CPA FINANCIAL SERVICES - ORLANDO

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There is a current trend for accounting firms to venture beyond their traditional areas of service in order to provide a more comprehensive array of services to clients. More and more, clients are seeking a holistic approach to addressing their business needs. This article below details one such acquisition that an accounting agency completed.

Our sample agency in this article, acquired another company which enabled them to offer brand, digital design, web and social media solutions which complemented their existing accounting and business advisory services. The acquired firm boasted an impressive client roster including many large organizations,but also offered services to owner-managed businesses and start-ups.

The goal is to keep accounting and taxation services as the primary focus, but adding the creative design services enabled them to more effectively address their clients' evolving needs and deliver increased value. They merged with a company that had synergy with their business. Doing so demonstrated their commitment to providing the best possible service to clients and showed their ability to evolve and adapt to meet the changing needs of their clients.

While the demand for standard accounting services including bookkeeping and auditing may not be disappearing entirely, it is not growing either. The routine tasks in bookkeeping and auditing have been automated through software solutions, and so these tasks are more efficient and less time-consuming. This has led to a reduction in demand for manual processing of transactions and data entry.

The role of accountants are evolving as automation and smart technology have taken over the more repetitive tasks. Clients are lookinf for value-added services such as strategic financial advice, risk management and business consulting, in addition to traditional accounting services.

But growing an accountancy business organically into areas like wealth management is a very slow process, as there is an acute shortage of qualified talent. As an immediate alternative, we are seeing an increase in acquisitions by the more dynamic accounting firms into these areas and into the digital and design space. In recent years. the major accounting firms have made significant investments into these areas.

There are five key reasons why pursuing this strategy makes commercial sense:

• Diversification of services 
• Digital transformation
• Enhancing client experience 
• Cross-selling opportunities
• In-house expertise



The business landscape is evolving with an increasing reliance on digital platforms and online presence. By acquiring web and design agencies, accounting firms can expand their range of services beyond traditional accounting and financial services. A new revenue stream will be created and their business can become a one-stop solution for clients who are seeking multiple services like accounting, web design and digital marketing.

 Adding web and design services will mean that accounting firms can cross-sell these services to their existing client base. This in-house talent can help improve the firm's digital strategy and online presence. Most tax and accounting firms are now offering more services to their current clients and as a way to attract new business.

Acquiring creative agencies is the fastest, most effective way to break the gap between thinking of office services in isolation, marketing in isolation sales in isolation and strategy in isolation. Truly bridging that capability is something many forward-thinking accounting firms aspire to.