How to make outsourcing a success for your practice

Accounting outsourcing

We’ve learned three lessons from previous years that are crucial for outsourcing success:

Lesson 1. Choose a sizable outsourcing services provider with a wealth of industry knowledge and ample resources to support your growth.

Although the newcomers in the outsourcing industry may appear appealing, the reduced cost usually has price. The service levels are compromised because as they are not able to hire good talent because of low margins.

There are some things that a new supplier might be able to “perform as well as” the market leaders, but in practise, the new provider will be stretched thin while attempting to meet every client’s needs.

A “plug and play” service should be offered by an outsourced provider. The service should give you with a smooth onboarding procedure, with the first work arriving within 24 hours of your choice.

A provider is not a truly skilled outsource provider if they are returning work to your company, such as training, onboarding, new procedures, etc. They are probably inexperienced or acting as an outsourcing provider while actually just being an offshore labour provider.

Lesson 2. You must feel at ease with the level of outsourcing at your company.

A quality outsourcing solution should provide multiple choices. info@米6米乐体育 has concentrated on streamlining a pay as you go service offering and believes in a “task” oriented strategy. However, we do have clients that want to manage their own resources, and we also have clients who hire sapphire as a full-time resource & pass on majority of theirs work to us.

The amount of work you ask your outsource partner to complete should be variable regardless of your choice of pricing & packages. Your supplier should be able to accommodate you if you wish to send half of your work to them and keep the other half in-house.

The key is adaptability.

Lesson 3. You should have more time after outsourcing so you can engage in other activities.

Although it may seem obvious, outsourcing should leave you with ample free time to pursue other interests. You should have time to read about the market, consider new service options, or spend more time with yourself.

It’s crucial that you have the time to determine what, at this point in your life, is essential to you. This adaptability is essential to an outsourcing service.

With the help of a top-notch outsourcing service, you should be able to take a few weeks off and go on vacation without worrying about the work’s quality. If you had the ideal supplier, you could even be able to relocate across the country.

So there you have it – our three suggestions for succeeding with outsourcing!

At info@米6米乐体育, we have a team of experts. info@米6米乐体育 outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, XERO, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department. Get in touch with us for enabling digitalisation in your business.

Reasons Why Remote Workers Perform Better Than Employees

According to a recent study, the percentage of workers who claim they can’t focus at their desk has climbed by 16 percent since 2008 and the percentage of people without access to quiet spaces to focus has increased by 13 percent.

Even without the continual distraction of mobile phones, the design of today’s offices tends to include noises and other distractions that break concentration or impair the capacity for concentrate.

It’s hardly surprising that office workers find it tough to seek out the endorphin rush that comes from monitoring social media, given the availability of empty social media calories at any time.

And if it’s not social media, it’s another app, making travel arrangements, messaging, or making phone calls. The number of distractions from other tasks grows.

And too many individuals still think that sending emails around an organisation adds value, even on a good day when they are focused on their work. Most definitely, it’s simple to become lost in a day of email pushing without accomplishing any longer team goals.

Therefore, taking into account this incapacity to accomplish compliance work without major interruption, we have identified reasons why “outsourced” remote personnel can work longer hours and provide higher-quality results.

  • Remote personnel who have been outsourced are experts. Good outsourcing businesses specialise their workers in many functional areas. Not all things are covered by it. It is an expert in just one compliance area.
  • Remote employees who work for outsourcing companies can focus on the current task. Good outsourcing firms limit outside distractions, preventing access to chat, phone, and email.
  • Specialized support, training, and mentorship are provided to remote employees who are employed by outsourcing firms. This is delivered on-site by reputable outsourcing companies.
  • Remote employees who are outsourced lack access to the internet and are unable to use their mobile phones in a work setting. It’s crucial to finish the task at hand!
  • Focused outsourcing firms typically enable staff to concentrate on compliance tasks. Meetings and chats are hardly used since good outsourcing organisations have streamlined and systematised their operations and processes. It’s all about finishing the task at hand.

