Here’s Exactly How Serena Shoup, CPA Started Offering Advisory and Virtual CFO Services in Her Firm (And How You Can Do It Too)
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If you run a thriving bookkeeping or accounting firm but you’ve been wondering how to scale and potentially add CFO or advisory services into the mix, you’re 100% in the right place!
At Workflow Queen, we're all about supporting firm owners in creating repeatable systems so they can become more efficient and effortlessly delegate. But at our bookkeeping firm, Magnetic Bookkeeping & Consulting, we’re focused on serving our clients with top-notch bookkeeping services. One way we add extra value to our clients is by adding advisory services to our premium packages.
We LOVE the ability to give our clients tons of extra value to really take their understanding of their financials to the next level. It helps them make powerful decisions and build the business of their dreams!
When we were ready to include advisory services in our firm, we knew we could turn to The Ambitious Bookkeeper to guide us. Offering advisory and CFO services is a game changer for your firm and clients! And it’s totally possible even if you’re not sure where to start.
In this blog, we’re highlighting our biz bestie, Serena Shoup, CPA and all the AMAZINGNESS she has to share about exactly how to start packaging and offering advisory services in your firm.
Bonus points if you check out Serena’s podcast for even more helpful bookkeeping firm content!
You’ll learn:
What advisory services are
The types of services you can offer
Serena’s favorite tech tools to support your advisory services
How to become a collaborative CFO in just 4 weeks
We’re PUMPED to share Serena’s take on all things advisory services — let’s dive in!
What ARE advisory and CFO services?
If you’ve already raised your prices, but you want to start growing your firm even MORE — it’s probably time to level up your skills.
When you’re considering adding advisory services to your packages, it can be kind of daunting to know how to introduce them, what to charge, and which services will be useful to your clients. So let’s start with what’s considered advisory in the first place!
Advisory services are considered to be anything that goes above and beyond standard bookkeeping and accounting. When you’re going the extra mile to give additional value to your clients, you’re essentially empowering them to make smarter financial decisions based on your interpretation of their numbers.
Offering collaborative virtual CFO services is an awesome way to support your clients who might not have the need for a full time CFO, but could absolutely benefit from the extra support! This type of service allows you to use your expertise to help your clients use the data from their financial reports to make strategic moves in their business. The best part is that they get this incredible service for a fraction of the cost of hiring someone full time!
Most small businesses don’t need a full time CFO, and don’t have the budget for one. That’s where you can come in and support them by adding on specific services that’ll boost your authority AND your revenue!
Consider Offering These Services As a Collaborative CFO
Keep in mind that offering CFO and advisory services can be on an ad-hoc basis! Serena recommends including some in your premium packages and some individually as well.
Here’s some of the services you could offer as an advisor or virtual CFO:
Monthly advisory meetings
Profit counseling
App integration consulting
Sales tax Nexus analysis
Process improvement consulting
Fixed asset management
Controllership and oversight
Business planning
Budgeting
Cash flow forecasting
Tracking KPIs
Tax planning
Break even analysis
Project ROI analysis
Once you narrow down which services you’d like to add on to your packages and offer suite, you’ll want to make sure you’ve got the right tools for the job!
Serena’s Favorite Tech Tools for CFO and Advisory Services
Since we live in a digital world and offer virtual or remote services, we NEED to have the right tech on our side to help us get the job done! Many of them even integrate with cloud bookkeeping software like Xero and QuickBooks Online to create an even MORE streamlined process.
Serena has a few favorites for offering different types of advisory services, so here’s what she recommends:
Fathom for detailed insights, financial reports, and KPIs
ProfitCents for translating financial statements into actionable projections for the future
LivePlan for creating business plans and using insights to reach your financial goals
Spotlight Reporting for super customizable reporting and forecasting
Jirav for accurately forecast cash flow, expenses, and revenue
How to Start Offering CFO Services to Your Clients
Now that you’re EXCITED to offer CFO and advisory services to your clients, it’s time to make the dream reality! There’s really only five steps you’ll need to take in order to offer your first advisory service (and the first one’s all it takes to get the ball rolling!).
Analyze your client’s financials
Once you or your team has completed the monthly bookkeeping for your client, look over their reports to identify areas for improvement or growth. You might even be able to find something that’s working really well that they can capitalize on that success!
Meet with your client
Use the data you uncovered during your analysis as a conversation starter in your next client meeting. Most clients are thrilled to learn more about their financial data — especially if you can tell them how to increase profits and revenue!
Budget and forecast
Present them with a plan that outlines where they can make adjustments in their business, like cutting certain expenses. Show them a forecast of the result of these changes to really illustrate the benefits!
Advise them for growth
Draw your client’s attention to how these reports and projections can dramatically improve their business and set them up for success. YOU know how important interpreting financial statements can be for sustainable growth of a business, so share it with your client to go above and beyond!
Communicate your value
Now that you’ve shown you can walk the talk, it’s time to officially offer your collaborative CFO services on an ongoing basis! Giving small businesses the opportunity to outsource their CFO role, get advisory services, and have a bookkeeper they trust is a HUGE value add. You’re already knee-deep in their finances, so why not show your clients how to make the most of your knowledge?
Become a Collaborative, Virtual CFO in 4 Weeks
If you’re totally sold on the idea of offering virtual CFO advisory services, but you also want the support and guidance of someone who’s already built a successful firm using these exact same methods…
Then you NEED to be part of Serena Shoup, CPA’s program: Elevate!
This program is designed specifically for bookkeepers and accountants who want to level up their skills so they can confidently offer advisory services. Serena breaks down exactly how to start offering these services, deliver them to your clients, and create processes to make everything as streamlined as possible!
Adding CFO services to your packages doesn’t have to be confusing or overwhelming, and Elevate is the perfect solution for anyone who’s interested in taking the next step in that journey! We can tell you first hand that the program is FULL of actionable content that bridges the gap between offering the essential bookkeeping services and becoming the financial expert your clients need.
Are your skills and services ready for an upgrade? Join Elevate by The Ambitious Bookkeeper and start offering advisory services in as little as four weeks!
