A Three-Step Plan to Ensure the Success of Your CPA Firm

 

The ability to forecast revenue and stay ahead of revenue cycle demands is essential for any accounting firm. As the demand for accounting services becomes more competitive, it is crucial for accounting firms to maintain a hard-nosed approach to digital business. Future-proofing your firm is essential to maintaining and growing your accounting business.  Future-proofing is the process of making sure that your accounting business is taking precautions to remain relevant irrespective of any sudden changes in the market.  There are many ways that you can future-proof your accounting firm, but it all starts with the right mindset. Below, Certified Public Accountant James Liggett CPA takes a look at the three key elements that can help you get started.



 

Embrace Technology

Technology has changed the way we do business, and local accounting firms must be able to embrace this change. There are a number of technology tools that can be used to strengthen your digital presence and help drive clientele to your website.

For example, building a strong presence on social media sites like Facebook and LinkedIn can attract potential clients who are looking for a professional to help with their tax planning. An effective presence on Pinterest, Instagram and other image-driven sites can help attract more attention to your firm. Businesses must be able to quickly and effectively communicate with their clients, and one of the best ways to do this is through email marketing. James Liggett CPA recommends using email marketing software that enables you to track when clients open and click through their emails, making it easier for you to improve your strategy and track results.

 

Define your business goals

The first step towards future-proofing your accounting firm is setting business goals. You need to define what your clients’ needs and wants are, so that you can cater to them. Once you have done this, you can tailor your services to suit their needs. For example, if you notice that a lot of your clients are looking to set up an E-Commerce business, you can offer that service to them as part of your firm’s services. This will help you differentiate yourself from the competition and increase your revenue by offering a new service, explains James Liggett CPA, partner at Liggett & Webb P.A.

 You can also look at improving the efficiency of your firm by setting business goals that are related to cutting down your operational costs. This will help you achieve profitability faster while also providing you with more funds to invest in new technology and services.

 

Consistently build quality relationships

Lastly, remember that the best way to future-proof your firm is to consistently build strong relationships with your existing clients and find new ones as well. This will help you future-proof your firm by ensuring that you have a strong clientele base that will continue to use your services in the future.

This is just a glimpse of what it takes to future-proof your accounting business. There are many more factors that you need to take into consideration, such as how technology is changing and how to deal with the inevitable challenges that may arise over the course of the future. Digital transformation is happening now and will only continue to get more intense over the course of the next few years. For example, artificial intelligence, machine learning, and automation are all going to become more prominent over the course of the next few years. Your firm must be prepared for these changes if it hopes to survive in the long run.

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