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Ten things accountants should never do with social media

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20th May 2013
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If you are the sort of accountant who has no interest in social media then please don’t bother reading this article, explains Mark Lee. It’s not for you. It’s for those accountants who have been experimenting with social media. Indeed, it will be of special value to accountants who have been disappointed by their experiences.

You will not be alone if you started out with unrealistic expectations, or misunderstood how social media works. Do let us know in the comments below.

I have been enjoying my use of social media for some years now. And I’ve been writing and speaking about accountants’ use of social media for almost as long. A little while back I was described as “probably the most socially networked accountant in the UK”. I remain very active.

Here then are 10 things I suggest that accountants should never do with social media:

1. Do not expect very much to happen without a plan

You need a plan that starts by setting out what you hope to achieve through engaging with social media generally.

This may then lead you to experiment with one form of social media at a time. Each requires a different strategy. An approach that works on one will not work on the others. Social media includes blogs, Facebook, Twitter, Google+, Pinterest, discussion forums, LinkedIn, YouTube and more.

So which type of social media will you use (first)? Who will update it? How often? Who are you seeking to influence? And what type of messages will you post?

Each form of social media is quite distinct. Your starting point should be: Who do you want to target and where are you most likely to be able to do this? If your target audience is prospective clients then can you narrow that down and be more focused? In theory new clients could be found anywhere. But where would your target audience most likely be looking for or be influenced by a new accountant like you?

2. Do not expect to win new clients quickly

It takes time to build up a following and an interest in you and your firm.

Some accountants will confirm that they have won new clients through effective use of social media. Few will have done so within their first few weeks or months. If you do encounter anyone who has been successful, do find out the details. Are they targeting the same type of clients as you? Does their website help convert interest? Do they favour one form of social media over another?

3. Do not assume anyone is interested in your practice on social media

I follow the activities of well over a thousand UK accountants’ on Twitter and on other forms of social media. Almost without exception those who post in their firm’s name are boring and are less successful than those whose posts and engagement are as a real person (albeit an accountant).

4. Do not believe what you read in the general media

The media look up hashtags and the Twitter accounts of the rich and famous. The rest of us are tweeting into the ether until and unless enough of our target audience chooses to follow us. No one, other than friends, competitors, spambots and social media types, will follow a boring ‘me too’ accountancy firm.

The media also report nonsense about LinkedIn. It ceased to be largely focused on job-hunters and CVs some years back. My recent series on AccountingWEB regarding effective use of LinkedIn by start-up practices contains dozens of tips and advice for established practices.

5. Do not believe everything that social media ‘experts’ tell you

For example, you do not NEED a blog unless you feel the need to compete with other local accountants who are blogging. And, even then, only if you believe that their blogging is helping them to win new clients that you would have liked to win.

Equally, you do not NEED a Facebook page unless you think that your target audience is active on Facebook. Or perhaps you think that it is worth reminding your Facebook friends that you run an accountancy practice – and perhaps they might point their friends at your Facebook page. They could equally direct people to your website….

There are plenty of other examples. You could, for instance become the first accountant in your area to embrace Google+ or Pintrest or YouTube. But will anyone who matters to you care about this?

6. Do not chase random followers all over the world

I feel sorry for those accountants who get excited when the number of their followers, likes or whatever else they accumulate on social media hits a big round number. Few seem aware that the absolute number is irrelevant. You need to be focused on building a following in your local area or your niche. Anyone else is a ‘nice to have’ but is unlikely to ever choose you as their accountant.

7. Do not focus on broadcasting promotional messages

I suggest thinking of social media as the antithesis of UNsocial media. You wouldn’t go into a new pub or club and immediately start telling strangers that you are a fantastic accountant and that you have a special deal for new clients. It would be un-social. Equally you shouldn’t do the equivalent when you join a new social media network.

It is also worth remembering that social media is not a broadcast medium. In many cases, especially when you are new on Twitter for example, no one will see your early promotional messages anyway.

8. Do not forget how much time social media can consume

If you go the DIY route you may think that social media is a no-cost way to find new clients.  In practice, it takes time. And it can consume a great deal of time.

I spend at least an hour a day on social media for example. I can’t think of any accountants who use social media successfully within their practices and who only spend a few minutes a day on it. If anyone does manage that they probably spent far more time on social media initially than they do now.

You also need to consider whether focusing on social media is likely to be of more value than other ways in which you might spend your time.

9. Do not ‘outsource’ your social media activity

You will simply waste money if you pay someone else or an agency to post material on social media for you.

By all means pay someone who understands accountants to educate you and your colleagues as to what is possible and how you can make the most of the opportunities. And sure, you can pay someone to help you establish a blog. But unless you are going to update it from within your practice, don’t bother. Focus instead on ensuring that your website engages visitors and encourages them to get in touch.

Social media requires the involvement of real people from within a business. If you outsource it you might as well not bother.

10. Do not confuse social media metrics with what really matters

For most accountants what really matters is the amount of new work that you generate through your use of social media. The number of likes you get on your Facebook page or the number of followers you have on Twitter or on your blog are not, of themselves, important. This is especially so if you cannot be sure that the likes or followers are within your target audience.

