By Charles Nagel, Founder and Chief Innovation Officer

If you’re an accountant, you’re probably not under any illusions about how competitive your industry is right now. In fact, it’s more competitive than ever because you’re no longer just competing with other accountants. You’re also going up against all the DIY software that has led many clients – or potential clients – to forego retaining the services of a professional.

To combat this trend, accountants must adapt. The good news is that by making a few small adjustments in three key areas, accountants can not only survive but thrive in this new reality. Those areas are: Technology, Services and Strategy.

Read the white paper: How to Survive and Thrive in Accounting’s Ultra-competitive New Landscape

Technology: The public aren’t the only ones able to benefit from recent advances in technology. There have also been some significant improvements to the software that is available to accountants such as Qvinci for Accountants. An industry-leading cloud-based financial reporting tool, Qvinci for Accountants allows firms to increase billable hours, automate client reporting and optimize efficiencies.

With this technology, accountants can automate time-consuming tasks and focus on areas where the average business owner is still going to need expert financial advice.

It might seem counterintuitive but given the challenges that exist right now, accountants should use technology like Qvinci to focus on offering higher value billing services such as business consulting, financial planning and forecasting to retain and attract clients and grow their business.

Services: A growing number of accounting firms are already focusing on higher value, non-traditional work such as valuations, strategic planning and business advisory services to attract and retain clients and create revenue growth.

The rationale behind this strategy is simple: If you can land a client by providing them with expertise they don’t have, there’s a good chance they will have you do their basic accounting work, especially if you include it in some sort of package deal.

Strategy: More than ever before, accountants must interpret financial data rather than just report it. It is critically important that firms focus on strengthening the client relationship and guide their clients toward smarter financial decisions.

Clients will pay more for the added value of an accounting firm that operates like a business partner. They want their accountant to look for specific trends in their business and help them predict opportunities and threats.

Up and At Them: The days of sitting back and waiting for the client to come to you are over. You must become more proactive and get to know them. Once you understand what they’ve been through to get to where they are, you’ll be much better equipped to help them get where they want to go. For a deeper dive into the topics covered in this blog, click to read the white paper How to Survive and Thrive in Accounting’s Ultra-competitive New Landscape.

For more information about Qvinci for Accountants, visit our website, attend an upcoming webinar or click here to contact a Solution Consultant.