Elevate Your Advisory Services with Insights from Xerocon 2024
In this article we explore the key themes from Xerocon 2024.
Xerocon 2024 in London provided a wealth of insights that are set to inspire and elevate the delivery of advisory services. This event emphasised the importance of embracing digital transformation, leveraging existing skills within firms, and enhancing client relationships. These insights are crucial for accounting and advisory firms aiming to stay competitive and deliver exceptional value to their clients.
The Shift to Advisory Services
A central theme was the ongoing transition from traditional compliance work to advisory services. Alex von Schirmeister, managing director of Xero’s UK & EMEA business, highlighted that 70% of accountants have already moved to advisory roles, providing strategic advice to help clients navigate modern business complexities. This shift not only strengthens client relationships but also opens new revenue streams.
Download guide: Transform Your Practice with Comprehensive Advisory Services
Leveraging Existing Skills
Von Schirmeister emphasised the importance of leveraging existing skills within firms to expand service offerings. By reinvesting the capacity generated through technology and digitalisation, firms can start offering value-added services, enhancing their value proposition and remaining competitive.
Download guide: Transform Your Practice with Comprehensive Advisory Services
Digital Transformation
Digital transformation remains at the heart of the accounting profession’s evolution. Technology, particularly AI and cloud-based solutions, is revolutionising accounting practices, driving efficiency and productivity. The transition to digital platforms, although challenging, is critical for staying competitive and meeting client expectations.
Market Consolidation and Private Equity
The conference addressed the wave of consolidation driven by private equity investments. This influx of capital offers opportunities for firms to scale their operations, acquire new capabilities, and provide exit strategies for retiring partners. For smaller firms, this trend increases competitive pressure but also provides access to resources that can drive growth and expansion.
Enhancing Client Relationships
Maintaining strong client relationships is crucial as firms innovate and embrace new technologies. The human connection remains a premium, and firms must focus on delivering unparalleled value to clients while navigating the complexities of modern business environments.
Linking Insights to VFD’s Solutions
At VFD, we are committed to empowering you with the tools and insights necessary to excel in advisory roles. Our application integrates seamlessly with cloud accounting platforms like Xero, simplifying the delivery of these advanced services. By leveraging AI, automating routine tasks, and focusing on strategic advisory, our solutions help you save time, grow your business, and have a greater impact on your clients’ success.
VFD Pro is available from the Xero App Store, making it easier than ever to integrate and enhance your advisory services. We encourage you to explore these themes further and consider how they can be integrated into your practice. Together, we can drive innovation and elevate the quality of advisory services you provide.
Download guide: Transform Your Practice with Comprehensive Advisory Services
For more information on how VFD can support your advisory services, please schedule a discovery call.