So instead of the morning huddle, talk to us about how we might let your local office staff to focus on the crucial tasks.

At info@米6米乐体育, we have a team of experts. info@米6米乐体育 outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, XERO, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department. Get in touch with us for enabling digitalisation in your business.

WFH and Productivity: Does Work-From-Home affect employees productivity?

Work-from-home aids employers in saving that extra travelling time, money and focus better on the job. Moreover, when employees feel that they have more right over when and where they work, they are inclined to feel happier and all the more productive. Furthermore, as employees can spend more time with their loved ones, it facilitates a better work-life balance.

For companies, the key benefits of Working from home is that they can save on costs like utilities, rent and office goods. At the similar time, turnover rate is supposed to be lower as employees have less reasons to look for a new opportunity when they WFH.

As per an article by the Financial Review, “WFH has been said to not be working for firm employers.”

As per a study involved in 10,000 employees at an eminent company, “Productivity has declined by 20% regardless of employees working for longer hours.” The study also figured out that as working remotely requires more co-ordination, staff end up spending more time attending meetings and answering emails and not in the outputs.

Employers are now in the dilemma – whether they should be continuing WFH or not. Because, if they continue the WFH policy, they will deal with profit-loss situation, but if they enable ‘back to the office’ mandatory, they will face notable increase in turnover rate.

Outsourcing is the answer

Outsourcing seems to be the only credible option for firm owners. As outsourcing providers are only paid when the output is given from their side.

Because outsourcing providers are only paid when the work is completed (output), rather than by the hour, it helps businesses stay productive while keeping expenses down, especially in the work-from-home approach. Not to mention, taking UK’s current labour shortage crunch in accounting, outsourcing seems to be a viable option for hiring and retaining employees.

Outsourcing offers numerous advantages to firm owners. The process enables employers to build a team of professionals without having the extra space and machines. With the help of outsourcing, businesses can focus even more on achieving company’s success.

Benefits of Outsourcing for business

Save Cost and Scale your Biz

The cost for employment come between 20-50% (on an average) or more of a biz’s total sales, varies by industry. Now depending on the outsourcing service provider, the process can drastically lessen these costs by upto 70%. The decline in cost can be a mix of:

Overhead cost savings as the outsourcing provider will look out for the IT, infrastructure and services needed for the outsourcing team.

These savings imply that businesses can set aside funds to invest back into business growth.

Gain in business efficiency

How much value-addition work can be done by your team if the time-taking and recurring tasks were not there for them to perform? How typical is the statement ” If I didn’t have to put my time and energy into this, I would get plenty of time to do that”. Here is when outsourcing comes to the rescue. As you can delegate those tasks to the outsourcing team that will provide support to your local team by working on those repetitive tasks.

What next?

Thinking for Outsourcing and unsure where to start?

At info@米6米乐体育, we have a team of experts. Outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department.

Get in touch with us for Outsourcing services for your business. For more such tips, stay tuned!

Do accountants need to change their business model now?

accounting outsourcing firms

Automation is changing how accountants do compliance work. And margin erosion is changing how they get paid for their services. Accountants are under increasing pressure to make their businesses more profitable while somehow managing a bigger workload.

The accountancy industry is facing three issues that affect profit:
  1. Increased Automation in compliance matters.
  2. Increases in the cost of production.
  3. Erosion of profit margins.

Increased Automation in compliance matters

Automation is taking on more and more of the traditional roles of an accountant. While a human is still needed to interpret data and help business owners apply it, there are now huge chunks of an accountant’s job description that are basically obsolete. We’ve been feeling the pressure of these changes since the introduction of cloud accounting services like Xero.

All of this sounds prudent, but it comes at a cost to our industry. As a result of greater automation there will be less compliance work for firms. If you’re relying on compliance work to make ends meet, you will really feel the squeeze.

