The credential that could grow your revenue per client

Tucking back into work after a long weekend? Take a break by digging into multiple ways to protect your firm from cybersecurity threats, why financial planning could be your next move and commonly outsourced accounting tasks that could reduce your workload.

But first…if you’re hiring entry level Gen Z accountants, check out the biggest challenge in a multi-generational office for everyone involved: email communication!

Burnout antidote: A curated set of clients and intentional firm design could be the secret sauce to working less

Outsourcing how-to: The most common tasks that firms are sending out-of-house? Transaction coding, account reconciliation and AP processing

The right stuff: Using local search optimization in your online content can attract better quality clients

Check the box: Your 10-step plan to keep firm and client safe while using AI

Future sale: Thinking about selling down the line? Consider moving to the cloud–virtual firms command higher multiples and have a larger buyer pool

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We’ve all heard of SMART goals to help create and achieve business objectives, but for small firms to truly succeed, you need to translate them into consistent action items. That requires getting specific by narrowing your focus to the best opportunities and creating momentum by making progress visible. 

Why this matters: Diving deeper into your SMART goals can help you move the needle on your firm more effectively by giving your team the ability to execute with clear roles and achievable timelines. (Wolters Kluwer)

Most accountants offer financial advice to their clients, so why not expand that role into an actual service? Susan Tillery, CPA, PFS argues that personal financial planning (PFP) is largely related to taxes, particularly with estate planning, retirement, insurance and charitable giving. Although additional training and credentials are required, offering PFP services could be a good option for accountants who enjoy the relational aspect of their work. 

Why this matters: Clients increasingly want more integrated financial services. Adding a financial planning designation to your firm could help you scale via average revenue per client rather than total number of accounts. (Journal of Accountancy)

Drop in number of companies reporting audit fees since 2011 (Accounting Today)

Voice phishing (or vishing) is an increasingly common cybersecurity threat in the financial services world. AI-generated voice clones are making it easier for scammers to impersonate colleagues, vendors and IT staff. They’re getting people to share credentials and approve transactions at an alarmingly higher rate than email phishing attempts. To protect your firm, incorporate additional security layers like requiring independent callback verifications, encouraging team members to pause before executing urgent requests and implementing new security training programs.

Why this matters: Hacking and impersonation attempts are only getting more sophisticated. Layering in additional security measures not only helps you protect your firm, but also retains client trust. (CPA Practice Advisor)

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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.