Namrata Jain, EA, CA’s Post

𝗛𝗼𝘄 𝗱𝗼 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗶𝗿𝗺 𝗼𝘄𝗻𝗲𝗿𝘀 𝘀𝘁𝗼𝗽 𝘁𝗵𝗲𝗺𝘀𝗲𝗹𝘃𝗲𝘀 𝗳𝗿𝗼𝗺 𝗺𝗮𝗸𝗶𝗻𝗴 $$$$$ 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗯𝗲𝗶𝗻𝗴 𝗼𝘃𝗲𝗿𝘄𝗼𝗿𝗸𝗲𝗱? → Stick to an employee mindset (more hours of work = more revenue). → Keep on charging based on billable hours. → Stay unaware of the price their customers are willing to pay for the value they deliver. Which brings us to this week’s topic: 𝗪𝗵𝘆 𝗗𝗼 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁𝘀... 𝗗𝗼𝗻'𝘁 𝗦𝘄𝗶𝘁𝗰𝗵 𝘁𝗼 𝗩𝗮𝗹𝘂𝗲-𝗕𝗮𝘀𝗲𝗱 𝗣𝗿𝗶𝗰𝗶𝗻𝗴? In the words of Jonathan Stark: “Value Pricing Means: Researching the approximate dollar value of the problem you solve for your clients, and determining what you’d be willing to do for that amount.” So, what stops accountants from demanding the big bucks? → 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗠𝗶𝗻𝗱𝘀𝗲𝘁 New firm owners often sell their time instead of the outcome because they don’t realize the value of the outcome. → 𝗨𝗻𝗮𝗯𝗹𝗲 𝘁𝗼 𝗤𝘂𝗮𝗻𝘁𝗶𝗳𝘆 𝗩𝗮𝗹𝘂𝗲 Accountants find it tough to quantify the value they provide. → 𝗙𝗲𝗮𝗿 𝗼𝗳 𝗨𝗻𝗱𝗲𝗿𝘃𝗮𝗹𝘂𝗶𝗻𝗴 They worry they’ll work beyond the scope of work, spending more than the estimated time on the project and undervaluing their services. If you’re not switching to value-based pricing because of the last two reasons, here’s where to start: ➡ Identify the ideal outcomes that truly matter to your clients. For eg. Steady Cash Flow ➡ Evaluate what it will cost you to deliver the desired outcome (payroll costs, fixed costs, general business expenses, etc.) ➡ Add a 3-3.5 markup on that cost ➡ Position yourself as an advisor and go from there That's how you price for value in an uncomplicated way. You’ll need to figure out costs and other variables based on your clients. But the guiding principle remains: enhance your packaged price and market it to the segment that perceives the added value. Liked what you read? Click on the link below for more of such content 👇 https://lnkd.in/dMkSSwW9 What you just read is a weekly series - "Why do Accountants..." The series is dedicated to shedding light on common practices among accounting firm owners that perhaps shouldn't be so common. P.S. Building a remote team is where I can help you. Schedule a call if you are looking for an offshore partner. Link in bio.⬆️

Setting the Standard: How Our Accounting Firm Rises Above the Competition 🌟 Standing out in the competitive world of accounting firms requires a strategic approach that sets your firm apart. Here are some key areas to consider: 🔍 Specialized Expertise: Offer tailored services for niche markets or industries, such as tax planning for tech startups or forensic accounting for legal cases. Highlighting these specialties positions your firm as the top choice for clients with specific needs. 🤝 Client-Centric Approach: Build long-term relationships by providing personalized services that address clients' unique goals. Actively listen to their needs and offer proactive advice to help them succeed financially. 💻 Technology Integration: Embrace cutting-edge accounting software to enhance efficiency and provide real-time insights. Whether it's cloud-based solutions or data analytics for forecasting, staying ahead in tech demonstrates your commitment to innovation. 🤝 Transparency and Trust: Foster a culture of integrity through open communication and honest dealings. Establishing a reputation for reliability can set your firm apart in an industry where trust is paramount. 💼 Value-added Services: Offer more than just basic accounting – provide business consulting, strategic planning, or financial education workshops. Going the extra mile shows your dedication to helping clients achieve their objectives. 📚 Team Expertise and Development: Invest in continuous learning to keep your team updated on the latest regulations and trends. A knowledgeable staff adds credibility to your brand and ensures superior service delivery. 🤝 Community Engagement: Connect with the local community through networking, sponsorships, or volunteering. Building strong ties demonstrates your commitment to social responsibility and enhances visibility. 🗣️ Client Testimonials and Referrals: Showcase satisfied clients' feedback and encourage referrals. Positive word-of-mouth recommendations can significantly boost your firm's reputation and attract new clients. 📝 Thought Leadership and Content Marketing: Establish your firm as a thought leader by sharing insightful content on relevant topics. Publishing articles or whitepapers demonstrates expertise and attracts potential clients seeking knowledgeable advisors. ⭐ Quality of Service: Maintain high standards for accuracy, timeliness, and professionalism. Building a reputation for excellence is crucial for standing out in a crowded marketplace. By focusing on these areas and continuously striving for excellence, your accounting firm can become the preferred choice for clients seeking trusted financial advisors. Let's set your firm apart! #Accounting #Finance #BusinessExcellence 🚀

