Botkeeper
Business accounting is becoming a commodity service, and the tools that make this possible are becoming increasingly democratized, reaching the hands and brains of end users faster. The tools of the trade are so readily available that some businesses could consider contact with a full firm redundant. They may be shortsighted businesses, but the trend remains.
Standardized regulations to adhere to, democratized tools that lead to market saturation, and the evolution of technology — whoopsies — have paved the way for certain business accounting services to become commodities. It’s up to each firm to adapt to the coming changes in accounting and business practices to avoid ending up on the sidelines. Today, we’ll explore different ways in which firms can reimagine their bookkeeping offer and thrive in the face of coming challenges.
1. Reevaluate Your Market’s Needs
It’s safe for us to assume that market and accounting research is a constant activity in your business, but as the business landscape changes, it’s important to revisit and reevaluate old assumptions. Whether you work with small businesses or larger corporations, it’s important to understand what aspects of accounting they’re covering themselves and what they expect from an outside partner. Shake up your clients’ expectations of what your accounting firm offers and offer a more valuable approach to their accounting needs.
2. Specialize
3. Revisit Pricing
Commoditization’s first symptom is a dip in the competition’s pricing. This is an excellent chance to review the way you price your services. As you continue to research your market, you will find trending needs that you can creatively tackle, bringing your firm’s greatest strengths to the forefront. Profit margins may tremble for a moment, but as you find better pricing schemes, things should fall into place.
Here is where specialization also comes into play. You can provide even more specific services for unique prices. Consider, for instance, merging auditing with business growth or creating a starting package for small businesses that covers cash flow management, expense tracking, and financial statements.
4. Client Relationship
5. Master the Tech
You have a crucial strength to bring to the technology in use. Tools like ours are excellent for automating bookkeeping and accounting, but a fully experienced firm will have a very different read than a two-person accounting department. Mastering tools like Botkeeper — not just how they work but how you fit into the mix — ensures a valuable spot at the top of the list of available accounting options.
As you learn more about the ins and outs of Botkeeper, you’re bound to learn how to navigate interconnected bookkeeping software that your clients may be using internally to manage their transactions, documents, and insights on financial and non-financial transactions. Further, as you learn to understand the bot review in the platform, it will help you find, review, and fix any discrepancies that may have gone under the radar.
If you think this platform is all that and a bag of chips, stick around: Botkeeper Infinite launched on March 27th. We encourage you to reach out if you have any questions about the platform. Our team is ready and eager to help you make the most of our tech.
Accounting firms stand at a unique point where they can adapt to technological and industry changes to emerge at the front. Strategies like these are only the beginning, and they will mean different things for each firm. Click here to learn more ways that Botkeeper can be a stalwart ally for your firm.