5 Ways to Foster Innovation in Accounting Firms

Innovation in accounting firms is a necessary step to adapt to the new market demands and comply with industry regulations. It's also essential for ensuring a firm’s long-term growth.  

So how do you do this?  

Check out these 5 ways to promote innovation in accounting firms:  

1. Update processes and technologies  

Promote continuous improvement in your firm. You can do this by embracing modern, sophisticated technologies to automate repetitive tasks. You can also outsource certain tasks to an offshore accounting team. Doing so lets you expand your accounting firm’s capabilities to handle more clients. 

2. Diversify your service lines  

Diversify your services or develop new service lines to meet your target market’s growing needs.   

Example:  

Offering higher-level services like wealth management and business analysis.  

3. Enhance your client experience programs  

Your clients are the lifeblood of your accounting firm. Without them, there’s no business. To ensure they'll continue patronizing your services, you must enhance your client experience programs. 

Make sure to give them a memorable client experience. Some examples are celebrating their anniversary with your firm, providing fast resolution to their concerns and organizing activities to meet and get to know them personally.  

4. Innovate your business model   

Try to revisit several aspects of your practice to remain relevant and competitive. This includes your performance review systems, metrics and key performance indicators (KPIs), billing management processes, ownership structures and the like.  

5. Level up your corporate culture 

The expectations and needs of your employees are also changing with time. Gone are the days when the only things that matter are the salary and position. Today, the new generation of talents expect a workplace that can foster growth and development, promote employee well-being, and offer flexible work arrangements.  

The accounting industry is not as it was 20 years ago: clients now expect more from their accountants. By applying the 5 methods we outlined above, you'll have greater chances to become a reliable accounting firm of the future. 

Does your accounting firm struggle in recruiting qualified talents? Let D&V Philippines fill in the gaps in your practice. With our scalable and specialized services, we can serve as an extension of your accounting firm.  

For more details about our services, contact us today at marketing@dvphilippines.com. You can also download our whitepaper, Finding the Right Talents: D&V Philippines Solutions for Modern Accounting Firms, to discover if we're the back-office support you're looking.