4 in 10 accounting and bookkeeping firms added advisory services over a year ago: report

Client demand is pushing firms to offer more advisory services.

Demand for advisory services is growing in the accounting and bookkeeping industry, forcing players to add such a service to their practice.

According to the Xero report, almost all firms (95%) provide at least one type of advisory service.

Of those offering advisory services, 44% introduced these within the past year.

Medium firms are the most likely to be new entrants in this space, with 55% adding advisory services to their repertoire within the past year.

To manage client demand for more advisory services, firms are focusing on training staff (63%) and changing their service offerings
(60%).

Meanwhile, medium and large practices are looking to employ new staff to adapt (68% and 62%, respectively).