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Thursday
Feb152018

Paving the way to your success - Part 1

Jay Abraham, CEO, Abraham GroupThis is the first in a series of posts from Jay Abraham, one of the world's leading business and marketing gurus. As Founder and CEO of Abraham Group, Inc., Jay has spent his entire career solving problems and fixing businesses. He has significantly increased the bottom lines of over 10,000 clients in more than 400 industries worldwide. 

All of the content in this Paving the Way To Your Success series is  brought to you exclusively by AccountantsWorld, as part of our ongoing mission to help you maximize the value and relevance of your accounting firm.

In this post, Jay guides you through laying the foundation for greater growth and profitability. 

 

WELCOME TO A SIMPLER AND MORE PROFITABLE ACCOUNTING FIRM

STARTING TODAY!

I want you to achieve every single dream of incredible greatness, abundant wealth, immense success and exuberant happiness you have ever allowed yourself to dream - plus exponentially more! I'm convinced you deserve to play the game of business by your own rules. As long as you're operating with integrity and your product or service offers superior quality and value, you deserve to be as successful and fulfilled as you want to be in your firm or professional practice. Whether you want to achieve dramatic financial growth over the next few months, or put an end to those 14-16-hour days so you can have more time with your family and friends—or both—/ know I can help you.

What You Can Expect From Me 

I'm approaching my relationship with you in the same way I would approach a consultation with any other client who pays me $10,000 per hour—first, by letting you know what you can expect from me, then explaining what I hope from you. (Note: this is for YOUR benefit alone! I only have your BEST and HIGHEST POTENTIAL in mind. I understand you may be hesitant, possibly comparing my context with others in world who claim to be experts or “Gurus.”  I get it. I ask you to step out on faith, either way, I only want your best and highest outcome for YOU!) I'm going to devote myself to you and your enterprise just as I would with a client. The first thing I want to do for you is to de-mystify how to grow your business or professional practice. I'm here to give you the simple knowledge, skills, and strategies you need to design your firm to give you exactly what you want.

So, what do you want for your CPA firm? Do you have a clear vision? If you do, that's great! But if you don't, we're going to work together to help you clarify your vision, so you'll know exactly what direction to take to get from where you are to where you want to be. This means having the sales you want, the income you're looking for, the security you're after, and the personal fulfillment I know you deserve.  And here's the best news—it's not hard! Actually, it's fun and easy. That's what you can expect from me. 

What I Expect From You

For you to accomplish your objectives with this program, obviously, you have to do your part.

So, first of all...

I.   I expect you to trust me. I've been able to help thousands of others, so I know what I have to offer will work for you.

II. I Expect you to commit yourself. Take it one step at a time and follow through consistently on what I ask you to do throughout this blog series...

It's up to you, of course, to complete the questionnaires and “assignments”—it may take a little time and sometimes a little effort—but the payoff will be more than worth it! 

I am at a point in my life where I am more interested in spreading knowledge, than only increasing my wealth. (If you are older, you may understand this, if you are younger, you may think I am crazy!) Either way… the accounting industry, you, are on my heart, and my personal goal it to help 1 million accountants to increase their revenue, and dramatically and exponentially expand their business, and go beyond anything they could have even hoped for or imagined!

 

Here Is the Simple Foundation We’re Going to Build Upon

There are only three ways to grow your accounting practice or CPA firm. You can:

1.   Increase your number of customers or clients. This is where almost everybody focuses almost all their attention. But the second and the third ways are actually where you have the greatest potential for leverage and growth. The second way is to...

2.   Increase your average transaction value. This simply means increasing the amount of the sale and the amount of profit that sale produces for you...

3.  Increase your frequency of purchase. This means you get more residual value from each customer or client. You get them to come back more often to buy more products or services from you.

Most people don't realize that the cost of acquiring a customer is substantial, while the cost of selling them more or selling them more often is significantly less. More about this later.

Please answer each of the questions in the survey.

Now, let’s go on to a very important survey I have for you...

 

General Information

What initially got me started in my accounting firm (what motivation, occurrence, etc.)?

