Advisory
Advisory plays an important role in Tax planning and preparation which needs to be of significant value in the marketplace. The advisory for tax and accounting-related queries is not restricted to providing certain advice and solutions to the problem but scope beyond their tax compliance engagement.
There is a difference between offering free advice and advisory services, the advisory services include expert advice which is not limited to restricted accounting and tax-related basic assistance but the holistic approach of it. Usually, advisory services involve the following:
Time
Time to understand the internal scope of the value-added service.
Client needs
Considering the client’s needs beyond the tax returns.
Structure
Keeping the services structured by defining specifications and prices.
Communication
Sending communications to existing and prospective clients for variations in advisory services.
There are certain valuable points to be considered while delivering advisory services to the clients. It is important to listen differently to the clients because the client needs to get the complex tax system resolved and worked upon, so to understand and resolve their issues in a short while, advisors needs to address the issues differently and advising them uniquely so that it becomes clearer to the clients, how things will be, and what the matter is. There needs to be a clear description of how things will work ahead. A true tax advisor responds to the client in the right context to provide them a deep level of advisory services. A deep level of advisory services does not imply a huge set of knowledge but with the right context of the client’s requirement.