You understand their business on a much deeper level than a generalist ever could and you know instinctively what’s keeping them up at night. The absolute best family of business niche is that a bookkeeping company can focus on our home service companies. Home service companies are amazing because entropy itself means that these industries are going to be busy no matter what the economy is like. In general, notice how deep these firms go into their niches. Check the level also creates clear messaging around ensuring contractors that each project will be financially well-managed. There’s also hiring, building accounting systems, and a host of other specialized accounting services these businesses need.

For example, you might market yourself as the accountant for radiologists or immunotherapy practices. Additionally, software companies seeking outside funding need solid financial statements readily available and may need a financial representative to meet with investors. Because there are specialized accounting regulations regarding investments, this niche is perfect for someone looking to specialize. By focusing on a single area, you can develop expertise that will increase your efficiency and allow you to provide better service to your clients. Focusing on a specific niche can give you the edge you need, if you’re starting a new firm or trying to give your existing firm more direction. BooXkeeping is a nationwide provider of affordable outsourced bookkeeping services to small and medium-sized businesses.

But it’s also not going anywhere, and as we’ve seen over the past year, crises don’t necessarily spell doom for housing. Startups are a hot niche, simply because of the number of Venture Capital and investor dollars thrown into so many of these businesses. If you’re at a loss with how to juggle multiple priorities, consider implementing a workflow solution such as Jetpack Workflow to help you and our team stay organized.

Build a Niche Within Your Accounting Practice

Your job could have been as a bookkeeper or not, but consider the experience you have. Local bookkeeping can be a great niche in a small town, but you can do it in a city. You will need to find something to make yourself stand out, such as experience. If you like animals, you can work with animal shelters, and if you’re passionate about education, you can work with a private school. If you can convince an NFP organization they need your service, you may be able to charge a decent amount. You won’t have to worry about stakeholders affecting your services to the company.

These can cover a wide array of things for traditional bookkeeping, auditing, internal control, taxation, financial planning, valuation, and the list goes on and on. Whatever niche you ultimately choose, there’s no substitute for top-notch client service. It won’t matter how much specialized expertise you have if you can’t also provide timely, efficient service that creates lifelong, loyal clients. Remember, accounting generalists that work with anyone have a harder time commanding higher fees because it’s more difficult to sell when what you’re selling is basically a commodity.

Customer Service Tips for Accountants: A+ Service That Keeps Clients Coming Back

What you might want to try is going to the subcontractors to see if they would like someone to help with their books. I still have many subs that turn in handwritten invoices at the end of a week. I know that they don’t like/want to do the books but with such simple recordkeeping, they might not be willing to pay much for an outside source.

• It allows you to acquire specialized skills so you can better serve your clients, and it allows you to increase the effectiveness of your marketing.
• Put simply; an accounting niche is a specific slice of the accounting world you serve.
• Doctors, dentists, and lawyers are a busy bunch, and most are more than happy to outsource their accounting so they can focus their time and energy where it matters most for their practice.
• That can be great if you want to work from home and control your schedule.
• Federal tax rules are complicated and many state and local governments are cracking down on property owners who skirt their lodging tax or occupancy tax obligations.

The more specific you are, the easier it becomes to attract the right clients. One of the most common questions bookkeepers have is “How do I find clients? ” Before you decide on where to look, you first have to do a little bit of work to identify which kind of clients you want, so youknowwhereto look for them. When expanded it provides a list of search options that will switch the search inputs to match the current selection.

Choosing a target market is not about reducing the number of customers, but about improving the focus of your firm. Understanding this mental shift is paramount to the success of pulling off the niche firm business model. See why over 7,000 accountants and bookkeepers use jetpack workflow.

How to plan your week & stay on top of all the client work

The most important thing for you as a bookkeeper is that you have the fundamentals of bookkeeping down. From there it can be applied to any industry and to most business types. Provide better service to clients – When you perform work that you love and are good at, you end up providing an enhanced experience to your customers and clients. This often happens organically, simply because you’ve made the right choice. Command higher fees as an industry leader – As an industry leader, there are certain perks.

Again, knowing thelanguageof your client is going to beso helpfulin attracting and communicating with them. The industry is contract-driven, so job costing, cost allocation, and revenue recognition are major concerns. That positions you as the go-to firm for clients in that industry and seriously increases your profit potential.

Become an Expert

Construction is another great niche that requires specialized skills, thereby making you more valuable to your clients. You’ll be able to charge premium fees for your services because your specialized knowledge brings more value to the client. You can take advantage of these benefits by specializing in any niche, but frankly, some niches are easier to work with than others. These two advantages will create a positive feedback loop that helps you get new high-paying clients with predictability. Serve and advise your clients in a way that a generalist accountant wouldn’t be able to. Finding your niche not only makes the best use of your time, talents and resources, but it also allows you to better serve those you do.

Really what it comes down to is analyzing your current clients, identifying your best ones and coming up with a list of common characteristics that they share in common. No matter what niche you choose, making sure your clients are happy should be your first concern. Being responsive and ensuring nothing falls through the cracks are the two key factors to ensuring client satisfaction.

And as you gain more experience and establish a reputation by providing your clients with excellent service, you’ll become a credible expert who is well-respected within your industry. You’ll notice that niching gives you an advantage in two major areas. It allows you to acquire specialized skills so you can better serve your clients, and it allows you to increase the effectiveness of your marketing.

fob shipping point niches are really important, and they’re incredibly important for a bookkeeping business. In today’s economy, knowing which niche markets are growing at a quick pace can help you make the right decision. If you’re an accountant or tax professional and you want to offer services to a select industry, here are a few that hold promise. In an accounting practice, choosing a speciality provides a level of focus for the services you provide and the clients you attract.

You could work with agents and brokers, or you could serve real estate investors who buy, sell, fix, flip, or wholesale properties. Now let’s take a look at why each of these industry niches made the list and see if any of them stand out to you. Here’s a quick rundown of the top 10 accounting firm niches, in no particular order.

Software as a service or Saas companies are on the rise, with the industry growing from $30 billion in 2015 to $170 billion in 2021. All of these emerging startups need knowledgeable accountants to help them grow and scale, making this field ripe for the plucking as an accounting niche. Put simply; an accounting niche is a specific slice of the accounting world you serve. It could be a kind of accounting, such as wealth management or tax planning.

Now that we’ve established why niching down is a must, it’s important to know that not all accounting niches are created equal. As you take on clients, you’ll start to learn the types of businesses you more enjoy working in but mostly it’s about the clients, their personalities, and values. Now that we’ve added the industry layer on there, you can start putting yourself in the room with those ideal clients. Industry Facebook Groups and networking groups are great for that! You can still take on varying industry type clients but after a while, you can reevaluate the clients you do have and figure out what they all have in common, and then narrow your focus even more.