No matter what the size of your firm is, your firm may face challenges that stop it from working to its full potential. After all, there can only be a certain number of customers or clients you can entertain to satisfaction.  

If you are looking to take your number to the next level, focus more on increasing the productivity and profitability of assigned tasks and their performance in the duration. When you improve these and work on your team and the resources, you will see how you automatically generate more in less time. Here is how you can increase productivity and profitability in your accounting firm.  

Revisit your firm’s marketing strategy: 

Focus more on having a well-thought-out marketing strategy. A good marketing strategy is key to getting more clients and getting the right exposure and growth to your accounting firm. A good SEO (Search Engine Optimisation) and social media marketing team can do wonders for your company’s marketing.  

Expand your services 

There are small firms that provide individual taxation, financial planning, or payroll management services. But if you provide all those services in a single place, your client is more likely to pick you to manage all those services. 

Using cloud computing to Digitalise and Automise 

Accounting firms have a lot of data and information to store. If you talk only about tax returns, it will make hundreds of pages and whatnot. But as technology is advancing, all financial data is stored in a single database so that everyone has accesses to similar information. Cloud computing ensures consistency across all financial processes and reports as accountants working from different sections don’t have to waste time figuring out spreadsheets. Maximise the usage of technology to digitalise and automise most of your accounting processes and increase productivity.  

Build a good team and engage with them 

Good employees make good companies. Employees that have proper knowledge of what, how, and when to do things work wonders. With a good team, it is even better to have effective communication between your employees and the management. Directing, motivating, and empowering them in the right direction while keeping things smooth increases productivity and profitability. Engage with your team because their productivity is likely to suffer if they feel overwhelmed 

Avoid unnecessary meetings 

Excessive and unnecessary meetings can keep your accountants from getting their best work done and affect their productivity. Therefore, ensure there is a clear agenda for meetings and that the meetings are focused on the agenda and do not keep the employees away from the desk all day. Also ensure that only the relevant people attend those important meetings that result in actionable items to achieve real and practical outcomes. 

Consider outsourcing  

Outsourcing resources from anyone around the globe for a temporary project does not only cut costs but also relaxes your overwhelmed and overburdened onshore employees so they can spend time on tasks that have higher values.  

Things are changing as they are revolving around technology, but there is no need to feel overwhelmed. Just find out ways to make effective use of accounting software to take your productivity and profitability to the next level.