Thursday, 5 September 2013

5 Tools You Need for a Successful Accounting Business

Knowing what your client wants and how to deliver it is the most important part of running a successful business. This trick is being ahead of the game and keeping an eye focused on the market and industry to keep your clients happy and focused as time progresses.
In order to run a successful accountancy firm, you'll need to procure a number of vital tools. Nowadays, many tools that were once hard-copy are now online, and cloud computing has revolutionised the way accountants approach their business. Consider these tools you need for growing and maintaining a successful accounting business:
  • Use your job management system to analyse your business data. Job management software is essential for keeping track of your client work, for tracking your time and managing invoices. But you can also use it to watch for trends which indicate your high and low times and develop strategies for dealing with them.  Keep regular and accurate records to track how your business is progressing.
  • Do market research.  Know what is happening in your industry today and how it is expected to change. Are people still using your software or expertise? Why or why not? Are tough financial times meaning your software and accounting services are more or less in demand and how are your customers responding to your support? Analytical tools for measuring the market, and businss and industry publications will keep you in-the-know about what your client wants is the most important part of running a successful business.
  • Evolve your business approach. Be constantly evaluating your methods for doing business. Does my branding need work? How do my existing customers perceive my brand? How to potential clients perceive my accounting business and what can we do to reach out to these groups? Being accessible and forward-thinking will count for a lot with both maintaining your existing clients and sourcing new ones.
  • Customer Service. Providing competitive and efficient customer service will set you apart from your competitors. Having customer representatives who know your products and services well, and who are available on the phone and in person is key to securing and gaining new customers. Nothing turns off a client more than a bad customer service experience, and lengthy waiting times on a phone call or gaining false information can be both frustrating and time consuming. Keep your training for your staff on-going and strive to provide the best customer service that you can. And, of course, provide a great product.
  • Take Risks. Taking risks is the only real way to gain rewardsA risk may come in the form of an advertising campaign, taking on a new client, opening a new branch etc…but putting expenditure into your business will hopefully result in a positive outcome further down  the track. Seek advice from your business mentors with important decisions you may make.
  • Keep Your Files in Order. How are you storing important client information? What will happen to your firm in the event of a natural disaster? Think about storing your client data in the cloud, as it provides a simple, cost-effective and secure solution for data storage.
Does your accounting firm have all the tools you need for success? What are you missing?
WorkflowMax is a cloud-based software tool that will take the pain out of running your business. A total solution covering all operations from prospecting to quoting, time sheeting to invoicing and everything in between. Ideal for creatives, agencies, consultants, professional services, IT, and trades - if your business is job focused then WorkflowMax is the tool you need.

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