There’s a strong and consistent demand for accounting services. But that doesn’t mean that your accounting practice is automatically sustainable as-is.  Marketing, scaling, client management, and operational improvements are crucial to your success and growth.  If you want to avoid cash flow uncertainties and experience growth, here’s how to grow your accounting practice effectively. 

1. Consider Picking an Industry Niche

Some accounting firms thrive on being a jack-of-all-trades. Others, not so much.  Selecting an industry niche can help you narrow down your ideal clientele. It can help you hone your skills within said industry to offer effective, bespoke service.  For many smaller practices, this makes getting customers and streamlining operations easier.  But this prompts the question, which industry niche should you be considering? Every accountant is different, but there are some ideas to consider. Some of the most lucrative industry niches worth looking further into include:
  • SaaS: The SaaS industry is booming, estimated to be worth around $273 million and growing. They may require fractional CFO services, wealth management, and similar advisory services. 
  • Real Estate: Real estate is an obvious industry niche for an accountant who wants a steady stream of clients. They may need specialized support such as lease accounting and financial reporting. 
  • Dental/Medical: Dental and medical practices often need extensive accounting support. This may include managing patient billing and insurance reimbursements. 
  • Hospitality: Hospitality shares some overlap with real estate. However, it offers unique opportunities such as working with hotels and travel companies. They often need support with compliance and cost and inventory management. 
  • Construction: The construction industry is an industry niche that’s in demand and requires comprehensive accounting support. Construction companies often need help with compliance and specialized support with overhead expenses. 

2. Establish Effective Marketing

Securing new clients to grow your accounting practice requires a marketing strategy.  Fortunately, your accounting practice is not unlike other businesses out there. The tried-and-true methods can be applied in your accounting firm. That is, as you have a developed brand and targeted messaging for your ideal client.  Some effective marketing strategies to boost awareness and client acquisition include:
  • Running advertisements, focusing on social media platforms and Google Ads. 
  • Incentivizing current clients to refer you to companies in their network. Word-of-mouth marketing and incentivization can be extremely effective. 
  • Developing an automated email marketing system for nurturing leads. You should also establish a dedicated sales team that helps you convert leads faster. 
  • Enhancing your website with on-page and off-page SEO practices to drive more traffic. 
  • Networking to actively secure more clients or partner with companies who can direct clients to you. 
Your marketing plan is integral to your success as an accounting practice. Take your time developing it to avoid potential setbacks. This includes digital marketing practices and other common marketing strategies.  Consider looking at successful accounting firms to see the approaches they’re taking to secure clients and how you could emulate that yourself. 

3. Look for Cross-Sell and Upsell Opportunities

Growth for accounting firms doesn’t stem solely from onboarding more clients. Every new client certainly helps. However, you will also need to focus on cross-selling and upselling existing clients.  Cross-selling and upselling promote growth by maximizing the profits coming from existing clients.  For example, let’s imagine you’re working with a tech startup that hired you for basic bookkeeping.  If they lack an accounting team, you could offer fractional CFO services. This would provide them with more comprehensive support while helping you generate more revenue.  Clients may welcome an additional or upgraded accounting service they didn’t initially consider. Accounting outsourcing means they’ll likely need extra support without wanting to pay for a dedicated in-house team.  Of course, there's a key to making this work. You have to offer enough client accounting services to make cross-selling and upselling possible. We’ve covered some of the most common client accounting services before here at Keeper.  Some services to offer in your accounting practice to boost firm growth include: 
  • Bookkeeping
  • Tax Preparation and Planning
  • Payroll Management 
  • Accounts Payable
  • Accounts Receivable
  • Financial Statement Preparation
  • Cash Flow Forecasting
  • Accounting Advisory Service and Consulting
  • Controller Services
  • Virtual CFO Services
  • Business Valuation 
  • Wealth Management

