10 ways small accountancy firms can get ahead (without the overhead)

If you want to grow your small accountancy firm, you might want to design a system that drives your team to new levels of success.

What might this look like? Ideally, a system for growth is a mix of smart processes and clever technology. And, of course, let’s not forget the great people – your team and your clients – that make the magic happen.

One thing your new system should not do, however, is make life more complicated or more expensive. Instead, it needs to make the most of your experience, aptitudes and client base.

Here are 10 tips to help you imagine your own, unique system for growth.

1. Specialise and differentiate your services

An efficient system for success helps you focus on your strengths.

So, which part of the market do you serve especially well? Is there a type of work you do better than most other bookkeepers or accountants?

The answer to these questions could help you carve out a niche.

Not only will you be able to deliver near-unbeatable advice, but appreciative clients will often be willing to pay a premium for it.

2. Charge for advisory services

Small firms often provide advice as part of their services. The problem is that many don’t bill for it.

Are you giving valuable advice away for free? Look at ways to package it as a chargeable service. The result might be a significant boost to your revenue.

3. Adopt technology that supports growth

Dated software and hardware can make it difficult to grow.

For example, using spreadsheets can mean retyping and a potential tangle of formulas. When it comes to hardware, on-premises servers are expensive and difficult to maintain.

Thankfully, good software can help make both a distant memory. With its help, you can automate routine work, reduce errors, and free up time. Based in the cloud, you don’t need a server taking up valuable office space. In fact, you can use cloud software to work from anywhere with an internet connection.

But isn’t the best accounting software built for larger accountancy firms? Absolutely not.

We know because we build cloud software for firms of all sizes and all kinds of clients. At the heart of our systems is a shared client list. This means whenever anything is updated, your data stays accurate.

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4. Establish recurring revenue streams

Predictable income is a lifeline for small firms. With that in mind, consider moving to subscription-based pricing where it makes sense.

This is where good software will link to good processes. Use your software to automate invoicing and send payment reminders so you spend less time chasing clients and more time delivering great work.

5. Strengthen client relationships

Your existing client base is one of your most valuable assets. The better the relationship, the more consistent the work and word of mouth they bring. So, how can you make sure these relationships stay strong? Use customer relationship management (CRM) software. A CRM solution helps you stay on top of client interactions, follow-ups, and progress to help drive a personalised, focused plan of action.

6. Partner with outsourced specialists

Growing a small firm doesn’t always mean hiring staff. Outsourcing is a flexible, affordable way to add expertise. Consider outsourcing tasks like auditing, payroll, or even bookkeeping when demand increases. Doing so allows your core team to focus on their strengths while still agreeing to take high volumes of repetitive work.

7. Focus on training and development

Developing staff skills can have long-term payoffs for both efficiency and service quality.

Training also plays a crucial role in succession planning. If you’re looking to retire or step away, knowing there are skilled team members ready to lead will give you peace of mind.

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8. Improve your online presence

An up-to-date website can be a powerful tool to attract new clients. Think of it as a potentially dazzling, digital brochure of expertise. Showcase scenarios, happy clients, and blog posts that address common accounting challenges.

If you specialise in serving a particular community or industry, highlight that. And remember: just because it’s the internet doesn’t mean you only have to think globally. With the right content, you can draw in clients from your area.

9. Network and build partnerships

Cultivating networks and establishing strong relationships with fellow professionals is a powerful way to grow.

For example, collaborating with local solicitors (or lawyers who assist similar clients) can produce a strong referral partnership.

10. Read the IRIS guide!

Looking for ways to grow your firm without increasing overheads?

Get our free guide, and discover actionable strategies to boost efficiency and revenue.

It covers the above and much more – with everything tailored to helping smaller accountancy firms.

Click here to get your copy.