5 challenges you will face when owning an accounting firm

 

Running an accounting firm is hard work. Sure, we have access to fancy tools now like social media, artificial intelligence, Google, digital ads and more. But that doesn’t change the fact that running a business can be stressful.

Think about all the challenges you have to worry about every day. From keeping up with the ever-changing government regulations & tax laws to high competition to even staffing and recruiting challenges. It’s obvious accounting firms don’t have it easy.

We’ve worked with accountants before and noticed a trend going on within the industry. All accounting firms seem to face the same problems every day. If you fix just one of these problems, you’ll be ahead of the game!

Here are 5 of the most common accounting problems we’ve noticed… and how to overcome them.

Accounting challenge #1: Standing out in a competitive market
Back in the day you knew an accountant that lived down the street or nearby. These days (especially with Covid) everything is online and companies are more open to working with accountants all across the country… sometimes even outside the country. Competition is as fierce as it’s ever been for accounting firms.

Solution: Staying ahead of your competitors is always the solution to this problem. Whether it’s marketing, recruiting, or technology it doesn’t matter. If your competitor isn’t doing it then that’s a good opportunity for you!

Accounting challenge #2: Retiring employees
Accounting is experiencing a shrinking talent pool, like many other professions. Boomers are retiring at alarming rates while younger generations are pursuing other careers. The American Institute of Certified Public Accountants (AICPA) estimates that 75% of today’s CPA’s will be retiring within the next 15 years.

Solution: Although you can’t avoid retirement, you can avoid bad recruiting habits that put your company’s future in jeopardy. Stay on top of recruitment and manage employee retirement plans.

Accounting challenge #3: Technology trouble
We’ve noticed firms are struggling to keep up with the latest technology that’ll provide them the most value for the best cost. New inventions are hitting the market at a rapid rate and its intimidating firms.

Solution: Take a deep breathe. You should dedicate some time each week to researching and discussing the best accounting software for your firm. Don’t be afraid to switch software’s a lot right away, this is normal. Most subscriptions offer a free trial too. This will help you in the long run.

Accounting challenge #4: Remaining cost-effective
A major problem most accounting firms face is staying cost-effective. Things like updated technology, software programs, digital marketing, and recruitment can all put a dent in the company pocket book.

Solution: Budget, budget, budget. You must keep a budget document to stay on top of all costs. This will put you in the best position to prevent any unnecessary spending each month.

And finally, the most important challenge to overcome…

Accounting challenge #5: Consistently acquiring ideal clients
All businesses need ideal clients for growth. Accounting firms are no different. Acquiring ideal clients continues to be a big challenge for CPA firms. If you don’t have a process that consistently brings in new and ideal clients for you each month than you’ll never grow.

The truth is most accountants lack the resources and time needed to generate high quality leads consistently. Most accountants don’t have the time to prospect. They know scaling their business would make life and business better, but for some reason they aren’t. Which leaves a unique opportunity for you.

Solution: If you find yourself struggling to bring in consistent business each month then you may need external help. It’s okay to work with a digital marketing agency. Many successful accounting firms do and you can too!

The best way to solve this issue is by using our Dynamite Pro lead generation system. Here you’ll find:
● Facebook advertising –highly targeted ads designed to bring your ideal customer to your door!
● Branding services –allowing your brand to stand out from the competition.
● Online Reputation Services  –designed to improve brand awareness and let your clients’ voices be heard.

If you lack the time and resources to bring in quality leads every single month then why wouldn’t you do something about it?

Book a free strategy call with us today to learn more on how you can generate more monthly leads and grow your accounting firm!

Book here: https://gvmarketingmix.as.me/BreakT

 

written by Robert Disch

 

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