It is a known fact that accounting practices and processes have undergone a new wave of change over the last few years due to the transformations in the adjacent fields and regulatory systems. The new accounting standards and shift over to the new-age technology has redefined the way businesses, economies and individuals view accounting. No doubt, today, these firms operate as providers of knowledge as a service over the mere practice of juggling numbers and receipts on paper.
But, only a handful of accounting firms admit the fact that all accounting practices based on trends and transformations are mostly time-bound. Organizations that keep up with the constant changes and accordingly upgrade their systems and business philosophies are the ones that survive in the sands of time. One of the major proofs to this is the sudden reduction of business emerging from the auditing domain and the growth of opportunities in consultation, advisory services and tax planning across the world.
Besides, the accounting companies are rampantly turning out to be more tech-savvy to bring in accuracy and efficiency into their accounting practices to positively reflect on the financial health of their customers. Amidst these new transformations and stiff competition to stay relevant in the market, accounting firms should bear in mind, the below methods to recreate themselves as superior accounting businesses:
Be Receptive to Change: Accounting firms need to be highly perceptive toward any slight change in rules and regulations as well as market trends to become flexible enough to serve the growing demands of their multi-generational clientele in real-time.
Adopt Result-oriented Approaches: It is no secret that becoming more client-centric rather than being fee-centric helps increase your trustworthiness. But, this practice would be incomplete in the absence of a result-oriented approach that involves the use of industry best practices, adherence to regulatory laws and implementation of tools and solutions that break redundancy, inaccuracy and inefficiency in order to achieve client’s financial objectives.
Embrace Technology and IT Tools: Old organizations that advocate old techniques of time-consuming and labour-intensive paperwork and computation fall back in terms of speed and reliability. Millennial accounting firms despite their limited reach and existence in the industry, garner more attention by choosing cloud-based software, online, mobile devices as well as secure client portals that can seamlessly manage complex accounting tasks in large volumes, generate accurate reports and results in real-time and adopt progressive accounting approaches.
Diversify Services by Partnering with Certified Professionals: It is necessary to bring on board experienced and certified accounting professional or build partnerships to increase the credibility and reach of your firm. These professionals bring with them the expertise in multiple areas such as investment, legal representation, tax planning, compliance, payroll practices and technology consulting to add more value to your organizations and diversify your clientele.
Widen your Social Reach and Client Collaboration: With the widespread use of social media and networking platforms, it is easier to find clients over the web and boost profitability. Digital and social media marketing strategies and online communication methods like hosting conferences and expert talks not only increase your branding but also effectively sell your services to the target group. Besides, this method helps alleviate cost involved in hiring agents to bring in new customers.
