When you think of a CPA firm that seems to have it all together, what comes to mind? Is it their services and clientele? Their firm size or funding? Maybe it’s their influence in the accounting and business communities?
While there may be some general assumptions on how to bucket the “successful” and “not so successful” accounting firms out there, the question remains:
What are the truly successful accounting firms doing differently in today’s new and accelerating and evolving landscape?
Great CPA firms have a lot in common. They're productive, innovative, and successful—and they’re always striving for more.
There's no magic formula for the anatomy of a truly great CPA firm, but there are some commonalities. Chief among them: they're receptive to change, and in this day and age, one of the biggest changes is the evolution of accounting technology.
It's the 21st Century. We have such a wide variety of powerful technology at our fingertips. Businesses across industry lines have started to use automation to streamline their workflows and improve productivity—and accountants can, too.
There are lots of tedious, manual tasks that need to be done at every CPA firm. All those tasks take time and energy, but when firms incorporate automation, they can turn their focus to:
You might be conditioned to believe that having work-life balance is unobtainable. And in fact, a lot of companies talk out both sides of their mouths and make a happy balance seem like a myth. But work-life balance is actually one of the keys to a productive and healthy workplace.
The best CPA firms encourage work-life balance. Who can be on their A-game and offer great service to clients when all they do is stare at spreadsheets for eight hours a day? It's not realistic!
CPAs have always worked unthinkable hours, skipped holidays, and missed out on vacation days. Great firms don't let this happen. If you want your CPA firm to stand out above the crowd, you must treat your team like you'd treat your family. A happy, healthy firm accomplishes much more than a firm filled with overworked accountants.
One of the hallmarks of any great service is its users' ability to navigate service offerings, locate personal information, etc. It takes a little work to transition to a workflow that facilitates this, but we think it's worth it.
Your clients should be able to access the financial information they need when they need it. Today's top firms allow their clients what would have once been considered unprecedented levels of access to information. It's one of the most meaningful ways to offer better and faster value to clients.
Make sure that your clients can get to the information they need on their terms via technology. For example, great CPA firms don’t just offer a retroactive tax return as a deliverable, but instead they offer real-time insights and actionable data for their clients to plan and reach their goals. It's about anticipating need and acting on it.
We could write a novel about hiring. It's a lengthy process that entails a lot—and it can feel high-pressure, too! Your firm might be next-level when it comes to hiring, but if you aren't sure which traits you should prioritize during your employee search, here's a quick primer:
Some accounting work is probably never going to look easy, but we have a lot of tools at our disposal that make certain aspects of modern accounting pretty simple.
Successful CPA firms recognize opportunities to keep certain things simple. Lots of firms fall victim to over-complicated processes or concepts they don't totally understand, and new software and technology can actually muddle a firm's abilities instead of expanding them.
That's why it's important to keep things simple when you can. Your firm should always be ready to innovate and solve tough problems, but there should be some aspects of your work that are simple and practical.
Especially as it relates to your firm’s tech stack, it’s important to consider simplicity. Single-function tools can be great, but you might find more value from software that addresses and remedies multiple pain points.
While there are myriad ways you can elevate your CPA firm to greatness, one final common trait thriving accounting firms have in common is tech adoption—specifically, automation.
Successful CPA firms know that wasting time on menial bookkeeping tasks will only make their employees’ daily work more difficult and hold their firm back from growth.
That’s why Botkeeper was created: to lighten the load on accountants and empower them to focus on more meaningful work like advisory services.
If you’re interested in learning more about how Botkeeper can help your firm jump to the next level, click below to schedule a free assessment with one of our dedicated specialists!