Accounting Software, Payroll & Write-up Are a Start
The AICPA is projecting that the amount of simple tax preparation work will decrease over the next five to 10 years because of more automation, and that audit work will be done by fewer firms. Since small firms often have 80% or more of their revenue from tax, and larger firms frequently have splits of 40% tax and 40% audit, these compliance services need to be augmented by new offerings. When you assist business owners with making money and helping them run their businesses more effectively, the conversations change from the “must dos” of compliance, to the “wouldn’t it be great if…” of business advisory services.
For most accounting firms, offering services that involve accounting software, payroll and write-up is the start of becoming a stronger business advisor. These products allow you to build a monthly recurring revenue business that your clients are excited about, and that you can be excited about, too. Large publishers like CCH, a Wolters Kluwer business, Thomson Reuters, Intuit and Sage can help you get there. So can smaller publishers like AccountantsWorld, Intacct, Open Systems, CYMA or Xero … if they fit your client’s needs. You will be able to expand the offerings with more capabilities in business analytics, niche specialty advice, wealth management and other specialty offerings.
One of the biggest challenges you have as an owner or a manager, or perhaps just as an individual person, is managing change. This topic has been widely covered in many books and articles. My encouragement to you is to embrace change. Work with those around you to get through changes in your technology and firm as easily as possible. Embracing change will put a charge into your life and will convince you that what you are doing is important and vital to your clients. And isn’t that why you entered the profession in the first place?