Increases in the cost of production

Staff wages are the biggest expense of any accounting firm. And most of the firms I’ve spoken to lately say the cost of hiring, training, and retaining good staff is mounting.

Brian from Accounting plus is one boss who has been feeling the squeeze. “The pressure to keep increasing the local labour conditions meant my staff expected a certain level of salary,” he said. “So my mark-up and charge-out to clients for my fees has started to escalate, but my clients are resisting a fee increase.”

Shortage of good staff is especially a problem for firms outside of the main centres. To recruit someone new you face ever increasing wage costs to attract the senior talent you need.

Erosion of profit margins

Accountants are also under increasing pressure to reduce or maintain their prices for annual returns.

CA Paul Walker notes that his clients now expect to pay less for him to do more. “Clients see my compliance service in a cost-versus-benefit light,” he says. “Clients who use MYOB or Xero have been saying: ‘We’ve done all the hard work for you. Surely your fees should now be in the hundreds of pounds?’”

Firms need to move to a leaner production model for their business. Outsourcing your compliance tasks plays an essential part in reducing the cost of production. Reducing costs is especially important as the world navigates the economic havoc brought about by the COVID-19 pandemic. It also frees up time to start working on growing your business advisory services.

There is an urgent need for outsourcing all compliance matters which include:-
  1. Payroll
  2. Book-keeping
  3. Annual accounts and working paper files
  4. Management accounts
  5. Tax returns

The firms can use freed up resources to populate management information from the likes of Clarity, Fluidly (or Futurli) and any other forecasting software. Apart from this the practice management can be automated with the help of software which provides automated quoting, fee invoicing and Engagement letters.

The main focus areas for accounting firms going ahead should be face to face communication /Advisory/ Value added services delivered to clients.

The firms should aim for:
  1. To get more clients into software which will be essential for MTD filings.
  2. To carry out regular client reviews  say monthly or quarterly enabling greater communication with / advisory to clients.
  3. To provide more advisory, forecasts and cashflows.

This strategy is a win win for all of for the accounting firms and brings them into the modern era, providing to clients the service they deserve and adding value. Ultimately these services shall bring about greater client retention, thereby freeing staff to tackle attracting and onboarding new clients. The firms need to look into social media Updation & need to create content, regularly update clients on topical issues and provide a library/better information – PR / CRM.

In an ever-changing business model, taking note of key accounting movements will help enhance business decisions, compliance and success. Making changes to your practice is not as simple as taking on an outsourcing company and beginning to offer advisory services. It’s a business transformation process that needs careful consideration and time to implement. It requires leadership skills to manage staff, make changes to your internal processes and realize the vision of where your firm will be in next coming years.

So, in sum accounting industry is facing a turning point for its business model- Is it time for you to look transforming your accounting practice? We believe that accounting professionals need to keep up with changes that are happening at a much faster pace than before. Speak to the team of info@米6米乐体育 to see how we can help you to transform your business into a powerhouse of productivity. We carry your inputs and transformed to outputs and create value adding option. We consider it is possible to reduce cost and grow profitably with disciplined approach to business transformation.

How to motivate your team for outsourcing

outsourced accounting services

In these days, outsourcing of accounting and finance functions is becoming a necessity for business because of various reasons. The very first challenge that any business is likely to face while deciding to outsource these functions is that of a possible lack of buy-in from people inside the company. It creates an illusion among employees about their future job roles and job security in the company. If you want to be successful on your outsourcing journey, you need to take your employees on board with you. We all know readiness to change is not natural and there is always a resistance to that. Let us see what can be done to reduce resistance and make them aware of the new opportunities & challenges that will come along the way.

Keep the lines open of Communication

As an employer, you should have a continuous communication to your employees through various channels. You can send them an email, call them, or send text message detailing company strategy and need to outsource. It eliminates misunderstandings and encourages them to voice out their opinions. Make sure that your employees get clear, directive message on a consistent basis which is expected and also important. This exercise helps to develop trust between employee and employer.
Moreover, you also might need to convince your employees one by one. Face to face communication will help you to convey contractual information so that they feel they are heard and well informed. It will also help you to make your employee understand the need for change.

