Developing Professional Services to Future-Proof Your Accounting Firm

Unstable interest rates, inflation, potential recession, and threats posed by advanced automation like AI are among the myriad concerns of accounting professionals. Accounting is an ever-evolving landscape. Diversifying and offering an array of professional services is crucial not only to survive—but also to thrive.

Top tip number one is expanding beyond your comfort zone and current offerings.

Accounting professionals who elect to add specialized services like growth analysis, payroll, growth development, and business advisory training and development to their traditional bookkeeping and tax preparation roles can cater to clients' needs while significantly contributing to their net revenue.

Support and diversification

Savvy customers want more than basic accounting—they want an expert to help them avoid common pitfalls, achieve business goals, and navigate complex economic environments.

These are just a few of the professional services areas that we have seen our AccountingSuite Accounting Partners pivot to:

• Profitability analysis
• Budgeting
• Payroll
• Cashflow management
• Software systems consulting
• Process automation
• Operations review

In addition to full-service financial accounting, our Accounting Partners have found that diversifying their portfolio of services adds a layer of revenue potential, reducing their dependency on one sole source of income.

It also gives them a competitive advantage—they distinguish themselves as a one-stop shop for financial needs, which attracts new clients and mitigates churn.

Another bonus is that it enhances credibility and expertise—as their business becomes known for comprehensive service offerings and expert advice, it attracts larger businesses and higher-profile clients who are less likely to quibble over rate increases.

Professional services deep dive

Growth analysis

Growth analysis involves evaluating a company’s financial data to identify trends, measure performance, and recognize areas for improvement. Accounting professionals can use their experience to help formulate growth strategies, optimize resource allocation by embracing technology, and enhance profitability. Many, if not most, small to medium-sized businesses desperately seek these valuable services to scale their businesses.

Payroll

Payroll—especially cloud payroll—is a critical service for businesses of all sizes. Accurate and timely payroll processing ensures compliance with tax regulations and maintains employee satisfaction. By managing payroll for their clients, accounting professionals can relieve them of administrative burdens and allow them to focus on core operations and growth while delivering a recurring revenue stream.

Technology advisor

The role of comprehensive business solutions—especially software designed for accounting professionals and small to mid-sized businesses—cannot be overstated. It can be overwhelming for businesses to keep up with evolving technology; there is a reason that cloud-based accounting software competency is in monumental demand.

According to prominent research firms, by the end of 2024, more than “45% of IT spending on system infrastructure, software, application and business process outsourcing will shift from traditional solutions to cloud. This evolution makes cloud computing one of the most continually disruptive forces in IT markets since the early days of the digital age.”

The most crucial element is obviously clean data—access to accurate, real-time analytics. Companies that work with legacy, outdated, on-premise systems will struggle with financial reporting, cash management, accounts payable, inventory management, accurate reports, and month-end closing processes.

Niche a mile wide and a foot deep

Another top tip: multiple niche markets can set your firm apart from competitors. Industries where you have either a foothold or an interest—healthcare, real estate, lite-manufacturing, distribution—allow you to build deep expertise and cater to the unique needs of your customers.

Within the technology solutions space, much of the work can be automated. For instance, many distributors work with eCommerce platforms like Amazon, Etsy, and eBay. Finding a comprehensive solution with a consignment module and robust inventory management and accounting can eliminate the need for spreadsheets.

Employing comprehensive cloud-based software is your first line of defense—an inclusive solution that integrates scalable processes and future-proofs your firm.

• Accounting
• Supply chain management
• Multi-channel inventory management
• Warehouse management
• Order management
• Reports
• CRM
• Cloud banking
• Asset tracking
• Payroll
• Expense tracking  

The last top tip is to stay ahead of technology developments by innovating your business practices through continuing education.

The right software will enhance efficiency and accuracy to help you meet current and future client demands. Flexibility is essential—focusing on automation, facilitating distributed/remote workforces, and scaling services as your clients and client base grow will ensure your long-term competitiveness and success.

The automation and efficient firm management you achieve with comprehensive software will deliver additional benefits—like the time you need to focus on higher-value activities, including advisory services and strategic planning.

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