How to Have Less Tax Season, Fewer Hours and Less Stress
Accountants in public practice face a range of challenges that can impact their mindset, profitability, time, and overall success. To gain a deeper understanding of these concerns, we recently polled a group of clients new to the Renew program—partners in public accounting firms—to identify their biggest concerns. This blog post delves into their responses and provides valuable insights for addressing these concerns head-on.
Do Not Repeat Tax Season!
One prominent concern expressed by accountants is the fear of reliving the dreadful tax seasons of recent years. The strain on physical and mental health, combined with the overwhelming workload, has left lasting effects. To prevent a repeat of such challenges, proactive measures must be taken. This could include selling, terminating, or upgrading low-value clients, leveraging technology, and implementing effective workload management strategies.
Block Time to Work ON Your Firm
Consistency in working on the firm and upgrading and/or finding new target clients are top of mind. This underscores the significance of allocating time to work ON the firm and make the firm the #1 client. Developing a well-defined business model, setting clear goals, executing on plans, and regularly evaluating progress can help create a consistent and forward-thinking approach.
Inspire Your Team to Succeed
Some partners highlighted staffing as a critical concern. Post-COVID, firms face the task of getting staff back on track and maximizing productivity. Hiring and retaining skilled professionals while fostering a supportive work environment are vital. Investing in professional development programs (such as involving team members in Renew’s online training methodologies), promoting work-life balance, and offering competitive compensation packages can contribute to attracting and retaining top talent. And quit asking your team to work unhealthy hours.
Target Clients Only
Difficulties associated with client selection and management were commonly expressed. Determining which clients to retain or terminate can be a challenging decision, but one that is top of mind for our clients. Many firms are taking action in that area right now.
Stop Leaving Money on the Table
Concerns were raised about ensuring clients recognize the value provided by the firm's services. Defining the firm's internal value proposition and client service offering are key, and then pricing at a premium to capture value.
Conclusion
The insights garnered from our client poll shed light on the concerns public accounting firms are currently grappling with. By addressing these challenges head-on (instead of procrastinating), firms can overcome obstacles and drive growth. Fostering a culture of continuous improvement, prioritizing staff well-being, refining target client selection processes, and demonstrating the value of services will position accounting firms for long-term success. Much of this starts with mindset; if you come from a place of scarcity, you’re unlikely to deal with these issues. But if your mindset is one of abundance and you’re determined to make your firm your #1 client, you can make significant progress quickly with the support of other firms on a similar path.
Interested?
Find out more about how Renew can help you alleviate your concerns and build a business model for the future. Our focus is making tax season less daunting and creating a better life for accountants by commanding premium pricing with the right clients. Our platform is rich with content and applications, collaboration tools and community engagement plus events. Our world class coaching and consulting is supported by the fastest and most potent responses in the industry.
Renew Group firms thrive as profitable modern firms. To see how you could be one of them, schedule a call and we’ll dig into what’s on your mind and help you get a plan together.