Making the decision to hang out your shingle as an accounting professional can be a rewarding experience. But for those who choose to go it alone as a solopreneur, it’s not without its challenges. For starters, competition can be fierce. Not only are you trying to differentiate from other sole practitioners, but you’re also trying to set yourself apart from larger firms with larger marketing budgets. That’s why solo practitioners must develop a solid accounting firm growth strategy to stand out.
Fortunately, your recipe for solopreneur success starts with one main ingredient: technology.
Technology can open up significant opportunities for your accounting firm’s growth. In fact, a recent study showed that 86% of accounting firms expected technology to drive their growth.
The right technology allows you to stand shoulder to shoulder with larger firms. And sometimes, you’ll find that you can even outperform them by breaking free of outdated workflows, looking beyond traditional services and offering better client service. And technology makes it all possible.
Read on to learn some of the best ways a solopreneur can foster accounting firm growth using an innovative technology strategy.
Take advantage of cloud technology solutions
Think about all the aspects of your business that need to be managed and tracked. We’re talking administrative tasks, data entry, client communication and service, product development, and marketing, just to name a few. And the reality is, as a sole practitioner, all of this falls on your shoulders. But there are only so many hours in the day to get everything done. So, it can be difficult to even think about a growth strategy for your accounting firm.
And, unfortunately, technology can’t clone you or give you more than 24 hours a day to work (not yet, at least). But what it can do is reduce how much time you spend on these tasks.
Thanks to cloud technology, you can easily automate tasks that eat up hours of your time. Like the tedious data entry you dread facing each week. Automation tools take these time-consuming tasks and let you transform the way you work by simplifying processes, giving you precious time back in your day. And, because you’re human (like all those other solopreneurs), automation can even make your work more accurate.
Moving your firm’s technology into the cloud also gives you the freedom to access your applications anywhere, anytime.
With cloud technology, your critical apps and documents can be safely stored and accessed online. Need a change of scenery from your office? The cloud makes it possible for you to work remotely from home or on the road—and the right partner keeps it all secure (but more on that later).
In addition to making remote work possible, the cloud should be a part of your accounting firm growth strategy. Why? Because it provides opportunities for you to work with clients outside your local area. Imagine being able to quickly engage with clients in a completely different city and collaborate on files together in real time. And by expanding your reach beyond your geographic location, you can bring on more clients, which is especially valuable if you specialize in a specific niche. (Bonus: It results in more revenue, too.)
More time on your hands, improved workflows and access to more clients—cloud technology is a key ingredient for your success.
Protect your data—and your clients’ data, too
With businesses investing more in technology, data security is more critical than ever. Both potential and existing clients want to know they’re working with an accounting professional who keeps their data as safe as humanly and technologically possible.
Fortunately, this is yet another benefit of cloud technology. The best cloud solutions are supported by top-tier security systems and offer advanced features like multifactor authentication for logins, malware detection and consistent backups.
You can use these solutions with confidence, knowing that they’re well protected from prying eyes (and fingers), which means your data is, too. This enables you to share sensitive documents safely.
Of course, not every cloud solution has the right security systems for your needs.
Your best bet is to use cloud technology built for accounting firms. One that provides ongoing monitoring of your devices and alerts you of any issues that arise. Even better, look for one that manages IT for you, giving you another way to save time and put your focus on your clients.
A reputation as a cybersecurity stickler can also do wonders for your word-of-mouth marketing. After all, wouldn’t you rather work with an accountant who prioritizes data security?
Positioning your practice as one that adheres to best security practices is a huge draw for potential clients. You’ll also get bonus points for offering a convenient and easy way to collaborate. Another ingredient for your success!
Expand your client services
Finding ways to stay competitive as a solo practitioner is key to an effective accounting firm growth strategy. Aside from having solid security in place and the ability to work remotely and serve clients well beyond your geographic area, how else can you stand out in a sea of solo tax and accounting professionals? What else can you offer clients other than traditional compliance and tax preparation services?
You may already be familiar with the direction other accounting firms have taken, such as offering advisory services. But how do you begin to add new services to your menu?
Well, if you’re still reading this blog, you probably already know what I’m going to say:
Technology is one of the main ingredients for success in this area, too. If you’re using technology to improve your workflows and automate time-consuming tasks, you’ll have more time to invest in developing and offering new advisory services that your clients will value.
Additionally, you can use technology to get real-time insights into your client’s financial health. Instead of just relying on quarterly reports, you can provide your clients with key insights in a more frequent cadence, or as often as relevant information becomes available. This alone can boost your value over other firms that are only focused on traditional services.
Client advisory services are in high demand these days, which is great news for any accounting professional. And, as a solopreneur, you’re in an even better position to set yourself up for success with advisory services, more personalization and timely, valuable insights for clients.
Technology is the key for your accounting firm growth strategy
There’s no denying it: Any accounting professional looking to make their mark and grow their business needs technology to make it happen. And cloud technology solutions are at the top of the list. They allow you to easily streamline workflows, stay organized, expand your reach and improve client services. Yes, even if you’re a solopreneur.
Technology is a fantastic recipe for success—and the sooner you start putting the right ingredients together, the better.
For more information on how cloud technology can help you find success in your firm, subscribe to our blog or contact an account executive today.