While most accountants want to grow their accounting practice so their practice is worth more when they decide to retire, they typically lack the time, skills and desire needed to grow aggressively.
- Lack the Time – Most accountants get sucked into the operational side (back end) of their practice by staff and demanding clients. We all know that the squeaky wheel gets greased. As a result, accountants typically lack the time to aggressively market and generate enough leads.
- Skills – Let’s face it, accountants are technically proficient but not marketing savvy. The road to becoming proficient at accounting and tax has nothing to do with lead generation, reputation management, and branding.
- Desire – And worst, most accountants simply don’t have the desire to proactively market their own practice. They enjoy operating in a consultative manner but hate marketing.
Why Is Outsourced Marketing growing within the accounting industry?
For most accountants, the market value of their accounting practice is the most important component of their retirement plan. That’s right, the value of their accounting practice on the open market is the linchpin to how prosperous their retirement years will be.
Here are some of the other reasons why more accounting firms are outsourcing their marketing:
- Hiring marketing people is expensive. A competent marketer commands a six figure compensation package which is not feasible for most accounting firms.
- Partnering with marketing experts yields better results because they have much more experience testing which methodologies work, and which are worthless. This eliminates the need to throw spaghetti up against the wall and test everything under the sun. Savvy accountants would rather use a proven system to grow quicker.
- By partnering with marketing gurus, my practice will become easier to sell, more profitable and worth a higher multiple. It’s not about doing more of the same thing, it’s about improving our profit margins, hourly realization rates and obtaining a better balanced lifestyle.
- Hiring a marketing firm provides me with access to several different experts to better avoid problems and be more efficient with my time.
Why Do Accounting Firms Stick with Outsourced Marketing?
The business model for outsourced marketing within the accounting industry works. And because it works, accountants are now using outsourced marketing for 5-15 years to develop practices that are worth more on the open market, transition the practice from a job into a business, and make more money.
Said another way, the average accounting practice is typically worth 1.2 – 1.3 times gross revenues. And the cost to acquire $100,000 in revenues is approximately 0.5 – 0.6 times gross revenues, sometimes lower. Essentially, outsourced marketing enables savvy accountants to acquire new business at a 50-70% discount to the market value. This gap between the cost to acquire and sell has motivated many accountants to continue enhance their retirement nest egg for 5-15 years.
And if the practice operates at higher profit margins, then the multiple for this practice can be 1.3 – 1.7 times gross revenues because the profitability is higher. That’s right, a practice that operates at profit margins of 50-70% will command a higher multiple than a 30% profit margin accounting practice. The math is simple.
Build Your Firm’s Outsourced Marketing Program
Build Your Firm is the leader within the accounting industry for outsourced marketing and lead generation because our system is more effective, sustainable, and makes your accounting practice worth more on the open market. And, it works with a wider array of accounting practices.
The core components of the program provide:
- Training – At the onset, BYF’s program provides training on marketing, practice management and selling effectiveness.
- Coaching – Throughout the program, BYF’s is your coach and partner through the myriad of business challenges.
- Tangible Results – Our program is bottom-line focused. If the results are attained, we both will want to continue for 5-15 years. If the results are below expectations, we both will want to end the relationship. This win/win approach is why over 75% of firms continue beyond the initial program duration.
And like any professional, our wisdom and expertise gets better over time.
Million Dollar Example
Recently, we had an accounting client start from scratch and then grew to $1 million dollars in six years. And while on the surface that may sound hard to believe, this person managed to do with taking 8-10 weeks of vacation each summer. My gut instinct is that the next $1 million will be attained in less than four years.
If you are ready to turn up the volume on building your accounting practice, consider outsourcing your marketing for Build Your Firm. Let more by watching what accountants around the country are saying.
Just like there are all kinds of law firms and specialties, the same applies to the CPA Firms. There are generalists and then there are specialists who provide additional expertise to law firms. Below are examples of CPA Accounting Firms that focus on the legal industry and provide additional guidance to
Law Firm Accounting and IOLTA Compliance – Maryland CPA – Graber and Associates – Graber and Associates has operated since 1993. They have two offices locations to better service lawyers throughout Baltimore, Annapolis and greater Maryland.
Law Firm Accounting – New York City CPA – Mark Feinsot CPA services law firms throughout the Tri-State region of New York. They have two offices in New York City. Mark has been a CPA for over twenty years.
Law Firm Accounting – Chicago – 1st Chicago Accounting services law firms throughout Chicago. They have three office locations to conveniently service busy law firms.
More examples of law firm accounting websites designed by Build Your Firm.
While most CPA Accounting Firms tend to avoid churches and non-profit organizations, there are benefits to developing this area of expertise. First, there is less competition in your immediate area so your marketing area becomes broader geographically. Second, the depth of services that you provide become more advanced after you acquire enough. And third, you start to generate more referrals.
CPA for Churches and Ministries – Florida – Sizemore & Associates provides accounting and outsourced controllership for churches, parochial schools and faith-based colleges throughout Florida and Georgia.
CPA Accounting for Churches and Ministry – Michigan – Strategic Accounting and Tax Solutions provides church accounting and outsourced controllership for churches, non-profit schools and faith-based organizations.
More examples of Church Accounting websites designed by Build Your Firm.
Over the past couple of years, the real estate sector has become one of the best sectors for accountants. That’s right, the availability of inventory coupled with low interest rates has helped has resulted in steady grow.
By real estate, we are referring to property management and leveraging the tax benefits for owner operators. In other words, commercial property to apartment complexes to upscale student housing to developers.
Below are a small sampling of accounting firms providing additional expertise for property management and the broader real estate industry.
