How to Run a Successful Accounting Firm
Owning an accounting firm is not for the faint of heart. Success takes discipline, tenacity, and plain ol’ business savvy.
There are so many details to oversee, especially in the early “start-up” days. Daily activities must run smoothly while you pivot to allow for growth and industry fluctuations. And the sensitive information you encounter in your line of work makes maintaining this delicate balance even more critical.
Here are some tips to help you manage a successful accounting and finance firm:
Create Strong Goals
Setting goals and writing them down is a common characteristic of highly successful people — and businesses. Goals are guideposts, clarifying your path forward. They add structure and form to your visions. And writing down these objectives not only legitimizes them but also keeps you accountable. Goals are pivotal to starting your firm and developing it over time. Once you have a plan in place, get your team on board so you can all pull together in the same direction.
Create a Strong Team
Therefore, having a good team is the most crucial aspect of running a successful firm. After all, the right employees will add intangible value to your firm. First, carefully vet each applicant, considering how their personal dynamic will influence your company’s culture. Then, as your company grows, hire new accountants before you need them. That way, you’ll have time for a thorough hiring process. At the Robert Joseph Group, we can help you through the hiring phase, matching you with qualified and skilled candidates.
Create a Strong Culture
From employee retention and efficiency to customer satisfaction, the corporate culture you create affects every aspect of your business. Create a culture where personal development, education, and work-life balance are central. Encourage autonomy and accountability in your team members. Core values like integrity, excellence, and teamwork spill over into customer interactions and create brand trust. A strong, relationship-oriented firm not only withstands the test of time but also stands out in a world of sub-par businesses.
Create Strong Systems
A robust workflow remains critical to a healthy accounting firm’s productivity. With so many moving parts in play, staying organized is vital — for information security and peace of mind. In addition, automation eliminates error and saves time, thereby increasing efficiency. However, though automation has become popular and practical, the post-COVID rise of remote work has changed accounting software and platforms forever. Therefore, automated systems are not the wave of the future; they are the present reality.
Create a Strong Client Base
Reaching out to new clients continues to be an essential prerequisite to growth. You cannot ignore this fact and expect to prosper. Even so, vettingyour clients the way you vet job candidates shows prudence. But do not forget your current customer base. After all, finding new clients costs five or six times more than retaining the ones you have. So, build a reputation for superior customer service by treating your customers like the assets they are.