Let them know what the company’s goals are

In order to achieve success, your employees need to strongly align with company’s goal. Managers should set clear goal and encourage employees to conquer. It will motivate them and keep everyone on the same page. It help you to run your business more effectively and efficiently.
Surely, the better employees understand and align with the company goal, the higher will be the chances of their staying on board and to contribute towards company.

Start training session & educate employees for new opportunities

It is good to involve employees about new operations & procedures. Managers should start training sessions and educate employees for new opportunities. It will improve their productivity and performance. It helps employees to grasp the new business opportunities and vision expected through outsourcing. It develop future performance and helps focused on more employee growth.

And if it works well, your employee get a clear picture about new roles and responsibilities. It will definitely lessen the effect of changes from outsourcing.

Work with managers to create a sense of urgency in change

Managers should develop an environment with a healthy level of urgency. Make sure employees completely chip into new change. In the earlier stages, employees might have some concerns. But manager’s actions and activities can involve employees through proper communication, support and guidance. It can help in molding employee opinion of urgency in change.

Manager’s approach can affect the degree to which resistance bogs down the change.

Establish a chain of accountability and responsibility

When possible, allow employees to take responsibilities and run with it. Hold them accountable for the quality and timeliness of an outcome. No doubt accountability and responsibility is sensitive part in outsourcing process. On the other hand, it is a major factor in building trust among employees.
Establishing a chain of accountability and responsibility result in quality work. Your company employees are accountable for smooth functioning of the work flow process. Providing complete and accurate information to clients will help in proper time utilization and avoid delays.

Show your gratitude and reward good work

To boost up employees productivity, introduce incentive package as rewards for their outstanding performance. In addition, encourage them for better work ethic, more opportunities and express your appreciation. It will keep them motivated to go above and work for long term with company.

Make sure your team feel valued and concern. Studies revealed that happy employees are more productive.

Wish to outsource your work?

Catch on how info@米6米乐体育 can help you towards your journey to become a profitable and productive organization. We have a team of experienced and highly professional accountants readily available. They will take over your compliance work and proceed our business relationship to another level. Do contact us to start your outsourcing journey with us.

Attract Right Team Members to your Firm

It is team of employees that defines the success of any firm. Therefore, it is crucial to attracting the right team members to your firm so that both of you can mutually benefit from each other. Before hiring new members to your team, you must have a clear idea about the type of people you want to work with so that you create the right space for them.

  So let us check out how you can create a positive space for your prospective employees so that they are attracted to your firm!

  Offer Challenging Opportunities

One of the most important things that attract right talent towards a firm is challenging opportunities. Interesting work and the autonomy to come up with creative problem-solving ideas is always a significant driving force for the employees. Moreover, during the hiring process, you can always check with your prospective employees about their expectations and offer them opportunities accordingly.

  Have Positive Communication

Having a positive relationship is the key to a successful employee and employer relationship. You can attract the right talent to your company by instigating such positive communication. It is essential to understand that everyone has a distinct working style. So, it is best to communicate the expectations positively without criticizing or judging your employees. The final goal must be to instigate healthy communication while keeping the motivation level up.

     Give Possibilities of Growth

The ultimate objective of employees is to look for work opportunities where they can have a proper scope for growth. So, the right team member would need the assurance that they will grow as the company grows. This will also make them stick around with your company for a longer time. Creating an environment of negative competition and pressure is not a sustainable way to help employees grow. Therefore, you must create a positive environment where all the team members work together towards the growth of their company, and their own growth can be a bi-product of their hard work.

  Appreciate & Value Your Employees

You must not forget to appreciate your employees for the hard work that they put in so that they feel valued. You can give them small gifts and bonuses on special occasions if the company does exceptionally well in something. After all, it is your employees who make the company run, so offering them gifts and tokens of appreciation keeps their motivation levels high. If they are happy and motivated, they won’t hesitate to put in some extra effort to get the work done in the best possible way. So, always appreciate your team members for their efforts!

