How to harness the power of specialised accounting services for practice growth

Written by

anshal@thinklittlebig.com

We know the accounting landscape is crowded, with many firms vying for attention by offering similar services. So, how can you differentiate yourself in this competitive market? The answer is specialised accounting services.

Focusing on a specific sector and tailoring your offerings to meet its unique demands is the key to standing out. Every industry, whether it is tech, manufacturing, or healthcare, has its own set of rules and challenges.

When you specialise in a specific sector, you can accumulate in-depth knowledge about these unique aspects and position yourself as a field expert. Here are the benefits of offering specialised accounting services:

  • Clients tend to lean towards accountants with a firm grasp of their industry-specific issues. Your specialised knowledge helps you build credibility and earn their trust.
  • By understanding the unique needs of a sector, you can develop niche services that can potentially command a premium price and improve the profitability of your practice.
  • Your specialisation can be a strong differentiator from your competitors operating as generalists.

Let us take an example of an accounting firm specialising in tech start-ups. They might offer guidance on R&D tax credits, equity compensation accounting, or financial modelling for VC funding—services a generalist might struggle to provide.

Steps needed to take to establish oneself as a specialised accounting services provider

To carve a niche for yourself in a particular sector or service, here are the tips you should consider implementing:

1. Conduct thorough research

Your first step towards becoming a specialist starts with detailed research. As an accountant, you need to know the ins and outs of the rules and regulations in your chosen sector. This knowledge will help you guide your clients properly regarding laws and other important matters.

For example, if you choose healthcare as your focus area; you should know all about billing insurance, patient privacy laws, and how to manage high operation costs.

It is also crucial to stay updated on the latest trends in your chosen sector. For instance, if you focus on tech, you need to know how new technologies like AI, ML, and Blockchain might change how you handle finances.

Additionally, having a good understanding of the sector’s market condition, including its key players, market size, growth rate, and level of competitiveness, can prepare you for future changes and keep you ahead of the curve as a specialised accounting services provider.

2. Continuously learn and network

The business landscape is ever-evolving, and continuous learning and networking are essential to stay relevant. Therefore, participate in CPD programs, webinars, and workshops relevant to your chosen sector.

Subscribing to industry publications or research reports can also provide valuable insights. Build a robust professional network within your sector to gain new clients and receive referrals.

Attending conferences, seminars, and local meetups specific to your industry can also be very helpful. Or join online groups and forums where professionals like you hang out. These platforms are great for keeping up-to-date with industry news and developments.

3. Demonstrate your expertise and thought leadership

The foundation of specialised accounting services lies in your deep knowledge and unique perspective of a particular sector. It involves understanding its particular characteristics, regulations, and challenges.

One great way to showcase your expertise is by writing articles and blog posts on topics related to your sector. For example, If you are tax experts focusing on real estate, you might write about “The tax side of property investment.”

Giving talks or presentations at industry events is another good idea. You could share your thoughts, discuss trends, or explain complicated rules. These activities make you more visible and strengthen your position as an expert in the industry.

You can also offer guest lectures on relevant university courses or online learning platforms. Teaching others highlights your expertise and helps you connect with potential clients or partners.

4. Seek mentorship and professional guidance

Having a mentor, especially someone with a lot of experience in your chosen sector, can help you become an expert. They can give you advice from their own experiences, which could save you from common pitfalls and accelerate your career progression.

A mentor can also help you understand the nuances of the sector that you may not have been aware of. They can help you handle difficult situations, make strategic decisions, and build your reputation within the industry.

Additionally, mentors often have extensive networks of professionals, which can benefit you. They can introduce you to important people in the industry, give you recommendations, or help you find opportunities to share your knowledge, like speaking at industry conferences or writing for professional publications.

The impact of specialised accounting services on tech decisions

Deciding to focus on a niche can greatly influence your accounting firm’s tech choices. Businesses today heavily lean on technology, including their financial management systems. So, when you specialise, you must match up with the tech environment of your clients.

