Non-Traditional Revenue Strategies for Audit, Tax and Advisory Firms

As Audit, Tax, and Advisory firms increase their profile with investors—and as the top players start landing serious funding—the whole industry is facing the heat. The pressure is on to meet clients’ ever-evolving needs, deliver services faster and smarter, and, of course, grow those all-important revenues. After the initial frenzy of acquisitions aimed at expanding geographic reach or beefing up capabilities, firms are now scoping out non-traditional ways to drive growth without just buying another firm. Here's a peek into some of those unconventional—but effective—revenue-generating strategies:

Turn AI Into Your MVP (Money-Value-Provider)

Leverage Artificial Intelligence (AI) to create new firm revenue streams. Many accounting firms are already using AI to enhance human capabilities—think of it as a super-powered sidekick that provides insights, makes recommendations, or even helps solve problems in ways that make clients go, “Wow.”

Take business analytics, for example. Firms like Eisner Amper, Cherry Bekaert, and Wipfli have rolled out analytics and insight services tailored for small to mid-sized businesses. And the cherry on top? Slick, user-friendly visualizations that make business decisions less of a snoozefest. These services have blossomed into recurring revenue streams. More services can be created to better meet clients’ needs—and yes, your clients will love you for it.

Data-Driven Business Makeover

Why just serve your client when you can redefine their business model? One accounting firm partnered with a utility services business and realized something big: their client was sitting on a goldmine of data about substations and cables. So, the accounting firm helped launch a drone program (yes, really), used AI to interpret all that juicy data, and turned it into insights the utility companies could use to improve maintenance and service.

Boom. Suddenly the utility provider was no longer just a vendor—they were a data-driven insights provider. That’s what we call leveling up.

Strategic Matchmaking

Form non-traditional alliances to better meet the needs of end-customers. Marcum Technology, for instance, has become quite the matchmaker—pairing clients with just-right technology vendors.

Here's how it works: For a small fee, Marcum audits the client’s tech stack and then introduces them to vendors that can help boost performance. Marcum earns a slice of the resulting revenue. It’s the consulting world’s version of a win-win-win (client wins, vendor wins, firm wins). And best of all? The minimal ongoing effort required from the accounting firm after the match is made.

The Legal Lowdown

Acquire or form alliances with adjacent service providers. Let’s face it—buying smaller firms isn’t the bargain it once was. Rising EBITDA multiples and pricier financing are cramping that style.

So, savvy firms are eyeing adjacent services instead. For example, KPMG has expanded into the U.S. legal market with a new law firm and Aprio has applied for law licenses in Arizona (yes, where non-lawyers can own law firms). That way, they can partner with legal firms and offer legal advice directly. Other hot areas for cross-industry partnerships? Investment management, wealth management, and even investment banking. Think of it as building an Avengers-style squad to serve clients across the financial spectrum.

From “Idea” to “Income Stream”

Every firm is unique, kind of like snowflakes, but with more spreadsheets. That means there’s no one-size-fits-all blueprint for non-traditional growth. But if you're serious about shaking things up, here’s a simple 4-step process to follow:

1. Appoint a Growth Guru

Assign a Senior Executive to spearhead non-traditional growth efforts. This isn’t a side hustle—it’s a mission. The exec should report directly to the C-suite, and be armed with the budget, authority, and support to make things happen.

2. Channel Sherlock

Study the playing field. Perform an “Outside-in” Analysis. Understand where the gaps, the friction points, and the unmet needs are. Don’t just listen—hear what clients are struggling with. Then, figure out how your firm can step in as the unexpected hero clients didn’t know they needed.

3. Take a Good Look in the Mirror

Conduct an “Inside-out” assessment and bring those market insights back to your leadership team. Combine them with a hard look at your internal resources—people, tech, capabilities. What could you realistically launch or partner on, based on what you already have? And don’t forget legal, compliance, and risk reviews (we're still accountants, after all).

4. Embrace the Chaos

Give your exec room to experiment. Some ideas will flop—and that’s okay. Bring in a dream team of experts in AI, strategy, or data science to build something brilliant. Then scale what works. In simple terms: experiment, fail fast, repeat.

Bottom Line

Today’s firms can’t just rely on traditional paths to growth. With the right mindset, some bold moves, and a healthy dose of innovation, Audit, Tax, and Advisory firms can unlock entirely new revenue streams—without having to acquire yet another firm. Sometimes, the road less traveled does lead to more clients, more services, and more cash flow.