Chapter 1: Freelancers & Small Businesses: A Booming Market for Accountants, Bookkeepers, and Tax Preparers
Part 3: Stats to Leverage Your Accounting Services
You know that you can navigate finances better than most people, but how do you translate that into a convincing sales pitch? Highlight these figures to potential small business clients:
- Small businesses that work with accountants and use automated software have 16 percent greater revenue growth than those that use just software or neither, according to Accounting Web .
- Small-business owners see 24 percent more revenue by working with both an external accountant and an internal one.
Working with an accountant + using accounting software = 16% greater revenue growth for small businesses.
This is a powerful selling point. An investment in your services means greater revenue for your small business clients. Even if they already have an internal accountant, outside help catch oversights that drain revenue. According to a GoDaddy survey …
- 46 percent of small-business owners report not working with an accountant.
- 85 percent of small-business owners don't know exactly what they'll owe in income taxes before filing.
Almost half of small businesses don't yet have an accountant.
As you can see, small businesses may be more aware of their tax obligations than freelancers, but they still don't know just how much they're missing out on by not working with an accountant. Plus, many of these clients don't even realize the full scope of an accountant's services:
- A majority of small business that use accountants only use them for specific accounting services and don't take advantage of their full range of skills, according to the Journal of Accountancy .
- 47 percent of those who do use an accountant only see them once per year for taxes, according to the GoDaddy study.
In other words, it's up to you to make sure your clients know about the array of services you offer. If you market your services appropriately, small businesses may turn to you for more than filing their taxes — they may also enlist your services for bookkeeping, financial planning, and wealth management. The more services you sell, the more revenue you'll enjoy, and the more revenue your clients will be able to hold on to. It's a win-win.
Plus, these additional services allow you to interact with clients more often and develop strong relationships, which can go a long way toward reducing your professional risks.
As you can see, there is opportunity for accountants in the small business world. Hopefully you've started thinking about ways to market your firm to this audience. In the next section, we'll discuss what small-business owners want from their accountants and how you can use that information to attract new clients and increase revenue from existing ones.
Next: Chapter 2: How to Attract and Keep Small Business Clients