When I first started, where did my customers come from (what process, method or action did I use)?

Why did customers originally buy from me?

Why do customers buy from me now?

What primary method of generating customers was used to build my firm?

Which of my marketing or sales efforts brought in the bulk of my sales/clients? What percentage of my business comes from this?

How well-connected or how involved am I with my customers at the sales or transaction level (do I still sometimes take orders, or sell, or follow-up)?

What ongoing sales efforts do I personally perform today? How do these functions differ from those I performed when I started my firm?

Where do my customers come from specifically (demographics)?

What do I believe my greatest single competitive advantage is?

What aspect of my CPA firm, product or service am I most proud of?

If I had a magic wand, would I rather attract more new customers or garner more money from my existing customers and why?

Who else benefits from my success; excluding my customers, my employees and my family members?

How many of my suppliers would be motivated to help me grow my business more because it will directly benefit them at a very high level? Who are they?

When I create a new customer for my firm or profession, who else have I indirectly created a new customer for?

 

General Marketing Information

Who is my target market and how did I arrive at it?

Describe what my accounting firm does completely (what I sell, how I sell it, and who I sell to by industry, commercial category or specific niche).

What is my business philosophy as it relates to my customers?

How have my methods for doing business, or the product or service line(s) I market changed since the inception of my accounting firm?

What is my vision for my firm for the next:

●      6 months

●      1 year

●      3 – 5 years

●      10 years and beyond

What or where is my biggest opportunity that will help me achieve this vision?

What is my greatest strength, and is it consistent with this opportunity?

What are my sales per employee? Is that above, below, or equal to my industry average and what are the steps I am taking (or going to take) to improve it?

What is the “lifetime value” of my typical customer (i.e. How much revenue will he/she generate for me over the entire period he/she does business with my firm)?

What is the biggest customer complaint about my CPA firm, and how does my firm address this problem? 

What is my Unique Selling Proposition or USP (why do my customers buy from me – what is it about my product and/or service that distinguishes me from my competition? I may have more than one for different product/service lines or segments of my firm.)?

Is my USP a consistent theme in all of my marketing and sales efforts? If yes, how, and if no, why not?

Briefly describe my marketing program or marketing mix (all the different types of marketing I use and how they interrelate – i.e. yellow pages, spot advertisements, direct mail, direct sales, telemarketing, etc.).

Who are my biggest competitors and what do they offer that I do not?

What steps do I take to offset their advantage? Are they working? If not, what needs to be changed?

What is my competition’s biggest failing, and how do I specifically fill that void?

Do I use direct response marketing concepts (those designed to induce an immediate and measurable response)? If no, why not?

How much of my time each month do I devote to marketing?

Do I have a marketing director? If so, describe his/her primary responsibilities and duties:

Do I have a written marketing plan that I adhere to? If so, explain it:

Is the plan based on a fixed budget number (i.e. $10,000 per month in the newspaper), or is it a variable percentage of sales?

What do my customers really want (be specific, don't just answer “a quality product or service”)? How do I know?

Do customers buy from me exclusively or do they also patronize my competitors? What steps can I take to get the main portion of their business?

Do I provide incentive bonuses to my employees for creating new and better marketing methods for my accounting firm? Explain.

What’s my market potential (universe) and my current share of that market?

What are the top 5 ways I have used to attain my existing customers (from best to worst)?

What does it cost me to get a new customer (i.e. if I ran an advertisement that cost $1,000 and I attained two new customers, my cost would be $500)?

What are the average sales and profits generated from a new customer in the first year, and how is that information useful in my overall marketing strategy?

What is my biggest and best source of new business, and am I doing everything possible to secure this business? If no, why not?

What has been my biggest marketing success to date (defined as a specific promotion, advertising campaign, telemarketing script, etc.) and am I still using it?

What is my biggest marketing problem or challenge today? Describe it in its entirety as candidly and direct as possible, including personal, financial, and transactional implications it may impose.

