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Safety In Numbers, Accounting Firms Leading The Way

Safety in Numbers, Accounting Firms Leading the Way

As the owner of Sales Plus Profit, I work with CEO’s, MD’s and FD’s across many different industries. A client engages my company to review and transform their sales function and enable growth by implementing a Sustainable Sales System© that will mitigate risk and maximise profit. Economic and business trends are always top of the agenda and I firmly believe this presents a great opportunity for accountancy firms who want to differentiate and grow their business.

News articles seem to be appearing daily about the rapidly changing business world and point to an uncertain future. My experience with business owners and entrepreneurs shows that they are looking for structure and substance to enable growth and confidence.

I believe that accountancy firms should prioritise their efforts to finding and working with clients who have genuine ambition for growth and expansion because these clients have the most need of business and financial advice.

Business growth and business confidence stimulate work for everyone. Entrepreneurs are far more likely to invest in premises, machinery, IP, staff and all other forms of expansion if they believe that growth is achievable and will give them a competitive advantage in their market.

The challenge for many accountancy firms, is being unable to show a clear differential between themselves and their competition, when they both offer standard Bookkeeping, HR, Tax and Audit services from their stable of products.

Your firm may already offer growth advisory services in addition to your traditional current accountancy products. The accountancy profession offers a solid foundation for the addition of specific growth advisory services and your offering may already include advice on financial decisions, auditing accounts and providing trustworthy information about financial records. You may also report on taxation, audit, undertake forensic accounting, manage corporate finance including business recovery and insolvency, reviewing accounting systems and processes.

Whether your firm is interested in growing its audit business, or introducing additional business growth and financial advisory services, accountants remain perfectly positioned to differentiate from other professional service offerings. Accountancy qualifications, training and experience are a great asset, affording your services credibility and integrity. Whichever strategy you employ to achieve your firm’s objectives, you must still assist with your clients’ business growth and this will include focusing on areas in which they are under performing.

As ways of doing business grow more sophisticated, firms need to embrace technology and find new ways of interacting with businesses to stay relevant and add more value to their existing clients while attracting new ones. Its important to understand that winning new clients requires a sales skill set and mindset, with energy focused on prospecting and winning sales using a sustainable and systematic method.

However, technology is the future, whether we like it or not. Chasing growth and profit will continue to ensure businesses outsource basic compliance activities to number crunching lower paid and lower value facilities whilst still relying on sound financial and business advice.

Its interested to see that cloud-based accountancy software platform Xero, together with their Alliance Partners, have developed a complete ecosystem that is transforming the way accountants are interacting with their clients. We all know that real change requires continual education to ensure real value is delivered. Xero have developed playbooks to educate their ecosystem of users. The accessible playbooks provide advice and guidance, with each playbook focused on a specific area such as cash-flow, retail and professional services.*

Accountants are able to specialise in any industry and firms may have a portfolio of varied clients including public practice, commerce and not-for-profit and public sectors. Whichever industry you or your firm is in, the aim is always to maximise profitability for your clients. Maximising profitability often means re-focusing their sales effort and ensuring their sales function is driving the growth they want.

A clear focus on a client’s own revenue and profit aspirations will have an immediate impact on the firm’s success/growth plans. Your advice must be able to achieve the growth they’re looking for with a corresponding increase in their sales and revenue. If you can do this, your accountancy practice will grow along with each client you advise. It makes sense, if they grow, so do you.

Accountancyage.com/2018/11/21/how-technology-is-changing-the-face-of-accounting Author, Beth McLoughlin, Managing Editor Date published: November 21, 2018 Category, Accounting Software

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