Why accountants need to demonstrate value now more than ever

July 9th 2021 | Posted by Dave Cross

SMEs are having a bigger influence than ever on the future of accounting firms. They have more information about various firms and the services they offer.

They also have to make more careful and astute decisions about the professionals they work with thanks to the current testing circumstances.

All of this means that accounting firms are working hard to demonstrate the value they provide. Taking a closer look at the influence of SMEs on the accounting profession provides insight into the challenges that accountants are dealing with.

Networking gives SMEs insight

In today’s business environment, networking is seen as something that is essential to the ongoing success of small businesses. Owners communicate via online and in person groups and events. During this communication they speak about the accounting firms they work with.

This helps to persuade others as to the value of certain accounting services. Therefore, professional accountants work hard to embed value into their services in order to establish and maintain a good reputation within the business community.

Businesses have to make vital decisions right now

The period of the pandemic has been extremely difficult for many SMEs. Several of them have struggled to survive and now that much of the financial help that was available to them is coming to an end, they have to give themselves the best possible opportunity to continue and build on their current situation.

In order to do this, they have to make well-informed decisions aided by help from professionals who are up to date with current accounting practices and the ongoing challenges to SMEs in the UK. So, the most ambitious accountants display their knowledge and transparency across their web presence. They also make themselves readily available to clients so that a positive relationship is maintained.

How accounting firms are rising to the challenge

Accounting firms are rising to the challenge of the influence of SMEs by ensuring that their services provide value in today’s real-world environment. This involves a high level of agility that enables them to adapt and change where necessary. Areas that many accounting firms are concentrating on in order to meet the needs of SMEs include:

  • Assisting with the implementation and running of effective credit control systems.
  • Providing advice about how to recover debts thereby bringing an important cash injection to the business.
  • Helping with the improvement of credit standing. This includes looking at how supplier credit could be having a less than positive impact on the credit score of a business. For SMEs that are hoping to secure credit in the future or engage with potential suppliers this can be a hugely negative situation.

The more an accounting firm can add this type of value to a business, the more that business is likely to retain their services and recommend them to other SMEs. This enables accountants to develop and maintain relationships with clients that are vital in helping them survive and thrive in an environment that is as challenging for them as it is for other businesses.

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