Managing an accounting business is no small feat. Whether it’s trying to find the right staff, managing client expectations or doing all your own books, there’s certainly no shortage of things to do. With the frequent advances of technology and changes to industry rules and regulations, accounting firms have to keep on their toes at all times. Here are five tips for managing an accounting firm.
1 Find the right people
And do everything in your power to keep them. Too many businesses focus on getting great people through the door, but they fail to put measures in place to ensure staff feel supported. Make sure your accounting firm is doing what it can to care for staff, whether that’s offering opportunities for learning and development, team training, general work perks or flexibility. It takes more than remuneration to keep staff members happy long term.
2 Offer exceptional customer service
In addition to keeping your staff happy, you also have the important task of managing your client’s expectations. The easiest way to ensure repeat business is to offer exceptional customer service. Completing good quality work on time is one thing, but genuinely caring about your customers and their own businesses is what will set you apart from the competition. Go out of your way to ensure client’s expectations are met, but don’t let it come at the sacrifice of your employee’s work-life balance.
3 Consider your pricing structure
Is your business turning over the maximum amount of profit? While most accounting firms choose to charge per hour, some are now moving towards value-based pricing. Unlike hourly billing, this style of pricing allows you to charge for your services according to their perceived value. This also opens up the opportunity to provide tailor-made services for different clients, which could help set you apart from your competition.
4 Check out the competition
While it always pays to run your own race, it’s worthwhile keeping an eye on the competition. Watch for the marketing and advertising efforts of local and national firms and make sure you’re competing in both product and service. Be aware of newcomers to the industry, especially those who are in your particular niche. Attend industry events where possible, and network with industry leaders and experts.
5 Keep up with industry trends
The accounting and finance industry is constantly changing so it’s important to keep up with the latest trends. Look out for new technology and developments that could potentially change the way your firm does business, and don’t be afraid to try something new. Embrace technology and automation to ensure your firm is staying efficient and up-to-date. Attend conferences and workshops, where possible, to keep a finger on the pulse of what’s happening in the world of accounting.