Do accountants want to be business advisors?

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Consultant practice editor Mark Lee challenges the perceived wisdom that accountants need to be business advisors.

Although many accountants describe themselves as ‘accountants and business advisers’, I have a suspicion that general practice accountants typically fall into one of four camps when it comes to the provision of business advice to clients:

  • It’s a no go area: The accountant’s business experience is limited and perhaps they don’t feel that confident with the idea of providing business advice.
  • Personal experience: The accountant is willing and able to share their own experiences of business over the years, perhaps drawn in part from working with other clients.
  • What others say:

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About Mark Lee

Mark Lee works almost exclusively with savvy sole practitioners who want more out of their practice.  More clients, more money, more time, more satisfaction - or everything!

An accountant by profession, Mark moved away from the provision of professional advice in 2006.   He is now a professional speaker, mentor, facilitator, author and debunker.

Mark Lee is a realist and regularly debunks myths and hype related to his areas of interest and expertise.  His keynote talk for audiences of accountants is How to STAND OUT and be more than 'just another accountant'.

Mark is passionate about helping accountants generally so is a keen blogger and commentator in the accounting and tax press. He is consultant practice editor of AccountingWEB and has written hudnreds of articles here that have been viewed over a million times.

Check out how he could help you here:

Mark stopped giving tax advice himself despite being a past Chairman of the Chartered Accountants’ Tax Faculty. He is however Chairman of the Tax Advice Network - the UK's highest ranked lead generation website for tax advisers and accountants. The network also publishes a weekly practical tax update for accountants in general practice and full tax support, on demand too.  You can also use it as a lead generation resource for local people seeking tax advice from an accountant.

Mark has extensive network reach through his blogs, talks, social media activity, articles and his regular newsletters that go to thousands of accountants every week.


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24th Nov 2009 11:18

Do accountants want to be business advisors?


How would you define business advisory services and what steps would you recommend we accountants take to acquire the relevant knowledge/skills? In fact, what are the relevant knowledge/skills?



Tom Fitzgerald

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24th Nov 2009 11:52

Accountants As Business Advisors

I find it highly interesting to hear the Accountants’ view of this issue.


As a Business Advisor who is not an Accountant, my perception when I first started out was that many businesses believed their Accountants capable of providing business advice of the highest quality, and therefore they didn’t need to look elsewhere.  Indeed, one of the questions I still usually ask on a first meeting is “Who do you instinctively turn to for business advice?” and “My Accountant” is not an unfamiliar response. Interestingly “My Bank Manager” is not very common!


My challenge was to change the view of business owners, to help them see that there are specialists in the field of Accountancy, and there are specialists in other forms of advice and services for businesses who are not Accountants.  And there was also the challenge of helping them see that just as they were willing to delegate accountancy to their Accountant and pay for the privilege, their businesses might also be better served by collaborating with other external, paid experts in other aspects of business.


The ability to provide good business advice requires many abilities, not least the willingness to say to a client, “I am not the right person to work with you on this issue, but I can put you in contact with someone who is.”<br><br>Having a large, and ever-growing, network of colleagues and strategic alliance partners whom I know I can trust to work with my clients, has been a vital part of growing my own business.  The knowledge that I am extremely unlikely to encounter a problem for which I cannot find an expert when my own expertise is not a good match, is a huge comfort.


Of course Accountants can add business advice to their offering, but I totally agree with Mark that it is something that requires investment and adaptation in order to do it well.  He makes the vital point that you need to “pay to develop such skills and to learn how to get paid well for providing related advice.”


The business advice given must be seen by the Client as highly valuable but, in achieving this, the Advisor creates the situation where being paid for the advice is highly reasonable, so long as the fee represents a modest investment for an enormous return for the Client, and is highly profitable for the Advisor.


Thank you Mark for the view from ‘the other side of the fence’.



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24th Nov 2009 12:30

What of clients who ignore your suggestions

Its all very well suggesting Accountants should become business advisors but how many of us have found ourselves in the position of giving valuable time and advice to clients only for them to ignore it and then come back crying when it has all gone wrong!

Also in these days of No win, No fee lawyers I for one would be loath to put myself up on offer. Look at the increasing case of surveyors being sued by NWNF lawyers on behalf of mortgage companies due to a fall in the prices of the mortgagees property portfolio. Sorry but, I don't have the funds to fight that nor the time!

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24th Nov 2009 15:20

Accountants as business advisers

I agree up to a point with my 'twin brother' (the other David Winch) here, in that I think accountants have a natural 'in' with businessmen and women because they are in regular (if infrequent!) contact with them to discuss their business and its profitability.

One might also assume that an accountant's training would make him good at running a successful business.

Personally I know I am in fact hopeless at running a business (although I believe I am strong technically in the services I provide).  Perhaps I am living proof that accountants are not necessarily good businessmen!  (Fortunately I work with people who have the necessary strengths to help my businesses.)

Am I the only accountant who focusses too much on technical strength and not enough on 'business'?  Somehow I doubt that.