So there are 10 of my suggestions of things accountants shouldn’t do on social media. This list is not exhaustive. What else do you think could be added? And if your experiences are such that you disagree with any of the above, do please add your comments to let us know.

Mark Lee is consultant practice editor of AccountingWEB and writes the BookMarkLee blog. This and his ebooks are for accountants who want to stand out and be more successful in practice, online and in life. He is also chairman of the Tax Advice Network of independent tax experts. 

Replies (12)

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FT
By FirstTab
20th May 2013 15:33

Well timed!
This is exactly what I was looking for.

Thank you.

Thanks (1)
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By Elvan Clarke
21st May 2013 11:59

Valuable what not to do's

Helpful comments for me (a marketing assistant within a firm of accountants) to consider when posting updates in the future. Thank you.

Thanks (1)
By cathyne
21st May 2013 12:20

I was sceptical

And I probably still am. Mark you are so right to bring us all back down to earth, as I don't believe social media is the new quick marketing fix. I do believe it is one of a number of useful tools within the big marketing strategy picture.  I write as one who is starting up from scratch. I have to keep a strict eye on the money, and make sure that not a penny is wasted, particularly on fruitless advertising.

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Mark Lee headshot 2023
By Mark Lee
21st May 2013 12:27

Cheers @cathyne

The thing is that some people see social media as a low/zero cost approach to advertising so it's tempting when money is tight.  BUT what really counts is whether the time you spend on social media would be more productive if invested on more focused and targetted forms of marketing.

Mark

Thanks (0)
Heather Townsend - accountant's coach
By Heather Townsend
09th Jun 2013 11:51

A very good article!

An excellent article, Mark - well done.

I would add to this article, that social media used as part of your networking strategy can be a real winner. 

Of course, this feeds into point number 1 - have a plan. If you don't have a plan for how you will generate work via your network and networking activity, adding social media into the mix is not going to help. In fact, it will make it worse, as it will be another interesting way to waste time.

The questions you want to ask are simple:

1) Who do I need to meet to win new clients?

2) Who are the people who are well connected to my ideal client?

3) What is an easy way to meet these people? (This is where social media can be really helpful)

4) How will I take the contact offline when I meet them online?

 

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By cowboyaccountant
11th Jun 2013 21:41

Help on accounting treatment

Dear all,

Please could someone suggest the correct accounting treatment to the following question:

1. Company A is a charity which is not subject to Corporation Tax.

2. Company A decides to provide £10,000 to individual(s) and/or other organization(s) to run a  charitable project which is relevant and beneficial to Company A.

3. This project may run over several financial year. There is no time restriction to complete the project.

4. All unused grant on completion of the project are to be returned to Company A.

5. Questions:-  With the possibility of unused grant being returned to Company A on the completion of the project, what is the best way to show the 'Grant Given' in the Profit and Loss account ?

MY VIEW:  Based on the concept of prudence I would assume that the entire £10,000 should be declared and written off as a cost in the year of the outlay even if the project runs over a few years. This argument is strengthend by the fact that as there is no time constraint on project completion it is impossible to distribute the writeoff of the expenses into various financial years.

My concern is when at the completion of the project there is a residue of unspent funds of say £1000 which is to be returned to the coffer of Company A. How does this 'incoming funds' be treated based on the above?

To add another complexity into the foregoing hypothesis let us suppose Company A offers £10,000 of grant every year for a different project. Let us suppose we are in year 3 since the inception of the first grant, and at year 3, the first project comes to a completion with a residue of £1,000. In other words, bearing in mind that as there is an outlay of £10,000 Grant Given in Year 3, could or should the £1,000 returning grant be setoff against the third-year-Grant which would result in a net outlay of £9,000 being shown in the Profit and Loss account? Or should the returned grant be shown separately as a concept of an income as part of the incoming resources - this idea appears to be incorrect as it is not an 'real incoming resources' or could it actually be defined as such ?

Please could anyone shed some light and discuss what is the best way to treat the initial outlay of the grant, how to treat the returned grant, should there be a setoff between the returned earlier grant against subsequent grant for totally different projects, should there be a distribution of each grant outlays (would be impossible to do without knowing the duration of the life of the project unless some Einstein on here has cracked the problem of time-travel) ?

Thank you.

Cowboy Accountant.

11 June 2013

 

 

 

 

 

 

 

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Locutus of Borg
By Locutus
13th Jun 2013 14:44

@ Cowboy Accountant

This is the wrong place to ask a question.  Try re-posting it in "Any Answers".

Thanks (1)
By j.harris
14th Jun 2013 16:15

This is very interesting as it was just today that I decided to give Twitter a go.

@johnlharris65 if you want to have a look.

I think I have already fallen into the trap of getting a bit too excited with followers etc.

If anyone has any more tips and advice that would be wonderful.

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Replying to Ruddles:
Mark Lee headshot 2023
By Mark Lee
14th Jun 2013 17:36

More tips and advice

j.harris wrote:

If anyone has any more tips and advice that would be wonderful.

Hi John

You'll find loads more tips and advice for accountants wanting to use twitter here.

Mark

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