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Gathering information from Clients is a critical stage of the workflow process and, when done well, can have a very positive impact on efficiency.

The exact scope of work you have agreed with the Client, the jurisdiction in which you work and other factors will determine what information you need from your client to commence work.

An Australia-based accounting business recently updated their checklists as below. These may be a useful guide to firms - in any jurisdiction - which need help in this area.

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Accounting businesses need to respond to changing conditions in order to stay competitive.

Embracing technology, increased delegation, digital marketing, improving Client communication and managing remote workers are just a few instances which require managers of modern firms to adapt.

This can be challenging.

Working with a firm in South Carolina, we applied the Beckhard-Harris formula to help them manage and embrace change. Let’s take a closer look.

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Financial Planning and Analysis (FP&A) means engaging in financial planning and trend analysis to improve an organization’s financial health and performance. Accountants can help Clients by providing a framework in this important area.

Case Study: A three partner Accounting business in Johannesburg, South Africa, was commissioned by their client, a rapidly growing manufacturer of chemical supplies, with turnover of $7 million and 36 employees, to perform Financial Planning & Analysis. Here is an overview of their 10-step process, which could be used by Accountants to support Clients with similar needs.

A successful Accounting business based in Illinois, USA specializes in the hospitality industry, with a focus on restaurants.

They are good at taking care of compliance matters AND THEN upselling Clients onto more comprehensive, profitable advisory programs. In addition to having deep industry specialization, these Accountants have a detailed process for growing their revenue by adding more value to Clients’ businesses.

Here’s an overview of that process, which could be adopted by other firms and modified for different industries.

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Accountants can help Clients be strategic about pricing, resulting in higher profitability and business stability. This means pricing to cover costs AND capturing the value provided to customers.

Accountants who support in this area gain loyal clients, while charging fees for their important work.

Here’s an overview of how businesses can improve price strategy… and how Accountants can help.

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Panalitix

An Accounting business in Minneapolis, USA hired a Senior Accountant after months of trying to find the right candidate.

That may sound unremarkable… but this candidate was introduced by the firm receptionist. In fact half of their recent hires have come through employee introductions and the Employee Referral Program.

Let’s look into this further since an Employee Referral Program is easy to establish and may be of value to many firms.

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We spoke with a serial buyer of Accounting businesses based in Colorado Springs.

Her background is in private equity and she moved from New York to purchase her first firm. 9 months later, she acquired a second (virtual) firm and she’s now in advanced discussions with a third target. In the course of doing these deals, she looked at 87 firms and entered ‘serious discussions’ with 7.

Here are her perspectives on buying Accounting businesses, which should be of interest to other potential acquirers.

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An Accounting business in Sydney, Australia ($3.5 million in revenues) has invested in sales training for selected team members. Their goals are to:

get better at closing new opportunities with existing Clients and
reduce reliance on the partners for bringing in new Clients

This challenge is multifaceted and in this module we covered how to Qualify Opportunities. Here’s a summary.

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