  Be an Empathetic & Kind Firm

You must establish the name of your firm as an empathetic and kind one. Being kind towards your employees is the key to attracting the good ones to your team. We are all humans, and we might face problems in our lives, so in case of an accident or family issues, you must be ready to offer support to your team members. This makes them feel a part of the firm and motivates them to work harder. Kindness and empathy are like investments on your employees that give good returns in the future.

Final Words

To sum up, if you want the right team members, you need to create a comfortable environment that encourages positive outlook and growth. You can work with a simple theory of “we all grow together.” This will make sure the employees have a sense of belonging in the company, and they work together against all the odds. Following the tips mentioned above and attract the right talent to your team.

 

How to raise fees without losing clients?

The overall cost of living, services keep rising over a period directly in proportion to the rate of inflation and other factors. This gives rise to the need for increasing your fees at regular intervals just to cover the rising costs. However, it is essential to make sure that you do it in a manner your clients don´t feel pressured and you don’t end up losing them.

Here are some tips that can help you raise fees without losing clients!

Justify the raise through your services
First and foremost, you must justify the increase in your fee in a subtle way. Your clients will most likely accept the higher price if they feel it is worth the bargain. One way of doing this is to add some extra services and slight changes in timelines. Doing this can make your services look more appealing and also make your clients more satisfied.

Create packages and club your services together
Another right way is to club two or more services together and offer them a package. This way, you can also make slight increases in individual prices while making it look more alluring. Moreover, you can make bundle up varied services together ranging from a group of essential services to some complicated ones or sometimes one complicated one with a few basic ones. By adding creativity to these packages, you can make your clients happy and increase your fee without losing them.

Raise your fees at regular intervals and promptly
You can also try to fix periods for raising your price e.g annually or once in two years. However, it would help if you justified this increase so that your clients are not disappointed with the rise. This will make sure that the increase in fee does not come as a surprise to them, and they can get accustomed to such increases after certain intervals. Also, if your customers know exactly how and when you increase your fee, they might come to you right before the rise. That way, you can lock in a few more customers before the increase. Overall, it can be a win-win situation for both parties.

Plan it in advance
Planning these increases in advance is very important because that will help you justify it better. In addition to that, planning ahead will help you calculate the current costs and also anticipate any other additional costs that might arise in the near future. It will also give you an idea of the profits that you will make after increasing the fee. You don´t want to be in a situation where you justify the increase and go through all the ordeals to realise that it is not covering your extra costs. Hence, it should be done in a thoughtful and planned manner.

Justify the raise in a concrete manner
Basically, you must have specific justifications for increase because some of your clients may be upset with the rise. In order to ensure that you don´t lose them, you must be ready to explain to them how paying more would mean better services. If you succeed in doing so, you will ensure the loyalty of your regular clients.

Conclusion
To sum up, raising fees is not at all easy and definitely comes with a fear of losing some of your regular clients. But these tips and tricks can help you do it smoothly ensuring that your customers are happy and don´t switch to your competitors after seeing the increase in your fees.

How To Grow Your Advisory Business

Advisory businesses can help accounting firms grow immensely by offering additional value added services. Expert business advisors can examine the trends of the past to forecast trends in the future. This can be done by getting a deeper understanding of the client’s business and requirements. Expert professionals in the advisory business work with the sole aim of creating sustainable value for clients. You can help your customers excel in their business with the help of specific tools and strategies. This, in turn, can help your business grow as well.

Here are some tips & tricks that can help you to set up and grow your advisory business:

  • Choose A Niche
Finding a niche that you want to focus on is the first step. This can help you grow your advisory business very fast. Having a niche will make sure that you can offer comprehensive finance and sales strategy services. With this, you can also provide excellent customer experience and add to more loyal customers.

