It seems levels of productivity have become the yardstick by which we measure the success or failure of a business. How many tax returns did you file this year? How many new clients did you sign up? By how much did you lower your overhead costs?
All these measurements of success relate back to how productive a firm is – your CPA firm. So, what can a CPA firm owner do to help boost productivity? Let us take a look:
1) Implement new technology
The onslaught of new technology being released every day can be intimidating; however, it’s crucial to understand how it can add value to your CPA firm’s productivity. Technology continues to modernize accounting firms, and implementing new technology programs and products can help you preserve a competitive edge.
According to a report by Sage, “67% of accountants prefer cloud accounting” and “over half of accountants (53%) have adopted a cloud-based practice management solution.” These are quite substantial numbers especially considering that cloud accounting is still in its infancy stages.
Jennifer Warawa, EVP of Partners, Accountants and Alliances at Sage has this to say about cloud technology for accountants: “It’s very much a cultural thing. Adopting cloud technology drives a different culture in a business and unlocks new opportunities. Initially people think the ways of working, and workflow, are all separate. But it’s intrinsically tied together. And I don’t think this was what accountants anticipated.”
The next big game changer for accountants will be in the form of AI. Administrative and repetitive tasks such as data entry will become a thing of the past. It’s expected that even tasks such as simple client queries will be managed by new AI.
2) Build client relationships
Any good business owner knows the importance of maintaining a solid client relationship. The same applies to CPA firm owners like yourself. By spending some time speaking with your clients you will get an idea of what they want out of the relationship.
You may believe that they’re only looking for accounting and bookkeeping services, however, after further conversation you learn that they want to expand their business and need advice on how to go about it. Regardless of whether you provide that service or not, you’re now aware of their scenario and can be of assistance.
Building a healthy client relationship goes beyond just conversing about their concerns. Successful accounting firms tend to do all the little things to let their clients know how much they appreciate their business. Things, like sending a greeting on their birthday or recommending new software to help them in their business, can have a much greater impact than expected.
3) Use outsourcing
Many CPA firms have already started taking advantage of outsourcingand the value it adds to their business. From faster turnaround times to reducing overhead costs the benefits are plentiful. The implementation of outsourcing gives owners the time and resources required to grow their firm and boost productivity.
With outsourcing, CPA firms get access to a specialist team and technology that in the past was only available to big firms. This further allows you to compete with bigger firms for bigger jobs and boost productivity by outsourcing portions of the workload.