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Monday
Jul272015

Where Are the Growth Opportunities for Accountants?

At first glance, it appears that there aren’t many bright spots for growth for accounting practices today.

For starters, look at the state of tax preparation. More and more clients are buying "do-it-yourself" tax programs and doing their tax returns themselves. Undoubtedly, the market for this service is shrinking.

What about client accounting? It's become a low-margin commodity service, thanks to the most widely used "do-it-yourself" accounting systems sold directly to small businesses. These pieces of software have taken control of many accountants' time and processes. Clients buy the software, but most don't know a thing about accounting, so they end up making bookkeeping messes. Professional accountants like you have to spend hours cleaning up those messes before they can do their professional work. You became an accounting professional so that you could add value to your clients' businesses, and give them the crucial business advice they need. But current circumstances make it difficult – if not impossible – do that.

If we look closely, we uncover a disturbing reality – and the reason that accountants have lost control of their core services (tax and accounting).

While technology has undoubtedly brought in tremendous benefits to accountants, it's also the cause of the diminished control that accountants now have over their core services, and of the marginalization of accounting practices.

The "do-it-yourself" (DIY) accounting systems and tax programs are products of the PC era. DIY accounting systems took control of accounting away from accountants, and DIY tax programs have taken a big bite out of the tax preparation business.

Meanwhile, payroll bureaus used the power of mainframe computers to capture payroll processing services from accountants. The tools accountants had in the 1980's and 1990's were no match for the power of these mainframe computers.

If accountants continue on the same path and keep surrendering more and more of their territory to the ever-increasing intrusion of external forces, the prospects for a brighter future for accountants will keep getting dimmer.

But fortunately, unlike previous technologies, new technological advances have created tremendous potential for accountants to recapture a good amount of business they had lost to external forces.

And that's not all. These technological advances have also created billions of dollars' worth of new opportunities for accountants.

The revolutionary cloud technology that has transformed so many aspects of our lives in sweeping ways has the potential to completely transform the accounting profession and help you revamp your practice.

Ready to learn more? Download our white paper today.

In this white paper, we'll review the major challenges accountants face in accounting today. These obstacles include:

  • Time spent on non-billable (or non-productive) tasks. This includes barriers like fixing client bookkeeping errors, managing different versions of software, and sending files and paper back and forth with your clients.
  • Significant inefficiencies in client accounting, thanks to the reactive role that accountants play in current "do-it-yourself" accounting systems created for small businesses.
  • Diminished perceived importance of your services. When clients use these "do-it-yourself" accounting systems, they believe that they have done most of the work. They get the wrong impression that, as an accountant, you essentially add just little value over what they have accomplished using a piece of software.
  • Difficulty in differentiating your firm.

Then we'll explain why, despite these challenges, we are confident that the future for accounting practices is actually very bright. We'll show you how certain types of cloud technology can help you overcome these challenges. Then we will discuss five exciting growth opportunities created by the cloud and other new developments. These trends have the potential to add billions of dollars in revenue to accounting practices over the next five years. These opportunities include:

  • Regaining control of accounting and strengthening your client relationships.
  • Making your client accounting work 30 – 50% more profitable.
  • Becoming an indispensable "virtual CFO" to your clients.
  • Turning a service you may have considered "no gain, all pain" into one that can be "all gain, no pain" for your practice.
  • Offering a complete accounting service – without additional staff or overhead.

The reality is there is no lack of opportunities for proactive accountants. Download our white paper to learn how to start tapping your practice's true potential today.

Tuesday
Jul072015

Visions of the Profession: Helping Accountants and Clients Work Together

Dr. Chandra Bhansali of AccountantsWorld talks about his company's cloud-based accounting software for practitioners and their clients, in an interview with Accounting Today editor-in-chief Dan Hood.

Tuesday
Jul072015

Visions of the Profession: A New Era of Collaboration

AccountantsWorld CEO Dr. Chandra Bhansali discusses technology changes in the field of accounting and how the cloud is encouraging collaboration between accountants and their clients, in an interview with Accounting Today editor-in-chief Dan Hood.

Thursday
Jul022015

Don’t be the cause of your clients’ pain. Be the reason for the cure.

by Dr. Chandra Bhansali, Co-founder and CEO, AccountantsWorld


Recently, I attended a meeting of small business owners and casually asked how many of them loved doing accounting. Out of a group of about 30 business owners, three hands went up.

