Expand and Improve Client Services to Increase Revenue for Your Accounting Firm

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To retain clients and attract new ones, accounting firms must occasionally add new services or improve their existing services. However, it is not always easy to see how adding client services will translate to increased opportunities for your firm. If you feel ready to expand but are stuck on what to offer, we hope the tips below will be helpful to you.

Watch our video below or read the article underneath to understand more!

Understand What Makes Your Accounting Firm Successful and Where It Could Improve

You can’t expand client services or improve your firm’s offerings when you don’t really know what your clients value or need. This requires you to get into a growth mindset rather than becoming complacent with the stability of the accounting industry. Start by looking at your current offerings to understand what your company does especially well and what brings in the most revenue. This will determine which client services you need to keep, and perhaps, which services could be refined or improved.

Don’t overlook the importance of honestly acknowledging weaknesses that could be preventing your accounting firm from reaching its own financial goals. For example, perhaps you can’t find the most well-qualified staff, or your employees are working with outdated equipment. When you resolve to tackle these issues, the satisfaction level of both your clients and employees will improve.

Increase Your Emphasis on Marketing

You and your staff may be excellent at preparing tax returns, helping small business owners create budgets and related tasks in the financial services industry. But you might not have the time or skills to focus on marketing to grow your business. Capital Business Strategies can provide you with additional marketing tips or you may want to consider hiring a marketing professional who has plenty of experience working with clients in the accounting field.

How Well Do You Understand Your Clients’ Challenges?

Most accountants understand that managing cash flow well is a leading concern among small business owners. Unfortunately, they may not have a good understanding of other major reasons why business clients seek accounting help in the first place. According to a 2019 research study conducted by Accounting Today, other top business concerns include:

· low profitability

· loss of a major client

· need for more capital

· large debt load

Talk to your clients about their main concerns and then develop services to help them solve their problems.

Add Value to Your Accounting Firm with These Services

The following are two client services that can help you win more business. If you already offer these services, consider how you could improve what you are currently doing!

· Help clients prepare to complete bank loan applications: It’s a rare small business that can operate without outside financing, especially as a new company. With the stringent loan requirements of most banks, you would be providing your clients with a valuable service by offering to assist them with pulling together paperwork and understanding the steps involved in applying for a bank loan.

· Business and succession planning: Small business owners depend on accountants and other experts to help them create plans that result in a successful business venture. Clients who need financing must have a written business plan, so why not offer this service from the start? Working with clients at the other end of the spectrum who are ready to sell their companies is another valuable service you can offer.

We are Here to Help You Help Your Clients

Serving your clients well means a healthy bottom line for your accounting firm. For more tips on improving client services and profitability please get in touch!

 

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