The bread and butter for many accountants has always been the fundamental services related to bookkeeping, payroll, tax preparation and other compliance-related tasks. However, accounting has evolved in recent years, with clients now expecting significantly more from their accountant than straightforward number crunching and filing tax returns on time. To retain good clients long-term, accountants need to deliver strategic insights, business guidance and personalised support along with those core services for tax and regulatory compliance.
The great news is that adding value to clients by offering them more services and deliverables is a great way for accountants to drive more revenue for their own business, as well as helping their clients grow at the same time.
In this article, we look at five proven ways for accountants to increase client value and grow sustainably.
Jump to:
While essential accountancy services such as preparing and filing tax returns remain an important part of the business, advisory services go further, helping your clients do more than tick the compliance boxes and enabling them to make smarter decisions.
Whether it’s through services such as detailed management accounts, cash flow forecasting or strategic planning, these services give clients the insights they need to make data-led decisions and predictions. To offer these kinds of services, accountancy firms can:
In order to integrate these services into the proposition, accountancy firms may previously have needed to recruit new staff to be able to deliver both the routine tasks alongside taking an advisory role. Now, outsourcing routine accountancy tasks to a trusted partner can free up internal resource to focus on the value-added advisory services, without the time, money and risk associated with recruitment.
Digital tools have revolutionised the ways in which both clients and accountants can access and interact with their financial data. Through cloud accounting platforms, real-time access, collaboration and reporting are all possible. The value that accountancy firms can add here is in the ways that the data is interpreted and used.
Actionable insights are what clients are looking for. They need to understand what the data means for their specific context and how it can help them run a better business. Some examples include:
This digital data is only useful if it is accurate and reliable. This is why many accountants find it useful to outsource data entry, reconciliation and the reporting setup, to make sure that the data is clean and truly meaningful to the client’s stated business objectives.
Most accountancy firms have a range of different clients on the books, and all have their unique needs. A good starting point for personalising accounting services is to segment the existing client base, based on things such as:
This enables accounting firms to tailor a suite of services that is a good match for the client needs and can help identify some upselling opportunities.
Many accountancy firms find it a challenge to maintain the usual standards of service as well as having the bandwidth for strategic thinking for client segmentation and personalised service packages. Outsourcing some or all of the day-to-day accounting tasks can free up internal resource to do just that, without compromising on the high standards that your clients expect or risking your reputation.
It may feel counterintuitive for accountants to be educating and upskilling clients about their business finances and data. However, once clients understand financial fundamentals, they are able to make more confident decisions, which can help all parties to succeed and grow. When accountants collaborate with, as well as advise, clients, the trust built in that relationship actually makes the accountancy firm more indispensable, not less. Some ideas for how to achieve this could include:
Taking time to develop training, workshops or have 1-2-1 calls and meetings with clients like this does take internal resource, which can be a scarce commodity in busy accountancy firms. Outsourcing routine accountancy tasks can provide the operational capacity for the internal team to invest in client relationships and education, driving more value and loyalty in the long-term.
There are many potential additional services that accountancy firms can offer to clients on an ad-hoc basis to generate more revenue while helping the client achieve a specific goal. For example:
Again, this not only benefits the accountancy firm and the client, it can help cement a stronger relationship and even result in referrals and increased brand advocacy.
It can be challenging for accountants to find the time and headspace to look for additional opportunities for how they can increase client value and deliver a truly useful service. Outsourcing routine accountancy tasks to a trusted partner can provide that space and freedom to take the firm forward.
In this article, we’ve outlined several ways in which outsourcing can make a practical difference to an accountancy firm’s internal resources and skillset to drive increased client value. The right outsourced accounting partner can:
These benefits, combined with the ambition and drive of your accountancy firm, can make a huge difference to profitability and future-proofing the business.
Book a call with us today to find out how Advancetrack can help your firm and clients with specialist services.