4. Streamline Operations to Free Up Time

Operational efficiency determines how many clients your practice can manage.  If your accounting practice is inefficient, growth will be difficult to achieve. You can’t get to the next prospective client if you’re unable to handle your current workload. One way to effectively manage your workflow and free up time is with the support of Keeper.  Keeper is the leading Quickbooks Online and Xero-integrated bookkeeping practice management software that helps you streamline your operations so you can save time for things like tax and advisory.  The tool offers a wealth of features to support your accounting practice management needs. With Keeper, you will:
  • Communicate More Effectively: Our custom-branded client portal and project management features allow you to communicate with your team and manage client relationships in one place. 
  • Manage Projects With Ease: Our CRM is built with accounting practices in mind. Manage client work, organize your accounting workflows, and track progress using one dedicated tool.
  • Review Files Rapidly: Identify errors faster and correct them swiftly with our integrated file review tools.
  • Upload and Manage Receipts Seamlessly: Receipt management can be a pain point in accounting. We simplify it. Our receipt management tool makes managing receipts as simple as having your accounting clients upload them remotely. Then, our OCR processes them, and you post them to your client’s ledger. 
  • Track and Prepare 1099s: Collecting W-9s shouldn’t be a hassle. Our accounting software identifies vendors who meet the reporting threshold. All you have to do is request them and update them in our system. Then, you can export them quickly when tax season rolls around. 
  • Produce Custom Management Reports: Your client’s financial health is paramount. We help you produce the comprehensive custom management reports your client needs in just four clicks. 
  • Supercharge Your Work With Integrations: Keeper is powered by a two-way sync with Xero and QuickBooks Online. Need to add additional tools to the mix? You can also customize your experience through Zapier. 
We help you build strong client relationships, meet client expectations, and transform your accounting business into one of the high growth firms in your target market. Now’s the time to see what Keeper can do for your accountancy firm!

5. Get Good at Hiring Employees

Employees are the lifeblood of any successful accounting firm.  The more experienced hands you have on deck, the easier it will be to achieve accounting firm growth.  But where do you start as an accounting firm owner?  Hiring accounting professionals for your new business is a multifaceted process.  Finding the right job platforms is your first order of business. There are numerous options out there, and posting jobs on all or most of them is a solid way to start. You should also consider listing job openings on your practice’s website.  The next step involves identifying what type of support you need. Do you need more accountants or specialists such as controllers? Would you benefit most from additional administrative staff? Identify your needs to get the support your practice demands.  The interview process is arguably the most difficult aspect of hiring employees.  The more refined the process, the better your team will be. 

6. Train and Delegate to Employees

Businesses such as accounting practices often face two challenges that can stunt or reverse their growth: a lack of training and an inability to delegate.  Investing in your employees is a must for a small business looking to grow. While they need to come in with an existing education and an understanding of their role and industry, things will change. The accounting industry is always evolving.  Investing in their continued education and providing them with the support they need to grow within your organization is critical to their success as well as yours.  Delegating is another problem that smaller practices will run into. It’s very easy to want to oversee most things or manage most projects. After all, your accounting practice has gotten this far because of the hard work you’ve put in.  But you can’t grow an accounting practice all by yourself. Being able to delegate to employees and trust that they can get the job done right is the only way to scale.  If you can master training and delegating, you can pave the way for successful growth. 

7. Budget for Growth

An accounting firm is well-equipped to provide clients with financial services. Fortunately, you’re well-equipped to support your own too.  Budgeting for growth will ensure that you have the funds needed to expand your operations. You’ll want to actively save money for hiring additional employees, advertising activities, and further expenses that you’ll need to take on as your accounting practice takes off.  Make sure to:
  • Establish clear goals to guide your growth and determine how much funding will be needed to hit those milestones. 
  • Properly allocate funds to each activity, taking into account the average spend for practices like yours and more cost-effective routes or services you could take advantage of. 
  • Avoid overspending, which could set your growth back substantially if you overshoot and don’t see the success you initially anticipated. 
  • Create a contingency fund so your firm has resources you can fall back on. 
  • Continuously return to your budget to make adjustments as needed. Sustainable growth is the goal!

Use Keeper to Streamline, Automate, and Delegate More

Keeper is your partner in accounting.  Our bookkeeping software for accountants makes it possible to scale your accounting firm with ease.  Utilize our accounting practice management software to streamline, automate, and delegate more so that you can save more time for advisory and business growth.  Are you an accountant looking to take your practice to the next level? Book a demo with us today to learn more about what Keeper can do for your practice!