The traditional accounting firm faces a unique challenge
That is, tax season, with all its extensions, can take up half the year, leaving little time for anything else.
The constant toggling between deadlines can lead to good clients getting neglected, and with staffing shortages, time seems to pass by quicker than ever. The global economic landscape has also shifted, with boom times making way for economic uncertainty and teetering economies.
However, despite these challenges, accountants have an opportunity to thrive during tough times.
The right clients need accountants more than ever right now, and as others take a step back, accounting firms should take a step forward and send a clear message to clients that they are here to help. This is the perfect window of opportunity to move away from clients who do not value your help or complain about prices, and to embrace a monthly recurring revenue (MRR) model.
By structuring regular check-ins with clients throughout the year, accounting firms can stay on top of their tax strategy, plan ahead for tax planning, help clients better understand the numbers that drive their business’s revenue and profitability, and take care of their tax filing and compliance in a timely manner. This will not only ensure that clients are better taken care of, but it will also provide accounting firms with a steady, recurring revenue stream that can help sustain them during leaner times.
That's why the ReNew Your MRR program was created.
This new module provides accounting firms with all the how-to’s they need to successfully implement an MRR model, including video training for the firm and its team and templated content for proposals, service timelines, master service agreements, statements of work, change orders, and more. With ReNew Your MRR, accounting firms do not need to reinvent the wheel, but instead, can leverage proven strategies and tools to successfully navigate tough economic times.
It's important for accounting firms to recognize that tough times call for innovative solutions. It may be tempting to stick to old ways of doing things, but this could lead to missed opportunities and ultimately, failure. By embracing new business models and strategies, accounting firms can not only survive but thrive, even during tough economic times.
With the right tools and mindset, success is possible, and the ReNew Your MRR program is just one example of how accounting firms can adapt to changing times and emerge stronger and more successful.
If you're interested in more insights like these, consider signing up for our Renewsletter: https://www.renewgroup.com/newsletter. Alternatively, if you'd like to discuss your CPA firm's specific needs, feel free to schedule a call with us: https://www.renewgroup.com/contact.
About the Author:
Colin Dunn, a Chartered Accountant with extensive experience in the accounting industry, is passionate about helping accountants transform their firms and lives. With over 25 years dedicated to creating content for to help CPAs improve their profitability, Colin shares valuable insights into ways in which accountants can seize the day in changing times. Colin believes that CPAs can create a better work-life balance by learning from past experiences and applying these insights to their firms, allowing them to spend more time with their families and pursuing hobbies and leisure interests.
About Renew Group:
Are you tired of being on the diet but not seeing results? Most consultants to the CPA Profession do lots of talking and deal in 'fluff'. But there's no accountability and no focus on RESULTS.
At Renew, we start with your numbers. Our firms complete a Pareto for Profit analysis EVERY YEAR, set new targets to improve their profitability and then 'weigh in' regularly. We give you a roadmap to transform the profitability of your accounting firm by accessing our content, collaborating with other firms on a similar path and being held accountable by our coaching team and your peers.
Get paid what you're worth, create a better life based on a scalable business model and eliminate tax season insanity once and for all!