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How choosing a niche can help your accountancy business thrive

11th May 2022
Brought to you by
World First logo

International business payments made easy

Share this content

Specialist accounting service providers can focus their ad spend and attract better clients by playing to their strengths and targeting growth industries worldwide. In this article, WorldFirst lists tips on the sectors specialist accounting firms may want to target to grow their business.

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Marketing your accounting firm requires time, effort, and media spending. To get noticed in search engines today, your ads need to compete online with other specialist accounting firms. All of your competitors can access the same tools, work remotely, and share their knowledge for free on social media channels. 

Therefore, to get ahead as a forward-thinking accounting specialist, it is wise to choose a lucrative niche for your business and concentrate on attracting your perfect clientele. By setting up your business from the perspective of finding the people you want to serve, you can pool your money into creating better-targeted ad sets. You can also reach out to industry thought leaders who inspire and add real value to your website's readers. 

This article will look at how accounting firms can select the right niche for their audience by looking at examples of thriving global industries they may want to explore. 

Choosing your specialist accounting niche

When choosing your preferred specialist accounting niche, think about the work you have previously done for clients and list the tasks you excelled at. Grab a pen and paper and list all of the tasks – no matter how simple – and consider how much happier you would be if you could do this kind of work all the time. 

If you have any previous clients you think would make for a good case study for your brand, make a note of them too. What did you like about working with them? Did you admire company ethos, their employees, the problems you helped them solve? You can turn reviews into ads for your company later. But for now, create a brainstorming diagram of your accounting experience to date. 

Next, split your notes into two sections as follows: 

  • Vertical focus: Notes relating to the people you worked for including: industry, entity type, size, composition, etc. 
  • Horizontal focus: Notes regarding the type of work you completed including: setting up systems, solving problems, general account management etc. 

Once you have your vertical and horizontal focus, combine the two elements to create your ideal specialist accounting client in a sentence or two. For example: 

“Manufacturers with over £10 million sales looking for help in managing their inventory and setting up automated bookkeeping systems.”

Now that you have a better understanding of the type of client you're looking for and the type of work you like doing, you can then search for industries undergoing sustained growth. 

Here, we have rounded up some scalable industries you may want to look into.

Software-as-a-service (SaaS)

Developers of software-as-a-service (SaaS) tools create applications based around completing specific tasks that are ‘rented out’ under a subscription model. SaaS software products can quickly become a staple to people's everyday workflow. It is a rapidly developing industry forecast to grow to around £359 billion by 2022. A subscription model for payment ensures regular company cash flow. However, prices can frequently change as new technologies and software capabilities improve. 

Accounting firms serving SaaS brands are likely to need specialised skills in payroll processing (making regular wage payments to teams of remote workers dotted all around the world). Companies will also need to accept subscription payments in multiple currencies. 

Specialist accounting solution: Collect multiple world currencies

WorldFirst International Collections Account could be the perfect solution for serving international subscription transactions. From one central dashboard, you can hold ten different currencies and exchange the money back to your home currency or save the funds to make international payments as required. 

AI Medical Services

The global pandemic has put an enormous strain on medical practitioners. Companies offering AI solutions to aid with triaging patients is expected to become a massive worldwide industry over the next decade. Experts predict that by 2027 the medical AI industry will be worth over £50 billion (46.2% rise from £5 billion in 2021). 

Sophisticated software tools can help doctors and pharmacists better manage their time and resources –– as they concentrate on their frontline service duties. From a specialised accountant's perspective, teams will need to advise on increasing company cash flow and profitability. Teams will also need to track research and development costs and prepare for IPO and acquisition contracts. 

Specialist accounting solution: Make faster international payments

With the pandemic threat level constantly evolving, accounts teams working on behalf of medical AI clients may need to make payments to researchers abroad in rapid time. With a WorldFirst International Payments Account, you can send money to international partners safely and securely. Provided you meet our listed cut-off times, we can make payments within currency pairings in less than 24 hours (in some cases). 

Short-distance transportation

E-scooters and bicycles are becoming a permanent fixture of urban transport worldwide. In 2020, the global e-scooter industry was worth £14 billion. As a result of working from home measures and government investments in transportation links, growth estimates show a 7.6% annual increase in e-scooter sales by 2028.

For accounts teams assisting retailers and manufacturers within the short-distance transport sector, you will need to support clients in sourcing manufacturers abroad. You will need skills in managing sales tax obligations in multiple jurisdictions too. Additionally, managing inventory KPIs is essential to company growth, as sudden spikes in consumer demand could overwhelm supply chain systems.  

Specialist accounting solution: Exploring hedge accounting options

WorldFirst's customer service team can help companies large and small build profitable long-term relationships with international suppliers. If your accounts team needs to set up Forward Exchange Contracts to control the exchange rate on imports, we can lock in reasonable rates on currency exchange for up to two years. 

WorldFirst can also arrange flexible forward contracts with multiple payment windows.

WorldFirst can help specialist accounting teams with International trading

Regardless of your accounting specialism, making safe and secure international currency conversions is vital to your clients' growth and long-term stability as a brand.

With a WorldFirst International Collections Account you can integrate all of your international sales transactions with Xero accounting software, ensuring that your financial statements are always up-to-date with the latest FX rates. 

You can also access the help of a WorldFirst relationship manager. Our customer service team can offer you up-to-date information on the FOREX market, helping accounts teams make decisions that can help minimise financial risk in international trading. 

To find out more about WorldFirst account options, visit here or give us a call on 020 7801 2388 or email [email protected] and start saving now.