Change is not something that we should fear; instead, we should adopt, and if the difference is technological revamp, then it is a possibility that the said change is more beneficial than harmful. Talking about firms of all sizes, the technological change has affected businesses as well, and when we consider the accounting side of the business world, accountants get to accomplish fundamental to difficult tasks in no time using internet-based tools.
This new technological advancement brings in new ideas for accountancy firms to generate new revenue streams from clients; however, this change presents a risk as well as opportunity, and accountancy firms must adapt or face the decline of revenues for just offering traditional services.
Modern Accounting World
There is no set-in-stone rule when it comes to clients wanting the same services from their outsourced accountancy firms, as different firms require different services and it is up to the accountancy firm to formulate a tailored service engaging the tools they have at their disposal.
However, some basic rules apply to every demand, and if you are planning to provide expert Xero accounting services to your clients, then you need to incorporate the following in your new accounting setup.
The first one is to get all the work files, pile them up and move it to the cloud-based system. This will be your data storage, communications and the software that you need to interact with the client and to operate the client’s account. The main advantage of this act would be to save a ton of money with reduced IT cost as everything is secured online and all the backup and upgrades are handled by yourself. The best part about securing your data online is to access it anytime and anywhere.
You can provide better accounting services with both the client and the accountant onboard Xero. Xero allows strong collaboration with the client and communicate effectively, and not just effectively but more often without it. More communication means that you fully understand the requirements of the client, and this is when you can shore up your Xero accounting services by identifying areas that need improvement and also you can up-sell your services using the same methodology. Excellent communication can help you find new opportunities for growth both with the client and within the firm.
You can go one up on traditional accountancy firms by keeping up with client requirements using Xero, and consequently, you increase your value to your client. You can use this to your advantage and charge more for your services.
Xero accounting services gives you more than doing your clients’ taxes and bookkeeping, but with the help of Xero accounting software, you acquire essential knowledge that you can provide your clients as modern accountancy firms thrive on a consultative model.
Be Part of the Revolution
As an accountancy firm, change is inevitable and instant action is required before the ship has sailed. The market is changing quickly, and it will not wait for anyone. Make the change and adapt to survive.