How many better ways could I reduce the risk of a transaction, lower the barrier of entry or reduce the hurdle for my customer, client or patient to make it easier for that person to do business with me?

After the initial sale, are there systematic, formal methods I use to communicate and resell my customers? If so, what are they? If not, should there be?

Do I have a systematic back-end (selling my own or others products to existing customers)? Describe how it works:

What problems does my product or service solve for the customer? Describe my customer’s needs and the positive results my product/service provides?

Do I have an adequate supply of customer testimonials, and is there a system in place for their capture? Are they written, on audio-tape or video-tape, and how are they used in my marketing?

In what ways, if any, are the testimonials dramatic, dynamic, and compelling to others?

Describe the best specific achievement I have produced for one of my customers.

Do I actively solicit referral business? If so, how does it work, and if not, why not?

Have I ever tried to reactivate my former customers and non-converted prospects? Explain:

Have I ever tried selling my non-converted prospects to my competitors? Explain:

Do I make consistent efforts to communicate with and educate my customers about what my company is doing to help them? How formal, informal, or systematic is the process?

In what ways do I try to up-sell and/or cross-sell my customers?

Are there other ways or different products/services I could be selling but am not?

Do I need to make money on first-time buyers, or am I satisfied with only making it on the back-end (reorders)? Explain:

Does 80% of my sales come from 20% of my customers? What are the implications of my particular ratios?

Do I ever barter my products, services or assets with other companies in exchange for their products, services or assets? Explain how it works:

Have I used bonuses in my sales/marketing propositions? If so, how did it affect the response?

What kind of guarantee or warranty do I give my customers, and how does it compare with my competitors or with the accounting industry at large?

What is my customer attrition rate?

Is that normal for the accounting industry?

If it’s too high, what do I think is the reason?

If it’s lower than average, why?

How can my customer attrition rate be improved (be specific)?

 

Sales

If I have a sales force, how are they compensated?

Do I have a sales manager? Describe his/her duties and objectives, and how they coincide and fit with the overall marketing strategy.

Have I tried different types of compensation programs? How did they affect sales?

If I use another direct sales firm (independent sales reps, dealers, manufacturers reps) have I ever compared the results to an inside or outside sales force? 

How do I capture the names, addresses, and phone numbers of all my customers and prospects? Do I use them in my marketing programs?

What is my selling season, if any, and am I actively looking to sell other complimentary products or services during the slower periods? If so, how do they interrelate?

What is my gross and net income per salesperson? What are methods I can use to improve it?

How much time do I personally devote to sales or sales people?

What is my average order amount, and what are the steps I can take to increase it?

Do I do anything at the point of sale to increase the order or add on other products or future products or services (up-sell)? If so, what?

How much professional sales training have I had, and what type of training do I offer my salespeople (both junior and senior)?

How long does it take me to fill an order after I receive it, and if I improved it would it have a dramatic effect on my sales?

Is “buyer’s remorse” a problem for my customers, and, if so, how do I overcome it?

Do my customers feel my customer service department is prompt and courteous? Explain why or why not:

 

Advertising

Are my ads working? How do I know?

Do I use two-step advertising (i.e. step one generates qualified leads, step two converts those leads to customers)? If so, describe it.

What’s my conversion ratio (in others words, out of every “x” leads I get “y” customers or sales), and what are the different techniques I have used to improve it?

What is my advertising cost per sale (i.e. when I run an ad that costs $1,000, I generate S’V of sales)? Have I tested different approaches to increase this number?

Do I use a conversion kit (a package of follow-up materials) to convert prospects to sales? If so, describe it. If not, describe the steps I take to convert a prospect.

Do I test the different aspects of my advertising? What do I test? ­

Copy? Offer? Price? Illustrations? Media? Headline? Size? Publication position?

If so, what did my tests tell me that I didn’t know before?

 

Direct Mail

How much is the initial sale to a new customer worth?

How much prospecting mail do I drop each month? To whom, and why?

Do I use a list broker? If not, where do I get my names from?

Do I test the different aspects of my mailings? What do I test?

Copy? Offer? Price? Media? List? Headline?

