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The senior partner of an accounting firm is looking for ways to increase the firm's business....

The senior partner of an accounting firm is looking for ways to increase the firm's business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create?
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Answer #1

While traditional accounting includes book keeping and balancing annual finances; an accounting firm can also offer services such as consulting and management advisory services. Others way to increase the firm's business may include tax planning, estate planning, aid and assistance to support growth, expansions and acquisitions, creating custom-made strategic plans such as financial projections and system analyses and notary services. Adding these enhanced elements may sharpen the firm's competitive edge while attracting new clientele. However, the new objective this firm may face include the cost of hiring or training current and new employees, applying new software to enhance efficiency, and to constantly monitor the firm's operations in order to improve overall performance measures.

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