The strong capabilities of Australian accountants cannot be understated. Professionals of the industry excel in technical skills, compliance services, and client management. What needs to be studied is the confidence gap that many accountants find to be a challenge. In order to not undervalue your services, underprice advisory work, and move to a more strategic landscape for your clients, many professionals need to audit their own belief systems and values within the industry. Busyness equalling success, compliance being the safest bet, and the notion that clients won’t pay more for your services are just some examples that should be challenged.
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The skills shortage in the Australian accounting sector is a major pain point affecting this gap. Without a solid backbone of hard-working and talented staff to support your accounting firm, the confidence cracks can begin to show. Many professionals within the accounting industry have been bridging this gap by reaching out to outsourcing companies specialised in providing tailored, high-quality work for firms struggling to recruit and retain their team. Another problem is the hesitance to include business advisory services as part of their offerings. Not knowing where to start, who to approach, or how to close means a lot of firms are stationary. Legacy pricing, undervaluing time and effort, compliance comfortability; these are all factors contributing to a lack of growth and innovation.
Engaging business advisory services as part of your firm can seem like a daunting task. There are multiple factors to take into consideration when deciding to branch out from compliance tax work that can make any accountant hesitate. Some questions that may leave firms wondering how to take the leap are:
Business advisory services are a key component of a firm that values confidence over compliance. Clients value the trust they develop in their partnership with their accountant, and these offerings are designed to deepen that connection while increasing capital for your firm.
One of the main tenants to never undervaluing your services is to align your pricing with the quality of your output. If you are looking to increase your prices this year, ensure you communicate that openly to your clients and have a game-plan for any pushback. Consumers who prefer quality over quantity will understand that in order to receive a premium product, they need to prepare to pay for it. Valuing your effort, time, and expertise will make the process of pricing easier to communicate any changes to your clients. Look at how you can have a pricing discussion without actually calling it that. If it’s called a ‘service review’ for example, clients are more inclined to accept a pricing increase, especially when it is presented alongside an additional service offering.
Check out competitors rates, take an audit of how your team has improved upon their skills, include any extra services you’ve incorporated into your structure and show confidence in orienting your prices to reflect this. Try not to over-explain or justify your fees. Clients who aren’t interested in paying more are often not the correct match for you. Don’t feel pressure to tighten turnaround time, or do ‘favours’. Offering something for free might be appreciated in the first instance, but if you charge for it the next time, it often makes it harder to convince the client that the service is worth paying for. Clarity is key. Clear boundaries, prices, and evidence of quality work is enough.
The world of accounting is layered if you choose to look beyond the surface. Advisory services, strategic business planning, legacy organisation; these are just some facets that go beyond compliance. It's easy to become comfortable with what you know well. Compliance is a skill that all accountants are confident in executing. The issue is that comfortability rarely means actual progress and in turn, being able to grow will equate to higher-value for your firm.
How do you move past the comfort of compliance and look toward evolution of your services? Here are some tips from the team at Advancetrack:
Accountants are one of the most credible resources for clients looking for advice about their business landscape. A report from the Chartered Accountants Australia and New Zealand found that 75% of respondents trusted accountants over other industries. Utilise that trust to elevate your firm so that you can find value and confidence in knowing the services you offer are worthy, essential, and foster real results.
