We’ve created three groups of practices based upon the amount of revenue they generated from each of the service categories.
Practices that generated almost all of their revenue from compliance services defined by having less than £40K of advisory revenue.
Accounting, bookkeeping, tax preparation services, payroll services, accounts receivable/control services, VAT and other compliance services.
Practices that generated at least £40K of revenue from these services in addition to their compliance revenue.
Forecasting, budgeting, cash flow and business planning. Startup mentoring, advice and networking/business development assistance. For fee implementation of accounting software for business that are unlikely to become long-term clients and tax advisory.
Practices that generated at least £100K of revenue from service listed below in addition to their compliance and simple advisory revenues.
Virtual financial director/CFO services. Capital raising / financing. Succession planning services. Business app/software (other than accounting) setup, configuration and support services. Business performance benchmarking, HR advisory services.