Bill.com Releases New Survey Data on Business Model Trends for Accounting Advisory Services

Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses, today announces along with CPA.com and Hinge Research Institute the release of a new report: Where Opportunity Meets Value: Business Model Trends for Accounting Advisory Services. The report is based on the responses of more than 650 accountants and business professionals across the nation and offers valuable pricing benchmarks and emerging trends for firms of all sizes while showcasing the shifting expectations on what services and expertise companies prioritize from their accounting firms.

The evolution of accounting firm business models

The survey results show that many firms are moving beyond traditional accounting and compliance services and offering more strategic offerings, says Kevin Au, senior director of product marketing for Bill.com. In fact, our report shows that more than 60% of accountants surveyed offer strategic advisory services, 26% offer outsourced/virtual CFO services, and nearly 25% offer cash flow analysis. While this survey took place prior to the pandemic, weve also seen that the need for strategic advice in recent months has only grown. This report can serve as a great resource to provide firms with benchmarks to help guide them on how to move into the new normal.

Value pricing, automation, and customer experience are connected

The survey data indicates that being able to offer expert insights when it comes to finances will give firms the upper hand when it comes to implementing value pricing as it enables them to provide a better customer experience. In fact, accountants that responded to the survey ranked the top benefits of value pricing as transparency (64%), demonstrating the value of expertise (60%), and eliminating billing surprises (59%), suggesting that value pricing does more than build revenue.

Value pricing creates a better overall client experience, especially when combined with automation, says Vishal Thakkar, CPA.coms director of alliance marketing. Automation eliminates manual work, supports accuracy, and gives accounting professionals the data and time to function as trusted advisors. We also found that accounting firms that rated themselves as ˜highly automated consistently reported experiencing challenges to a lesser degree than their counterparts who rely less on automation.

Opportunities for accounting firm growth

Business professionals shared the leading challenges for their companies, highlighting opportunities for accounting firms to increase their value for clients. The top challenges included planning for growth and expansion (19%), cash flow and minimizing overhead costs (18%), staying in compliance, and the lack of time they need to focus on accounting and financial matters (both 17%). Buyers from large companies said they experience difficulties with technology and maintaining efficiencies, while midsize respondents struggle with attracting top talent, planning for growth, and staying in compliance. Buyers from small firms indicated a lack of time and difficulties dealing with cash flow.

By understanding companies challenges and tailoring services to meet them, accounting firms have a head start on landing new business or offering more services to existing clients. Buyers also identified services they value the most, including accounts payable/bill pay, forensic accounting, data analytics, and technologies services, offering an opportunity for accounting firms looking for where to expand their services, comments Lee Frederiksen, managing partner, Hinge Research Institute.

For more benchmarks, data, and insights, download Where Opportunity Meets Value: Business Model Trends for Accounting Advisory Services at https://accountants.bill.com/business-model-pricing/cpacom-billcom-hinge-businessmodelsurveyreport.

About Bill.com

Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflows. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in Palo Alto, California, and Houston, Texas. For more information, visit bill.com.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our companys core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the worlds most influential organization representing the profession. For more information, visit CPA.com.

About Hinge Research Institute

The Hinge Research Institute (HRI) is a division of Hinge dedicated to studying high-growth professional services firms and their clients. At HRI, we conduct and publish independent research on professional services firms. This groundbreaking research is available nowhere else. HRI is dedicated to uncovering the marketing strategies and business challenges of high-growth professional services firms; giving B2B companies and associations the data and insights they need to understand and profit from the professional services industry; and showing organizations how they can use research not only as branding intelligence for themselvesbut as content for target audiences to drive content initiatives, leads, and sales opportunities. For more information, visit hingemarketing.com.

Nicolle Martin

Accounting Edge Marketing for Bill.com

[email protected]