With the fast-changing landscape of the accounting industry, firms are faced with challenges every single day. Learning how to foresee emerging problems and exceptional decision-making skills are both important to stay above the rest in this highly competitive industry. Here’s a list of the common problems accounting firms are facing in the midst of the COVID-19 pandemic and how your business can surmount these challenges:
Attracting and retaining clients
The ongoing pandemic has forced a lot of businesses to down-size and a significant number even filed for bankruptcy. The increasing uncertainty makes it difficult for services firm to gain new clients and even retain new clients. Providing services designed to help your current clients to weather the ongoing crisis better will help you retain your current clients and gain those who are looking for value-adding services.
Acquiring new talents
Even in the midst of the global pandemic, talents remain in demand, especially to help augment those who were affected by COVID-19 most. Acquiring new talents has become more challenging with recruiters and HR professionals having to find and assess prospects remotely.
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Increased dependence in accounting technology
Both clients and accountants require increased dependence in technology with most business processes being done through cloud accounting software. This requires quick adaption in key processes, especially those that were typically done in offices.
Greater client expectations
Accounting firms were only viewed as service providers before but now, clients perceive them as consultants as well. They trust to receive stellar service and valuable assistance from your firm on how they can grow their businesses. In short, they want their problems solved.
To overcome this challenge, you should know the type of client your company can work with best and aim towards acquiring clients of that sort. When your services are perfectly matched with the needs of your partners, you can guarantee a successful relationship.
From using complicated software programs to meeting your client’s needs, each problem in the industry can be solved by finding the right people to steer your company in the right direction. These challenges are common in the industry; thus, effectively solving them means you can get ahead of the competition.
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This article was first published 09 March 2017 and edited 21 July 2020.