Building Entrepreneurial Accountants and Partners During Coronavirus

Building Entrepreneurial Accountants and Partners

September 11, 2020

The Covid-19 pandemic has made us realise that when the need for something becomes essential, you are forced to find ways of getting or achieving it. Coronavirus has changed our social as well as our work life. It has adversely affected almost all the business sectors. But, as humans we always find ways to survive. We find new ways and methods to overcome the adversities and make progress.

The pandemic has forced us to work home, which enforced us to think of new systems and methodology that can be in place to cope with the challenges we are in. This has made us understand our limitations and look for better alternatives. Accounting firms who are doing well through these challenging days have actually found ways to become more productive by increasing their efficiency and implementing the right and innovative strategies.

Now, it is an ideal time when we work towards building entrepreneurial accountants and partners. Established firms sometimes become static in their creativity and finding new opportunities. This is where the entrepreneurs come into picture with a unique vision for a business need. An entrepreneur understands the business need and comes up with pioneering and efficient ways to serve the need.

Lately, many accounting firms have struggled to adapt in the new world with many challenges and limitations. But those who have succeeded in overcoming the challenges and making good progress now, are the ones who have entrepreneurial minds working for them. So, now the question is how you can work towards building entrepreneurial accountants and partners during this challenging period.

Let’s run through the key things that you need to do to nurture the entrepreneurial minds and partners:

1. Assignation

You must assign your accountant a set goals to help client, how he facilitate a client’s business growth by providing efficient accounting and advisory services. This is important that all members involved in the assignment must be accountable towards preparing work process and strategies. They must work on the client’s feedbacks to establish a proficient system in place.

2. Incentives

Bonuses and incentives are really important to recognize your staff’s achievements and motivate them to do better. It has to be designed in way that staff working at each process level get a piece of the cake.

3. Study and Engagement

Accounting firms should encourage their accountants to learn from actuals case studies as well need to ask them to work on hypothetical scenarios. This will enable them to come up with different inventive ideas to serve clients better.

4. Best workforce

Whether you have got the best accounting staff or not it depends on how quality work is delivered to clients on time. If you can free up time for your clients that is the best thing that your client will love to have. It is important that members from all work level meet frequently to share their experiences and suggestions to enhance the systems in place.

5. Business Domain Connectivity

To broaden outlook and better their skills, staff should be part of large business organisations like chamber of commerce or any advisory bodies. This enables members to get bigger insights and be smarter at what they do.

6. Guru

There must be groups or communities where every accountant can communicate with the Guru or Mentor. The Guru can guide on the different aspects of a particular client base. This gives entrepreneurs to learn from other entrepreneurs in the same business field.

7. Go for Partnerships

We need partners, who can add value to our service offerings. We need to be proactive and realise the changes in the business sector in advance and act accordingly. The accountancy services are going through a significant changes due to new technology and tool. Experts for tax planning advice and Tax investigation are required more often now-a-days. This has given rise to collaboration in the form of outsourcing and offshoring. Whatever route you are going to choose, successful partnership with your entrepreneurs is going to be a key. This will ensure that you build a resourceful workforce to serve the common goal, which is to satisfy your client.