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With new technology placing traditional accounting services under threat, firms looking to become future-proof are recognising the imperative to deliver more value, more often. Many are embracing the idea of the ‘365 firm’ – one that strives to be its clients’ most trusted business partner not only at tax time, but all year round.
So how can you transform your practice into a future-proof ‘365 firm’? Let’s explore three critical steps on the road to transformation. You can also discover more ways to future-proof your practice in our guide, ‘Embrace Tomorrow: How to Future-Proof Your Practice’.
Staying up to date with your clients’ financial activities is time-consuming. Sending files back and forth and having face-to-face meetings make delivering year-round support and advice difficult, if not impossible. The cloud changes all that. Cloud accounting solutions give you the means to access real-time client data and collaborate with your clients anytime, on any device with a web browser. One way to take advantage of this is to set up Key Performance Indicators for your clients and track their progress against them – giving you the ability to identify opportunities and issues, and dispense advice accordingly.
A future-proof firm is all about helping clients beyond core accounting. More importantly, it’s about forming ‘customers for life’ throughout the entire 365 days of the year, not just around tax time. According to the International Federation of Accountants, 93% of small businesses value accountants as their source of business advice. Thanks to the cloud, it’s now much easier for firms to service this demand by offering value-added services like real-time business monitoring, strategic planning, monthly business reviews, CFO services, and controllership.
Don’t be afraid to regularly ask your clients about their business. Many firms assume they know what their client’s situation is without asking. While some clients assume their accountant is too busy, and therefore don’t raise their business concerns with them. To unlock advisory work, it’s important to regularly engage your clients in open-ended discussion about the issues their business is facing. As traditional accounting work becomes increasingly commoditised, uncovering opportunities to deliver year-round advice is essential to create new revenue streams and differentiate your offering.
Becoming a ‘365 firm’ is just one of three vital characteristics of a future-proof practice. Discover all three in our guide ‘Embrace Tomorrow: How to Future-Proof Your Practice’ and learn practical steps to prepare your practice for the future.
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