How Accountants Can Help their SMB Clients Derive Maximum Value for their Money
The success of any small business to a large extent depends on liquidity. As per different studies made over a period of time, poor financial management has been accounted as the prominent reason for business failure. Incompetent management is another reason behind such failures though.
Businesses are fast realizing the impact competent accounting can make. It’s the main reason why new small & medium-size businesses (SMBs) are desperately looking for a CPA that is qualified and competent enough to help them avoid such failures.
Search for Qualified and Competent Accountants Is Still On
However, it has also been found that only a few accountants actually know the precise way to work with their SMB client; helping them though remains another challenge.
Such accountants may not keep a track of everything right from the beginning. Rather they would meet up at the end of that year for going over the business’s books in order to start preparing returns.
But this is not what a number of business owners want in real. Such business owners are looking for something more than simply a one-time run-through of their accounting books.
Accordingly, expectations from the accountants is more. Being an accountant is not always easy. Attracting more & more SMBs is the core challenge that you may face.
If you want to stay ahead in the game and attract as many number of clients to your firm, you must consider following four tips –
Research & Deploy Innovative Technology
According to a recent study done by an online marketing company, merely 51% small businesses were found to be using accounting software. That may sound absolutely nuts though but it is the reality. Using a robust accounting software is one of the best ways to simplify things for your small business clients.
Currently, there are several software suites that are Cloud based. Such Cloud-based accounting software provide real-time access to business records. However, when it’s about a robust Cloud hosted accounting software, hosted QuickBooks is the first choice of industry clients.
QuickBooks accounting software helps to streamline the entire bookkeeping & financial management process. It also makes it simple for your valued clients to not only review but also ask questions about their finances. It thus becomes immensely easier for your clients to reach you for all updates regarding the bookkeeping activities.
Once your clients are satisfied, you can stay hopeful about referrals, long-term business, and better success. Nowadays, several companies offer QuickBooks Premier hosting and QuickBooks Enterprise hosting.
So, if you are using any of these accounting software editions, you can talk to your clients to derive optimum out of Cloud hosted QuickBooks.
Go Beyond Filing Taxes
Small business owners (SMBs) are willing to derive the maximum out of their investment. Providing your clients the maximum bang for their buck is not feasible if you simply file taxes and suitably calculate estimated payments.
There’s a high possibility that your existing as well as potential clients may skip right over you in case the same approach is followed for long.
So, what you can do? You can expand your business and your revenue stream by providing additional services to all of your new & existing clients.
Besides bookkeeping, investment management and business audits lie within the span of your training in the form of a CPA. After all, this is all what small business owners are looking for, so why to send them to some other CPA?
Leverage Social Media
Though not everyone would admit it, a lot of small business owners get troubled due to finances. For such businesses, taxes are a top concern – as reported by the National Federation of Independent Businesses.
By making yourself available online to your clients, you can cultivate your relationship with them better. Social media platforms are quite easy to learn and use, and your clients too will highly appreciate the idea of getting in touch with you quickly via such channels.
When we talk about good communication, it doesn’t necessarily mean doing a long, in-person meeting. You can talk and advise all of your existing and potential clients via channels like LinkedIn, Twitter etc.
In fact, these are some of the quickest ways of establishing yourself as a proficient accounting professional in your field. Accordingly, larger will be your influence and more is the business you’ll have.
Build Relationships of Trust
SMB owners are preferably looking for an accountant whom they can trust fully. Hence, if you want to attract more & more small business clients and retain them on a long-term basis, it’s a must that they have confidence in your skills and capabilities.
Simply doing the bare minimum while working as an accountant won’t help. It’s rather better to showcase your skills as a business advisor & financial confidant.
For this, you need to make yourself fully available, build optimum trust, gather knowledge about your industry, and also recommend solutions & technology like hosted QuickBooks that will boost your client’s business.
That’s how you can prove your mettle to your small & medium business clients. Global accountants must consider and follow these points to maintain their clients happy and satisfied.
It may seem a bit tedious thing to do for few accountants who have not yet adopted a favorable change like Cloud accounting or harnessed the power of social. However, once you implement the same, outcomes would be favorable for sure.