We spoke to Will Farnell, the Chairman and founder of Farnell Clarke, and author of The Digital Firm and The Human Firm. When he founded Farnell Clarke in 2007, he was determined to make accountancy as simple and easy as possible for clients. Having been at the cutting edge of tech adoption at his firm, he has made it his mission to share his challenges and successes with others in the field.

We asked Will about when he charges for advisory.

Will Farnell believes that providing advisory means ensuring clients are comfortable picking up the phone to their accountant for every question they may have.

When this happens, one of three things will happen: 

The accountant answers the question there and then.

Job done. Will recommends that there is no need to charge for a solution like this. It was a conversation with a client and an opportunity to deepen the relationship. “Of course, let me work that out for you now.”

The accountant can provide support but will need to take time to work on it.

In this situation, Farnell Clarke prepare a proposal that they send over to the client setting out what they need to do and how much they are going to charge for it. The client has clarity over what is being done, the accountant creates value for the client, and the relationship is deepened. Oh, and the firm gets paid. All good things. “That sounds like something we can do, let me put together a proposal and send it to you.”

The accountant cannot help but suggests someone who can.

This solution is used when clients ask questions or have requirements beyond the abilities or skillset of the accountant. “I can’t help with that, but I know someone who can!”

Through this approach, you start to think less about advisory as a product or a service, but as developing your client relationships. Instead of thinking of what you offer in terms of cash flow forecasting or a report, it helps to think about solving the specific challenges that face your clients. What do they specifically need from you?  It also helps you think specifically about the work you do and how and when to charge for it.

An advisory solution

At Futrli by Sage, we are proud to be the ultimate advisory solution for accountants. When clients approach you with those questions our platform is on hand to generate precise 3-year rolling cash flow forecasts, intuitive budgets, and scenario plans. You and your colleagues get to spend less time in a spreadsheet and more time discussing what data means for your clients.

With in-platform drag and drop reporting you can easily visualise the forecasts, budgets, and predictions you generate for your clients. Walk clients through data that is meaningful for them.

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