The accounting services industry has gained popularity in the last few years. According to the BLS, over five million accounting firms have 20 or fewer employees generating five million USD revenue per year. These stats sound pretty great for aspiring professional accountants in the US and Canada.
From small businesses to large-scale firms, every entity needs professional accountants to maintain and manage their books. This is where CPAs come in. They are adept in creating a harmonized tech-based accounting environment with necessary human intervention.
While machine learning and cloud-based accounting are great at performing repetitive bookkeeping tasks, CPAs must gain in-depth market insights and advisory services. CPAs play an active role in keeping businesses in line with local and federal bookkeeping laws. They help companies to adopt automation while evaluating their performance manually.
This blend of digital and manual accounting functions leads to a higher productivity output with rewarding results.
As a CPA, bagging new clients is your ultimate objective. Without a diverse range of customers, you can’t showcase your full potential in the market. So if you’re looking for ways to attract new, high-paying clients, you’ve come to the right place. Here are our top five recommended strategies to fuel your business activity.
1. Focus on Services, not Sales
Like other small business owners, newly graduated CPAs also aim for higher revenue and paybacks without investing adequate time and effort into practice. Setting unrealistic monetary goals is a common mistake CPAs must avoid.
Don’t limit your business model to generating more revenue and sales. Instead, try to make your services better than competitors and more accessible.
Here’s a set of business decisions every CPA must include in their plan before putting a foot forward in this highly competitive market:
- Offer bundled services, hourly rates, and affordable pricing plans
- Opt for contract-based offerings and retainers to build client trust
- Offer initial business assessment to help your client gauge the potential outcome of hiring you
- Use technological tools to optimize your offerings
- Diversify your skill set and learn how to use accounting software products like QuickBooks
- Don’t rely on in-person client interactions only. Create a solid digital presence to reach more diversified businesses
2. Blend Human Interaction with Technology
As a CPA, you don’t need to have the know-how of coding and machine language accounting. Thanks to QuickBooks, automated accounting is now easier than manual documentation and bookkeeping tasks.
You should try incorporating an essential skillset of using entry-level accounting software services to help small businesses save operational costs. However, don’t make your company too focused on polishing IT services. Maintain a balance between client engagements and automated service delivery.
3. Optimize Offerings for Millennials
More than 35% of the current workforce consists of millennials. This means that in the next few years, more millennials will become new business owners. Hence, the demand for accounting services will also rise dramatically.
Current accounting firms should start optimizing their services for this new, emerging target clientele. Start by learning how millennials like to run their businesses. This includes studying their purchase patterns, research trends, and preference of choosing tech-savvy CPAs.
A KPMG report reveals that over 82% of millennials favor hiring accounting firms that are digitally equipped and paperless. Therefore, today’s CPAs need to offer suitable offerings that match the demands and preferences of tomorrow’s client base.
A modern-day client wants data security, speedy services, and reliability, and there’s no better way to offer accounting services than by adopting cloud technology.
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