If your CPA firm’s clients are demanding more of your service, or you need to attract new clients but are unable to do so, it could be time to consider offering them more than just accounting and tax preparation. 

While there will always be a need for CPA firms to provide those basic services, as the profession continues to reshape itself, and clients continue to ask for more (and expect more) from you, remaining stagnant is simply not an option. If clients needs are changing, so should your ability to meet their demands, and one extremely effective way of being able to do this, is with the help of reputable tax outsourcing services.

With an experienced outsourcing partner to handle the tax requirements of your clients, your time and resources are freed up to pursue higher value services, such as business development, and financial advisory. Designed to help clients increase their profitability, and make business decisions that are more strategic, here are some signs that it could be time for your CPA firm to expand its repertoire:

Your clients are asking for advisory services

With the increasingly challenging needs of today’s business environment, more and more clients are looking for professional guidance to help them stay abreast of changes to regulations and legislation. 

It may be that a client needs more than their taxes prepped and filed; perhaps they want to understand recent changes to tax laws, or are looking for guidance on how to start a business, or adapt an existing one. Even if your clients aren’t directly asking you for more than the basic help with accounting and taxes, they might be hinting at through their inquiries, or you may be able to predict their needs based upon their circumstances. 

Wherever possible, successful CPA firms must be able to meet the changing needs of their clients and satisfy their expectations, when they do, they can expect more fruitful relationships, client loyalty, and even a bigger client list.

Your firm has team members with specialist knowledge or expertise

If this is the case, what a shame not to use their skills with more than tax preparation and accounting. While it’s always good to have a highly skilled and knowledgeable team, it’s even better to make use of this and increase your bottom line as a result. 

One way of making effective use of any extra industry-related skills or knowledge your team may possess, is by offering advisory services, in which your clients can benefit from specialist guidance, and your team get the chance to exercise their brains and gain more fulfilment from their role. 

Also, establishing a reputation as a CPA firm who are experts on certain areas of business, can help you stand out in a crowded profession and attract new, and more, clients. 

Your firm wants to expand and grow

Offering advisory services gives CPA firms the opportunity to connect with their clients on more occasions; instead of just during tax season, or at the beginning of a new tax year, for example. Not only does this help to strengthen relationships with clients, but it gives CPA firms the chance to identify and explore new areas in which they can excel. If the above mentioned points are familiar to your CPA firm, but you’re concerned about being able to keep up with your existing workload while offering new services, you may wish to outsource bookkeeping, to alleviate the pressure of meeting client demand (particularly at busy times of the tax year). This cost effective approach means that all of your clients needs can be met, leaving you free to extend your services, without the worry of tax deadlines, penalties, errors and long, working hours.