Small Business

Where Accounting Firms Should Invest to Ensure Business Growth

Here are five ways in which accounting firms can better invest their financial resources

One of the biggest advantages of reaching out to an outsourcing partner is that you save money  – big time. In the accounting industry, for instance, tasks revolving around bookkeeping, payroll, and filing tax returns are time-consuming and often seen as low-grade jobs.

This means that an accounting firm has to hire staff to manage these functions despite knowing that the resources invested are not in a lucrative direction! No wonder the firm’s CPAs are always short of time and their companies are not able to scale up as planned.

This brings us back to the fact that partnering with a provider of accounting services will enable any practice to save money because they won’t capitalize in human resources for marginal jobs! Business growth is possible only when its people have the time AND money to innovate and expand.

Here are five ways in which accounting firms can better invest their financial resources:

1) Make more time for marketing

For any of your marketing endeavors to be successful in this day and age, you need to be willing to spend money. Social media ads prove to be effective.  If you rank well on search engines such as Google, you will have a better chance of attracting people to your website.

Running social media ads has become an incredible part of any marketing strategy. So if you want to give your digital presence a boost and in return generate more business, paid marketing is the answer. And if not paid, hire a marketer for your accounting firm who can at least get the basics right.

2) Invest in employee training

Organize training programs and send your CPAs to seminars and conferences. Create an environment of learning if you don’t have one. In a profession as dynamic as accounting, it is imperative that your employees stay up to date on any changes that could affect their work, whether it be reporting standards changes, updates to tax codes, new deductions, etc. Therefore, as an accounting firm, you need to ensure your employees are consistently trained and on the top of their game.

3) Grow your network and build partnerships

At the start of every accounting year, list all the events and conferences (along with the budget) that you should attend or exhibit at. One of the most organic ways to boost your company’s awareness is to get out there and market your services.

First, determine a budget for such activities and get out and showcase your company. Build long-lasting partnerships which will enable you to earn back that invested money. Running an accounting firm is a lot more than managing staff and meeting client deadlines.

4) Cultivate client relationships

Set aside a budget to strengthen your relationship with the clients. Remember that in a competitive industry such as accounting, where products and services offered are very similar, clients will look towards other characteristics of the firm before choosing to do business with them.  Examples include general customer service like returning calls and emails, sending birthday and holiday cards, and just staying in touch with them. Such small tokens of affection go a long way in business relationships.

You have to be a company that is not just about driving revenues but also genuinely cares for its clients. Spending the money and time on clients now will pay off in the end.

5) Develop your business

Utilize financial resources to expand your practice, whether it be technology upgrades, hiring CPAs that are experts or thought leaders in niche sectors, or periodically attending events and organizing training programs.  However, make sure money is spent in a sensible fashion, that will guarantee you a return.

Ever outsourced? Perhaps, now is the right time. Visit www.qxas.us.com to learn more!

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