What is the return on investment for my mailings, and how do I think it can be improved?

How often do I mail to my own list of customers?

How often does a typical customer buy from me?

Have I ever created proprietary concepts or ads or mailing pieces that could be sold or licensed to other businesses outside my marketing area? Explain:

Do I rent my customers names to other companies? If so, what were the results?

How do I use a public relations strategy to complement my marketing?

 

Congratulations!

Just by completing this survey, you have placed yourself ahead of most of the accountants in the world—those who never take the time to think deeply about their firm, individuals (many of whom are your competitors) who spend so much time working "in" their firms that they never take the time to work "on" their firms.

I'm excited to help guide you as you work on your accounting firm!

Jay

Thursday
Feb012018

AccountantsWorld partners with Biz2Credit to offer online lending platform for accountants and clients

Biz2Credit, a leading small business lending marketplace, today announced a partnership with AccountantsWorld, a leading provider of cloud-based solutions for accountants.

 

Through the collaboration, CPAs and their small business clients can access Biz2Credit’s online lending platform through AccountantsWorld’s cloud-based software.

Biz2Credit’s award-winning online platform gives small business owners access to a network of prescreened lenders. Financing, which ranges from $5,000 to $5 million, can be arranged in as little as 24 hours for lines of credit, expansion loans, working capital and other uses.

“Accountants play a crucial and unique role in helping their small-business clients make sound financial decisions,” said Dr. Chandra Bhansali, co-founder and CEO of AccountantsWorld. “Through our partnership with Biz2Credit, CPAs and other accounting firms will be able to provide greater value to their clients. This also enables them to utilize the platform for their own funding needs.”

While small business lending has improved dramatically since the so-called “credit crunch” that followed the Great Recession, it can still be challenging to secure financing. As of December 2017, big banks approve a little more than one-quarter of the loan requests they receive, and smaller banks grant a little less than half of their applications. Platforms such as Biz2Credit are able to connect small business borrowers with potential lenders who match their lending parameters, thereby increasing the chances that qualified applicants will secure funding at agreeable rates and terms.

“Accountants are important partners for small businesses and startups as trusted advisors play a significant role in lending decisions,” said Rohit Arora, co-founder and CEO of Biz2Credit. “The clients of accountants who specialize in small businesses – as well as the accountants themselves – will be able to benefit from our partnership with AccountantsWorld to address their funding needs.”

Arora added: “The average small business owner spends 33 hours preparing and processing a loan application. Their time would be better spent running their companies. An entrepreneur can complete a loan application in four minutes or less by a smart phone, tablet or laptop and connecting with Biz2Credit.”

Biz2Credit uses state-of-the-art encryption and other cybersecurity best practices to keep data safe.

 

If you're an AccountantsWorld customer and would like to learn how to get started on Biz2Credit's lending platform, contact your practice development consultant, or call 888.999.1366. 

 

About AccountantsWorld
With more than 30 years’ experience, AccountantsWorld is the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. Today, AccountantsWorld not only offers tools, but also the resources, training, and support accountants need to raise their relevance and become more successful by adding value to their clients’ businesses. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366.

About Biz2Credit
Founded in 2007, Biz2Credit has arranged more than $2 billion in small business financing and has been named to Crain’s New York’s Fast 50 and Deloitte's 2017 Technology Fast 500. Biz2Credit is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the U.S. Visit www.biz2credit.com or follow Biz2Credit on Twitter: @Biz2Credit, Facebook, and LinkedIn: https://www.linkedin.com/company/biz2credit-llc.

Monday
Dec182017

AccountantsWorld's Daily Newsletter wins Best in Biz award

AccountantsWorld's Daily Newsletter has earned a Silver Medal in the 2017 Best of Biz Awards. 

The Daily Newsletter was created by AccountantsWorld in 2003, the first newsletter of its kind dedicated specifically to the accounting profession. AccountantsWorld began delivering daily email roundups of the most important industry news to accountants and payroll professionals. Over the years, tens of thousands of subscribers grew to depend on the daily digest and shared it widely with peers across the profession.

