Alert! Expand your CPA Firm Internationally with these Hacks!

As we move forward to an age where everything is globally accessible, it is essential for CPA firms to think ahead of just local clients. Your firm’s growth strategy should include gathering international clientele and offering them services accordingly. The current era demands of a sophisticated practice that is not limited to an area or a niche, and can take on the responsibilities of clients on a global level. Integrating your accounting software with cloud technology gives QuickBooks Hosting Services which allows remote access for the modern professional.

Clients that are outside your state or country will have a different set of requirements from their accounting firm. Thus, to make your firm global, you need to provide those services and be effective in communication. Also, having the talent and technology to support those services is crucial. It is the only way to ensure long-term profitability in the accounting business.

The shifting accounting landscape has made us look in all directions to provide sustainability to the business. There is so much to accounting than just reporting profit and loss. CPAs have to brainstorm ways to provide value and earn their rightful place in the management. This will give your firm a competitive advantage over your competitors.

What do clients need?

Clients looking for financial assistance outside their local territory are those who want to expand their customer base. Here is what they would need from you:

1. Introductions to project management and help in establishing their operations in a new area’s administration.

2. Assistance with tax laws and to create a process which is the most tax efficient.

3. Understanding the challenges in marketing/brand awareness and advice in overcoming them in a well-planned manner.

4. Constant communication with their financial advisor.

5. Personal contact, if possible.

Your clients may know their business and their products or services, but you know your niche. To build successful profitable relationships with international clients, one must focus on their requirements and deliver valuable insights that help them in their business.

What should you do?

To cater to global clients and take your CPA firm to the next level, it demands sophistication and deep international knowledge. Below are a few tips:

1. Recruit specialized professionals with international expertise and reach that can give your firm an edge over others.

2. Join an international association of other professional service providers who might share the same target audience, and become their active member. Build relationships and work to grow together.

3. Make sure that internal operations and administrative process of your firm are in order before launching yourself globally.

4. Have adequate resources and manpower to support the expansion.

5. Establish connections with the local market, and advertise about your expansion to your existing clients.

6. Understand the needs of the market that you’re venturing into.

7. Develop and follow a strategy that supports the mission and vision of your firm.