Accounting businesses have endless growth opportunities. To sustain scalability, realise business growth, and increase competitiveness, you need a well-planned strategy fueled by creativity and knowledge of industry trends.
Regardless of your business’ years of operations and scale, success requires a combination of strategies that prove your point of difference and establish yourself as a thought leader. Here are some pragmatic and helpful strategies to ponder as your firm’s way forward.
1. Develop and transform services with technology
Technology is reshaping the future of many industries, including accounting. Utilising new technologies to develop new services and improve current ones is necessary. This is crucial if you don’t want your accounting firm to be left behind.
A new generation of clients is more likely to consider an accounting company that is up-to-date with its technologies. And this is to acquire more value for their investment by receiving enhanced and efficient accounting services.
You can start by automating manual processes to save time, workforce, and costs. Find online accounting solutions that streamline work in the front and back office. A wide variety of online accounting systems are available that are designed for use over the Internet and do not require you to install software on a local computer or desktop.
Utilising cloud-based software empowers you to remain on top of your deliverables and continue working even when on the move. It also reduces the need for server hardware, backups, and tedious maintenance. Adopting online software can also shift the capital expenditure from an upfront cost to a more affordable monthly, or annual, fee.
Leveraging technology that provides multiple lines of communication with clients can help expand your firm. Forward-thinking firms are now powering up with conversational chatbots and other communication platforms to serve clients 24/7. Cloud communication tools provide your clientele with enough platforms for their queries anytime, anywhere.
2. Invest in partnerships to expand services and solutions
If your firm targets growth, consider partnerships and collaborations with firms that offer services complementary to what you provide. Merging is a practical and effective way to reach new markets, unlock new opportunities, diversify services, develop unique expertise, and bridge service gaps.
Major players in the market understand that customer needs are evolving, and they continue to grow. Industry leaders have long leveraged partnerships with other companies to fill gaps in their offerings and accelerate growth with complementary technologies and services.
In 2005, when Android was still an unknown mobile startup company, Google acquired it. Through this acquisition, Google gained the tools to compete in a market dominated by Apple and Microsoft. Data shows that as of May 2020, 47% of U.S. smartphone owners use a Google Android device proving this to be a profitable and successful move.
Finding a company that is aligned with your goals and culture is as significant as finding companies that provide complementary services. Everyone must be open to working together as a whole new team for a collaboration to take.
3. Zero in on target industries
Building growth strategies must be based on your firm’s goals and target industries. It is essential that you identify the right market segment your firm wants to cater to in order to expand. More than acquiring clients is required, the key to longevity and success is to service companies aligned with your organisation’s core focus and expertise.
Networking helps you gather the right client base, and having the right client base opens doors that lead to growth. Building a solid portfolio of clients within your market of expertise will enable you to differentiate your service from your competitors and gain a strong foothold in a niche that will set you apart from other accounting firms.
Take Deloitte’s Audit and Assurance service as an example. They provide a focused audit approach to four major market segments– startups, industries, private companies, and private equity. Develop industry expertise and become a thought leader in your target niche. This can improve your client’s impression of your company and earn you referrals.
It takes years of dedicated work, excellent service, and continuous effort to better understand the market and competitive landscape in which your target clients operate. Successfully powering through these early challenges will pave the way for your firm to experience growth.
4. Invest in the best talent
Behind a successful accounting firm is the best talent. The time, energy, and resources you put into training, developing, and supporting your accountants will profit and benefit your firm at an exponential level.
Honing the expertise of your best talent shows that you care for their growth as accounting professionals, bringing excellent performance to the table. Welcoming new potentials into the team can also reduce the workload on your senior experts and allow you to grow and strengthen your workforce.
A capable team dedicated to managing clients leads to improved business retention. Although today’s accounting industry faces a talent shortage, you can still upscale your human resources by outsourcing or offshoring services from the global talent pool.
The Philippines is a hotspot for offshoring highly skilled and industry-specific talent. Companies worldwide continue to acknowledge the cost-efficiency and discover the practicality of outsourcing Filipino talent who help them with their needs and deliver excellent service to their clients.
5. Find the right offshoring partner
Forward-thinking accounting firms are making the most of the many benefits of offshoring companies in the Philippines to counter the accounting staffing challenges. According to an online report, the pandemic increased the number of accounting firms offshoring staff to 41.3% in 2020.
The Philippines produces highly-qualified and well-educated accounting talent. The majority of firms offshore accountants, bookkeepers, and tax preparers to support their finance and back office needs.
The accounting pool talent in the Philippines is abundant with professionals that can cover day-to-day tasks such as invoicing and collection; periodic tasks like end-of-financial-year reporting; tax-related tasks such as quarterly reviews and projections; and business advisory tasks. Here are some roles that Filipino talent can take on:
- Payroll Specialists
- Accounts Receivable and Accounts Payable Officers
- Back Office Admin roles, such as Admin Support Specialists, Executive Assistants, Data Entry Associates, etc.
Satellite Office, a leading offshore outsourcing company in the Philippines has a proven track record of helping high-growth global companies establish, build and manage offshore teams for Finance & Back Office and other business functions, such as Customer Services, Sales, Digital Marketing, and IT & Software Development. As a leading provider of business offshoring solutions, we take a highly consultative approach beyond traditional offshore outsourcing.
We are capable of helping you build a world-class team of qualified accounting professionals that match your business needs. Our team can handle recruitment, performance management, upskilling, HR, payroll, and IT support, so you can focus on growing your business.
Looking for an offshore support service partner? Get a free assessment now, and let’s see how we can help.