Thriving in the digital age: propel your accounting business with tech, marketing and new services

It’s vital to continually take steps to give your existing and new clients reasons to do business with your firm.

In today's fast-paced and ever-changing business landscape, accountants and bookkeepers face the dual challenge of providing exceptional services to their clients while also growing their practice.

To stay competitive and meet clients’ evolving needs, it is imperative to constantly re-assess your firm, embrace new cloud-based technologies, reinvent your marketing strategies and enhance your service offerings.

So let’s explore some practical skills and tips you can use to fire up your business and make changes to drive growth.

1. Continually explore and embrace new technologies

Incorporating emerging technologies into your accounting practice is no longer optional, it's a necessity. This is because embracing cloud accounting software and automation streamlines workflows, reduces errors and enhances the client experience.

The fact is, if you’re not doing this, your competitors are and the risk is you will be left behind. So here are three ways you can future-proof your accounting practice with new digital tools.

• Choose robust cloud accounting software that fits your firm's needs. Features like automation, real-time data and integrations can vastly improve your firm’s efficiency and increase accuracy.
• Make the most of cloud accounting’s ability to give you secure access to financial data from anywhere. Explore its potential to facilitate collaboration with clients and enjoy the benefits of real-time updates.
• Take advantage of the power of automation to eliminate or reduce manual work such as data entry, bank reconciliations and invoice processing. Then, use the time you would have spent on inefficient manual process to focus on strategic initiatives that generate revenue and profits for your firm.

2. Overhaul your marketing strategies

Marketing plays a crucial role in expanding your client base and maintaining a competitive edge. By adopting new marketing techniques, you can engage existing clients and build relationships with new ones.

• Revamp your website and optimise it for search engines. Creating informative content such as blog posts or videos that address common accounting challenges and demonstrate your expertise is another way to increase engagement between your firm and your target audience.
• Use platforms like LinkedIn, Twitter and Facebook to connect with potential clients and share valuable industry insights. Engage in productive online conversations, join relevant groups and showcase your firm's unique value proposition.
• Encourage satisfied clients to refer your services to their network. Offer incentives or discounts for successful referrals to encourage powerful word-of-mouth marketing.

3. Introduce new services to develop your business

Meeting clients’ evolving needs means it’s important to diversify your services and provide added value beyond traditional accounting functions. There are lots of ways to do this.

• Position your practice as a trusted advisor by providing strategic guidance on financial planning, tax optimization, budgeting and risk management. Guide your clients in selecting apps for QuickBooks Online to improve their productivity and streamline business operations. Focus on understanding your clients' goals and proactively offer tailored solutions to their challenges.
• Identify industries or sectors where your firm can excel and deepen your knowledge in those areas. Becoming an expert in a niche market can attract clients seeking specialised expertise.
• Use technology to provide real-time financial insights and reports to clients. Cloud-base data analytics tools can help you to identify trends and areas for improvement.

Commit to continuous growth

By embracing new technologies, revamping your marketing strategies and enhancing your service offerings by implementing value-added pricing strategies, you can meet and exceed your clients’ expectations and, at the same time, attract new ones.

The idea is to position your practice as a true partner for your clients’ businesses, drawing on everything technology has to offer to support your business growth. Embrace the opportunities that arise as you explore new ways of operating and promoting your business and watch your accounting or bookkeeping firm flourish.