Accounting trends that could help you boost your practice[/caption]Do you want more clients? Sure you do. But unless you stay on top of accounting trends and work out what your customers want from you right now, your business won’t grow and you may just lose some longstanding clients to more pro-active, switched on firms.On that note, we’d like to share some tips and interesting points we picked up during a fascinating talk about global accounting trends by Ian Fletcher, Managing Director and Gordon Gilchrist, Marketing director of 2020 Innovation - at this year’s Accountex exposition at EXCEL.Accounting trends: Top 5 service linesAccording to 2020, these are the top 5 service lines or growth areas for accountants in practice:
- Virtual financial officer or controller – by offering essential compliance and bookkeeping services virtually, you can offer your clients a quicker, cheaper service.
- Finance Director – Clients want you to help them make more money and save tax. They will pay you a lot more to help them do this than they will for the traditional accountancy services – and guess what? They’d much rather you do it than anyone else, according to surveys done by 2020.
- Auto-enrollment – a big opportunity for accountants in practice and it can easily be integrated in your practice using free accounting management software.
- Wealth management – according to 2020 you’re missing a trick if you’re not already offering advice about retirement, wills, probate. Target over50s and offer them retirement planning advice.
- Tax payment date – Being proactive when it comes to tax payment dates, could really help you to grow your client list. Approach companies well in advance of their tax year-end and propose to help them find money to pay their tax bill that year. They wont’ say no.
- Fees and perceived value for money
- Not enough future advice
- Not fast enough service