Closing the rule book
on old methods – how to make advisory as
natural as compliance While there has been a notable increase in demand for services that could be packaged and charged as advisory services, the shift from compliance to advisory has been slower than many have envisaged.
A
t Wolters Kluwer Tax & Accounting UK, we support customers with tools and processes that make client advisory as natural as producing a tax return. Here we share why there is such a slow shift to advisory and some practical tips to becoming an advisory practise. Client needs have significantly evolved over the past few years.
First, it was a shift to the digital age with Making Tax Digital, then uncertainty brought on by Brexit, followed by a global pandemic. Many of our customers have seen an increase in demand for their client advice, real-time information and quick access to data. While there has been a notable increase in demand for services that could be packaged and
@wolterskluweruk
Wendy Rowe, Director (TAA Europe), Wolters Kluwer Wendy has been with the company for over 18 years. Rowe’s focus is on how a business strategy and product vision can evolve through its customers and people. She translates customer needs into a software approach that solves pain points and provides new opportunities. Wendy is responsible for governing the Cloud Strategy Operations vision and strategy for Europe.
charged as advisory services, the shift from compliance to advisory has been slower than many have envisaged. At Wolters Kluwer Tax & Accounting UK, we support customers with tools and processes that make client advisory as natural as producing a tax return. Here we share why there is such a slow shift to advisory and some practical tips to becoming an advisory practise. Tracking a growing market We conducted interviews with practices in nine countries across Europe and a common piece of feedback was that firms do not believe the shift from compliance to advisory is accelerating as fast as they envisaged. That said, whilst many conversations with clients started with a compliance task, most ended up involving advice as well. The advisory work was on a reactive basis, responding to requests from clients. This seems like a contradiction. How can the shift from compliance to advisory be slow
98 / Issue 27
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