Accounting firms offer various accounting services, such as Bookkeeping, Accounts Management, or Filing Taxes, but scaling up and getting more business is the key to a successful long-term business model.
Accounting firms are often in a dilemma to figure out the right time to scale up. The right time to grow your business has always been NOW. There is no better time than the present to scale up and grow your accounting practice. There are a few structural and organizational changes you need to incorporate to prepare for scaling up. We will run through the elements needed for your business growth.
✓ Restructuring your clientele
While you have a diverse range of clients, scrutinize your clientele meticulously and run a cost-benefit analysis. Who consumes more business time not justified by the fees they are paying? Focus more on the high-paying clients by salvaging time from the clients giving you a lower return.
If you think you are doing what is necessary to grow your business from accounting services, tax planning and compliance to payroll services, revisit and review the payment structure of your clients.
✓ Work Culture to Induce Higher Productivity
What is the work culture at your firm? Are your accountants motivated to put in more time at work? You need an inspired and motivated workforce for higher productivity. Mix it up so that people work on projects that interest them too.
Regular meetings to review team productivity and provide solutions for knotty problems will bring people together practice-wide and make use of your talent pool, while recognition will motivate them.
✓ No-Frills Work Flow To Scale Faster
To scale up your accounting practice faster, streamline the workload, delegating work to the best person for the job, and cut down on the unproductive time at work. One-on-one performance meetings will help bump up productivity too.
✓ Cool Quotient to grow your Accounting Firm
• Spend more time to plan & strategise a profitable business model
• Restructure and reorganize your accounting team and clientele
• Devise ways to add new accounting services and sell them to existing clients
• Cut down cost by outsourcing non-critical workload
• Use Cloud-based technology and virtual collaboration tools to reduce the cost of investment in storage and maintenance of real- time data
• Hire the right people and invest in talent acquisition
• Work with the right mix of clients who will promote and contribute to your business model
✓ Think & Act Relevant To Your Accounting Practices
Accounting services provided are critical to your clients. You should spend as little time as possible to oversee projects, managing accountants, finding new business or fire-fighting. Instead, plan with innovation in mind and be disruptive with new ideas and services.
Spend more time strategising and thinking about how to grow the accounting business rather than getting entangled in day-to-day operations.
✓ Speed up the accounting services
• Automate repetitive accounting services like generating accounting reports, payment processing, tax submission and data entry.
• Arrange virtual meetings with Accountants who work remotely, to boost productivity.
• Leverage virtual applications to communicate and collaborate real-time with clients and accountants.
• Cloud-based platform and virtual data storage to store, edit, share documents and databases across all locations.
• Leverage cloud-based technology platforms for real-time sharing of reports.
• Connect with your clients on virtual platforms.
• Netting new talents.
• Introduce value-added accounting services to existing and new clients.
• Engage and Promote Accounting Practices Online.
If you are still functioning from a bricks and mortar office, it is time for you to go online. Online accounting practices are faster, more secure, cost-effective, and collaborative. While bricks and mortar accounting firms tap local and regional opportunities, going online will open up your accounting practices to national and international clients.
Cloud-based accounting software empowers you to look beyond the limited local opportunities. A strong online presence of your Accounting firm must encompass social media platforms. You also need to manifest strong Search Engine Optimisation (SEO) capabilities for your website to feature at the top of the Search Engine Result Page (SERP) in the UK.
✓ Identify and Seal Profit Leakages
You may have been focusing on the local market and catering mostly to local businesses, clubs, societies, charities, and other government and private organisations. Private organisations will not award big projects. They want you to handle smaller accounting services, personal taxation, investment business, or to get pension rules relaxation.
You need to harness the opportunities originating from specialist accounting expertise and practices. You can offer specialised accounting expertise to bag larger accounting projects. You can break free from the smaller projects – low fees trap if you can bag end-to-end accounting projects, such as auditing.
Accounting firms usually charge on an hourly basis. For larger accounting projects, instead of charging hourly, you may charge your clients a fixed annual fee to render a range of accounting services.
While onboarding a new client, ensure you send them a letter of engagement detailing the basis of your charges and the timeline for the invoices.
✓ Hire Qualified Accountants
You need to hire qualified accountants to bag large accounting projects like insolvency, probate services, or audit work.
You can get bigger accounting projects if your accountants have authorization from a professional accountancy body, or are registered with a recognised supervisory body.
Present-day organizations expand by integrating with other value-oriented companies offering services in similar or allied fields of the accounting business. You may look for affiliation from larger accounting firms.
You can explore options to gain outsourced accounting work to expand your business horizons. Scaling your business with every available opportunity will help your accounting firm grow by leaps and bounds.