The old saying goes that two things in life are inevitable — death and taxes. As accounting pros who are intimately familiar with taxes, we get a little chuckle out of this. Something can be added to this list of inevitabilities, however, and that thing is change.
No matter how much we fear it or avoid it, change happens all around us, all the time. As many of us have become advisors to our small business clients, we always recommend they stay on top of changes, whether related to finances or other industry pressures. Though we excel at advising our clients about change, we in the accounting trades sometimes are reticent to take a look at our own businesses and think about what might need updating.
When you consider the aspects of your business you’d like to update to drive more success, what holds you back from actually implementing these changes? Every business is unique, and every business owner must make decisions that best suit him or her. However, there are three major things we at Padgett Business Services observe that hinder positive changes within accounting and finance businesses.
You’re Worried About Changing Procedures
When dealing with complex sets of legal documentation, you’ve got to create reliable and sensible systems to which you and your employees can adhere. For that reason, you’re probably completing tasks and responding to clients in the same ways you always have. No procedure is immune to obsolescence, though, and it’s likely that your systems lost efficiency over time. It can be intimidating to consider changing up the way you complete forms or deliver documents to clients, especially when you’re trying to keep the business running in the meantime. Our Padgett Business Service Franchise Business Growth Program for Tax and Accounting Professionals can provide your business with a well established set of up-to-date procedures that will allow your practice to modernize while continuing to operate. Don’t lose business by blindly adhering to the same old ways of doing things.
You’re Uncertain About Changing Your Software
If you’ve been using the same small business accounting software for years, you might view the implementation of a new one as akin to passing a kidney stone. But — as with all aspects of computer technology — small business accounting software has improved by leaps and bounds in the past decade. If you’re still using software that is more than five years old, you’re harming your business by not upgrading. The newest accounting software programs operate in the cloud, making accounting and tax operations more collaborative and nimble, and eliminating the need to send many hard copy materials via “snail mail.” Through our professional growth program, Padgett Business Services offers affiliate offices a cloud-based tax and accounting software that can greatly reduce lag times and improve productivity. Affiliates have our full support in training and familiarizing their office with this state-of-the-art software, ensuring minimal downtime during the transition.
You’re Reticent to Lose Your Firm’s Independence
As the economy contracted during the Great Recession, many small businesses couldn’t withstand the strain and were forced to close. Unfortunately, the accounting and tax industry was not immune to these pressures. Some firms closed and others folded themselves into larger corporations, adopting their brand identities and operations. This worked wonderfully for some practices, but left other tax and accounting professionals worried about losing their independence and, in some cases, the business name that had been hanging over their door for decades or even generations. Still, others welcomed the opportunity to ally with a large affiliate, embracing their efficiencies and earning the cachet of their name recognition. When we created Padgett’s Business Growth Program for Professionals, we sought to allow for both these perspectives and objectives. Our franchise affiliates benefit from our small business accounting software and our reliable and productive business operations, while retaining the right to keep their established name or taking advantage of the recognized and respected Padgett name.
In a time of significant economic shifts and technological revolutions, accounting and tax firms that refuse to pivot might find the ground shifting beneath their feet. Planning for smart changes allows businesses to maintain their best parts while laying the groundwork for longevity. Click to find out more about our tax and accounting professionals opportunity.