forging strategic partnerships with other
professionals is an excellent way to grow your
business. Collaborations with lawyers, financial
advisors and other experts offer a fruitful
avenue for accountants to expand their service
offerings, attract a broader clientele and create
a thriving ecosystem of different solutions.

Working with lawyers, financial advisers,

turnaround specialists, business coaches and
financiers can introduce you to a completely
new cohort of clients with whom you may not
have previously connected.

A satisfied client may require legal counsel or financial planning, and a well-connected
accountant can seamlessly direct them to trusted partners. In return, these partners can
refer clients in need of accounting services to you. This symbiotic network amplifies the
reach and credibility of all involved.

The best way to build partnerships with other

Build professionals is to attend local chamber of commerce

events, search for likeminded professionals on LinkedIn
partnerships and ask your clients for referrals to the other experts and
professionals with whom they have a relationship.

Collaborating and networking with help you expand your service portfolios and
enhance client satisfaction. By harnessing the collective expertise of lawyers, financial
advisors and other professionals, accountants can position themselves at the heart of
clients’ success stories.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 12
 7. Marketing your new services
Embracing alternative revenue streams is just the beginning; effectively marketing
these new services is key to their success and your practice’s growth. Crafting a
compelling marketing strategy requires a mix of creativity, digital savvy and a
customer-centric approach.

Let’s explore some steps you can take to ensure your new offerings gain the
attention they deserve.

1 Craft a marketing strategy

Begin your marketing strategy by defining your target audience. Understand their pain points,
aspirations and how your new services can address their needs. Develop a value proposition
that clearly communicates the benefits of your offerings and highlight what sets you apart and
why clients should choose your services. Your strategy should outline messaging, channels
and goals to guide your efforts. Make sure your existing branding is also suitable to support
your foray into new markets.

2 Implement digital marketing tools

Digital marketing strategies can really amplify your reach. Start by adding your enhanced
service offering to your existing web site or create a new website that showcases your
expanded service offerings prominently. Optimise your site for relevant keywords to
improve search engine visibility and consider email marketing to engage existing clients
and nurture leads.

3 Build a content creation pipeline

Develop informative and engaging content that demonstrates your expertise and educates
your audience. Start a blog addressing common financial challenges and showcasing
how your new services provide solutions. Create videos, webinars or infographics to
simplify complex concepts. Valuable content positions you as a thought leader and builds
trust with potential clients.

4 Harness social media

Social media platforms offer a direct channel to your target audience and a way to share
your content, engage with followers and participate in relevant discussions. You can use
platforms like LinkedIn to connect with fellow professionals and share insights, while
Facebook and Instagram can help you engage with a broader audience using visually
appealing content. If you’re skilled at making short videos, Tik Tok can help you build an
audience with younger clients.

BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 13
 5 Measure your success and adjust your program
accordingly
Don’t forget to set measurable goals for your marketing efforts and track your progress
against them. For instance, you might set a goal to produce five blogs read by 200 people in
your niche by the end of the year. You can also track website traffic, social media engagement,
leads generated and conversion rates to work out which marketing strategies are the most
effective. If certain strategies aren’t delivering the desired results, be willing to pivot and
experiment with new approaches.

6 Ask for client testimonials and write case studies

Showcase success stories from clients who have benefited from your new services by asking
for testimonials and writing short, deidentified case studies that outline the challenge, solution
and tangible outcomes your work has achieved. This content builds social proof and
credibility and can also be used across many different marketing channels.

Remember, marketing is an ongoing process. So regularly review and refine your

strategy based on results and market trends. By effectively promoting your new
services, harnessing digital platforms and consistently delivering value, you’ll position
your practice for sustainable growth and establish a strong presence in the evolving
accounting landscape.

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 Last word
In the rapidly-changing world of accounting,
where innovation and adaptability reign
supreme, diversifying your accounting practice
is a great way to remain relevant and win new
business.

As you transition to becoming a strategic

partner, you will future-proof your business
against industry shifts, embrace new
technologies, make the most of everything
cloud accounting offers and adapt to changing
client demands. This evolution will position you
as a versatile and indispensable partner for your
clients, allowing you to seize new opportunities
and set the stage for a thriving and resilient
accounting practice.

The journey beyond the digits is an exciting one,

filled with untapped potential and endless
possibilities. Seize the chance to redefine your
role, elevate your value proposition and secure a
prosperous future for your practice and the
clients you serve.

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BEYOND THE DIGITS: EXPAND YOUR ACCOUNTING PRACTICE WITH NEW REVENUE STREAMS 15