7TH SEPTEMBER, 2018

5 Ways To Grow Your Accountancy Practice

In an increasingly competitive market, it is vital for accountants to find new ways to grow their practices and stay ahead of the competition.

Growing your accountancy practice might seem like a difficult task, but it doesn’t have to be. In the article below, we outline 5 ways to grow your accountancy practice and find new business:

1. Automate Processes

Automation saves time and enables you to take in new clients. Choosing the right accountancy software is therefore essential to any accountancy practice looking to save time in its processes. There are many solutions in the market, so take some time to compare their functionality and time-saving features.

2. Be Unique

When businesses and self-employed prospects are looking for an accountant, they have to make an important decision. They might look for accountants that deal with a certain type of business or perhaps a practice that is locally based. However, with the increase in cloud accounting and other collaborative tools in the cloud, clients can now choose practices based anywhere in the country.

Many accounting practices look very similar from the outside (many even use the same corporate colours). Make sure you stand out from the competition with your brand identity. Becoming distinctive, choosing the right marketing strategy or going after a niche can help you gain new clients.

3. Connect With Your Clients

Having a close relationship with your clients will increase your ability to gain new business and obtain relevant first-hand information through which you can generate ideas to improve your practice and listen to your clients’ needs.

You can keep in touch with your clients by scheduling regular meetings with them and participating in events and networking sessions, but don’t forget about the possibilities that the digital world offers.

For instance, consider writing a blog to let your clients know about changes in legislation that will affect them and the services you offer in your practice, which will also increase the online visibility of your website. You can also repurpose this content as social media posts to reach a wider audience.

4. Find New Talent

Find employees with good technical, client service and advisory skills. Finding and retaining employees with the right skills will be one of the most effective ways of remaining competitive in the next few years. If finding the right qualified recruit seems like a difficult task, consider the flexibility that recruiting an apprentice can offer.

5. Offer New Services

As the accounting profession moves towards more automated processes that free up time for accountants to take up new projects, it is becoming essential for accountants to start offering new advisory services. Clients are starting to ask for a more personalised view of their companies’ finances, and new small business owners want to be advised on the future of their start-ups and how to grow their companies.

Consider offering new services such as R&D Tax Credits. Working with partners such as Tax Cloud makes offering new services much easier and without adding stress to an already busy workload. Simply refer the client and claim a referral fee. It’s that simple. Partner programmes are a very popular approach for Accountancy practices, just make sure you choose an R&D tax relief specialist that is personable, knowledgeable and professional.

Visit our Accountants page to learn more about how Tax Cloud can help accountants:

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Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
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Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
David Farbey David Farbey MA, FISTC, FRSA Technical Consultancy Director
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
Lauren Olson Lauren Olson MA, MISTC Senior Technical Consultant