How CPAs Can Widen Their Income Base During Uncertain Times

There are a lot of financial changes taking place right now, and more may be on the horizon. CPAs may find some clients are pulling back financially, wanting to do their own taxes and finances to save money. Now is the time to highlight to your clients why your services are needed now more than ever. You may even be able to broaden your offerings in these uncertain times. 

If you do not have a robust client communication forum, you should develop one. A weekly email with updates and blogs exclusively for your clients will help your people remember how valuable your services are. Keep them up to date with possible changes in tax laws, stimulus packages, etc. There’s so much information out there that non-financial people have difficulty sifting through. You are their sifter. You can distill the tsunami of information and confusion into manageable streams of information that can provide them with the information they need to make good business decisions. 

In your emails or exclusive blog posts, highlight the benefits you can offer them and recommend they come in to talk to you about how the following may impact them directly:

  • Changes in tax laws
  • Stimulus packages and other tax and business opportunities being offered by the government
  • Tactics to maintain or improve credit rating
  • Ways to drill down debt – dramatic decrease in revenue due to shutdowns or violence may have affected your clients’ ability to pay bills
  • Protection from collectors – increased debt due to sudden economic changes puts clients in danger of bullying or unscrupulous collection tactics that you could help deflect or prevent
  • Audit protection and/or guidance
  • Avoidance of tax mistakes from PPP loans or other changes due to new government rules
  • Streamlining workflow for clients when they need to focus their efforts on building back business

You may also see opportunities to expand your services, if you have the expertise:

  • Financial advisor: If you have additional proficiency in financial options such as stocks, funds, real estate, or other investments, you may offer an add-on service to your best clients.
  • Business advisor: If you have expertise in a particular industry, you may be able to advise clients who are in that industry about different revenue streams available within the niche that they can leverage to provide them with income that is less volatile in the face of market changes.
  • Personal and business financial planning: You could provide additional consulting services to develop short-term, mid-term, and long-term financial plans, help with cash flow, and create emergency plans.

Consider these suggestions as springboards to start you brainstorming about how to create a more market-proof income for yourself by helping to market-proof your clients.