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24th Nov 2009 15:27

Reply for Tom

perhaps the best answer to your excellent question is to refer you to Finola McManus recent article

How to become a 'business advisor': Part one

especially as it's the first in a series on exactly this subject!


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By chatman
24th Nov 2009 15:30

'Interestingly, "My Bank Manager" is not very common'

Why would anyone ask a bank manager for business advice?

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24th Nov 2009 16:09

Do Accountants Want to be Business Advisors

-- Jane Harper Accounting Controls [email protected]

Having worked as a Company Accountant in industry for many years I am now transferring my knowledge and skills across to my own practice offering book keeping with business consultancy.  It is a really difficult message to give to potential new clients.  It is the clients perception that an accountant keeps their books and records, recording historical data to ensure that the Crown is reported to in a timely and accurate manner.  However, a "working accountant" will have years of knowledge and differing experiences across the board of different business types and different business scenarios which can give a potential new client an ideas platform to bounce off.  Trying to market and offer such perceptions is difficult and comes down to building up trust with your clients.  The best way to do this is to attend their offices and prepare their books and records on site, you get a great feel of how a business is managed and run rather than just pitching up once a year to complete the audit!!  Yes by all means be a business advisor but understand the intricacies of the business you're advising about before launching into the advice.  It's an eye opener.



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24th Nov 2009 20:07

Business Adviser

Research has shown that many clients want their accountant/business advisers to be more pro-active. This has not always been clearly defined and I'm sure is open to interpretation.

As an adviser who deals with both accountancy practices and SME businesses, I always find it interesting listening to the arguments from both side of the fence.  My SME clients tend to want to develop their businesses and some (stress some) would be willing to pay for business advice from their accountant as they see this as being more pro-active than simply providing standard accounting, audit and tax services.  The accountancy practice clients generally engage us because they want to develop some of the skills needed to become better business advisers (and yes they invest money in developing those skills!).

We have to accept that not every accountant wants to develop the business and soft-skills.  Mark is quite right with the numbers and when I was employed at one of the major publishing/software/fee protection companies we undertook research ahead of launching a new service designed to support accountants in monetising business development time.  This research revealled that there around 2,000 firms we would put into the 'potential adopter' category.

We also must accept that there are a significant number of SME businesses that would not want this kind of advice from their accountant, or would not want to pay for it.  The trick is to demonstrate your ability as an accountant/business adviser that you are capable of providing it, have done so to other firms and helped them achieve their goals in a shorter space of time or more cost effectively than without your help hence stimulating their interest so that they ask for your help. At this point you can provide it or outsource to one of the business development consultancies out there. 

Boreas Partnership (UK) Ltd offers this kind of out-sourced service to accountants who would like to extend their service offering though can't/won't deal with the extra work.  We also provide a development programme to the accountants themselves in order to develop this aspect of the service in-house.  Whichever route you choose to take, when your clients come knocking, you can advise or outsource to meet their needs.


[email protected]

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25th Nov 2009 07:10

Accountants as business advisers

From my experience it is extremely rare for accountants to be business advisers.  I have visited over 300 firms of accountants over the past five years and to my knowledge only one was successfully making a living out of being a consultant.  Conversely I know of some non accountants who make income out of business consultancy that most general practice accountants can only dream off.  If you are interested in building a consulting model one of the best ways to do it is by having a successful practitioner teach you.  John Niland ( and Paul Shrimpling are two that spring to mind (excluding Mark Lee of course).  The other key ingredients are having the right skill set - being good at sales, marketing and managing staff are prerequisites.   Alan Kennedy - outscouring for accountants on  

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02nd Dec 2009 12:37


I worked at a practice where the sign simply described the firm as “Chartered Accountants”.


It was taken over by a larger firm who put up a "new improved sign", missing out the title “Chartered Accountants” and replacing it with varied descriptions but the main one being “Business Advisors” … this coincided with a virtual collapse in numbers of “walk in new clients”.


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By eddybee
02nd Dec 2009 18:56

When is it appropriate to provide these services?


The term "business advisor" is extremely broad. 

Advising on the financial aspects of business may be within the skills set of some accountants in practice.   However extending this to areas such as sales, marketing, HR or IT* is encroaching on areas that may be best dealt with by other specialists and for sales and marketing it may also require a good understanding the industry. * however some firms do employ specialists in HR and/or IT

The danger of relying on a systemised approach is that it will not cater for all circumstances and if you don't have the experience then where do you go?  Nevertheless a systemised approach will provide a means for accountants to add value by providing some generic advice or acting as a facilitator to help the client arrive at their own decisions (or identify where specialist advice may be needed).

Clients often look to their accountant as the fountain of all business knowledge.  I see no reason why accountants shouldn't give business advice that is appropriate to their experience and ability.  However I would suggest it is important to recognise ones own limitations and to manage the client's expectations accordingly - this especially applies when the accountant describes him/herself as a business advisor.

I believe that the reluctance of some accountants to offer business advice is because it is outside their comfort zone.  Being commercial requires a certain mindset that not all will have - and where that is the case it is probably best to concentrate on what you do best and not offer it as a service.









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