With tax season long gone, CPA firms can finally enjoy the revenue this time has brought them. Many are happy with the seasonal income generated from tax season, but the most successful firms focus on serving their clients all year round rather than just January through April.
Here are 5 ways CPA firms can continue growing their revenue after the tax season:
Yearlong consulting: personal consulting to clients
Not only do clients have questions during the tax season, but they also have questions related to their financials after this season as well. Just because their returns have been filed doesn’t mean your job is over! Check to make sure your clients haven’t received notices from the IRS or conduct a friendly check up with a quarterly financial review.
According to the IRS Oversight Board, 37% of taxpayers—that’s almost 60 million taxpayers—have to contact the IRS for something other then filing their returns. You can charge a per hour rate for providing your valuable support to them whenever they need.
Provide financial advisory and management services
As a CPA, you can provide advisory and asset management services. Waiting for the clients to approach you is the wrong way to go about servicing your client. Make sure you are on the top of their mind and know the different ways you can help them. Establish communication channels through newsletters, postcards, etc., and encourage your clients to ask you questions. The more you are involved with their financial planning out side of tax season, the more likely they are going to use your services when it comes to doing tax returns.
Payroll & Bookkeeping
You might be focused on tax preparation, and financial planning and advisory services, but you can make some extra revenue by providing bookkeeping and payroll services.
So spend the time instilling trust in your client so they will be willing to try out other services from your arsenal. Just make sure you don’t spend your valuable time with the higher profit service and outsource these accounting and bookkeeping jobs. Work on your business not in it.
Improve customer service to increase revenue
Many CPAs don’t focus on customer service and retention like their competitors. Happy customers who get their issues resolved and have a relationship with their CPAs is the best way to get referrals. Don’t be afraid to ask for referrals!
Nobody understands your client’s financial status better than you because you are ‘the’ accountant. You need to develop a stronger relationship and be proactive in understanding your client’s needs. When your clients feel you are the one person to go to for all their financial issues, they will bring more business and more referrals.
So don’t relax after this tax season, make sure you are preparing to be busier all year round.