Distinguish yourself from the competition by being the go-to pro.
By Russ Alan Prince
Accounting services are commoditized. However, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. What is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. For most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.
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For higher-margin practices, the competition for clients is intense. For example, one of the most significant growth areas for accounting firms is having a family office practice. The wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. Furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. With so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.
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