Setting the Standard: How Our Accounting Firm Rises Above the Competition 🌟 Standing out in the competitive world of accounting firms requires a strategic approach that sets your firm apart. Here are some key areas to consider: 🔍 Specialized Expertise: Offer tailored services for niche markets or industries, such as tax planning for tech startups or forensic accounting for legal cases. Highlighting these specialties positions your firm as the top choice for clients with specific needs. 🤝 Client-Centric Approach: Build long-term relationships by providing personalized services that address clients' unique goals. Actively listen to their needs and offer proactive advice to help them succeed financially. 💻 Technology Integration: Embrace cutting-edge accounting software to enhance efficiency and provide real-time insights. Whether it's cloud-based solutions or data analytics for forecasting, staying ahead in tech demonstrates your commitment to innovation. 🤝 Transparency and Trust: Foster a culture of integrity through open communication and honest dealings. Establishing a reputation for reliability can set your firm apart in an industry where trust is paramount. 💼 Value-added Services: Offer more than just basic accounting – provide business consulting, strategic planning, or financial education workshops. Going the extra mile shows your dedication to helping clients achieve their objectives. 📚 Team Expertise and Development: Invest in continuous learning to keep your team updated on the latest regulations and trends. A knowledgeable staff adds credibility to your brand and ensures superior service delivery. 🤝 Community Engagement: Connect with the local community through networking, sponsorships, or volunteering. Building strong ties demonstrates your commitment to social responsibility and enhances visibility. 🗣️ Client Testimonials and Referrals: Showcase satisfied clients' feedback and encourage referrals. Positive word-of-mouth recommendations can significantly boost your firm's reputation and attract new clients. 📝 Thought Leadership and Content Marketing: Establish your firm as a thought leader by sharing insightful content on relevant topics. Publishing articles or whitepapers demonstrates expertise and attracts potential clients seeking knowledgeable advisors. ⭐ Quality of Service: Maintain high standards for accuracy, timeliness, and professionalism. Building a reputation for excellence is crucial for standing out in a crowded marketplace. By focusing on these areas and continuously striving for excellence, your accounting firm can become the preferred choice for clients seeking trusted financial advisors. Let's set your firm apart! #Accounting #Finance #BusinessExcellence 🚀

Did you know that 70% of small business owners say that managing finances is their biggest challenge? Imagine if your virtual assistance team could ease that burden by handling day-to-day accounting tasks seamlessly. 🌟 At Transform the GAAP, we believe in empowering your team to go beyond the basics. By training your virtual assistants in fundamental accounting functions, you can offer a more comprehensive service to your clients. This isn't about replacing certified accountants - it's about enhancing the support system around them. Picture this: Your virtual assistant not only schedules your meetings and manages your emails but also keeps your books in order, tracks expenses, and prepares preliminary financial reports. This means your clients can focus on growing their business while your team handles the nitty-gritty details. Here’s why this matters: 1. Increased Marketability: Offering a broader skill set makes your services more attractive to potential clients. They get more value from a single source, which can be a game-changer in a competitive market. 2. Efficiency Boost: With trained virtual assistants handling routine accounting tasks, your clients' certified accountants can focus on more complex financial strategies, leading to better overall financial health. 3. Client Satisfaction: When clients see that their day-to-day financial tasks are managed efficiently, their trust in your services grows. Happy clients are more likely to stay loyal and refer others to you. 4. Cost-Effective: Training your team in basic accounting can save your clients money. They won't need to hire additional staff for these tasks, making your service a cost-effective solution. Our training program covers essential skills like Revenue and Expense Matching, Transaction Recording, Billing, basic Excel functions, and preliminary Financial Statement prep to name a few. These are the building blocks of a well-rounded virtual assistant who can support your clients in more ways than one. Ready to elevate your team's capabilities and offer more to your clients? Let’s make it happen! What do you think is the most valuable skill a virtual assistant can have? Drop your thoughts in the comments below! And if you found this post insightful, please give it a like and repost to share the knowledge. #AccountingTraining #VirtualAssistance #BusinessGrowth #TransformtheGAAP

