Why do small businesses need accounting firms?

26 Dec Why do small businesses need accounting firms?

Small businesses are known to require owners and employees to wear multiple hats. This means that many potential clients may be convinced that they can handle their accounting themselves and your service is a luxury they can do without till they have grown to have deeper pockets.

And so, it is vital for accounting firms to lay out the strategic role they bring in a small business’s ability to succeed. For accounting entrepreneurs, the first step in this direction is identifying their value proposition and the advantages they bring to the table in terms of saving money, time and resources.

Here are a few benefits you can point out to:

• Your accounting experience and financial business perspective

An ineffective accounting system or errors in bookkeeping can hurt the financial health of a small business. The monetary and tax perspective you bring can help them avoid such issues. You can advise them on tax planning and regulatory compliance the way they would never think of while they play multiple roles in their business model. Moreover, you can bring financial literacy to their business planning and identify metrics they need to focus on. The best way to persuade them of the need to leverage your services is to show them evidence of the difference you brought to a firm by taking over their accounting department. Consider getting testimonials from happy clients or draft a case study of a small business success story that involves your role.

• Your recommendations of the best accounting systems customized to each business

As an accounting firm, you have the unique knowledge of what accounting software or tools have worked in different business environments. The key for small businesses is to find apps and automation solutions that most make sense for each individual client. Ensure that you showcase this expertise by including it in the information you share on your website and sales pitch.

• Your ability to save valuable time

By taking over even the most basic accounting tasks like payroll, you help small business owners free up time for other valuable business activities. Quantify this advantage for them. Breakdown this opportunity cost in hours you save for them per task and include the numbers in your sales pitch for new clients and reports for existing clients.

Once you have enough small businesses on your plate, you will need help managing your growth by increasing your capacity.

CONTACT US when you’re ready to grow your accounting team in the most cost effective way.