Services marketing accounting firm services
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Transcript of Services marketing accounting firm services
Accounting Firms Services
Ario Ardianto Baroto U3088020
Misa Tran U3024065Phuong Huang U3032828
Today’s presentation outlineBrief case summary
Unique characteristics of accounting firms services
Current service marketing problems faced by accounting firms
Emerging trends and innovation of accounting firms services
Likely future of accounting firms services
Conclusion and recommendation
Brief case summary
Unique characteristics of accounting firms services Highly intangible nature of the service
offering Services are difficult to display and/or explain to customersThe pricing of services is difficult
Fluctuating demand across the financial year It is impossible for a service operation to achieve 100 percent perfect quality on an ongoing basis.
Current service marketing problems faced by accounting firms
“Service customer frequently view waiting as a waste of their time” (Hensley, Rhonda L &Sulek, J 2007).
Current service marketing problems faced by accounting firmsLack of employees
Could not handle customer expectationSwitch to another accounting services
Long hours during tax seasonGST period – October, January, April, JuneEnd of financial year: employees and business
annual taxPerceptions of the service quality lower down
Current service marketing problems faced by accounting firmsChanges to taxation legislation
Decrease demand of services to the accounting firms
Lack of customer communication
Emerging trends in accounting firms servicesEvolution in accounting firms services
deliveryClients come to the accounting firm offices
Accountants and clients interact with electronic channels
Accountants visit the clients’ premises
Emerging trends in accounting firms servicesShifting of offerings
Clients demand services beyond compliance services Tax planning, audit jobs & book keeping
Firms are offering consulting/business advisory servicesBusiness coaching, risk management, cash flow
management
Emerging trends in accounting firms servicesOffshoring compliance services
Outsource to specialist service providers (i.e Indian accounting firms)
Offers cost efficiency, solution to expand services and manage fluctuating demand
Concerns over data security, loss of managerial control, service quality, can turn into potential competitors
Likely future of accounting firms servicesCloud Accounting
Accountants can access accounting softwares and databases over the internet, enabling to work “in the cloud” in real time.
Increase flexibility, productivity, time and cost efficiency, with less heavy IT investment
Need adaptation, concerns over data securitystored offsite
Likely future of accounting firms servicesConsolidating accounting service industry
Small firms will merge to offer broader range of services to fulfil clients’ increasing demands.
Tougher competition requires aggressive marketing Firms must differentiate from others by offering
more value-adding services
ConclusionAccounting firm services characteristics:
highly intangible in nature & fluctuating demands.
Problems faced by accounting firms: lack of employees, long waiting time, changes in regulation, lack of customer communication.
Trends of services: evolving service delivery, shifting of offering, offshoring and cloud accounting.
Future of services: tougher competition requires firms to differentiate their offerings.
RecommendationsIncrease brand awarenessInvest in market researchCustomer special offeringOffer the internship jobLearn how to market and sell
Thank you for
listening