Starting and growing an accounting firm can be challenging, but with the right strategies in place, firms can achieve high growth. While not all firms will achieve growth through higher volume, many are succeeding with this model.
Here are a few tips for high-growth tax and accounting firms to complete more returns in less time.
1. Build a strong online presence
In order to grow, firms need to attract new clients. In today's digital age, having a strong online presence is crucial for firms hoping to find new clients. The firm's website needs to be up-to-date and easy to navigate. The website is a firm's digital front office – first impressions are important!
2. Network, network, network
Accountants should attend industry events, join local business organizations, and reach out to other tax and accounting professionals. Many firms are trimming their client lists to focus on fewer, more complex returns. Building relationships with other professionals can lead to valuable referrals.
3. Expand the talent pool
As a firm grows, it's important to build a team of experts who can help handle the increased workload. With cloud software and remote work options, firms can hire remote staff outside of their immediate geographic area and attract not-traditional staff looking for work they can do from home during unconventional business hours.
4. Invest in automation
Keeping up with the latest accounting software and technologies can make firms more efficient and competitive. Automating tasks and streamlining processes saves time and money. Tax professionals should focus on areas where their expertise is required, rather than spending time and effort on routine data entry and administrative tasks.
5. Don't lose sight of accuracy
Trust is a critical part of the accountant's relationship with their clients, so accuracy can never take a backseat to speed. Using software built by tax experts, with the most comprehensive forms and automatic calculations, takes some of the pressure off. And an onscreen review process with intelligent diagnostics and actionable review notes can improve return quality and reduce review time.
