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We’re looking under the hood of one accounting firm’s advisory service offerings. Colleen Sullivan, CPA, is director of accounting services at Third Road Management and shares a simple yet overlooked advisory opportunity that any accounting firm can offer small business clients. Plus, she gives two questions to ask that shift clients from resisting change to getting excited about updating their processes.
—Interview by Lauren Ward, edited by Bianca Prieto
Many firms say they want to provide more advisory services, but what does that actually look like in practice for a small business client?
For our team at Third Road Management, advisory means being involved in the day-to-day decisions that help a business grow, not just providing financial statements after the month is over.
Many of our clients don't come from an accounting background, so they lean on us for guidance. Working with a team like ours could mean helping improve cash flow, weighing the financial impact of a big purchase, cleaning up an inefficient process or finding ways to automate manual work with the tools they already have.
We spend a lot of time asking, "What are you trying to accomplish?" and then helping clients figure out the best path to get there. That's where we think the real value is.
What's one advisory service opportunity you think many small firms are overlooking today?
I think many businesses underestimate how much a good month-end close process can change the game. When financials are delayed or unreliable, leaders end up making decisions based on gut instinct instead of good information. But when you have a structured close process and timely reporting, you can spot issues earlier, manage cash flow better and make decisions with a lot more confidence.
It's not always the flashiest advisory service, but it's one of the most impactful.
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When a client is struggling with cash flow, hiring decisions or rapid growth, how can an accountant position themselves as a trusted advisor rather than just a service provider?
I believe it comes down to being proactive and thinking ahead.
Anyone can tell a client what happened last month. Trusted advisors are helping clients think about where they're headed and what needs to be in place to support that growth.”
At Third Road, we want our clients to know we’re invested in their success. We’re not just delivering financial reports; we’re providing insights and guidance that help them make better decisions for the future.
Have you ever worked with a client who initially resisted advisory conversations? What helped them see the value?
Absolutely. We hear, "This is how we've always done it," all the time.
Instead of pushing change right away, we usually start by asking, "What are we trying to accomplish?" and "Is this really the best way to get there?"
It's funny how often those questions lead clients to realize that an old process exists simply because no one has stopped to challenge it. Once they see a simpler or more efficient way to do things and the time and stress it can save, the conversation shifts pretty quickly from resistance to excitement.
(Image courtesy Colleen Sullivan)
The Net Gains’ Take
The advisory pivot most firms are chasing requires new service lines, new pricing and new conversations. Sullivan's argument is that you may already be sitting on the most valuable offering—a structured month-end close that gives clients reliable numbers when they need them. Clients who stop making decisions on gut instinct become clients who trust you with bigger questions. That's how a process improvement becomes a retainer.
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