In much the same way as other businesses operate, CPA firms offer services at rates and prices that are evaluated fairly, meaning that when another CPA firm is offering the same services, whoever is charging the least, will likely prove the most popular. If your CPA firm is offering services that are commonly offered by its competitors, such as tax preparation and bookkeeping, whether you earn or win potential clients, could become something of a gamble, based upon the prevailing price of those services on the market.
One way of placing your firm ahead of its competitors, however, is to add a number of higher value services to your existing portfolio, such as business advisory services. You can also consider using tax preparation outsourcing services, which can give you a healthy, competitive edge, by enabling you to focus on those additional services, while all regular tasks are expertly taken care of.
Accountants as trusted advisors
Studies have shown that in the world of business, accountants and CPAs are considered as being highly reliable, trustworthy associates, and it’s this very level of trust that gives them the opportunity to excel beyond the parameters of conventional accounting, and offer their clients business advisory services.
As the majority of a CPAs clients are business owners, the addition of such advisory services can help them achieve their own success, in turn, helping you reach, and exceed, your goals.
What advisory services can a CPA offer their clients, and how can they bring them success?
There are a number of different advisory services that accounting firms can easily offer to their existing clients, and use to attract new ones, and most are related to:
- Money
- Investments
- Finance and accounting
- Risk management
- Human capital
- Wealth
- Information technology
- Statistics
Whether a CPA can make a success of their value added services is entirely down to their own judgement, skill, knowledge, and acumen, but when done right, adding extra services can be highly beneficial for CPA firms in the long term, and for the following reasons:
- No competition based on price
Wanting to increase the cost of what you offer to your clients, is only justifiable when you’re actually offering them something more than what they already get from you. By bringing more services to the table, you can ably justify higher rates to those existing, and potential clients who can afford them.
- Increase in revenue
It’s possible to increase the current revenue of your accounting firm by at least a couple of figures, when adding business advisory services to your repertoire. Doing so should you see you gain more returns when compared to traditional services that are offered on an agreement-basis.
- Enhanced client relationships
By helping your clients do better with their own businesses, you stand a much stronger chance of maintaining them as a client for life, or for at least as long as your services are needed.
When adding extra services to your repertoire, such as business advisory, be sure to take advantage of offshore bookkeeping services, as these can help you better manage your workload, while still giving your existing clients the type of service they’ve come to expect from you.