About 10-15 years ago, you would win the website marketing race with your primary website. Heck, it worked well and the return on investment (ROI) was a no brainer. One website that was search engine optimized would work across a wide variety of keyword searches.
As more accountants eventually caught on, it became more challenging to stay ahead of the curve and still get more than your fair share of website leads. That’s when the general public became aware of search engine optimization and pay per click advertising. The ROI was still very attractive but you had to spend more to acquire the same number of leads.
Today, it is harder and harder for a single (primary) website to be placed towards the top of the search engine results pages for all of the services you provide. And if you operate in multiple geographic markets, it is even harder to be towards the top because your message to the search engines is more complex and less clear.
As more accounting firms have integrated blogs, social media, pay per click advertising, retargeting advertising and reputation management, it has become more difficult to dominate the online lead generation game.
So what is the solution?
While there is no single solution, many savvy accounting firms have deployed a multiple website strategy to obtain dominate search engine placement for their practice and to create that aha moment that business owners seek (someone that understands and works with businesses like theirs). Some accountants will deploy a generalist approach (e.g., we do it all) focused on their primary location and complement it with a couple niche websites.
In the example below, we developed a generalist website for the Los Angeles CPA Firm and then designed two separate websites which utilize video for the industry niches, dental accounting and real estate accounting.
Here are a couple examples:
For the small business owner searching for a CPA Firm located in a certain area, this approach works well. However, one size does not fit all people searching on the internet.
Dental CPA Firm in Los Angeles – Tax, accounting and benchmarking for dental practices.
For the dental practice owner who thinks their business is complicated and a generalist can possibly service their world, this website focuses on all types of dentists from orthodontists to pediatric dentistry to endodontists and periodontists.
This website focuses on property management, commercial real estate and real estate investor groups who want to leverage the tax laws to minimize their tax obligations.
If you are serious about website marketing and would like to generate more than your fair share of leads from the internet, then you should develop an aggressive multiple website marketing tactic to improve your lead generation. The costs are insignificant relative to the value of obtaining more small business clients.
The fact is that prospects for your accounting services search online for solutions to their problems. To become the firm (or person) best suited to solve their complex issues, you need to create a presence on the internet which motivates the prospect to call you. In other words, all roads direct them back to your firm, or you.
Blogging first started in the late 1990s as a unique way for people to share ideas, experiences, thoughts and opinions. Today, everyone from mom-and-pop businesses to Fortune 500 companies utilize blogs to increase their visibility online, improve their reputation, develop a following, and generate new business.
Here are the reasons why having a blog integrated into your website is imperative.
- “Google says” – Google rewards website owners for providing unique content by elevating your website in the search engine results pages. They especially like blogs because the content is easier to index and is date stamped so they know how fresh or old it is.
- Showcase your unique talents – A blog is a wonderful platform to demonstrate your knowledge base for a boutique type of service and create a following. Rather than blog about general accounting and tax related topics, which are too broad, we recommend that you narrow the range by developing a niche within your accounting practice, have a niche website developed around that niche service, and then add a blog within the niche website. By narrowing the range of topics and constraining the subject matter, you can now laser focus on blogging about your expertise.
- Build trust and create a brand identity – Now that you have a niche website along with a themed blog to support it, the stage has been set to create an identity and establish trust. The next challenge is to write 3-4 blog posts per month which help your followers and demonstrate the depth of your expertise. If you do this successfully, you will eventually create an identity as a subject matter expert who prospects reach out to when they need help.
- Generate more leads – Blogging is a core component of inbound marketing. You can use social media outlets like Google+, LinkedIn and Facebook to drive prospects to your blog, thus creating more opportunities for new client acquisition.
All tax, accounting and CPA firms, regardless of size, must comply with The Gramm-Leach-Bliley Act (aka – GLBA). The legislation was designed to protect personal financial information and applies to CPAs, Enrolled Agents and tax preparers.
Accounting firms and tax preparers must comply with all three:
1. Ensure the security and confidentiality of their client’s information
2. Protect against any anticipated threats or hazards.
3. Protect against unauthorized access to or use of such information.
Penalties for Non-Compliance
• Civil and criminal penalties.
• Fines up to $100,000 per violation.
How Build Your Firm can help you:
• Secure File Sharing tool is part of your website – 256 bit encryption (bank grade, higher than most portal services which tend to be 128 bit)
• Our proprietary tool is easier to use than traditional portals
• No “I forgot my password” phone calls
If you or your staff sends out a unprotected (unencrypted) tax return, K1, or QuickBooks file, that violates GLBA provisions.
Build Your Firm’s secure file sharing tool encrypts inbound and outbound electronic documents.
If your website is looking dated and in need of a face lift, then here’s an offer that you can’t refuse. There is no risk to you. In fact, we provide a one (1) year money back satisfaction guarantee.
Here are key reasons to order today:
1. 1 Year ROI Money Back Guarantee – We guarantee that you will acquire more new business over 1 year than your total investment with BYF.
2. Responsive Web Design – Our websites are mobile friendly and responsive to work in all devices.
3. SEO – All BYF websites are search engine optimized. We don’t charge extra for this like everyone else.
4. Secure File Exchange (bank grade security) – Our Secure File Exchange tool provides 256k encryption and is easier to use than portals. And, we eliminate those annoying “I forgot my password” phone calls during tax season.
5. Get Paid Faster – Our BizPayO tool provides you with control over getting paid and lowers AR.
6. Email Newsletter – Eight articles per month are provided. Easy to use.
7. No Annual Contracts – We provide you with month-to-month flexibility. If don’t like our work, fire us at any time. No penalty.
Nobody else in the accounting industry provides you with a money back guarantee. Take our risk free offer.