Of course, AccountantsWorld is now much more than just a news provider. Over the last 17 years, AccountantsWorld has developed a suite of award-winning cloud-based solutions designed specifically for the needs of professional accountants. AccountantsWorld’s fully integrated suite of solutions for accounting, payroll, and practice management help accountants improve their firms’ bottom lines by adding greater value to their clients’ businesses.  

 

"We're gratified and honored to receive this award for our Daily Newsletter," said Div Bhansali, Vice President of Marketing for AccountantsWorld. "Many members of the AccountantsWorld team have invested a great deal of time and effort in the creation and maintenance of this newsletter. Most of all, we'd like to thank David Munnell, who finds and publishes each day's articles for the newsletter. We are committed to supporting professional accountants in every manner possible, including through our award-winning software solutions, support, and insights. The newsletter continues to be an integral part of that mission."

 


 

Friday
Dec082017

Takeaways from Jay Abraham's "Exponential Growth" event, presented by AccountantsWorld

 

Note: A summary of this event was initially published on CPA Practice Advisor.

Many accounting firms still struggle to expand their practice and sustainably increase profits. On November 17, AccountantsWorld presented an event designed to cut through the clutter and offer unique growth strategies and tools - straight from one of the foremost thought leaders on growth in the world.

In this exclusive event, business and marketing guru Jay Abraham showed how to leverage factors WITHIN a firm for exponential growth. Jay introduced his proprietary concept of strategic preemptive marketing, and demonstrated via case studies and actionable insights how this concept can help accelerate a firm’s growth. Jay then brought on stage three special guests, each with distinct expertise in leadership, client management, and understanding millennial employees. And finally, Jay took questions from the audience to help accountants work therough their specific issues and opportunities.

Here's a recap of this one-time-only event.

Dr. Chandra Bhansali

Chandra Bhansali, CEO of AccountantsWorld, kicked off the event by introducing his company's new initiative and mission: “Raise your value, raise your relevance”. Dr. Bhansali explained that this initiative crystalizes AW's long-standing focus on empowering accountants to take back control of their core services (particularly accounting and payroll), so that they can boost the value of their firm, as well as the value they deliver to clients. In 2018, AccountantsWorld will extend its range of offerings beyond existing cloud-based software solutions, and offer more support, services, and training for forward-thinking accountants.

"Developing your soft skills is going to be as critical to your firm's future success as your technology choices," stated Dr. Bhansali. "Today's event with Jay represents the launch of our commitment to provide firms with everything they need to grow their relevance in a rapidly changing landscape."

 Jay Abraham

In the course of 3+ hours, Jay covered a wide range of topics related to both organizational and personal growth. Here's a sampling:

  • Working away from being a commodity
    • The goal of an accountant is to be seen by their market as the only viable choice , the most trusted advisor. The goal they need to be working away from is being a commodity.

  • The importance of thinking differently, and the power of thinking unconventionally
    • Train yourself constantly to be more expansive with your thinking
    • Always consider your client relationships in an opportunistic way
  • Thought exercise: what if your practice or your client’s biz were an investment fund? Would you buy it?
    • Think of the market you are targeting and the market your clients are targeting
    • Know your clients' long term goals
  • A series of stories that exemplified the range of hidden opportunities available to every firm
    • An accountant's problem may be someone else's solution
    • Access people that have access to the market you want to be in, then gain their trust and then get them to endorse you. It doesn't matter what industry they reside in, as long as they understand your market and match your passion and trust.
  • Focus on making investments that deliver quantifiable ROI.
    • The importance of A/B type testing with your methods
    • Maximize and multiply - uncover an opportunity, test your way to optimizing that opportunity, and then find a multiplier
    • The importance of variation. The same growth strategy applied over and over will p

 

 

  • Jay’s 5 aspects of maximizing a business:
    • Multiply income
    • Create far better income
    • Ethically exploit windfall income, opportunities internally and externally
    • Achieve monster-size psychic emotional wealth
    • Position your practice and your clients business at the maximum value and worth possible
  • An accountant's job is not to practice numbers
    • To grow, thrive and prosper, accountants have to transcend their basic functions and become a true advisor. That means someone who collaborates with clients and looks at their businesses in a holistic, proactive manner - and commands far greater compensation for it.