If you choose a sector that uses a lot of technology, like eCommerce, you will need top-notch cloud accounting software and systems. This sector often uses advanced systems daily, so your accounting tools must be compatible with their tech stack for smooth service delivery.

Being familiar with eCommerce platforms like Shopify or Magento is more than just a handy skill; it is a requirement. Businesses using these platforms need financial services that can easily work with their operations. They need you to be able to work your way around these platforms, pull out necessary financial data, and provide timely, relevant financial insights.

Choosing the right tech tools is just one part of the equation. Training your staff to use these tools is just as important. They need to know how to use these tools, understand what they can do, and solve any issues. This will help them record and analyse data, improve efficiency, automate routine tasks, and offer insights that the clients would not easily figure out on their own.

Ways to draw in clients from a specific specialism

There are several effective strategies to attract more business, including:

1. Content marketing

Content marketing is a powerful tool to pull in potential clients. It is about creating and sharing valuable, relevant, and regular content for your target audience. The content should speak to their issues, questions, or needs to be related to your specific sector.

For example, you could write blog posts about common financial hurdles in your sector and give tips on beating them. You could also run webinars to explain changes in rules and regulations or make how-to videos to guide them through the best practices for financial management.

The aim is to become your target audience’s trusted resource, attracting potential clients and nurturing existing ones.

2. Search optimisation

SEO is a technique that optimises your online content to make it easier for people to find via search engines. By using keywords specific to the niche you are focusing on, you can attract visitors searching for those specific terms.

For instance, if you are accounting experts specialising in the restaurant industry, you might use keywords like “restaurant accounting services” or “accounting for restaurants.” When a restaurant owner searches for these terms, your website has a higher chance of appearing in the search results.

Regularly publishing high-quality content that addresses your niche’s specific concerns and needs can increase your site’s visibility in search engines. For example, creating a blog post on “Top financial challenges for restaurants” would be useful to your target audience and include keywords that potential clients might be searching for.

If your client base is primarily local, optimising your site for local SEO can help you appear in location-based searches. This includes using location-specific keywords (e.g., “accounting services in Kent”) and ensuring your practice’s name, address, and phone number are accurately listed in online directories.

3. Networking

Networking is vital in boosting your visibility and growth in your specialised field. This means getting involved in industry events, be they physical meetups or online webinars, where you can rub shoulders with industry insiders, prospective clients, and key influencers.

Becoming part of online communities tied to your sector is also a good idea. This gives you a stage to showcase your know-how, tackle questions, and catch the eye of potential clients. Plus, it keeps you in the loop with industry trends and conversations.

4. Partnerships

Forming strategic partnerships with other businesses in your sector can help you connect with more potential clients. This approach involves teaming up with non-competing businesses that cater to the same audience.

Take, for instance, an accounting firm specialising in tech. They might consider joining a software company or a business consultancy targeting tech start-ups. These partnerships can include joint promotions, bundled deals, or referral arrangements. They offer a win-win scenario where both businesses can broaden their clientele.

Leveraging outsourcing to build specialism

The process of offering specialised accounting services demands a high level of focus and often requires resources that may not be readily available within your practice. This is where outsourcing becomes highly beneficial.

Outsourcing enables you to tap into the vast pool of specialised talents and services available globally. It allows you to access expertise that might not be feasible to develop internally due to cost, time, or resource constraints.

Outsourcing provides you the flexibility to adapt to the changing needs of the business environment without the burden of substantial investment in recruiting, training, and maintaining an in-house team for the specialisation.

Moreover, by outsourcing routine tasks or those outside of their core competencies, you can direct more energy and resources towards understanding the nuances of a particular sector and developing solutions tailored to your client’s requirements.

By allowing specialists to handle specific aspects of the work, you can ensure your services are comprehensive and best-in-class. This helps solidify your reputation as a specialist, ultimately leading to increased client trust and business growth.

If you would like to know more about accounting outsourcing or want to discuss the benefits of specialisation in your business, contact us today!

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