If you currently run an established accountancy firm, providing essential services like bookkeeping and tax preparation, but you want to expand into more technical areas, you might think this is unavailable to you.
With the current recruitment crisis and ever-increasing regulatory demands on things like Research & Development (R&D) tax credits, it’s seemingly getting harder to actually break out into another service.
Finding and retaining qualified staff has become exceptionally difficult, limiting your firm’s ability to offer more than the basic services.
Meanwhile, requirements like the new Additional Information Forms (AIF) or the constantly changing tax legislation associated with a new Government, further strain your resources.
Gathering detailed and accurate information from clients is becoming a more demanding and time-consuming task.
You might even be spending considerable amounts of your team’s time on chasing clients for documents or fishing through your inbox looking for files that have gone missing.
The problem with only providing the basics
If you can only give your clients the most fundamental accounting services (i.e. bookkeeping and tax filing) they’ll need to look elsewhere whenever they need a more complex job being done.
At this point, you’re at risk of losing the client to a competitor who is able to provide R&D, tax, or business advice.
So, sticking to basic services isn’t just limiting, it’s actually a potential drain on your compliance base.
In short, firms that don’t diversify struggle to stand out, leading to further client attrition and reduced revenue and your lack of in-house technical expertise results in missed opportunities for growth.
However, there are solutions out there that offer a practical and cost-effective way to get over these challenges.
Leveraging technology to fill gaps
To address these challenges, many accountancy firms are turning to technology.
Last year, over half of all mid-to-large sized firms were using cloud-based technology to deliver services to clients and, presumably, this number has now grown considerably.
Many of these firms are investing in information-gathering tools which are absolutely essential for expanding services without incurring significant costs.
These streamline the collection and analysis of client information, enabling you to deliver more comprehensive and accurate services.
They also automate routine tasks – like chasing clients for documents – freeing up your time for more complex, value-added services.
Client portals facilitate efficient information collection and sharing, reducing the administrative burden on both you and your clients.
For firms looking to expand their service offerings without the need for additional staff or significant financial investment, information-gathering technology is a great solution.
It will allow you to overcome the challenges posed by the recruitment crisis and increasing regulatory complexity.
The time to act is now – investing in good tech today will ensure a more prosperous and sustainable future for your firm.
Start your journey with secure, quick and efficient information-gathering technology from Glasscubes.
