Looking to take your accounting business to the next level but are unsure of where to start? There are countless ways to improve an accounting business, from embracing new technology to expanding your range of services, any of which could be the next step to take to encourage the growth of your business.
Here are some of the best ways to improve an accounting business:
Paperless accounting is a great way to improve practices, so consider cutting back on the amount of paper used throughout the organisation. Yes, it’s impossible to go entirely paperless as some things require a physical copy, so instead revaluate which processes could benefit from going paperless.
This not only helps cut costs by reducing the amount of paper, ink, and postage used in the company, but also streamlines processes to make things more productive. For instance, looking through digital files and making changes is much quicker and easier compared to looking through mountains of paper files!
Upgrade to Cloud-Based Management Software
Any accountancy business will greatly benefit from upgrading to a cloud-based management software system. There are various types of software available from many vendors, making it easy to find bespoke cloud-based management software that meets the requirements of your firm.
By using this technology, businesses can expect a great uptake in productivity, as these newer systems are far more efficient than older software, while also reducing errors and increasing accuracy across all practices.
For example, files can be quickly accessed from any type of device providing there is an internet connection, making it possible to check and change data from almost any location. In fact, many processes can be automated using software, allowing for more time to be dedicated to other tasks or even expanding into new services.
To minimise downtime and technical problems, cloud-based software update automatically as well, meaning there is less reliance on IT personnel, while user-friendly interfaces make it easy to train staff to use the software.
Make Changes to Pricing
A simple yet effective way to improve an accounting business is to re-evaluate their pricing structure, as are using outdated pricing methods that could be holding them back.
For instance, charging hourly rates can often be time-consuming process when completing end of year reviews, as it’s common to find that more billing is required, which can sour relations with clients while taking up more time than needed.
Do you a charge a flat monthly fee, hourly rates, or a retainer? Is there a package service that could attract more clients or could you up your rates to increase profits? Make sure to evaluate the current pricing structure to see if changes can be made that will help improve the organisation.
Concentrate on Core Services
While many accountancy firms try to improve their business by expanding their services, there are instances where it is better to concentrate on the core services already provided. After all, this is a competitive market and there are firms already offering niche solutions, so it’s often a good idea to remain focused on your area of expertise.
Expansion is certainly still a viable option for improving a business, but never cast your net too wide too soon. Try to take a slow and steady approach, setting achievable goals if you are thinking of expanding – or simply continue to focus on what you already offer.