Utilizing the Cloud to create Your Niche Miami accountants

It’s been fabulous to watch the discover the momentum that technology can deliver to their and their clients and I’m occasionallyasked what the most prosperous Miami accountants are doing with technology. In many cases, they’re utilizing cloud-based solutions to take expertise and industry focus to a whole new level.

 The recipe is simple: Combine amazing, Web-based tools with a profound understanding of a client’s company operations and environment. Duplicate that success with similar companies, and your is primed for substantial growth.

 The basic process and productivity improvements from Web-based tools are familiar to most practice leaders, even those Miami accountants who haven’t fully embraced the cloud. When taking a look at use of Web-based tools, always start with data that’s always accessible and can be updated immediately; the ability to create powerful, easily grasped financial reports; and the design of better capabilities for business continuity and catastrophe recovery, but these advantages are just the beginning.

 While specialization can pose challenges, to do it spot on you have to completely reimagine the most helpful way to deliver results for your client, based on that specific vertical or sector. For instance, take the retail or tourist industry. What can Miami accountants do to drive efficiency and add value from the time a sale is rung up to the creation of detailed financial reports for the business owner? The ultimate goal is giving the client clear, insightful guidance on decisions that will shape his or her business.

 For example, one of our partners has a substantial expertise delivering technology solutions for the restaurant industry. Recently it was able to develop a suite of cloud-based applications for a small Boston-based restaurant chain that wanted get access toto live financial data to guide expansion plans.

 The restaurant’s finance and back-office proceduresweren’t supplying the results the company was looking for, so it turned to the firm’s business process outsourcing platform which incorporates tools such as Bill.com and Intacct to get better visibility into the restaurant chain’s financial situation and sharpen its planning and budgeting.

 Since the engagement began, the business organisation has opened two new restaurants despite a shaky economy. But whether it’s the restaurant business or another industry, the idea is to create a technology-driven road map that other businesses in the same niche can use.

 Remember, your isn’t just delivering an overview--you have to be well-versed in the finer details, too. You may need to know, for example, which point-of-sale devices are best for collecting data on retail sales. You also have to have a firm grasp of the standardized services you’ll need for the sector, and lay out premium rates for times when you have to deviate from those.

 The goal is to create a standardized practice built around your niche, with pre-built templates so you can get clients up and running as quickly and efficiently as possible. As your business grows, the push toward standardization gives you economies of scale. But successful firms aren’t creating a cookie cutter approach, they’re using a well-designed blueprint that can be tweaked to best serve each client.

 Simply speaking, the opportunities for specialization are limitless and there’s still time to stake out your territory, but it pays to learn from your early adopter rivals too.