How Accounting Firms Can Sell Value-Added Services To Clients

If you’re running an accounting practice, you already have your bread-and-butter services. These services are your basics. They’re your simple tax returns for individuals and businesses. But for your firm to grow and reach your vision, you’ll need to expand your services. 

If you’re wondering how you can expand what you offer to clients, look no further. There are countless ways for your firm to tap into new revenue streams. This blog post will help you understand what gaps you can fill and how you can sell your services to clients.

Why should I cross-sell services to clients? 

With the pandemic's quick acceleration of technology usage and new offers, accountants have seen the potential of implementing cloud and artificial intelligence-based technologies to enhance existing or establish new service lines for their customers. CPAs may be empowered to spend their time on what matters most by unlocking new income streams and minimizing time spent on unnecessary work. Unlike traditional marketing campaigns, cross-selling often involves a lower initial expenditure while yielding a larger revenue yield.

How do I sell value-added services to clients? 

The first step in selling value-added services is to engage with your clients, have meaningful conversations, and get feedback. You must ask questions and listen to direct customer feedback to determine what components of your services are operating successfully, what parts require growth, and where you may be able to move into other areas of your client's needs.

Here are some tips on how you can begin selling your services to existing clients: 

• Start at the right time of the year. Understand your clients' needs and when they engage with your firm most during different times of the year. For example, meeting with them toward the end of the calendar is an opportune time to leverage your compliance services. Is tax season around the corner? Talk to them about your audit protection services so they can have more comfort when their taxes are filed. 
• Direct conversations to your services. When you’re meeting with clients, have an agenda in place. You have likely taken notes of past interactions with them, so you understand their needs more effectively (If you haven’t, it’s not too late to start). Listening to client input about the services they require might assist your firm with determining which customized services could be most appealing to a specific clientele. Engaging with your clients allows you to learn about their specific needs and gives you more time to discuss the many services you offer.
• Understand your clients. Every client has different needs. Knowing how your clients operate within your firm’s ecosystem can help unlock which services they might benefit from. 

What are some services I can offer to clients? 

Your firm is ripe with experience, giving you plenty of opportunities to expand your services and drive more revenue. Here are some suggestions to get you started: 

• Become a part-time CFO. You have years of experience at your disposal. Why not apply that to your client’s business? If their business is small, they likely don’t have the resources to employ a CFO of their own. This is where you can step in and leverage the knowledge your firm has to make the most out of your clients’ finances. 
• Retirement planning. Your clients worked hard throughout their careers and hope to spend their retirement happily. If you know of clients who are interested in moving away from their careers, you can help them ensure their finances are in check. 
• Bank financing. Your clients’ businesses can continue succeeding through growth. Using your industry knowledge, you can ensure that when they go to the banks, they’re prepared with all the right materials and answers to any questions they may be asked. 
• Cash flow management. Given that you are already familiar with your clients’ finances, it is logical to expand your expertise to counseling small businesses when cash-flow concerns develop. You can assist your clients in various ways, such as establishing cash flow estimates and referring them to lenders. Factoring firms assist businesses suffering from Net 60 or Net 90 payment conditions in obtaining an advance on their unpaid bills.

How can Taxfyle help

Spending time with clients and improving your engagements with them takes time. With Taxfyle, we can save you some. We offer a network of thousands of verified tax professionals across the United States who can help take some low-value work off your hands. By outsourcing with Taxfyle, your firm’s staff can spend more time on what matters most: your clients. 

Let the constraints of the busy season be an old problem. When you outsource with Taxfyle, your firm’s staff can have more time to bring your firm revenue.