Not everything has to be a leap of unfamiliar services. For example, two areas in which a firm can expand, income tax planning and Virtual CFO/Controller Services, represent natural extensions to traditional services, drawing upon an organizations expertise in tax preparation and accounting.

A number of consulting services represent opportunities for accounting firms to develop new revenue streams. The latest in this series of articles exams three areas that are beyond the business areas of most tax and accounting firms.

The key to a healthier firm is to have a more diverse portfolio of client services. This not only allows you to serve your clients in more ways and via more profitable channels, but balances out your revenue stream throughout the year, and helps avoid over reliance on one or two specialty areas.