services marketing accounting firm services

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Accounting Firms Services Ario Ardianto Baroto U3088020 Misa Tran U3024065 Phuong Huang U3032828

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Page 1: Services marketing   accounting firm services

Accounting Firms Services

Ario Ardianto Baroto U3088020

Misa Tran U3024065Phuong Huang U3032828

Page 2: Services marketing   accounting firm services

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

Page 3: Services marketing   accounting firm services

Brief case summary

Page 4: Services marketing   accounting firm services

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.

Page 5: Services marketing   accounting firm services

Current service marketing problems faced by accounting firms

Page 6: Services marketing   accounting firm services

“Service customer frequently view waiting as a waste of their time” (Hensley, Rhonda L &Sulek, J 2007).

Page 7: Services marketing   accounting firm services

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

Page 8: Services marketing   accounting firm services

Current service marketing problems faced by accounting firmsChanges to taxation legislation

Decrease demand of services to the accounting firms

Lack of customer communication

Page 9: Services marketing   accounting firm services

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

Page 10: Services marketing   accounting firm services

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

Page 11: Services marketing   accounting firm services

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

Page 12: Services marketing   accounting firm services

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

Page 13: Services marketing   accounting firm services

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

Page 14: Services marketing   accounting firm 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.

Page 15: Services marketing   accounting firm services

RecommendationsIncrease brand awarenessInvest in market researchCustomer special offeringOffer the internship jobLearn how to market and sell

Page 16: Services marketing   accounting firm services

Thank you for

listening