So, you’re thinking about finally opening your own accountancy practice? Congratulations! The demand for accountants is at an all-time high, with more than 500,000 businesses created in the UK in 2021, according to ‘Start-up Britain’. The big question of course is how to differentiate your new firm from all other UK practices, and bring in new business clients.
‘Small businesses especially cannot warrant a full-time, on-site accountant or bookkeeper,’ says Ewan Tracey, senior lecturer in financial accounting at University of Northampton Business School. Neither can they afford the services of larger firms. ‘Because of this, the accountancy profession has seen a rise in the number of small practices and independent firms.’
Now is the time to kick-start your accountancy practice. To find out how you can keep from being just another firm, and how outsourcing your accounting team can help, keep reading.
Position Yourself as “Always On”
Instead of marketing your practice as something that’s only there when it’s needed, sell yourself as an ally in helping people build their businesses. Your accountancy firm does not just tally receipts come tax time; you are dedicated bookkeepers, constantly monitoring clients’ finances. Your team immediately alerts clients of any issues to sort business challenges before it’s too late. Co-sourced accounting is going to be your ally in building your business by freeing up an incredible amount of time so that you can pay special attention to the books of all clients.
Co-Sourcing your bookkeeping and payroll can allow you to free up time so that you can focus on growing and scaling your business. And here’s your bonus – it’s ongoing income for your new business year-round.
How to Sell It
Co-sourcing your bookkeeping and payroll will take you from being just another accountancy firm into an ongoing business partner, who’s always got an eye on their clients’ books.
First, place yourself in the mindset of your target market. Answer potential client questions through your website and social content, before they are asked.
Second, don’t be afraid to start with niches, speaking to specific industries. For example, if many of your current clients work within the hospitality industry, try focusing your first efforts there. Try reaching out to current clients for testimonials, that can be published across key social channels to uphold brand reputation.
Ask current clients for specific business’ challenges you’ve helped solve, to promote your practice’s strengths.
Last, co-sourcing your bookkeeping and payroll will enable you to dedicate more time into becoming digitally discoverable. As a business-to-business model, LinkedIn and Facebook will be your best bet to secure an online following. Seek out accounting groups to join and engage with. Why not join groups related to the niches you’ve targeted, for example, groups for new restaurant owners?
Engage with business owners and freely offer tips and advice, as doing so will contribute to the social proof that you are the go-to for accounting questions. With continually seeing your business freely answering these questions, users will start to think of you as the expert, and being the expert means being the best.
Why Co-Sourcing?
With setting up any new business, costs are a huge contributing factor. Many accountancy practices across the UK have chosen to co-source their bookkeeping and payroll to save up to 40% on U.K. costs. This has enabled practice owners to build towards monthly and longer-term goals.
Co-sourcing allows you to start your business with a significant reduction in cost. You do not need to provide candidates with hardware, or an office space. Choosing to co-source your accountancy practice cuts expensive recruitment fees and removes hidden costs. You’re automatically going to be closer to your business plan’s goals if you begin with funds already saved. Co-sourcing creates substantial savings, allowing you to use funds to try out a variety of new software available.
Many accountancy practices aim to be in the position where they can be selective with their ideal clients. Co-sourced accounting provides you with the time and financial freedom to do this. To reach this point, you must first select what makes for your ideal client. Does your practice have significant knowledge in one industry area?
Co-sourced enables you to do this at a much earlier point, than if you were spending your day carrying out bookkeeping and payroll in-house.
Co-Sourcing Shifts Client-Accountant Relationships for The Better
Clients will be looking to you to handle their business basics, such as bookkeeping, payroll and tax returns. Doing the bare necessities is not enough to sustain current clients and gain new ones. Each client needs your services to be nothing less than exceptional. As your firm grows, it may be difficult to sustain this level of customer service on your own. As an accountancy practice, it is your job to boost clients’ businesses through understanding where they’re wasting cash, or not taking advantage of financial opportunities.
Improving Your Accountancy Practice
Most business owners know that a cash flow statement is ultra-important to their business’ financial health. This is where your co-sourced accountancy firm comes in. Clients love the idea that you’re going to be keeping a close watch on their balance sheet because it’s going to indicate future influxes and outflows of cash. They love the idea that you’re going to be their mentor when it comes to profit and loss statements.
Thinking About the Future
Co-sourced accountancy practices are automatically attractive to buyers because it shows them that it’s highly unlikely that they’re going to be facing any cash-flow problems. The transition to future ownership is likely to be a smooth process as so much of the day-to-day work won’t be interrupted as the firm changes hands.
So, How Is Your Accountancy Firm Going to Handle Demand?
Totus Finance have got you covered. We want to help accountancy firms save up to 40% on UK costs and transition to the overall more business-oriented accounting approach. We take bookkeeping and payroll out of your hands by shifting it to our certified team.
Get in contact with us today to find out more about our services and solutions.