𝐓𝐡𝐞𝐫𝐞 𝐢𝐬 𝐚𝐧 𝐨𝐧𝐠𝐨𝐢𝐧𝐠 𝐝𝐞𝐛𝐚𝐭𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 - whether to be a generalist or a specialist. Which brings us to today's topic - 𝐖𝐡𝐲 𝐝𝐨 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 ...𝐒𝐭𝐚𝐲 𝐠𝐞𝐧𝐞𝐫𝐚𝐥𝐢𝐬𝐭𝐬? 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 𝐚𝐬 𝐆𝐞𝐧𝐞𝐫𝐚𝐥𝐢𝐬𝐭𝐬  → Get a wide range of industries to operate in.  → Require agile adaptability for different clients & their needs  → Handle diverse accounting issues  → Billable rates may be lower than specialists. 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 𝐰𝐢𝐭𝐡 𝐚 𝐍𝐢𝐜𝐡𝐞 → Focus on a specific industry or service → Attract clients who need specialized expertise → Charge premium fees for niche services → Gain recognition and stand out from competitors → Market downturn can result in more people competing for fewer opportunities. Most accountants begin as general practitioners and remain that way because their clients are very diverse. The next step is to discover specialty a.k.a niching down which can be time-consuming - to find what you’re best at and deliver the messaging to the ideal customer profile. Another common concern that I hear is - "𝑊ℎ𝑎𝑡 𝑎𝑏𝑜𝑢𝑡 𝑚𝑦 𝑜𝑡ℎ𝑒𝑟 𝑐𝑙𝑖𝑒𝑛𝑡𝑠?" Choosing to specialize doesn't mean excluding non-niche clients. It means marketing and branding more effectively to a targeted audience. The objective of niching down is to increase profitability by providing solutions to complex problems. You can do so while catering to your 'good' clients. Even specialists have some clients who do not ‘fit’. On a side note, being a generalist totally works. But specializing can help you - - Grow faster in niched domain - Charge premium for your expertise - Create unique processes, or knowledge that differentiate you from competitors. - Compete on the value that you are bringing instead of the price - Become a thought leader with your niche expert Not sure how to start niching down? Check the comments for a link to one of my previous posts. Liked what you read? Click on the link below for more of such content 👇 https://lnkd.in/dMkSSwW9 What you just read is a weekly series - "Why do Accountants..." The series is dedicated to shedding light on common practices among accounting firm owners that perhaps shouldn't be so common. P.S. Building a remote team is where I can help you. Schedule a call if you are looking for an offshore partner. Link in bio.⬆️ #accountingandaccountants #cpa

Switch to an Accountant Who Works for You: If you’re considering a switch to an accountant who aligns better with your needs, Edward Harris Chartered Certified Accountants could be exactly what you’ve been looking for. As specialist online accountants, we bring a tailored approach to businesses, combining deep industry expertise with the flexibility and convenience of remote service. Gone are the days when choosing a local accountant was your only option. Today, distance is no barrier. With online accounting, you gain access to experts who genuinely understand your business and can deliver custom financial strategies that fit seamlessly with your operations. Here are some reasons why clients decide to make a switch: * Unnecessary Costs: Are you paying high fees for a service that doesn’t satisfy you? * Unexpected Bills & Penalties: Do you need help with an unexpected bill or penalty? * Poor Communication: Is reaching your accountant a challenge, with delayed or no response? * Data Security Concerns: Worried that your financial information may not be secure? * Outdated Technology: Wondering if your accountant is using the latest technology and keeping up with #MakingTaxDigital? Switching is easy: Step 1 – Request a Callback. Get in touch on 07562518682 or request a callback. One of our accountancy experts will discuss your specific requirements and how we can assist you and your business. Step 2 – Create the ideal solution. Once we understand your needs, we’ll develop the perfect solution for you. We’ll tailor your new accountancy package, outlining the services we’ll provide for you and associated costs. Step 3 – Introduction. Introduce us to your previous accountant. We’ll handle the transition process smoothly on your behalf. Switch to Edward Harris and experience the difference that an industry-specialist accountant can bring. #accountant #makingtaxdigital #mtd #remoteaccountant #tradesandconstruction #construction #cis #constructionindustry

What if scaling your accounting firm felt effortless?" Accounting firm owners often find themselves trapped between  growth and burnout as client demand skyrockets. * Midnight office sessions become the new normal * Quality control turns into a luxury they can't afford * The excitement of new clients morphs into anxiety Traditional scaling methods fall short:  Local hiring drains profits while managing offshore teams becomes a second full-time job. * What if you grow without the growing pains * What if you regain control without losing the client's trust * What if you have a 'silent partner' handling the bookkeeping load The right outsourcing solution integrates seamlessly,  becoming an invisible extension of the accounting firm. * Billable hours soar while stress levels plummet * Work-life balance and passion for the profession resurface * Clients enjoy enhanced service quality and faster turnaround times ------------------------------------------ We're your trusted bookkeeping partner, working seamlessly behind the scenes to handle your clients' bookkeeping needs. DM me now to see how we can help your firm - free up more time to focus on business development and higher-value services.