  • Get your first Contact
    • Attract your existing customers in the selected niche with attractive offers.
    • Free offers can be an evaluation of risk assessment of a company or an assessment of the tax strategy or any other similar services.

  • Join industry forums in the niche sector identified for advisor
    • Check for industry specific forums in your niche area both online and others.
    • Join these forums to be aware of all the latest updates and build relevant contacts.

  • Write relevant blogs and get them published online
    • Engage with your clients and prospective clients through blogs.
    • Be a part of discussions in your online groups. It gives confidence to your clients about your expertise in the given field.
    • Follow opinion-makers on social media and write comments.
Thanks to social media and its influencers, you have the possibility to engage in debates and discussions on their posts. This gives you visibility and also showcases your knowledge of the niches. Above all, it helps you gauge all the latest happenings in your given field.

  • Make Use of Technology
You can also make use of technology and try to automate most of your internal processes. This can make your business more efficient and give you enough time to focus on growing your business. Additionally, you can consider accounting outsourcing so that you can focus your attention on vital aspects such as predictions and forecasts.

  • Build Your Brand
Start building your brand from the beginning in your niche area. Following the social media visibility strategies mentioned above will help you build your brand.

  • Accounting Outsourcing
Moreover, there is also an option for accounting outsourcing that allows accountants to get free time to allow them focus on their advisory business. All the compliance services being provided by you can be handled by an accounting outsourcing company. This can relieve you repetitive work and you can focus on expanding your business.

Final Words

The tips and tricks mentioned in this article can help you go a long way in expanding and growing your advisory business. In order to be successful, you need to have concrete strategies not just to grow but also adapt and change according to circumstances. You must respond quickly to disruptive forces and engage more with your customers. If you leverage the available data and convert it into useful insights, nothing can stop you.

Benefits Of Moving Clients To Cloud

Cloud computing has brought about a revolution in our lives. From using social media to paying bills through online banking, we are always on the move. The domain of accounting has also been affected and statistics point to a massive change in the domain of accounting in the form of cloud accounting. This term implies the usage of cloud computing for managing the accounts instead of desktop accounting. Apart from providing the benefit of mobility, it provides a lot of additional benefits which only cloud-based computing can offer. An accounting practice can benefit immensely by moving from desktop-based accounting to cloud. Below are some of the core benefits of moving clients to cloud based accounting.

Flexibility of Work

Cloud accounting allows you to access your accounting application as well as data anytime, anywhere and with any device connected to internet such as desktops, laptops, smartphones and tablets. Your data is available 24×7 and all-round the year which was never possible in the era of desktop computing.

Realtime Information

Since multiple users can work at the same time, the data on a cloud-based system is always updated and provides real-time insight. It provides a clear and real-time overview of the financial position of the client allowing accountants and management to take informed decisions.

Low Costs

With cloud accounting, there is no need to spend much on IT infrastructure or hire expert IT staff to manage servers. Neither IT staff has to install or update accounting software on your machines. Just by a single subscription, all your work is being done at a fraction of the cost. It frees up the IT team to do other tasks. Apart from that, it reduces unnecessary expenses on server maintenance, energy consumption, expert staff and other associated costs.

Boost Productivity

Since accounting data is ever increasing, it leads to desktop accounting systems becoming slow and unresponsive over a period of time. On the other hand, in the case of cloud computing, all the data is saved in cloud and due to sheer availability of resources, the system is always responsive and it provides a boost in the overall productivity of the accounting staff. As per a research carried out by Harvard Business Review Analytic Services, it has been reported that “74% of businesses feel like cloud computing has given them a competitive edge”.

No Storage Limit

Over the passage of time, with the steady growth of business, demand for storage space increases. Due to this, accounting firms have to keep on updating the hardware. Cloud computing allows the firms to expand or scale down their storage space with a click of a button at much low cost.

Scalability

Cloud accounting allows clients to easily scale up or down depending on the requirements. They can add or remove users or upgrade their computing power on a click of a button. Their pay as you use model is a win-win situation for the clients.

