Are you considering joining an accounting membership body but unsure of how it’ll benefit your business?
The finance industry is an ever-changing environment, and accounting firms must work hard to stay abreast of new developments in the market. Smaller firms used to rely most on local clients, but technology advancements now allow firms of any size to conduct business from all over the world.
Navigating uncharted waters is challenging, and sometimes accounting firms need support to reach new markets. Accounting membership organisations give CPAs a chance to work in a collaborative environment to serve clients better.
Continue reading to explore the value membership organisations have for accountants, and how to optimise your internal processes to truly harness the benefits of your membership.
If you or your clients conduct business abroad, joining an international association is perfect for finding new opportunities and expanding your business. Joining a membership association for accountants gives you an all-inclusive experience that you share with other professionals doing the same work as your firm.
But what can your accounting business expect from these membership bodies? We’ve listed some of the main advantages below:
One significant advantage of association memberships for accountants is that you don’t need to travel to conferences or summits to network. Joining webinars and online meetings or training sessions allows you to build relationships with other member firms and expand your network right on your home turf.
Additionally, being around other finance professionals with different expert areas and experience levels will expose you to new ideas and outlooks. Seeing the business from a new perspective helps you think outside the box and come up with new innovative methods to grow your firm.
Easier to Stay Informed
Did you know that 60% of small business owners feel that they might not have enough knowledge about finance and accounting?
Joining an accounting association helps you keep on top of industry standards by providing helpful information about new education opportunities, updated certification standards, or legislation changes that affect member firms.
Enjoy access to a wealth of useful information about the finance industry, including newsletters, magazines, webinars, white papers, and industry reports. You can also share information with other members that you find interesting and useful.
Boost Your Firm’s Credibility
An association membership is a real plus for accounting firms looking to build credibility in the finance sector. Building credibility involves backing up your claims with truth, meaning you prove to clients that you can deliver the service you promise them.
Joining a well-established and trusted international association helps you enhance your company’s brand, especially if you’re new to the market since potential clients like to do business with a familiar face. If they trust the association, they’ll trust your firm by extension.
Sage recently uncovered that 83% of Accountants in the US think companies demand more from them than five years ago.
With the finance industry constantly developing, accounting firms must be able to evolve and update their service offering to suit clients’ event-changing needs. Accounting membership bodies provide member-exclusive material like online classes, documents or workshops that help you sharpen your skills to keep your clients satisfied.
Joining a membership association is not only a way for your firm to evolve and learn, but you can also share your expertise with other members. Whether you share newsletters, publish in-depth market reports, or host video conferences, sharing your knowledge is an excellent way to hone your leadership skills.
You also establish yourself and your firm as a leader and expert in your industry, building the credibility you need to stay competitive.
Bring in New Clients
Expanding your network, staying informed, building brand credibility, and all the other benefits we’ve mentioned all help you bring in more clients and grow your business. Accounting firms that have professional affiliations are more likely to obtain new clients and keep existing ones interested. Being part of an association shows a high level of professionalism that non-member firms don’t.
Accounting membership bodies are an excellent way to expand your foothold and find new opportunities to take your business globally. As your firm takes on more international work, it’s a good idea to make sure your internal systems enable effective collaboration.
Keep your accounting software up to date, along with your security. Ideally, your practice management software should allow you to share general information among staff and have options for restrictive access to protect sensitive data. In a collaborative environment, the balance of control and visibility is crucial.
An excellent way to get inspiration is through your fellow members. Ask your network how they manage and share information within their firm and deploy new technology. Remember, the point of membership organisations is to give accounting firms a way to work collaboratively to serve clients.
In today’s ever-evolving world, most accounting firms have a digital transformation strategy to implement the right technology at the optimal time. Soon there will be digital solutions for most accounting processes. In fact, 78% of finance professionals predict that all future accounting methods will be automated.
While this may sound intimidating, the good news is that automating the repetitive and mundane accounting tasks frees up your time to focus on the human side of your job and building relationships with your clients.
By leveraging the exclusive access to information, training, and networking opportunities accounting associations bring, you can upskill your staff, form new connections, and take your business to new heights.
Discover Memberships for Accountants with INAA
Becoming a member of INAA is an excellent way to help your firm gain essential credibility and international visibility. Harbouring over 25 years of experience, we help smaller and mid-tier firms join together and exhibit their finance expertise.
We connect accounting firms who aim to deliver quality professional services around a shared vision to make global business personal, and take personal business global. With every industry change, our collaborative association of international businesses is committed to being a part of the conversation around auditing and accounting.
Join today to start building powerful business relationships.