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.
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.