Accountancy Firms Need To Move up The Value Continuum
If you have a business of your own, you will also have the need to maintain your business accounts. Since this is a matter involving complex numbers, the best way to maintain accounts safely and properly is to seek professional help. There are numerous accountancy firms all over the world. As an accountant, whenever you provide your knowledge or advice to your client to help them at their business, you actually create value. In this modern era, where having a large client base is rather crucial, value is one of the most critical client services that will help you prosper.
What Do You Mean By Value?
It is very important for a professional or a firm to define the proper meaning of the term “value” before you can actually create it. There are several experts who say that value happens when you or your firm turn your clients’ business into your own business, powered by the care and thought that goes way beyond the normal billable hours.
Value can also be defined as an experience for your client that is way different than any other experience that your client may have experienced earlier with some other accounting firm. That little extra that you put in your efforts, without charging anything extra, while serving your client is also defined as value. Value helps your client feel more comfortable while depending on you for any accounting needs.
Why Is Value So Important?
There are many accountancy firms that often wonder about the importance of value. It is true that time is money and all the accountants are busy serving their clients. However, according to several experts, a regular value-focused mindset makes it very simple for you to create value. Whenever you talk about creating value, you have to remember that these services take place year-round. It is not possible to create value with just a single meeting at tax time.
It is true that rapid technological innovations have commoditized the traditional services that accountancy firms provide like taxes. The expectations of customers have also shifted considerably. Customers wish to get results and value for their money. If your firm is still focused on traditional services, as far as account services are concerned, it will trade hours for money and compete on price. However, it will not have a bright future.
Although technology has changed a lot in this modern era, it will never be able to replace accountancy or accountants completely. It is true that technology has changed and will continue to change in the days to come. It has also changed the way professionals complete their compliance services. Although most of it is automated, the effort and time that is needed to deliver these services have gone down or reduced considerably. As an accountancy firm, you will certainly not like to reduce your fees. The key to maintaining the same fees and expanding your client base is to provide that additional value that you can easily bring to your clients. You need to give that extra or there are other accountancy firms ready to grab your client.