Increased Efficiency – Collaboration

Cloud accounting allows multiple users to work together. Domain experts can handle tasks related to their domain and this leads to increase in overall efficiency.

Automatic Updates

With cloud accounting, enhancements to the system are implemented in the back without disrupting the work of the users. This allows the users to always work on updated system. This is very critical as new taxes can be added or tax values can be changed with minimal effort at the client’s end.

Ease of Use

Cloud accounting systems are redefined the way people used accounting software. It is being said that they allow users to update their accounts as easily as they can update their Facebook status due to simplification of these accounting systems.

Reduces Paperwork

Since everything is available online, there is no need to keep hard copies of the documents and other data. This can lead to fulfilment of a desire to have a paperless office as invoices can be sent through emails which further saves the cost of printing and postage. Incoming invoices, bills or receipts can be uploaded directly or scanned and saved within the software without any need for physical document which further saves the cost of maintaining files and storage costs.

Better Control

In cloud accounting, all the data is stored centrally and access controls can be put in place to classify the data. This leads to a better overall control over the sharing of the data.

Automatic Backups

Cloud accounting systems automatically generate and store backups in different geo-locations which helps in availability of systems even in the times of a disaster such as an earthquake or a cyber-attack. You can easily restore the system using these backups with a minimal downtime.

Platform/Device Independent

Cloud accounting systems can run on any machine which is connected to internet irrespective of its platform or size. Users can access these systems from any device which has a web-browser and may be running on Windows, Mac, Android, IOS or Linux. These systems are responsive or mobile friendly and adapt to the screen-size of the device which is being used.

High Security

All cloud accounting systems are highly secure as they use military grade encryption. Since the data is spanned over multiple data-centers and geo-locations, it diminishes the possibility of data loss due to any computer or system failure.

Build Stronger Client Relationships

Cloud accounting allows easy flow of data between accountants and their clients. Multiple users can collaborate and work together anytime which helps in building a better bond.

info@米6米乐体育 Info Solutions is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, QuickBooks etc., they have hosted their in-house job-portal on the cloud which has brought about a great boost in the overall productivity and customer satisfaction.

How to get more client referrals for your accounting practice

The best ever marketing tool for accounting professionals, since the ancient Egyptians started record-keeping for their royal storehouses, are – referrals! Acquiring clients through referral is a technique as old as the pyramids!

A referral is simply a recommendation from a person, usually one of your previous or existing clients or colleagues, to another person to use your services.

Why referrals are so important for your accounting practice?

For any business – be it small or large – choosing the right accounting partner is an important decision. As their accounting advisor, you’ll gain intimate knowledge about their business and their personal financial goals as well. So, an established reputation and trust are highly critical for people to move their business to you.

When someone refers to you, they are vouching for you. And it is far more persuasive when someone else sings your praises than you try to do it yourself!

Do you know where the most persuasive advertising comes from? It’s from the people we already know and trust!

According to Nielsen’s Global Trust in Advertising Report

“More than eight-in-10 global respondents (83%) say they completely or somewhat trust the recommendations of friends and family.”

In another research done by Hinge Marketing , 87% of participants said they ask friends or colleagues when they are looking for an accountant.

So, it’s pretty clear how much important referrals are for your accounting practice. Question is – what you need to do to get those referral clients?

Identify Your USP (Unique Selling Proposition)

As stated in Entrepreneur.com encyclopedia , the definition of the Unique Selling Proposition (USP) is:

“The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition”

But what it really stands for? How can it help your accounting practice to get more referral clients?

A unique selling proposition is what your business really does or cares or stands for. It’s what makes your business stand out among other similar types of business. Instead of trying to stand for everything, a business with a USP is known for something very specific.

Let’s explain further.

Many accounting professionals try to offer every possible service they can when they get started. But when you try to be well-known for everything, you become known for nothing! You can’t offer everything to all people!

