The compliance and tax work you are doing for your clients may not be enough to keep you afloat as a freelance accountant. New technologies and trends in services mean clients are now expecting more from their accountants. Rather than getting stuck in your routines, it’s time to consider becoming a virtual CFO. If this sounds overwhelming, it’s worth the work. Like every new venture, success happens one step at a time.

Step One: Understanding the Changes

Cloud-based accounting software has commoditized many accounting services, such as data entry, payroll and tax preparation. As a result, accountants and firms need to set themselves apart from the competition. Mobile devices and software services allow accountants to transition from labor-intensive roles to consulting roles for their clients. While many accountants and clients are in a set rhythm with their workflow, there is no better time to transition into a new way of working with one another.

Since many small business owners do not possess accounting skills and cannot afford a chief financial officer, you have the opportunity to provide advanced support from a distance. Virtual CFOs offer services such as:

  • Handling the duties of a traditional CFO on a part-time basis.
  • Using cloud-based software to monitor a business’s financial health and reconcile bank accounts.
  • Consulting clients on company decisions and financial insights.
  • Creating budgets and financial forecasts.

Virtual CFO roles are becoming more common, and the trends in technology mean you can now add more value for your clients than ever before.

Step Three: Reposition Yourself

Once you’ve decided to take the dive into full-service virtual accounting, you’ll need to change the way your clients see you. Do they see you as someone to simply make sure they pay their taxes on time, or do they see you as a trusted financial advisor?

While it may be hard to prove yourself to clients in a short amount of time, you can gain their trust over time and offer added value through your insights. Be sure to differentiate your services to them to show them the added value you bring to the table. It’s time to enter a new era of accounting.

Are you ready to take on a new challenge? Work With 1-800Accountant