Accounting firms hop into business advising

Core Insights - Accounting firms are increasingly expanding their business advisory services beyond traditional tax compliance, marking a significant shift in their service offerings [1][4] Summary by Sections Business Advisory Services - A survey of nearly 2,800 tax and accounting professionals revealed that 93% of firms now provide business advisory services, up from 83% the previous year [2] - Firms are moving towards offering higher-level strategic advice, including insights on merger and acquisition targets, which represents a new revenue stream [3][4] Growth and Evolution - The shift towards advisory services is seen as a "deliberate evolution" in how accounting firms deliver value, with 70-73% of firms considering advisory a core service [4][5] - Advisory services are viewed as the growth engine for firms, with a strong emphasis on building deeper partnerships with clients [4][5] Technology and AI Integration - A significant 87% of firms utilize client data to identify and tailor advisory opportunities, indicating a reliance on data-driven insights [5] - Among firms reporting revenue growth of 10% or more, 41% have noted positive results from AI in enhancing client guidance [5][6]