Last editedJul 20222 min read
If you’re running an accounting firm, you’ll know that the competition can be tough. There are so many different firms out there that it can be a challenge to adapt and stay ahead of the rest. But there are also plenty of great ways to encourage expansion, and if you’re wondering how to grow your accounting practice then you can make use of these diverse strategies.
Whether you’re aiming for a specific revenue target or are simply looking to take on more client accounts, there are a number of steps that you can take to achieve those goals. Efficiency and a clear endpoint are essential parts of an accounting firm strategic plan. Keep reading to find out more about how to grow an accounting firm.
Work on relationships with existing clients
Those asking themselves how to create an accounting firm with wider reach often look towards attracting new customers. However, one of the best ways to bring in more business is to look at your existing customer base. Improving customer loyalty is an excellent way to drive sales, and should be your first port of call when trying to grow your accounting practice.
It's a good idea to truly understand your clients’ businesses and encourage a deeper relationship based on this. Do some research into their industry, the challenges they face and their needs from you as an accountant.
You can also consider using CRM software to effectively manage your different customer relationships. This can also provide you with data insights that will give you a better picture of how to grow your accounting practice.
Hire the right employees
Employees are the lifeblood of any company, and you should be strategic in the way that you hire. Make a list of the essential skills for the operation of your accounting firm, and base your hiring strategy around this. The best bosses and managers will consider their own weaknesses, and look for employees that can augment these.
Invest in the right areas
One of the best things you can do for your accounting firm's strategic plan is to invest in data tools that will give you insights into your performance and financial health. Keeping track of KPIs, sales and profits in this way will give you a good idea of which strategies are effective and therefore what you should continue to do in the future.
It’s also a good idea to invest in your hiring process to ensure that you get the right employees. While it might be a large upfront cost, choosing the right candidates will save you time and money in the long run.
Create an efficient accounting practice
If you want to know how to create an accounting firm that’s successful, then it’s important to think about the efficiency of your business. One of the number one ways that you can save time is by introducing accounting software that saves you time and reduces labor costs, leaving you free to invest time and capital in other areas of the business.
GoCardless is a great way to streamline your payment collection system. After a simple, one-time setup, payments will be automatically collected from the client’s account on the due date. This has the benefit of saving you and your clients time, improving both efficiency and the customer relationship.
GoCardless also integrates with accounting software such as Xero and Quickbooks, so it can instantly access data relating to invoices and when they are due.
What’s more, the payment intelligence system Success+ automatically attempts to collect payments again after an initial failure. This results in automatically recovering 70% of failed payments, meaning you don’t have to spend time chasing them up.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.