Technology changes the requirements of the client and how business is being done. Below are top 10 strategies to encourage you to think as well as communicate with clients, staff, managers and partners. Then, strategies addressing major firm dangers can be developed by your firm. Firm dangers include the lack in areas of succession, growth and talent development. Not ranked in the order of importance, the list is provided to give you an idea as well as establish a guide to strategies that are beneficial.
1. Menu & Service Levels
that are of higher value and more relevant to the organization’s or company’s leadership. Services should not only be limited on L-1 services such as annual income tax returns, bill payment, financial reporting, sales tax and payroll but also should be focused on some high level services referred to as L-2 and L-3 services such as cash flow projections, web strategy, technology, team building, talent development, accountability and strategic planning.
Having a champion links with the success of the team. It is the characteristics of the champion that can face the challenges. Champions are identified much easier through knowing the unique abilities of people. Champions especially have the following characteristics: they possess a purpose that is of more importance than themselves, proven passion and track record standards, are politically connected, team builders and know where to find resources.
3. Service Delivery Team
For the expansion of client accounting services, the “delivery team approach” should be used instead of the “rugged individual approach.” With this, better services are provided to the clients, the application of extraordinary abilities is allowed and succession planning is assisted as well.
4. Advocacy or Independence
Independence primarily its rules focus on the core services related to tax as well as accounting; however, this can also be considered as a limiting factor in terms of the depth and breadth of services a certain corporate is capable of offering its clients. These services are regarded as transformational (breakthroughs and new services) and adjacent (new to the expanding existing business or the firm). Knowing where you should play and how you should win in the market are very important. You might also want to select advocacy if your corporate needs it as well as increase the availability of more services.
5. Business Model & Platform
Platforms fostering collaboration among other advisors, the client accounting services team members and the clients are essential in keeping the firms. This requirement is met by deploying cloud-based platforms which eliminate tasks such as the transfer of files, data entry and reconciliations. It is the client that determines value and not the hours employed in a certain project.
It is a requirement for every company to observe unique processes. It is important for these processes to be documented so it is possible to train others and maintain consistency. The process can be personalized and differentiated by naming it. You can start with a list of the processes used by your firm in client accounting services. These processes needed should be defined so that meeting client requirements is feasible. Consider your firm to act as a private start-up company so that the risks associated with staffing, leadership, pricing, service, technology, capabilities, regulations, complexity and opportunities are reduced.
Pricing is very important and also requires sales skills, forthright communication with clients and thought. Those who possess the skills in value creation should be given the responsibility to determine the price of the product and contact clients before services with defined scope and engagement terms are delivered. By allocating time in defining scope and asking clients regarding their strengths, opportunities and dangers, opportunities will increase and margins will improve. When multiple services are offered as a package, anticipate good news since the clients are satisfied and the margins increase.
8. Management and Entrepreneurship
If you search for the success of your firm, management and entrepreneurship should be included in your business plans. Management can be bland, dull and serious while entrepreneurship can be exciting, innovative and cool, thus both make a perfect combination. Firms that have both management and entrepreneurship reduce waste and risk, increase learning and innovation, and provide their clients with a new category of accounting services.
Most firms face some risks day in and day out but by possessing some resources such risks are reduced to a minimum and the rewards are increased. The resources include an extraordinary ability team, present client base, platform and champion. A collective vision and leadership are needed for the firms to click. You should add a platform that is collaborative. The employment of extraordinary ability firms is considered relevant as well. Your client base should be able to utilize Level 3 and Level 2 services.
10. Reliable Business Advisor
The CPA or certified public accountant is regarded as the most reliable business advisor; however, most CPAs do not perform their every function seriously enough and are lacking in providing their clients with the many services needed by their clients. It is primarily due to the fact that the CPAs usually focus merely on L-1 services whereas the clients put value on L-3 and L-2 services.
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Categories: Accounting & Payroll Services in Singapore