Small businesses are experiencing firsthand the benefits of technology, with 60% attributing increased revenue to technology. Another 60% feel technology allows them to compete with similar size and/or larger companies.
Small businesses see the opportunities for streamlining operations and extending their reach, but they also see technology as an equalizer. Large companies used to have the advantage of technology and tools unavailable to the SMB market, but with the advent and proliferation of affordable SaaS solutions, these benefits are increasingly slipping away.
Within this new reality, what are companies actually looking for in an accountant? According to the Sleeter Group, of clients already utilizing accounting services:
- 70% Believe their accountant is current or behind the technology curve
- 45% Require or prefer an accountant proactive in planning and implementing tech changes
- 76% Said their accountant isn’t proactive in helping plan and implement technology changes
- 55% Want technology recommendations from their accountant
SMBs are taking note of the capabilities of technology, and for those lacking in tech savvy, you’re the ideal person to help bring their business into this century. For those already ahead of the curve on adoption, their expectation would be that you meet or exceed their expertise in order to guide them into the new ecosystem of emerging technologies and business models.
The Win-Win Ecosystem
One of the awesome byproducts of the tech solutions available is the mutually-beneficial nature between client and practice.
The primary crux of most tools available is the digitization and automation of previously manual processes. Not only were the old processes cumbersome, but they were packed with inaccurate data, walking approvals, bottlenecks, duplicate payments, vendor phone calls, and other time-consuming chores.
Once you find ways to remove these inefficiencies, what’s left? It frees up your employees and clients to focus on more valuable initiatives. And what’s even better is the fact that your service level isn’t just maintained via technology, it’s enhanced.
This migration from physical to digital is one of what Dr. Geoffrey Moore refers to as “microtrends” which categorize the 3 primary components of accountant cloud migration. For more detail, you can find a fantastic presentation of this idea in the Accounting Services: Harness the Power of the Cloud whitepaper.
Going Beyond QuickBooks and Excel
Accounting software is important. Excel is important. Email is important. These aren’t going away, but the definition of tech-savvy extends far beyond these tools. If you haven’t looked around lately, the growth of fintech and SMB software has exploded – it’s a massive ecosystem that is actually becoming a daunting and intimidating beast.
As you can imagine, for a busy business owner or manager, finding the right tools to help their businesses can be the proverbial needle in a haystack.
The difference is, these days the haystack keeps getting bigger. Now imagine being able to tell your clients that you know the precise tools they need to solve their pain points and you can also implement the tool and/or migrate their data accordingly.
That’s a solid service. Most businesses aren’t averse to transforming their company for the better, but rather it’s the objections, fears, and roadblocks to the process that keep them from doing so. So how does one go about categorizing and prioritizing the tech-enabled product offering? It helps to break down the question into common areas where your clients struggle. Examples include:
SOLUTION ADVOCACY: You know better than anyone the pain points or hidden opportunities within your engagements. Maintaining a current view of the tech ecosystem can help you more quickly make recommendations, and help guide you toward the best decision for your clients.
IMPLEMENTATION: It’s one thing to advocate a tool, but another to get it up and running. Implementation is a huge roadblock for companies, so why not take the initiative and incorporate this into your offering?
LEGACY MIGRATION: I’m sure you’ve seen clients using tools from the (relative) dark ages, and wish upon wish that they’d upgrade to more modern tools. Maybe you’re trying to get clients to migrate their desktop applications to cloud versions. These types of projects, while beneficial, generally fall by the wayside when weighed against the day-to-day needs of a business.
OPTIMIZATION & MAINTENANCE: Have you ever cleaned up a client’s QuickBooks data? Sure you have. So where else can your services be used to optimize and manage content into a usable form?
TRAINING: People are creatures of habit, with a natural aversion to change. If you identify and implement new tools for your clients, it makes sense to ensure they are comfortable using them, and proficient at using them in a way that best works for your firm. Otherwise, usage will suffer, and the time spent getting them up and running could turn into wasted effort.
AUGMENTATION & GROWTH: You may have clients that offer products at a local retail location. And for certain industries (artisans, craftsmen, etc.) it may make sense to expand their presence and market reach by offering their wares via e-commerce.
By identifying the best sales platform for their needs, implementing the procedural requirements (shopping cart, pricing, sales tax, etc.) and incorporating transaction data into their accounting software, you can essentially transform their entire business.
