We subject the steady solutions of a spherically symmetric accretion flow to a time-dependent radial perturbation. The equation of the perturbation includes nonlinearity up to any arbitrary order, and bears a form that is very similar to the metric equation of an analogue acoustic black hole. Casting the perturbation as a standing wave on subsonic solutions, and maintaining nonlinearity in it up to the second order, we get the timedependence of the perturbation in the form of a Liénard system. A dynamical systems analysis of the Liénard system reveals a saddle point in real time, with the implication that instabilities will develop in the accreting system when the perturbation is extended into the nonlinear regime. The instability of initial subsonic states also adversely affects the temporal evolution of the flow towards a final and stable transonic state.