5 Accounting Tips to Survive: The Annual Guide

Gone are the days when people thought of an accountant and pictured someone with several books and ledgers open in front of them, furiously calculating away and making notes on some paper.

Now, when people think of an accountant, they might picture a more realistic approach of someone sitting in front of a laptop or desktop computer, with several spreadsheets open, while working on an online program.

Thankfully, accounting has undoubtedly progressed from what it once was and has become more and more streamlined by the minute. In fact, most accountants feel that traditional accounting is no longer enough to remain competitive. A recent study even found that only 25% of accountants worked at a traditional firm, meaning that 75% have changed how they operate.

With statistics like those, it is not surprising that the way accounting has been done has certainly seen change over the years.

Studies show that 90% of accountants feel a cultural shift in accountancy that leans towards the adoption of technological adoption. As the technological world has evolved, so have the tools available to accountants.

Using tools to streamline processes and staying updated with accounting trends is essential to your survival and longevity as an accountant. In this article, we will look at 5 key things you need to keep your firm fresh and ready for new challenges.

Alt text: Statistics showing social media users growth over time. Source

#1 Achieve a Strong Social Media Presence

It’s always best to meet people where they are. In this case, you should be meeting them on social media because that’s where most of them are. A recent study found that roughly seven-in-ten Americans say they use social media.

So, learning good social media management practices and ensuring your personal brand has a robust social media presence are key factors to keeping your name out there.

Knowing how to effectively market yourself through social media will bring you many new clients, and it is one of the first steps in effective lead generation. Once you generate those leads, you will have many potential customers in the pipeline you will be able to follow up with.

Consider using QR codes to make accessing your services even easier for clients, especially when linking to social media profiles or resources.

Tools like Uniqode’s QR Code Generator can help you set this up quickly.

#2 Ensure You Adapt to Remote Work Needs

Thanks to 2020, the typical 9 to 5 schedule has changed from what it once was.

Now, many companies have found themselves transitioning to a remote or hybrid workforce. So, learning how to remotely manage your firm and how to hire remotely will be a crucial part of your success.

43% of firms are making moves to downgrade their brick-and-mortar presence and transition to a virtual-only presence to support this new trend.

This is thanks to social distancing, technological advances, and the realization that employees can do their jobs just as well at home.

If you want to be able to reach new heights, be sure you adapt to meet remote expectations. If your firm plans to hire remote talent, embracing digital recruitment tools is essential. For example, Recruitee offers resources on adapting to a digital recruitment approach.

People are not keen to bring in a box of receipts or to set aside time to come to your office. Consider offering them a program that will allow them less time to gather data and more time to do their job.

#3 Invest in Online Marketing

Hybrid workforces and remote work are becoming everyday occurrences in the workplace. So, it is undeniable that online marketing should play an essential part in your accounting firm. The better your online marketing skills are, the better the chance you have of succeeding.

Additionally, the world is now seeing a new generation of accountants. 84% agree that prospective employees from younger generations have progressive expectations, attitudes, and talents. With this in mind, you will need to find creative ways to reach them through your online marketing.

Offer Something Free

Find ways to provide something for free to prospective customers. Using gated content is a great way to capture emails so you can send follow-up emails and stay fresh in their minds.

For instance, Curiel & Runion, a personal injury attorney, created a unique way to reach prospects.

His office successfully wrote an article on a relevant topic that would attract prospects to their website. When the prospects read the article on the firm’s website, they also view the services that the firm can offer them. One of the free things his office gives away is a free case evaluation. This is a relatively easy way to reach new customers.

Likewise, real estate platforms like SopranoVillas and Real Estate Skills have honed their online marketing to capture potential customers through free guides, relevant articles, and well-targeted content.

Here is an example of how SopranoVillas leads readers down a personalized sales funnel by providing them with content pertinent to their tastes and future travels.

Real Estate Skills, on the other hand, not only provides website visitors with free content but also pushes them down a funnel that leads them to free webinars, training, and programs.

As an accountant, you can follow a similar strategy by providing expert advice and attracting potential customers to your brand.

Use SEO Strategies

Search Engine Optimization is key to ensuring prospects find your brand. The only way to succeed in online marketing is to have a firm strategy in place, and SEO should certainly be a huge part of that strategy.

