International Success Stories with Advisory Services and What We Can Learn
Small firms are finding tremendous success by shifting from traditional roles towards more advisory-oriented services, utilising modern technology. Accountants in South Africa stand to gain valuable insights from the experiences of their international peers, particularly from the innovative approaches employed by small firms in the United States.
How was success achieved?
The recent story published in The Journal of Accountancy features T. Jayden Doyé, a young CPA who transformed his career by founding Prestige Accounting & Consulting, highlighting a pivotal shift towards flexible, client-focused services. His firm, which began in a conventional office setting, now operates entirely remotely, leveraging cloud-based technology to manage a diverse and geographically spread team. This shift increased operational efficiency anda enabled his firm to cultivate deeper, year-round relationships with clients.
Key to this transformation is the strategic use of technology. Doyé's firm uses sophisticated dashboards and project management software maintaining a comprehensive view of client engagements and firm capacity. This is complemented by secure digital portals for document transfers and automated reminders, ensuring that client communications are regular and reliable.
Furthermore, the move towards specialised advisory services is particularly instructive. Firms like Doyé's focus on niche markets, such as legal professionals, offering tailored advisory services that go beyond traditional accounting tasks. This specialisation allows firms to provide invaluable insights specific to the industries they serve, enhancing their value proposition to clients.
Lessons we can learn
For South African accountants, the lessons are clear:
Adopt Technology Smartly: Utilise cloud-based software and digital communication tools to enhance flexibility and client service.
Focus on Advisory Services: Transition from traditional tax and audit roles to provide year-round advisory services, deepening client relationships and enhancing firm stability.
Specialise Strategically: Identify and nurture niche markets that align with your firm’s strengths and market needs, setting your services apart from competitors.
Embracing these practices can help set a firm apart and secure its future in a competitive market. South African firms should look to these international examples as a beacon for navigating their path towards sustainable success.
