Grow your firm's revenue by offering more services
March 01, 2016

The end of tax season approaches faster than people think. Soon, accountants and bookkeepers will have their hands full of businesses and clients who need their every last tax-related issue solved. While this makes for a stressful start to spring, it's also a time accountants and bookkeepers see a good amount of revenue. Profits soar, providing good incentive to work hard in time for picnics and warm weather.

After the annual tax deadline, however, many clients exit the office doors and don't return again until next tax season. This means revenue for the rest of the year takes a sharp decline. Accounting and bookkeeping firms should focus their attention on preventing this drop and work to maintain their clients throughout the year.

Providing services to current clients
Some professionals think it's better to focus their attention on attracting new clients. This is certainly a good tactic, but it shouldn't be a firm's only priority. It costs a lot more to find a new client than it does to retain current ones, and existing clients tend to spend more. According to a Harvard Business School study, keeping 5 percent of your clients increases profits by 25 to 95 percent. Once they've had a glimpse of what a firm offers, they're more likely to buy additional services and pay more for better products. Customer retention takes time, but each month is a chance for accountants and bookkeepers to strengthen the professional relationship and keep clients coming back.

One might assume business owners and individuals have no need for a professional outside of dealing with the IRS, but Accounting Web said that's not entirely true. According to the website, a quarter of small-business owners wouldn't mind transferring some accounting work outside of their business.

Payroll is just one example of work accountants and bookkeepers can handle during the off season. Income and benefits are heavily tied with a business's budget and taxes, and inexperienced business professionals likely don't know all the necessary ins-and-outs. Accountants and bookkeepers can also act as financial consultants, monitoring their clients' business performance and providing advice for how to advance their organizations.

Offering additional services doesn't necessarily require more staff. Instead, accountants and bookkeepers should streamline processes wherever they can and bring in new systems and software solutions to handle the growth. Online payroll software makes handling paychecks a breeze, while professional accounting software eliminates errors, saves time, and offers automated insights that accounting professionals can pass on to their clients.

Sage View helps accounting professionals organize and understand their clients' needs, strengthening relationships and supporting businesses throughout the year.

Nexus: G-WEBCD5