Research house Bstar has urged accounting firms to leverage their skill sets by developing the advisory service skills of their entire staff, not just the partners.
Advisory skills not just for partners
As part of the Accountants Research Report 2016, an annual undertaking that attempts to provide an insight into the industry, Bstar has noted that accounting firms should seek to have 60-80 per cent of all advice services delivered by the practice’s professional staff, not just partners.
“Administration and support staff can create capacity and maximise the efficiency of partners and key staff, by being trained to deliver components of services, particularly through the use of standard documents or templates,” the research stated.
“By developing and using the skills and strengths of all team members, productivity is greatly appreciated.”
According to Bstar, an approach to an advisory offering which re-engineers the way in which a firm operates and delivers services is far more effective than buying a profit or cash flow optimisation tool.
“Rather than increasing the burden on existing high performers, practices are now using leveraging techniques when deciding who is best suited to implementing advice services.”
The research house indicated that senior professional staff – often viewed as the future leaders of a practice – are best suited to implement and provide new services.
“Future leaders are often open to ideas for growth through new services. Also, they tend to be more proactive, and easy to motivate when plans involve developing their own skills. By allocating responsibilities to future leaders, practices ensure key performers continue to earn existing revenue while new revenue streams are developed.”