It’s tax season, and as a CPA, you’re in the thick of it right now. You may wonder if there’s a better way to run your business. And the short answer is, there is! Learn how CPAs can provide value-added, proactive services and become less reliant on seasonal tax services.

First, let’s acknowledge that as a CPA, your value to clients extends far beyond compliance work. Sure, tax filings and audits are necessary, but what truly sets you apart is your ability to provide strategic guidance and proactive solutions that improve your clients’ businesses and financial well-being.

That’s where the concept of pain vs. gain comes in — as discussed in A Look Into the Future with Paul Latham and Garrett Wagener, CPA®. If the gain represents the value you deliver, then the pain is the struggle your clients face without you. Your job is to communicate and amplify your value proposition in a way that makes the gain far outweigh the pain.

Here are four ways to enhance your value proposition, differentiate yourself, and better serve your clients.

1. Focus on the pain/gain ratio

Clients seek out CPAs to aid with taxes, accounting, and compliance issues, but they might be experiencing other financial pain points. The video above suggests that for CPAs, your value, or the gain opportunity you offer, should be at least ten times the pain. Here are a few ways to add gain to your ratio:

• Offering proactive advisory services to help clients grow and optimize their businesses
• Expanding service offerings through strategic partnerships or outsourced expertise
• Helping clients make better financial decisions beyond just filing taxes

CPAs can offer these expanded services by being part of a team-based model, shifting your mindset from just checking compliance boxes to actively helping to solve problems. This positions you as an indispensable advisor rather than a necessary expense.

2. Consider leveraging a Team-Based Model

A Team-Based Model approach allows CPAs to work smarter, not harder, by utilizing the power of collaboration. This innovative model can help you to:

• Reduce the risks that come from referring clients to third parties.
• Reduce the risk of losing clients by being more proactive.
• Provide more value and increase client satisfaction.
• Command increased fees by offering higher-margin services.
• Expand your “brain-trust” by working with some of the country’s best specialists.
• Increase organic growth by giving clients a story worth sharing with family and friends.

As Paul notes in the video, the “pain” of adding new services is “nil, more or less” with this approach. Work in collaboration with a team of expert professionals to help you serve your clients better and dramatically upgrade the profitability and quality of your business with a Team-Based Model.

3. Be willing to adapt and pivot

The accounting industry is changing rapidly, and CPAs who stay ahead of the curve will thrive. Being adaptable means embracing new technologies, service models, and client expectations — rather than resisting them.

A great example of this is the shift to virtual solutions as a result of COVID-19. Before the pandemic, many CPAs resisted video conferencing and cloud-based tools. When forced to adapt, they quickly realized these tools reduced friction and improved client service. Firms that embraced virtual solutions now operate more efficiently and flexibly than ever before.

The lesson applies even outside of a pandemic: Be open to change. Whether it’s adopting a Team-Based Model, integrating new technology, or offering advisory services beyond tax prep, CPAs who evolve will stay competitive and in demand.

4. Celebrate your core strengths

At the heart of it all, your greatest asset is the trusted relationship you build with clients. Rather than viewing yourself solely as a tax preparer or auditor, lean into your role as a strategic partner who helps clients achieve their financial goals.

Ultimately, your ability to focus on your core strengths depends on your ability to seamlessly meet the growing demands outside of your area of expertise. For instance, CPAs might consider:

• Partnering with financial experts to expand your services without losing focus.
• Using technology to streamline compliance work and free up time for strategic advising.
• Positioning yourself as a financial quarterback, coordinating wealth management and tax strategies for clients.

Do more without losing your best assets

You don’t have to just do taxes during tax season. By leveraging a Team-Based Model approach and embracing a client-first advisory mindset, you can expand your value proposition and build deeper, more profitable client relationships.

We specialize in helping you elevate your value by exploring ways to scale services and differentiate yourself in the marketplace through our Team-Based Model. If you’re a CPA firm looking to take your business to the next level, let’s discuss how the Concentus Team-Based Model can help you enhance your offerings, serve your clients better, and grow your firm. Contact us to learn more.