Panel with Ramit Sethi and Phillip Stutts

Ramit SethiPhillip StuttsNext, Jay brought on stage two experts on people optimization, especially as it relates to millennials. Ramit Sethi is author of the New York Times bestseller, "I Will Teach You To Be Rich,” and writes for more than 1 million readers on his websites, GrowthLab.com and IWT.com. And Phillip Stutts is Founder and CEO of Go BIG Media, Inc., an award-winning media firm, as well as a regular contributor on news networks on topics such as politics, business and digital media.


 

  • Optimization: Getting your practice working harder for you than you work for it. 
  • Millennials:
    • When connecting with millennial clients, it’s best to connect with them in person. Learn about what their friends do and like, what they enjoy reading and where they’re learning from in order to better understand them.
    • For accountants interested in attracting millennial clients, it’s important to show them what your accounting firm does in a meaningful way. Rather than listing your portfolio of services (e.g. banking and budgeting, compliance experts, etc.), talk about how you used your expertise to help clients (e.g. turned a struggling startup into a thriving business with better management of the business’ financial needs).
    • Be technically excellent but show it in a way that resonates with millennials.
    • A good way to test your messaging is by hiring a journalist who works for millennial-centric publications (the Muse, Buzzfeed, etc.) and work with them to put your messaging into a language for millennials.

 

 

A conversation with Blair Lacorte

Blair LaCorte is a leading business strategist with a passion for purpose-driven organizations. Blair has led and transformed companies in six different industries, and currently invests in small- to mid-sized companies through LaCorte Ventures.

Jay and Blair discussed how to effect change in your clients and your organizations.

 

 

  • No one cares about how smart you are unless they know that you care about them.
  • All of your professional and personal connections rely on you putting energy back INTO them. The amount of energy is proportional to the amount of trust earned.

 

 

 

 

More from Jay

  • Client service:
    • Giving more than you take
    • Always be growing
    • Talk to clients – the definition of client service lives in their heads, not in yours. What matters to them specifically?
    • Be relevant to yourself before you can be relevant to your clients.
    • Service needs to be embedded into everything you do
    • Show clients connections that are profound and impactful for them. Surprise and delight them by delivering value in unexpected areas. 

 

Three ways to grow a business:

  • Remember the Diving Board Philosophy: relying on one marketing approach will inevitably lead to a decline over time. 
  • So how do you diversify?

 

 

  • For most firms, the greatest way to grow your practice is by growing your client base
  • People buy results, benefits, education and protection. They don’t buy features.
  • Understand customer lifetime value.
    • Optimize your service based on the customers who drive the most value for your firm (loyal clients who are more likely to offer referrals, testimonials, case studies, etc.)
    • With new clients who are referred, you have to build trust and walk through several “trust levels” in order to build a strong relationship. Trust-building is automatically bypassed with new clients who are referred.
    • Integrate and secure new business that’s a blend of lifetime value-based clients and short-term clients to boost and sustain cash flow.
  • If there are certain elements you can guarantee, it’s easier for people to say yes
  • The more risk you can take away, the more you can help put clients at ease and become successful
  • Be an advisor to transform their business
  • The greatest gift to help you add value is by helping them add value.

AI and Automation

  • AI will help accountants who are able to leverage predictive analytics. The capabilities allowed through automation in tandem with the advanced analytics achievable through AI will prove to help accountants leverage real time and historical data to best advise their clients.
    • This further solidifies accountants’ position as a trusted advisor and partner (service model accounting over transactional model of accounting) and will increase client stickiness, as they will grow to expect these insights to inform their business decisions.

Personalization and Value

Jay closed the event with a re-definition of the value that successful accountants will provide in the future.

