Big expectations: how growing accounting firms can handle big new clients

There comes a time for many accounting firms when their leaders ask, “We’re doing great… so why does this feel so hard?”

This usually happens at a turnover figure of £10 million – when healthy mid-sized companies start to grow. At this stage, they were on the verge of becoming a national organization.

The problem lies in the new client’s greater expectations. At this level, their businesses become more complex and face greater scrutiny.

Therefore, consulting services are no longer an optional extra, as may be the case for small businesses. Meanwhile, complex accounting is par for the course.

The struggle to become a national scale company

The challenge of incorporating advanced solutions into everyday work is a natural step towards “big company” status.

It’s not easy. The increasing complexity of your clients and their ever-growing wish lists are just the tip of the iceberg. You also manage around 100 staff and face increasing competition. To win new clients or attract top talent, you’ll need to go head-to-head with some very powerful companies.

And all of these major competitors, it’s worth noting, excel at consulting services.

So, what can you do? Let’s explore how to enhance your core services to support the next stage of growth.

How to embed next-level compliance and advice into your services

Compliance is at the heart of every large accounting firm. Every client appreciates it when you keep HMRC and Companies House happy. So how can you ensure this part of your work is as sophisticated as the businesses you want to help?

The first thing is to make sure you are ready. Be prepared for whatever the client will do to you. Never appear to be scratching your head or playing around when they present something complex – common-sense information.

The key is to focus your team on specialist areas. When a team does this, its knowledge base grows. Difficult accounting challenges such as construction and cross-border operations become second nature to these specialists. Your team will be ready with great advice and great accounting solutions.

That doesn’t mean silencing your team

It’s always a good idea to share knowledge between teams. When you do, every accountant becomes prepared for regulation. They also gain a clearer understanding of what their peers are doing, meaning they may see cross-sell opportunities they might otherwise miss.

Start by building an internal network to share knowledge. Every company will approach this differently. Some people may prefer formal presentations; others may choose something more informal – for example a PowerPoint presentation, email or newsletter.

Why you should also educate your clients

The larger the client, the greater their exposure to regulatory change – both domestic and global.

This includes updates to UK audit standards, Making Tax Digital and IFRS, and much more.

The pressure on these companies to meet tight deadlines and pass inspections is enormous. That means you need to stay close to clients and audit them without losing time that could cost you money.

How can you do this? Start by educating clients – through face-to-face meetings and workshops.

Also, set up regular communication. Your options are varied: you can use newsletters, schedule regular calls, or communicate via email.

How great technology makes a difference

When used correctly, technology can strengthen your working relationships with clients.

This can have a real impact on data collection – especially in the era of quarterly reporting and the need to use HMRC approved software. Automation takes a lot of the hassle out of chasing clients and provides useful reminders when they forget to share data.

With automated tools by your side, this can also save a lot of time.

Where does advice play a special role?

The first step to improving your consulting services is to look at the situation from the perspective of your new, larger, more complex client.

Their size and status make them more likely to be the center of attention. They worry about stakeholders as well as the media – and any financial reports that affect their position.

Many companies have established operations in multiple countries, creating challenges in managing human resources, funding and assets.

And that’s just the “conventional” business you work in. You’ll also find charities and high net worth individuals knocking on your door.

Of course, all of these clients require compliance efforts – but those efforts are also the gateway to more customized consulting services.

For example, large companies are looking for new sources of funding. Banks are becoming a less common choice these days; more common are brokers, private equity firms, and angel investors.

Meanwhile, charities face endless obligations, and individuals seek valuable financial insight wherever possible.

The good news is that most of these things will already be second nature to you.

What else do you need to do?

Most importantly, you need:

• A plan to help big businesses find efficiencies
• A strategy for retaining talent
• Routines for establishing partnerships
• Solutions to overcome software problems

That’s where our guide comes into play

There’s only so much we can discuss in one blog.

Our FREE guide to sustainable growth offers the best tips for adding value while remaining competitive.

In it, you will learn how to:

• Perfect your service
• Develop advanced consulting solutions
• Stay ahead of the competition
• Utilize technology effectively

Click here to get it.