How can an accounting firm grow in an increasingly competitive market?

Improve client communication across multiple channels, educate clients by publishing content and hosting seminars, specialize to create a niche, audit your client base to free capacity, and use cloud technology to streamline work.

What communication methods should accountants use to better serve clients?

Use face-to-face appointments, phone conversations, email, letters, virtual meetings (e.g., Google Hangouts, Skype, Zoom, Teams, GoTo Meeting), and instant messaging for quick answers.

How can cloud technology streamline an accounting practice?

Cloud access lets clients view invoices, documents, and ledgers, enables real-time report sharing, supports direct data population (e.g., bank feeds), and reduces manual processes and paper costs.

How can Swipeclock help accounting firms with timekeeping and payroll?

Swipeclock offers a small business time and labor solution that integrates with payroll software. Becoming a Swipeclock Partner lets you offer employee management, scheduling, and time data collection to clients.

How can an accounting firm differentiate itself?

Invest time and effort into making your organization unique by identifying and promoting your specialties and niches.

5 Ways to Grow Your Accounting Business | Swipeclock

The article discusses the increasing competition in accounting due to technology and self-service software, emphasizing that accountants can grow their business by improving personalized communication through multiple channels—including virtual meetings—and by addressing clients' evolving needs for strategic advice beyond basic accounting tasks.

The Challenges of Growing an Accounting Practice

As many as 67% of accountants feel that the profession is more competitive than ever. Accounting continues to become more uncertain and challenging, largely due to technology. Business owners and individuals can now find accountants who specialize in their unique problems from anywhere, increasing competition beyond local boundaries. Accountants now compete with firms across the country, not just locally.

Many Small Businesses Do Their Own Accounting

New software makes it easier for clients to self-service their accounting needs, often at a lower cost. However, this can mean clients miss out on the strategic, advisory, and educational roles that skilled accountants provide.

Key points:

Competition is broader and more widespread than before
Software competes with accounting services, but it doesn’t have to
The internet can be a stumbling block if ignored
Clients are more educated about accounting

Here are several key steps you can take to grow your accounting business.

1. Better Communication is Key to Growth

George Bernard Shaw said: “The single biggest problem in communication is the illusion that it has taken place.”

Sending out a form letter or newsletter, or answering questions on a phone call, may not be enough. It's important to understand each client’s individual needs and communicate how you can help.

Utilize Multiple Communication Channels

Consider these communication methods:

Face-to-face appointments
Phone conversations
Email
Letters
Virtual meetings (e.g., Google Hangouts, Skype, Zoom, Teams, GoTo Meeting)
Instant messaging

Virtual meetings can help you better serve your clients, allowing for shorter, more frequent consultations and saving time for both parties. Electronic meetings provide a deeper personal touch than emails or phone conversations and help maintain control over your schedule.

Business Owners Expect 24/7 Self-Service Access

Today’s business leaders expect increased communication and instant access. Consider using instant messaging for quick answers, and schedule online or in-person meetings for more complex issues. Phone calls can often be more efficient than lengthy emails.

2. Educate Clients by Being a Thought Leader

Clients can find answers to nearly any question online, but the information may be incorrect or come from competitors. Set yourself apart as a thought leader by providing education on your website and through blog articles.

33% of adults search the internet for information instead of trying to remember something.

When clients search for accounting answers, ensure they find your website. Educate clients through informative blog articles to build trust and authority.

Seminars and Lunch-and-Learn Events

Host seminars and lunch-and-learn events to cover topics such as:

New regulations
Tax changes
Payroll (mistakes to avoid, helpful software)
Compliance
Timekeeping
Employee benefits
Other important topics related to your services or industries

These events should provide valuable education and set you apart as a trusted advisor.

3. Specialize and Create a Niche

Specialization makes you more competitive and attractive to clients. You may need additional training or certifications in areas such as:

Insolvency
Tax
Auditing
Consulting
Payroll
Startups
IT audits
Business valuations

Assess patterns among your existing clients and create content around your chosen niche. Specialization can also be industry-focused (e.g., restaurants, auto body shops, technology) or based on geographic location. Understanding an industry well creates a referral base and allows you to target trade groups and associations.

4. Make Room for Growth

You can only work as fast as your clients allow. Evaluate whether your clients embrace new technology or if manual processes are slowing you down. There is a difference between being busy and being billable.

Perform a Client Base Audit

Identify clients who take up a lot of time but generate little revenue
Recognize clients who resist technology
Assess how much time is spent on non-billable activities
List clients by revenue generation and identify those who require more time than they pay for
Identify clients who pay on time and refer others

Decide how to handle clients who take up too much time or fail to pay for your services. You may refer them elsewhere or discuss how their needs align with your services. This frees up time to focus on your best clients and take on more quality clients.

5. Use Technology to Streamline

Technology can streamline accounting practices, increase transparency, and eliminate repetitive tasks. Cloud technology allows clients to view invoices, documents, and ledgers, and eliminates the need for mailing hard copies or sending reminders for unpaid invoices.

Cloud Access Adds Value

Provides proactive advice
Allows charging for advisory services, not just software subscriptions
Streamlines client data transfer (e.g., bank feeds, direct data population)
Eliminates manual processes and enables real-time report sharing
Stores documents for instant retrieval, reducing paper costs

Utilize software that supports your specialties. For payroll, set clients up for automatic timekeeping and integrate employee time cards with payroll systems.

Swipeclock Can Help

Swipeclock offers a small business time and labor solution that integrates with payroll software and provides additional services such as employee benefits or retirement planning. Becoming a Swipeclock Partner allows you to offer these solutions to your clients, providing tools for employee management, scheduling, and time data collection.

In Conclusion

Invest time and effort into making your organization unique. Strive for excellence to move from being a point-service accountant to an advisory accountant. Go beyond customer service by identifying and promoting your specialties and niches, being strategic with clients and software, and becoming a thought leader through education. Enhance communication with online meetings, instant messaging, and phone calls.