I’d guess that if you were to poll your own clients, the results wouldn’t be much different. From experience, you know that the vast majority of small businesses don’t like doing accounting work and find it to be a burden. For many small business owners, managing accounting functions is a headache and a distraction from what they love to do –growing their businesses. Accounting is mostly seen as a regulatory burden, and few small businesses use accounting tools to manage their business finances.

It’s also often hard for small businesses to get competent accounting or bookkeeping staff or help. And you know pretty well what the consequences are for you and your clients. You spend a significant amount of your time fixing the bookkeeping errors clients make. Numerous surveys of accounting practices rate this as one of the major challenges accountants face.

These are the easily-foreseeable results of using the DIY (Do-It-Yourself) accounting systems that are created for small businesses.

The question then arises - why recommend these DIY accounting programs to your clients? The answer is straight forward – you don’t have a choice. Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses and are based on the DIY model. Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

So what is the solution?

It’s simple – eliminate the need for small businesses to perform accounting functions in their offices, and have your firm handle all accounting functions for them!

You can become the solution by offering complete accounting services to your clients, including paying bills, recording transactions, performing trial balance work, creating financials, and managing your clients’ cash flow and business finances.

Accountants often find, however, that the DIY systems that were created for small businesses are not the right solutions to use when offering complete accounting services to their clients. To offer such services effectively, you need a cloud-based professional accounting system that lets your staff do what your clients’ staff currently does…only faster, better and more accurately, without leaving your office.

Of course, not all of your clients will choose to engage you to perform all of their accounting functions, and you’ll have clients who want to continue to do some accounting work. The system should let you work collaboratively with those clients, giving you the ability to customize the system for each client to let them do the tasks they feel comfortable performing.

A professional system should help your firm perform write-up work efficiently for the clients who don’t want to stop writing manual checks. Automatic bank feeds can cut data entry time significantly, reducing your write-up time by 50-70%.

To accommodate the clients who continue to use another system, choose a solution that has powerful trial balance capabilities and lets you prepare fully-customizable financial statements easily. For maximum efficiency, look for a system that lets you easily import client data into your accounting system to perform trial balance work and prepare financials.

To help you to offer virtual CFO services to your clients, look for a system that provides a comprehensive dashboard, alerts, and snapshot capabilities.

DIY accounting solutions were a necessity of the desktop. The cloud has opened the door to bring complete accounting services back to accountants. Don’t miss the chance to capitalize on the billions of dollars’ worth of new opportunities the cloud makes possible.

Click here to watch a 2-minute video that shows how you can offer highly-profitable, complete accounting services using Accounting Power from AccountantsWorld.

Dr. Chandra Bhansali is the CEO of AccountantsWorld, a pioneer in cloud solutions for accountants and the developer of the DDIY model of accounting software. AccountantsWorld offers a full suite of seven cloud solutions. 

 

About AccountantsWorld

For over 15 years, AccountantsWorld has been the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366. 

Wednesday
Jun172015

AccountantsWorld Partners with Abacus Worldwide to Offer Power Practice System to their Members

AccountantsWorld, a pioneer in cloud-based software solutions for accountants for over 15 years, has announced their alliance with Abacus Worldwide and will now be offering a discount to Abacus members for their Power Practice System accounting software.    

“We are excited to be working with Abacus and believe that our solutions can really help their firms move their business forward,” said AccountantsWorld President, Jeff Gramlich. The Power Practice System is a fully integrated suite of Accountant-Focused cloud solutions. “Our Power Practice System includes cloud solutions for bookkeeping, trial balance, document management, client portals, practice management, website builder, and more.  It includes virtually everything an accountant needs to manage and grow their practice” continued Jeff.

“Abacus Worldwide is truly pleased to be working with AccountantsWorld for the enhanced benefit of our association members. Abacus strives to align with top service providers to both the accounting and legal industry and we feel that AccountantsWorld are leaders and innovators for the accounting industry,” said Abacus Worldwide President and CEO, Julio Gabay.

 

About AccountantsWorld

For over 15 years, AccountantsWorld has been the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accountingpayroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366. 

 

 About Abacus Worldwide

 Abacus Worldwide is an alliance comprised of independently owned and managed professional service firms providing direct access to law firms and accounting firms in every region of the world.  As a multi-discipline membership association, both law and accounting firms join Abacus in order to support international business referrals, participate in knowledge exchange and gain access to practice management tools all to better serve their growing clients. For more information about Abacus Worldwide, visit http://www.abacusworldwide.org/