  • Clients are capable of doing their own accounting through DIY software. What will interest clients in the future won’t be an accountant's ability to “crunch the numbers,” but their unique ability to offer insights and advice for growing the business.
  • Accountants must go out of their way to get to know their clients and prioritize learning key insights about their personal and professional lives.  Become trusted allies for your clients and they’ll be much more reluctant to reevaluate the relationship.

 

 

 

Tuesday
Nov212017

Three steps to regain control of client accounting

It stands to reason that small business owners would rather spend their time focused on their businesses, and not accounting work. In fact, according to a survey by SCORE, 40 percent of small business owners said dealing with bookkeeping and taxes are the single worst parts of owning a company. Compounding the problem is that the more clients are involved in bookkeeping (without any accounting knowledge), the more mistakes accountants are left cleaning up.

These problems are the easily foreseeable results of using popular DIY accounting software like QuickBooks – solutions that were created primarily for the needs of small businesses, not for professional use. And when accountants are stuck in this sort of reactive position in client accounting, that's a lose-lose for both them and their clients.

But historically, most accountants felt they didn't have a choice. Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses, and are based on the DIY model. Here's the amazing part: Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

Want to end this cycle and regain control over your accounting engagements? Here's how to get started.

 

Make the most of the cloud

The only way to make accounting highly profitable for you, and make your services more relevant to your clients, is to put you – the accountant - back in the driver’s seat. That’s what we call an Accountant-Centric approach.

A professional system based on this Accountant-Centric approach provides everything you need for your professional work — write-up, trial balance, preparation of fully customizable financial statements, and analytics, along with a general ledger system that includes banking, accounts receivable, accounts payable, job costing and inventory. It's a fully unified cloud-based system for both professionals and clients. The Accountant-Centric approach is the brainchild of AccountantsWorld, and our cloud-based professional accounting system Accounting Power is based on this Accountant-Centric approach.

With an advanced solution like Accounting Power, accountants can customize their services for each individual client, based on their needs and preferences.

For clients who’d like to offload all their accounting work to you, your firm can now deliver complete accounting services, including bill payments, bookkeeping, monitoring cash flow, and preparing financial statements. The Workflow Manager included in Accounting Power helps your staff perform at peak efficiency, and lets you oversee the entire accounting practice from a single dashboard. And no one has to print a single check - all bills are paid with a mouse click using innovative digital checks. The only thing your clients have to do is either scan or take a snapshot of invoices to be paid using their smartphones.

For clients who prefer some involvement, accountants can set up the system to give their clients access to specific functions they can perform comfortably without making errors. For example, clients who crave some involvement may only want to use Accounting Power to write checks and enter deposits. Accountants can tailor the program to let them perform those functions quickly. Clients who want another level of involvement may want the ability to handle account receivables and account payables. Accountants can personalize the solution to meet the needs of both the hands-off and engaged client.

Whatever level of involvement you and your clients agree upon, your time is now freed up to focus on providing value, such as identifying growth opportunities or flagging discrepancies or threats to the client’s business.

Deliver more value to clients beyond bookkeeping and taxes

Accountants can continue to demonstrate their value to their clients by offering a more diverse and strategic set of services. The AICPA and other industry experts agree that the next major growth opportunity for accounting firms - large or small - is in offering Client Accounting Services (CAS). With Accountant-Centric collaborative solutions, accountants can analyze the whole picture of a client’s finances to offer real-time strategic advice, and provide significantly deeper value beyond preparing simple financials and doing taxes.

The more high-value services that an accountant can offer their client, the stronger their client relationships will be, which can boost retention and create a strong referral network for the accounting firm amongst existing clients.

DIY accounting systems may have been the norm for the past several years, but cloud-based professional accounting systems like Accounting Power have shifted the balance of power back to accountants and created an opportunity for small businesses to get back to doing what they love most - running their businesses, and not dealing with the headaches of bookkeeping, taxes and payroll. Cloud solutions benefit both accountants and their clients, and empower accountants to offer more strategic value to their clients’ businesses.

Schedule a free live demo of Accounting Power and see how your firm can regain control of client accounting.