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Value Added Accountancy Services: Boost Your Clients' Bottom Line

2nd Oct 2020
Brought to you by
tax cloud

Tax Cloud is an R&D Tax Credits claim portal.

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Have you found this content useful? Use the button above to save it to your profile.

There’s plenty that accountants can do to offer their clients maximum value for money and help boost their bottom line. Here we see how.

Be proactive in your support

As a caring, valuable and experienced accountancy firm, making sure your clients’ businesses are healthy and happy should be a top priority.

There are plenty of opportunities for accounting firms to build trust with their clients, and welcome new ones onto the books. Small businesses are being particularly hit hard with the COVID-19 economic ramifications right now - but there’s plenty accountants can do to help. This article takes a look.

1.  Be a valuable partner to your clients

Accounting is about far more than just numbers on spreadsheets. A good accountancy firm that offers clients the best value will be a goldmine of information, particularly around tax saving strategies like R&D Tax Credits.

But be careful about spreading yourself too thinly. Find your niche, and focus on one or two high demand areas rather than being all things to all people.

2.  Know where your own firm’s strengths lie, and address any weaknesses

Accountants are always busy and there’s always work coming in so it’s tempting to rest on your laurels. But if you really want to help businesses with their bottom line and offer maximum value, it’s well worth adopting a growth and innovation mindset.

Look at your firm with fresh eyes (you might need outside help for this). Consider what has made your organisation successful - perhaps it’s your staff, or the technology you use for instance. Then focus on areas for improvement, thinking particularly from a client’s point of view. What works and what doesn’t? Are there any opportunities to innovate?

3.  You’re a competent, skilled and experienced accountancy firm. So shout about it!

When you’re busy cracking on with the day job it’s easy to forget to actually reach out to your clients. Remind them, perhaps with regular email shots, blogs or social media updates that you’re here and ready to help. Ask clients if there is anything they’re struggling with or need your help on, and of course if you know that one of them has undertaken an innovative project recently then remind them about R&D Tax Credits. Plus of course, during these unprecedented times, stay informed on how the government is supporting businesses during the COVID-19 pandemic.

4.  Understand what your clients’ challenges are and make them a priority

The only way you’re truly going to expand your relationship with your clients and help them boost their bottom line is by knowing the challenges they face. So ask them, and engage with them regularly. Don’t just pop up at tax time, but keep a note of times when your clients may need additional support. For example, you may have a client whose business is seasonal so you know money is tight for them over the winter. Get in touch around autumn time and see if there are any government schemes or tax incentives that can help.

Be proactive. Legislation and government support changes regularly, particular against the backdrop of COVID-19, so help them stay in the loop. Also, consider providing some online sessions to help your smallest clients run their business more smoothly, for example to offer tips on record keeping or invoice management. The more you get involved with your clients, the more chance you’ll get to add value.

5.  Learn from your competitors

There’s always the risk that your competitors are offering their clients something better. A faster service or better value for money perhaps. For this reason it’s essential that accountancy firms understand who their competition is and how they compare. Could you improve your services or pricing structure to match? Is there anything you can learn from them, and replicate in your own firm so your clients are served even better?

6.  Invest in your staff                     

Your staff are your number one asset, and the driver of your firm’s success. This is why it’s important to make sure they’re trained to the highest standards, and have access to additional learning where required. They also need to feel supported and listened to, so they can be positive about their work and the clients they’re in contact with.

Also, consider if your firm needs any outside help in order to offer your clients the best value, most comprehensive accountancy service they expect (this is where partnering with Myriad Associates works well). It could also involve taking on new employees, or outsourcing some of the work to contractors or freelancers. By the way, don’t forget that if your own firm completes any research and development work itself that leads to growth, these costs could well be at least partially covered by a claim for R&D Tax Credits.

Technology moves on quickly too. As new cloud-based accounting tools are developed, educate yourself on the latest innovations, audit your business capabilities, and train your staff accordingly.

7. Offer your clients a more complete tax advice service

As a valuable business accountant with a jam-packed schedule, your clients will need you for all sorts of financial and tax issues right now. On top of meeting their usual daily demands, sifting through tax receipts and fielding enquiries, R&D Tax Credit applications will seem like one big headache.

At Myriad Associates (owners of Tax Cloud UK) we solely work in R&D Tax Credits and other forms of R&D funding. This means we’re in the ideal position to help you craft your client’s claim from beginning to end. We’ll work with you to make sure your client’s application is not only accurate and clear, but that it meets HMRC’s strict criteria and is fully maximised too.

The Tax Cloud portal for accountants has the facility for your client’s own figures to be entered, so it’s easy to see what they can claim. Offering exceptional value, this self-guided solution to R&D tax relief is particularly suited to companies with relatively straight-forward tax affairs and who prioritise value for money. So why not try the Tax Cloud now?

For more information about anything we’ve looked at here, please do get in touch on 0207 360 4437 or use our contact form. Don’t forget to have a look at our recent blog too: Encourage Your Clients To Make A Fast, Hassle-free R&D Tax Credit Claim Using The Tax Cloud Portal