Survey shows which bookkeeping services are the most profitable

Intuit Accountants recently conducted its survey of tax planning and advisory services. Intuit Accountants commissioned an industry-wide survey of 786 tax professionals, who currently provide tax planning services or plan to provide tax planning services within the next two years, to understand the landscape surrounding tax planning and advisory services.

This survey provides benchmarks that tax professionals can use to benchmark and potentially increase their tax advisory services to help propel client and business prosperity.

Important insights from the survey results include:

  • Respondents indicated that tax planning and advisory services have much higher fees than compliance services with an average fee of $2,351 per client.
  • Tax planning and advisory fees are on average 5 times higher than tax preparation fees.
  • 74% of tax firms surveyed offer tax planning services, but only 62% are paid for these services.
  • 18% of tax advisors say they are top of the line when it comes to tax planning and advice services.
  • 1 in 3 preparers not currently offering tax advisory services are strongly considering adding one.

“We are seeing a growing gap in the profession between companies that are at the forefront of traditional tax preparation and compliance services and those that are at the forefront of proactive tax planning and advisory services,” said said Barry Pennett, Senior Vice President and General Manager of Intuit ProConnect Group. “Businesses that communicate estimated tax savings through appropriate strategies are better able to help their clients achieve their short- and long-term financial goals, as well as monetize those services.

Tax planning and advisory services are an important extension of tax compliance services. The flurry of new tax legislation over the past five years and the impact of the pandemic on businesses and customers have increased the need for these services. This survey shares insights from tax professionals who see change in real time.

To learn more about advisory services beyond the report, visit The Path to Advisory, a free, comprehensive online guide available through Intuit’s ProConnect Tax Pro Center to help businesses lead with planning and advisory services. of advice. Using the knowledge, experience, tools, and collective best practices of Intuit’s Tax Advisory members, this guide offers clear, actionable steps for companies looking to add advisory services or companies already in the process of to change.

Previous Carbon Accounting Software Market to Record 22.43% Annual Growth Rate in 2021 | Carbon Analytics Ltd., CarbonetiX and ENGIE SA will become dominant players
Next Survey shows which accounting services are the most profitable