Accounting firms usually offer certain types of services. For example, Accounting and Bookkeeping Services in Malaysia are very rampant, as well as other services such as assurance, tax management, consulting services, among others.
As an owner of an accounting firm, you are faced with the dilemma of either focusing only on the services that you currently offer or perhaps providing additional ones for your customers.
Today, I am going to talk about the pros and cons of adding more accounting services to your firm.
Profit and Value
Now, your firm might have already provided some services that business owners want in their own companies, but if you are adding more services, then that would be great as you will be an accounting firm that will be most sought after.
The only problem with this is that if you are providing additional services, you will have to spend money on further training and perhaps even adding some additional staff members to handle the excess workload.
On top of that, you will probably need to spend additional money on the new and emerging accounting software to stay up to date with the latest trends.
Fulfilling Customers’ Needs
You’re probably giving bookkeeping services to many companies now, but what if there are potential customers that want services that you do not have (at least, at the moment)? For instance, they might want someone to take care of their payroll or perhaps that want to have an external audit done on their organization.
Well, every business owner understands that a happy customer will usually come back again. Also, they might give referrals, leaving you with more customers that want to acquire your services.
Just remember that whenever you add new services, it would require time, money, and other resources to meet the bigger demand. Furthermore, your staff should be well-trained and they should have the necessary qualifications to administer the work.
Offering accounting services is already hard in and of itself and if you continually add new ones on top of your existing portfolio, you will need more manpower.
If you are going to hire new personnel, it is important that they are well-versed with the service that you are thinking to add. For instance, if you are going to provide business management consulting and assurance services, the accountants that you’re going to hire must be acquainted with the said fields and they should have, at least, a little bit of experience in the field.
Some accounting firms have certain perks that are reserved for their clients and one of the most common ones include free services.
If you are going to hire additional employees, that means that you’re going to have to spend money and that is something that you might not have at the moment.
Free services are okay, but if you are going to charge for services that were free-of-charge before, then you will need to hand out notices to your existing clients who are enjoying such privileges that there would be a shift in how things operate in your firm.
Do this at least one month in advance so that your existing clients will know.