Blog
  |   [email protected]   |   +1 862 946 6565

Topics: Accounting, Practice strategy

3 minute read

Why is this the right time to develop niche or specialty?

Written By VISHAL KURANI

The Covid-19 pandemic and the subsequent business restrictions have created a challenging business environment for almost all types of businesses. As local businesses have closed and tens of millions have been subjected to social distancing, everyone is seeking services and products online. The lessons learned during the early stages of this pandemic have helped accounting firms realize the importance of developing niche or specialty areas to survive and thrive. And cost-effective offshore accounting services can further help by allowing you to focus more of your resources and time on high-return tasks.

Benefits of Developing a Niche

There are many reasons for developing a niche in this time of the pandemic. In fact, it can also continue to reap benefits for you in a post-pandemic era.

Specialize in Area of Interests

When you specialize in a specific area, you get the option to pick the clients you would like to work with. In other words, you could work with companies that operate in specific industries of your choice. If you have more in-depth knowledge in a sector, you are more likely to excel in the quality of services that you provide.

Earn More

Another advantage of specializing in a niche area is that it gives you the freedom to demand a higher fee for your services. Your clients will see that you are the specialist in the areas that they need your services in. This will encourage them to pay more for your services. Outsourcing accounting work to India can help you focus on areas that you specialize in.

When it comes to specialized services, price is a less important factor. Higher quality services matter the most. The result is greater profits for both you and your clients.

Competitive Edge

As a niche accounting firm, specialization can give you a competitive edge compared to other general accounting companies. Each industry has its unique methodologies of doing business, regulations, and trade practices. Your specialization in one or more industries can give you an edge that will always be in great demand. When your team understands these nuances, your practice will become more desirable. The result is that your firm will stand out from the competition.

Greater Efficiency

When outsourcing work for chartered accountants, you get the time and resources to learn the nuances of specific industries. The result is that your operations can become more efficient. It can take accounting firms months or years to learn everything about niches like real estate, legal, healthcare, and other business areas. When you specialize in the accounting practices of a niche, it becomes possible to complete tasks quickly and more efficiently.

Choosing a Specialization Area

Selecting a specialization requires lots of self-assessment about your areas of interest. Identify opportunities in different industries. There can be a sudden surge in demand for services in certain sectors. It is not just an industry, but you can also specialize in other areas including geography, service, and practice management.

Service Areas

You can also specialize in providing specific accounting services. This can include:

  • Accounting services
  • International control
  • Auditing
  • Financial planning
  • Taxation
  • Valuation
  • Litigation support

Each service can have multiple subdivisions. So, you should determine which niche offers the greatest returns and matches your areas of interest. Outsourcing accounting work to India can help you in focus on such higher-value tasks that generate greater revenues.

ABOUT VISHAL KURANI

My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice. More Posts(133)  

Originally published Jul 14, 2020 06:07:45, updated July 14 2020

Don't forget to share this post!

Related Topics

Keeping Accounting Firms Secure – 5 K...

24 Sep 2021

Cyber threats are evolving all the time, and so should the cybersecurity posture of your accounting ...

Read More  

Is this the time for CPAs to use outsour...

22 Sep 2021

Many CPAs adopted accounting outsourcing years ago, happily sending their high-volume, time-consumin...

Read More  

What is Outsourcing for Accounting Firms...

01 Sep 2021

Accounting firms offer a variety of services. Some like tax preparation, bookkeeping, and payroll ar...

Read More  

Why CPAs Must Outsource Tax Preparation ...

27 Aug 2021

In the recent past, we have seen an overwhelming rise in outsourcing services providers offering tax...

Read More  

Rethink Traditional Accounting Processes...

18 Aug 2021

COVID-19 has taken an enormous human toll and affected significant economic and financial markets fo...

Read More  

Stop Getting Overwhelmed in the Tax Seas...

12 Aug 2021

Success in a business can only be achieved by ensuring all its processes and verticals perform seaml...

Read More  

SUBSCRIBE TO THE ACCOUNTANT’S DEALBOOK

Get more accounting advice, thought-provoking pieces and expert opinions curated just for you, each month

Get the monthly QXAS newsletter with curated content just for you

x