Many accounting firm owners may not realize it, but often their clients view their services as just another "commodity."  This means: →Their services don't stand out.  →There are plenty of similar providers.  →Clients see their current provider as easily replaceable. Here's why being viewed as a commodity in the accounting world is a major issue: →Clients drawn by low prices can just as easily leave for lower ones.  →It's tough to get clients to pay more. To prevent your firm from being seen as just another run-of-the-mill option, follow this actionable plan: 📍Identify Your Niche  Begin by analyzing your current clients. Rank these clients based on your experience.  Now, add columns of industry, size, location, complexity, and growth potential in ‘Find your Niche’ spreadsheet.    💭Define Your Ideal Client   From your rankings, compile a list that outlines what your ideal accounting client looks like, including:   →The industry they are in   →The complexity of their business   →Their revenue   →Their location     Focus particularly on the growth potential of the industries where your top clients are situated.     ✅Select Your Preferred Client Type  →Categorize these top clients by their company size.   →Decide if you prefer working with startups or more established firms, as their needs will differ greatly.    🔍Assess Client Fit:   Reflect on your least favorite clients to understand what you dislike, helping you make better choices. Before fully committing to your niche, check the following: ❓Is the industry growing?  ❓How much experience do you have in this area?  ❓Are the clients profitable?  ❓Is the industry resistant to economic downturns?  ❓What does the competition look like? Implementing this strategy will not only set you apart but also enhance the perceived value of your services, making your firm less likely to be viewed as just another commodity. P.S. If you're looking for helpful tips to improve your accounting firm's processes, make sure to follow me.    Click on the link below 👇   https://lnkd.in/dMkSSwW9     ---------------------------------    I’m Namrata  I help CPAs get more time and money for growth by building high-leverage remote teams.     #accountingandaccountants  #cpa #accountants 

Dear #UK Accountants, Are you ready to elevate your accounting practice to new heights? 🌟 In the fast-paced world of accounting, growth and success are about more than just numbers. It's about optimizing your processes, increasing efficiency, and focusing on what matters most—your clients. But as your workload grows, how do you continue delivering top-tier service without sacrificing your valuable time? 🤔 That’s where the right outsourcing partner comes into play. The right support can help you: ♻ Streamline your back-office operations – From bookkeeping to payroll, leave the time-consuming tasks to the experts. 🚀 Improve efficiency and accuracy – Eliminate bottlenecks and reduce the risk of errors, allowing you to focus on the bigger picture. 📈 Scale your practice with ease – Grow without the stress of managing increased workloads or staffing concerns. 💷 Cut unnecessary costs – Outsourcing offers access to skilled professionals at a fraction of the cost of hiring in-house teams. With the right outsourcing partner by your side, you’ll be able to spend more time nurturing client relationships and focusing on strategy while leaving the day-to-day operations in trusted hands. Let’s explore how we can help your practice grow, become more efficient, and allow you to focus on your core strengths! 💼 Feel free to connect with me for a conversation! 🌐 www.accountsbytes.com 📧 info@accountsbytes.com 📱 +44 74413 94682 #UKAccountants #OutsourcingSolutions #AccountingEfficiency #BusinessGrowth #AccountingSuccess

What successful accounting firms do that traditional accounting firms don’t do….. . . . They focus on their #customers! One thing I have learned from my experience of owning a firm and providing services to the industry, is it’s easy to forget who we are in business to serve. I see firms online complaining about clients, saying how they are increasing fees significantly and they don’t care if the clients leave and numerous comments like this. It's their way or no way. While I understand our industry is tough with many challenges, particularly over the last few years, this isn’t an excuse to not be customer and team member focused. If you focus on these two things, you are guaranteed to be in a better position than most of the industry. Our fastest growing client (from 6 teams’ members to 200+ and 0 clients to 1200+ in 12 months) sole focus is on delivering the best service and experience to clients. And that is why they are growing so fast. Making time to spend working on your business, and focusing on this area will guarantee to make your firm better (at least that is what is working for us).