As the COVID-19 Pandemic continues to affect the economy and AI accounting software improves, public accounting firms are looking for ways to adapt sales strategies to ensure continued business development and accelerated growth in 2022.
There is no doubt that there has been a recent industry shift, resulting in increased competition amongst public accounting firms in the past year. J.D. Frost, CPA of 15 years, claims that most CROFT & FROST business clients have been approached and prospected by other firms within the last year.
In fact, the majority of accountants feel as if traditional accounting is no longer enough to remain competitive. (Sage, 2019). Improvement in AI accounting software and new social norms, due to the COVID-19 Pandemic, has made the industry more competitive. Here’s why!
Competition Without Boundaries
Virtual and remote working environments are here to stay. Video conferencing software, like Zoom and Google Meet, have made it possible for accountants, tax staff, and CPAs to conduct advisory services and communicate with clients, without sacrificing the quality of a traditional in-person meeting. Not to mention, the advancement of client portal software options available has made sharing information efficiently, and securely, a reality for the traditional taxpayer.
Public accounting firms are now better equipped to service clients across state borders and are no longer subjected to local clientele. Currently, less than half of CROFT & FROST clients are considered “local.” CROFT & FROST even has clients in Alaska! The public has responded well to virtual tax advisory and services, resulting in more qualified and direct competitors of typical public accounting firms.
It is time to consider a sales strategy that will result in constant opportunities to find new client relationships. CROFT & FROST employs a sales force as a sales strategy, resulting in a client base located all over the United States. Implementing a sales force will add value to your existing clients and improve your existing client relations by increasing overall client communication and customer service.
Implementing a Salesforce to proactively prospect, find new business, and cultivate existing relationships will help drive revenue, while your direct competition becomes larger, and your existing clients become more susceptible to poaching from distant competitors.
By: Claire Monar, Communications Director at CROFT & FROST