Would you agree that it is gradually becoming more difficult to compete in the traditional accounting space? If so, you are probably aware of an emerging DIY mindset among business owners and accounting managers. It is a mindset fueled by a digital age that offers a tonne of information on virtually any subject with a simple internet search.
As an accountant, you know your business is changing. That does not mean it’s dying out. All it means is that there are new ways of doing things; new ways that can take your accounting business to the next level if you are willing to adapt. A case in point is offering online accounting in the cloud to sole traders. It turns out that sole traders are the perfect audience for online accounting.
Sole Traders and DIY Accounting
Sole traders are, by their nature, independent-minded in just about everything they do. So it’s not unusual for the average sole trader to handle accounting in-house using a paper system or a basic software package designed for personal finances. In addition, the sole trader has all the information he or she needs online to keep abreast of tax reports, self-assessments, and the like.
This begs the question of what you, as a professional accountant, can offer sole traders. What can you give them that would be attractive enough to encourage them to abandon DIY accounting in favour of online accounting with you? In a word, time.
Time is the one asset sole traders just do not have enough of. Because they are wearing multiple hats simultaneously, their time is stretched far enough that they don’t have sufficient time to devote to core products and services. This is why so many of them struggle to grow beyond the small amount of work they can handle themselves.
Online platforms give the sole proprietor some of that time back. Not having to worry about routine accounting tasks frees up the business owner to concentrate more on improving his or her own service to customers. It eliminates time spent on daily account reconciliation, keeping track of taxes, and handling routine database management.
Automating Routine Accounting Tasks
The strength of online accounting for sole proprietors is task automation. As an accountant, you know that there is a plethora of low-level tasks that dominate manual accounting. You also know how much time those low-level tasks take. Well, they are just as time-consuming for the sole proprietor as they are for you. Wouldn’t it be better to automate them where possible? Absolutely. That is what an online accountant does.
A good online platform automates every task that can be automated. It eliminates the need for double and triple entry systems that cause so many time-consuming headaches. And through automation, a good accounting platform increases efficiency, reduces errors, and completes daily reconciliation with very little input from the client.
You are going to have to sell yourself to sole proprietors if you want them to leave behind DIY accounting in favour of hiring you. Pitching compliance is probably not going to cut it. But explaining to sole proprietors how you can save them valuable time will.
Sole proprietors are the perfect audience for online accounting in the cloud. They need something from their accountants, something they have to have in abundance without paying a small fortune. That something is time. Give time back to your clients by offering them a platform that operates in the cloud. Then use the success of your platform as a means to recruit new clients who also want their valuable time back.
More Than Accountants pricing packages are based on company turnover so are positioned to help sole traders and limited companies alike. View their website to find out how an online accountant can help your business.