Emerging Stronger Than Ever (Summarized Article)

Paraphrased Article from AccountantsWorld

We have all experienced an unprecedented crisis. But what if you could help your firm actually emerge stronger? The truth is, not only can you bounce back, but you can thrive for years to come 

Many experts have suggested offering advisory services. Sure, that’s part of the solution. But it’s simply not enough. You have to go a step further. You have to become more relevant to your clients’ businesses. Being relevant essentially means having the ability and commitment to do what’s good for your clients. 

As an accountant, you have tremendous power. But unfortunately, most accountants don’t realize it. When we ask accountants what accounting systems they use, we often hear, “we use whatever our clients use.” 

How do your clients know what the right accounting solution is for them to use? Most small businesses don’t have the expertise to decide. Instead, their decision is influenced by the heavy marketing from the do-it-yourself solutions directed to small businesses. Now think about it. What is in those companies’ best interest? Don’t they benefit from having a firmer grip over your clients and weakening your control over client accounting?

Once you understand why those companies are marketing to your clients, then you will realize that one of the most important things you can do to be relevant is to regain control over client accounting and your valuable client relationships.

Since your focus is to do what’s right for your clients, start by identifying their needs. You’d think that clients would know what they need. The reality is that most clients don’t. 

Henry Ford once said that if he had asked people what they wanted, the answer would have been “faster horses.” 

The reason clients don’t know what can benefit them is that their thinking is limited by their exposure to the DIY solution they’ve been using, and the services you currently offer. They can’t think beyond that. They believe that the only way to do accounting is the way accounting is done now. Worst yet, you must have noticed that many small businesses don’t even know the broad purpose of accounting. They think they just need accounting to generate the financial statements so you can do their tax returns. 

Most small business owners don’t know the importance of accounting as a management tool. They don’t know that, by applying accounting knowledge, a good accountant can do a lot for their business – such as reduce the chance of bankruptcy, minimize cash flow problems, increase their profit, and prevent many other issues from happening that can be devastating to their businesses. 

Chances are, most of your clients don’t fully understand what you can do for them, both short-term and long-term. So it is your responsibility to figure out all of the possible services you can offer your clients that would help them achieve a full recovery and better manage their business in the future.