Tax and accounting firms are recovering from the COVID-19 pandemic as we approach the new year, just in time to take on a slew of brand-new difficulties. There is a lot to plan for, including a sluggish labour market, worries about information security, and clients with rising expectations. However, there are ways to accept these difficulties and turn them into chances for development and achievement in the upcoming year.
For tax and accounting firms, our 2022 Strategic Planning Guide provides advice on how to deal with a range of issues so you can start the new year feeling ready. Here is just a sample of the information you may find in this thorough guide.
The importance of strategic planning
One of the most crucial tasks a company can undertake is strategic planning. Comprehensive strategic planning determines the firm’s direction and gives the firm a vision for the year ahead because the accounting profession is evolving so quickly, including the numerous new programmes implemented in response to COVID-19.
You’ll find all the information you need to make the most of the upcoming year, including detailed instructions on how to create a fruitful strategic plan and expert advice on the following hot issues.
Recruiting and retaining staff
Most accounting and tax businesses are having trouble finding and keeping top performers in today’s market. Most of the time, when we think of recruitment, we just think of conducting interviews and extending offers. A comprehensive programme that ends with the employment of a specific person to fill an open post should be considered recruiting. Even when your company is not actively seeking to fill a particular position, your recruitment process should be ongoing.
Keep in mind that lifestyle preferences and job happiness are important considerations for employees when selecting whether to stay with a company when it comes to employee retention. Of course, adequate pay and benefits are critical and required, but the company’s culture is frequently just as crucial. Proactive businesses invest the time to carefully assess and enhance the environment that surrounds their employees on a daily basis.
Digital transformation and information security
Understanding that the digital environment includes all the components that contribute to creating, using, and maintaining a variety of data types in a digital format is crucial when considering going paperless.
You may learn more about the benefits of moving to a digital environment, such as access, organisation, security, and storage, by reading our guide. A primer on assessing portals and document management systems is also provided, as well as an outline of cybersecurity best practises for accounting firms.
Making the move to advisory services
It could be time to add advise to your firm’s practise given how much time accounting firms are investing to consulting and other atypical services. According to industry analysts, 78 percent of financial operations might be automated, which would eventually cause many businesses to experience a decline in revenue. In the meantime, demand for consulting services has increased.
More and more businesses are automating operations and refocusing their attention on more important (and highly profitable) advising services in an effort to play a bigger, newer role with their clients. In the upcoming year, it is the ideal way to satisfy contemporary client demands.
Read more: How to shift your mindset from accountant to business owner