Shawn Parikh     Sep 15, 2016     2390

Growing Opportunities in Accounting Practices

Smaller accounting practices have an inherent disadvantage of the fact that, most of them are personality driven businesses. This means, there is a limit to their growth opportunities. What is it, that they can do, to reduce their attention to non-core operations and concentrate on opportunities for growing their practice. If you may have noticed, in spite of current economic condition, all companies still need to have their talent in place to snap-back successfully.

Today finance and accounting workers are tasked with key ambitions like driving the direction of their company’s business process, hunt out with cost saving opportunities within the organization and advising management on decisions smashing profits and losses. Still, today accounting has become a low margin substance service and also the tax preparation market is compressing. So, how should accountants grow their practices?

That is why we have brought one of the great leaders in the accounting profession who will reveal the growth opportunities, by which we can improve our level and can touch the highest point of success. Dr.Chandra Bhansali, co-founder of the Accountants World has been serving the accounting industry since 1985 and is one among the many who is cloud computing solutions pioneers of the industry. Dr.Chandra shares his experiences and says that the “do-it yourself” system of accounting and tax programs are the products of PC era. These kinds of software are stealing the opportunities of accountants and making the future of accountants, dimmer. But luckily new technological headways have created massive new opportunities to recover, but we should give enough importance to the major challenges that comes in today’s accountings.

A few are listed here for you:

Time Spent on Non-productive Tasks In accountancy we do all tasks on a regular basis but there are many non-productive tasks which just give nightmares to any person, like

  • Fixing client bookkeeping errors
  • Managing different versions of accounting software
  • Transferring data files back and forth
  • Preparation of fully customizable financials
  • Sending and receiving paperwork from clients

The above tasks show the typical process of managing accounts in desktop QuickBooks or any other Do-it yourself accounting system. But the best part is that these all tasks don’t even belong to core accounting. They are all routine non-productive tasks, so now we can say that you are offering what is perceived by your clients as a commodity matter. What could be worse than that? How can we heal this situation?

Today we have revolutionary new cloud technology that provides an elegant solution to the problem, and for that we are introducing a better model named Accountant-center model. This puts accountants back, at the center of client accounting where they belong, and enables you to work collaboratively with your clients so now let’s examine the inner workings of accountant-centric solution. In the accountant-centric model, there is one unified cloud-based system that allows both you and your client access at any time using the Internet. There is nothing installed on your PC or on your client’s PCs, so you can work from any web-enabled computer device. You can also electronically download the bank statements, credit card statements etc, which reduces data entry significantly and makes write up work more profitable. Now let’s see how it makes opportunities for you.

Opportunity #1 Regain Control of Accounting and Strengthen Precious Client Relationship If you want to capitalize on the massive growth opportunities presented by cloud, you must regain control of client relationships. Only accountant-centric solution like accounting power lets you accomplish that. Accountant-centric solutions are sold exclusively to you and you decide what access you want to give to your clients. Providers of accountant-centric solutions do not sell any of their product and services directly to your clients.

A Word of Caution Don’t assume that if a solution is cloud-based, it would be an accountant-centric solution. Virtually all cloud solutions, with the exception of accounting power, are “do-it-yourself” solutions that are sold directly to your clients. By their basic premise, they diminish your client relationships. In accountant-centric solutions it helps you to strengthen your client bonds which are crucial for longer retention of your clients and growing your practice.

Opportunity #2

  • Make clients accounting 30-50% more profitable
  • Greatly minimizes client errors
  • Eliminates cumbersome file transfers
  • We all can work with the latest version
  • No travelling to client locations for bookkeeping
  • Easy sharing of documents
  • No risk of data loss

Opportunity #3

  • You can become an indispensable “virtual CFO”
  • Client snapshot and alerts
  • Provides client dashboard

Opportunity #4

  • Turning a “No-Gain, All –pain” service into a “No-pain, all-gain.
  • Accountant’s world’s payroll relief has completely automated payroll processing

Opportunity #5

  • The opportunity worth billions of dollars that accountants can’t afford to miss

#Summary It is the perfect solution for complete cloud based practice system that provides virtually every accountant centric solution you need to run your practice at a highly affordable price, which even the smallest firm can afford.

Entigrity™ is a trusted offshore staffing partner to over 500+ accountants, CPAs and tax firms across the US and Canada. Our flexible and transparent hiring model gives helps firms of all sizes to hire staff for accounting, bookkeeping, tax preparation or any other task for 75% less cost. As a firm 'run by accountants, for the accountants', Entigrity captures the hiring needs of accounting firms most precisely, providing staff that works directly under your control and management, still you are left with least to worry about compliance, payroll taxes, overheads or any other benefits.

About The Author

Shawn Parikh

Founder & CEO

Shawn Parikh is the Founder-Chairman of Entigrity Offshore Staffing. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & business. He forged the foundations of Entigrity to help bridge the existing gaps that plague the accounting community, finding and retaing talent being a top concern. Shawn can be best described as a visionary and strategist on technology and firm management in the accounting profession. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, Linkedin Marketing, etc.

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