Local accountants are missing business opportunities worth hundreds of thousands of dollars by covering only the basic needs of their clients, forcing many to go elsewhere when they need more complex services.
Accountant and past chairman of the CPA Public Practice Board, Lloyd Richardson says accountants should be focusing on increasing investment from their existing clients rather than always looking for new clients.
“Many accountants just don’t realise the golden geese right under their nose.”
Richardson says many people see their accountant as an all-round business advisor and are looking for more than the tax planning, BAS statements, GST reporting and tax returns accountants tend to focus on.
“The fact is business owners are looking for help and are ready to spend money to get the right advice. If they can’t find it from their accountant, they will go somewhere else such as a business coach.”
He says accountants could be making up to $370,000 extra if they were to include more services. This may mean offering small-group webinars and coaching services, becoming more aware of marketing techniques and investigating federal grants which offer business review programs for their clients.
“If accountants could help their clients tap into a government grant they could then take on a consulting role, assisting clients with implementation. And if an accountant can meet all the needs of their clients, they can access a great new revenue stream.”