Keyword ranking, backlinking, and quick load times all play into good SEO and, consequently, a good website.

Rosenbaum does this by:

• Consistently researching keywords pertinent to the law industry and publishing new content around those keywords
• Engaging with people who are active within the online space of legal advice so that they can secure mentions online and gain notoriety
• and most of all– consistent effort and focus on good SEO instead of small bursts of work at it.

Just like one learns the best e-commerce strategies when creating an online shop, so should you learn the best SEO strategies for your website. Here are a couple of stats to help you determine your strategy:

• Research shows that organic clicks account for 45% of all clicks. As tempting as it may be to buy sponsored ads, it will be more effective to produce great, evergreen content.
• Nearly 60% of results on the first page of Google are more than 3 years old. That means you can’t find quick fixes to boost your SEO.
• An incredible 92% of users access the internet from a mobile phone. So your site must be optimized for mobile.

Mastering SEO is building a foundation for your brand’s digital reach. The more consistent and adaptive your efforts, the easier it becomes for potential clients to find and trust your services. An effective SEO strategy means your firm is positioned for long-term growth and resilience in an ever-evolving online world.

#5 Simplify the Process for Your Clients

Customers want an easy process. They do not want to worry about multiple submission steps or what information they need to provide. Allow your customers the flexibility of inputting their expenses with an app or an online program that takes all the difficulty out of the process.

Customers will appreciate the ease of access that you have provided them. They’ll remember that when they are ready to do business again.

A tool like Content Snare can streamline requests and make it easier to collect essential files from clients, saving time and reducing follow-up emails.

How Much Will Accountants Earn in 2024?

As of 2021, over 1.4 million Americans were in the accounting profession, with more accountants joining the workforce every day. The Bureau of Labor Statistics (BLS) even estimates that 136,000 job openings will arrive each year over the next ten years.

With so many people entering the workforce, you may be wondering what the current salaries are. Studies show that the average American accountant makes over $40/hour while the median hourly wage is over $37/hour. Accountants who made over $62/hour ranked in the 90th percentile, while workers making less than $23/hour were in the bottom 10% of earners.

With these statistics fresh in your mind, analyze your accounting firm and what you can do to stand out from other accountants. The better you and your firm are, the more you will earn. Consider what you offer versus what your competitors offer. Find a way to make your brand and ease of access better than all your competitors.

How to Choose the Right Platform

Knowing how to choose the right platform for your accounting needs may seem intimidating. In order for the program you choose to be successful, there are a few key things you want to look for:

• Simple receipt tracking
• Expense management software
• Synching opportunities with your accounting software
• 24/7 support
• Accounting analytics capabilities
• Easy-to-use customer dashboards

If you are able to find a program that has all the features listed above, you will be set for success in your accounting endeavors.

Here are four platforms we suggest you check out:

• QuickBooks Online. QuickBooks is a popular choice for small to medium-sized businesses and independent accountants. It offers receipt tracking, expense management, and easy integration with other software, and it supports multi-user collaboration.
• Xero. Xero is known for its intuitive user interface, robust analytics, and strong customer support. It’s ideal for businesses looking to streamline bookkeeping, expense management, and reconciliation.
• Zoho Books. Zoho Books integrates seamlessly with other tools in the Zoho suite, such as Zoho CRM. It’s a great choice if you need comprehensive accounting and invoicing software with integrated client management tools.
• FreshBooks. FreshBooks focuses on invoicing and expense tracking and is ideal for service-based businesses. It includes time-tracking and reporting features, making it valuable for accountants who handle multiple clients and projects.

Final Thoughts on the Future of Accounting

Keeping up with modern times and optimizing programs for your accounting firm is the only way to survive changes in 2024. If you want to be at the cutting edge of accounting, those should be the first things you work on to achieve success.

Find ways to offer expedited services and more opportunities to your clients. Study your current efforts and analyze what you can do to make it better. Scope out the competitors and take notes on what they do that is successful. Then, adopt your version of it but make it better. Learn the best practices for the remote bookkeeping services you offer.

Do whatever it takes to be the best at your job and have your brand name out there for others to see. As you take on these new challenges and meet customers where they are, you will see how your accounting practice only improves.

 

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