Accounting practice advisory services

Our accounting practice advisory services support accounting and audit practices with technical, operational and strategic matters, from financial diagnostics and reporting to governance, systems and partner development. The work is advisory in nature and is designed to help firms evaluate options and implement change. It is distinct from audit or compliance services and does not provide independent assurance or statutory sign-off.

We work alongside accounting and audit practices as a trusted adviser and accounting firm consultant, offering the highest standards of confidentiality, technical quality and personal attention – which is why we provide auditing services to several of the ‘top 50’ accounting firms.

We help practices grow while operating effectively and maintaining compliance, and we advise on strengthening audit quality, governance, and accounting policies and procedures.

We recognise every practice is different, so whatever support you need, we’re happy to share our ideas and insights on the direction of the profession and what it means for your firm and your clients.

We work alongside accounting and audit practices as a strategic adviser, helping you strengthen performance, improve decision-making and build capacity for sustainable growth. From financial diagnostics to system upgrades, our support is designed to give you clearer insight, tighter control and a more scalable operating model, including:

Financial health checks

We identify the key drivers of profitability and cash, giving partners a clear, prioritised view of where to intervene.

Practice management reviews

This streamlines ways of working and clarifies roles, so the practice can scale without losing quality or consistency.

Internal financial processes and reporting

Improving the quality and timeliness of management information, enabling faster decisions and better financial clarity.

Governance and control

Strengthens oversight and reduces operational risk, supporting compliance and day-to-day resilience.

Support with upgrading or implementing practice management systems

We help embed tools that improve visibility over workflow, WIP and resource use, increasing scalability and operational resilience.

Advisory help desk for smaller accounting practices

On‑demand access to partner‑led advice on technical accounting, regulatory questions, systems, governance, and practice management, without the need for a formal project.

Financial health checks and practice management reviews

If your firm is expanding rapidly, it’s important your internal financial processes can keep up.

We offer financial health checks and practice management reviews, and can manage the implementation of our recommendations. We can also take on the upgrade of your accounts or practice management system, or help introduce a new one.

What does a financial health check and practice management review cover? 

  • Income: Assess the sources and reliability of your firm’s income streams, including client billing practices, fee structures, and the consistency of cash flow. This review identifies opportunities to diversify revenue, improve billing efficiency, and ensure that income recognition aligns with industry standards.
  • Expenditure: Examine your firm’s spending patterns to highlight areas for cost optimisation and identify inefficiencies. This includes reviewing overheads, discretionary spending, and supplier contracts, as well as benchmarking expenditure against similar practices to ensure competitive performance.
  • Banking and treasury management: Evaluate how your firm manages its banking relationships, cash reserves, and investment strategies. The review covers payment processing, risk management, and liquidity planning, ensuring that your treasury function supports operational needs and long-term growth.
  • Reporting: Analyse the quality, frequency, and relevance of your financial and management reporting. This involves assessing whether reports provide actionable insights, support decision-making, and comply with regulatory requirements, as well as recommending improvements to enhance transparency and clarity.
  • The LLP and its statutory obligations: Review compliance with statutory requirements, including annual returns, accounts filing, and adherence to partnership agreements. This ensures your LLP meets legal obligations, minimises risk, and maintains good standing with regulatory bodies.
  • Work practices and current capabilities within the finance team: Assess the effectiveness of your finance team’s workflows, skillsets, and resource allocation. This includes identifying training needs, process bottlenecks, and opportunities to streamline operations, ensuring your team can support business objectives as the firm grows.
  • The adequacy of existing software: Examine whether your current financial and practice management software meets the needs of your firm, both now and as you scale. This review considers integration, usability, reporting capabilities, and compliance, recommending upgrades or new solutions where necessary to improve efficiency and data accuracy.

LLP conversion advisory & Partner development reviews

Accounting firm LLP conversions

We were one of the first accountancy firms to take on limited liability status, and started trading as a limited liability partnership (LLP) from 1 April 2004.

Since then, we’ve helped many law and accountancy firms – and other practices in professional services and healthcare – to convert to LLP status.

As an LLP, you combine the benefits of limited liability with the flexibility of organising your internal structure as a traditional partnership. You have the same tax rules as a partnership, you can secure bank borrowings on debtors, and you can create a more corporate structure with its own assets and subsidiary companies.

There’s a lot to consider when setting up an LLP – such as engagement terms, profit sharing and exit strategies. We can help you through the process, making it as smooth as possible for everyone involved, including partners, employees, bankers, clients, landlords and suppliers.

Partner development reviews (PDR)

The partners in your firm are key to your overall business performance.

Partner development for accounting firms is a vital tool for succession planning, performance alignment, and risk reduction. It helps identify future leaders, aligns partners’ goals with business strategy, and ensures everyone is using their strengths for the benefit of the firm. This structured approach reduces risks from unclear roles or leadership gaps. 

Our PDR pack provides everything needed to set up the process, including role specifications, core skills, tasks, and practical measurement tools like 360-degree feedback. We also offer guidance on implementation. 

Why accounting firms choose Price Bailey

Accounting firms face complex regulatory, commercial and leadership challenges that require informed, confidential advice. Our partners bring practical experience of advising and operating professional practices, offering insight that goes beyond traditional audit or compliance support.

From our initial meeting, it became clear that Price Bailey were keen to gain a deep understanding of our business, rather than treat us as just another client. That understanding, together with their innovative insight enabled the creation of a totally new business model.

Karl Sandall
TaxAssist Accountants

If your firm would benefit from confidential, partner‑level advice, we invite you to speak with our professional services advisory team. An initial conversation is informal and exploratory, with no obligation.

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Accounting advisory FAQs

What does an initial conversation typically involve?

We start by understanding your firm’s objectives, current structure, and the specific technical or operational issue you are facing. We’ll outline potential workstreams, likely stakeholders, and indicate clear next steps, including scope, timing, and indicative fees.

Who are your accounting practice advisory services designed for?

Our services are designed for accounting firms and finance leaders who need specialist support on technical accounting, financial reporting, and regulatory change. We typically help firms navigating growth, complex transactions, new standards, system upgrades, or quality and governance enhancements.

How is your advisory work different from traditional audit or compliance services?

Our advisory work provides practical, forward-looking support to help you interpret requirements, evaluate options, and implement change. Unlike audit or compliance services, it does not provide independent assurance or sign-off for statutory reporting.

Can you advise our firm if you are not our auditors?

Yes, subject to independence and ethics requirements, we can support you even if we are not your statutory auditors. We will confirm any restrictions up front and decide the scope of the engagement.

What types of challenges do accounting firms typically engage you for?

Common engagements include technical accounting and reporting support, policy and methodology development, and preparation for inspections or quality management reviews. We also support system and process change, training, and governance improvements to strengthen consistency and scalability.

How confidential is your advisory work with accounting firms?

We treat all discussions and deliverables as confidential and share information only with agreed stakeholders. We can also put additional safeguards in place where needed, such as NDAs, restricted distribution, and secure document handling.

Do you offer ad‑hoc or help desk‑style support for smaller firms?

Yes. Many smaller accounting practices use us as an advisory help desk, giving them access to experienced partners and specialists when questions arise. This can be on an ad‑hoc basis or as part of an ongoing advisory relationship, depending on your needs.

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Contact us today to find out more about how we can help you

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