We can look at FreshBooks as an example. If you search on google just by writing Freshbooks, the following will appear.

Do you notice what they stand for? They say “Invoice and Accounting software for Small Businesses” – not medium or large businesses. This is done on purpose.

Instead of trying to be an accounting software for every business out there, they just focus on serving small businesses. A whopping number of 24 Million people have used FreshBooks so far and they have paying customers over 160+ countries!

The point – you need to be very specific about what you’re offering instead of running a generalized accounting practice.

You can be industry specific (plumbing, constructions, etc) or service specific (bookkeeping, tax return, etc) based on your preference and expertise.

You need to identify your USP for which people will remember you for. When you do that, you will get more referral customers because your good friends will easily understand what you really do and whom they could refer to you.

Market Your USP

Identifying your USP is one thing, ‘marketing it’ to your target customers is quite another.

Once you come up with your USP, you need to show off and reach out to your potential customers with that. This is how:

Your tagline: If your business name is ABC Accounting Service, and you plan to center your service to retails, then your tagline (the words used under the business name and/or logo graphic) could be “Accounting Solution for Retails.”

Your Branding: Your USP should be reflected in all your branding materials. For example, you might create a graphic of an official seal with ’Accounting Service for Retailers’ and position it on your website, on the cover of your brochure, or at the side of your business card layout.

Your email signature and voice-mail message: We tend to forget or ignore this one. But when you use your USP in your email signature and voice mail messages, it could bring you the fortune at the cost nothing!

Verbal introductions: When you meet someone new or you are at a networking event, introducing your USP could engage others and gauge their interest in what you do.

There’s just one catch!

Market demand and your competitors’ offerings will get changed, so is your own business and competitive edge. Hence, while thinking about your USP and its promotion, keep in mind that your tagline and look and feel are easier to change when necessary than your logo or business name.

Incentivise Your Referral program

People love receiving gifts. When you send your happy clients ‘surprise gifts’ – that helps increase the likelihood that they’re going to refer someone else to you.

You can provide a financial incentive for every good referral that ends up signing up with you. However, many people may not accept or feel uneasy with direct cash rewards. In that case, you can provide other incentives that make more sense for you and your accounting firm, such as:

  • Gift Cards to your client’s favorite restaurant or coffee shop
  • Visa gift cards
  • Movie tickets
  • A favorite bottle of drink

If you’re not sure of what to gift, JUST ASK!

You can ask your clients what their favorite drink is, and if they say coffee, you can ask where they love to go for coffee. Then, hop online and get them a gift card or send them a packet of their favorite coffee beans.

One important note: There might be regulations as to how large a gift you are allowed to give and your clients are allowed to receive. So, make sure your gift is legal so that NO ONE gets in any trouble!

Cross Sell/Exchange Referral Programs

You can partner up with other professionals who serve the same target group as you do, but with different services.

You can tap into your professional networks, search LinkedIn or leverage local networking groups like business associations and clubs to identify such professionals who already serve the customers that you want to serve. This could include a management consultant, a lawyer, an insurance agent, a banker or anybody you think has a genuine customer base.

The partnership could be in different models. You can pay each other direct referral bonus or you could offer special rates or discounts for each other’s customers.

Conclusion

Many of the accounting professionals are shy of asking clients for referrals. But the interesting part is – according to a marketing survey done by Texas Tech – “83% of satisfied customers are willing to refer a product or service. But only 29% actually do”.

So, getting more referrals could be as simple as asking your clients to refer others to you!

There’s just one problem… if you want to attract referral clients, you need to create a service level that people can easily hook on others to it!

No negative vibes – but do you know how one starts smoking? By hanging with other smokers who seem to have a great experience out of it! If you can maintain high quality and integrity and provide a great service to your clients, people hanging around your clients will certainly know about your accounting practice and start ringing your doorbells.

What other ideas could we use to generate more referral clients? How do you generate referrals for your business? Please share your experience below.