5 Things Your Firm Can Do to Prepare for Next Year

Technology is rapidly changing the accounting industry, and it's imperative to ensure your firm’s tools are up-to-date and optimized for efficiency. In the last quarter, conduct a comprehensive review of your technology stack to identify gaps, redundancies, or outdated systems.

Ask yourself the following:

• Are your accounting software and tools still aligned with the needs of your clients and team?

• Have there been significant updates or new tools in the market that you should consider integrating?

• Is your data secure and your cybersecurity measures up to par?

One technology to particularly pay attention to is automation. Automating repetitive tasks like data entry, invoicing, and payroll processing can free up time for your team to focus on higher-value work, such as client advisory services (CAS). You might also consider exploring AI-powered tools like Botkeeper, which automates bookkeeping tasks through machine learning. Integrating automation not only improves efficiency but also helps you offer more strategic insights to clients.

By optimizing your technology now, you’ll be better positioned to provide exceptional service next year and stay competitive in a rapidly evolving landscape.

2. Strengthen Client Relationships and Communication

Your clients are the backbone of your business, so maintaining and enhancing those relationships should be a top priority as you prepare for the new year. Use the last quarter to proactively reach out to clients, not only to close out any year-end work but also to offer value beyond compliance.

Consider offering year-end tax planning sessions. Clients will appreciate your foresight, and this service can lead to better financial outcomes for them and potential revenue growth for your firm.

In addition to tax planning, now is an ideal time to gather feedback. Send out client satisfaction surveys or schedule brief calls to assess their experience working with your firm over the past year. This feedback will be invaluable as you make adjustments to your service offerings and communication strategies for next year.

Take note of common client pain points and brainstorm solutions that can be implemented in the coming months. Whether it’s more frequent communication, additional services like cash flow forecasting, or providing educational resources, strengthening client relationships now will pay off in increased loyalty and referrals next year.

3. Conduct an Internal Financial Review

Just as you help your clients prepare for year-end, your firm should conduct its own internal financial review. Take a detailed look at your firm’s financial health, including revenue streams, profitability, and expenses. Analyze what services generated the most profit and where you may have lost money.

Key questions to consider:

• Are there areas where you can reduce overhead costs?

• How do your margins compare to industry benchmarks?

• Are there specific services or clients that are not profitable, and should you consider discontinuing or renegotiating those relationships?

An internal financial review will help you make informed decisions about where to invest resources next year, whether that’s in hiring new staff, marketing, or upgrading technology. This review also sets a solid foundation for budgeting and forecasting so you can start the new year with clear financial goals.

4. Invest in Staff Development

Your team is one of your firm’s most valuable assets, so investing in their growth is crucial for the long-term success of your business. Use the last quarter to identify skill gaps and areas where your staff can improve, particularly in soft skills, technical proficiency, and advisory services.

Here’s how you can foster staff development:

• Offer training opportunities: Whether it’s formal courses on new accounting standards, technology tools, or soft skills like communication and leadership, investing in training enhances your team’s capabilities and job satisfaction.

• Encourage professional development goals: Sit down with your team members and work together to establish professional goals for the upcoming year. This not only motivates your staff but also aligns their growth with the firm’s overall strategy.

• Cross-train your team: Cross-training helps build a more flexible and resilient team. It ensures that you can cover for employees during peak times or unexpected absences without sacrificing service quality.

By focusing on staff development, your firm will be better equipped to meet client demands and scale your services in the future.

5. Plan Your Marketing Strategy for the New Year

The final quarter is also the perfect time to review and refine your marketing strategy. Whether your goal is to attract new clients, expand your advisory services, or increase brand awareness, having a clear plan in place before January rolls around is essential.

First, analyze the success of your marketing efforts this year. Did you achieve your client acquisition goals? Which marketing channels — whether it be social media, email campaigns, or SEO — brought in the most leads? Use this data to shape next year’s strategy.

Next, consider how you can incorporate thought leadership into your marketing. Clients often turn to accountants not just for compliance but for strategic guidance. Publish blog posts, webinars, or case studies that highlight your expertise in areas like technology integration, tax planning, or business advisory services. By positioning your firm as a leader in these areas, you can attract higher-quality clients who value your insights.

Finally, outline a content calendar. Plan key campaigns around significant accounting milestones such as tax season, quarterly reviews, and year-end planning. This ensures that your marketing remains consistent and that you’re regularly engaging both potential and existing clients.