5 Shocking Ways IT Service Management Boosts Revenue for CPA Firms
October 19, 2016
Running a small business requires much more than doing your “job”. For example, CPAs may spend as much time worrying with things like office supplies and equipment, staffing, small business insurance needs, disaster recovery planning, cleaning services, and other “incidentals” involved in running a business as they actually do working on their customers’ accounting needs. Smart CPA firms learn to outsource many of these chores, leaving more of their time to productivity, which is what actually brings in the revenue and pays the bills.
One way CPA firms can take advantage of outsourcing is via IT service management. These services essentially hand off the IT chores and responsibilities to an outside firm, freeing your staff to productive work. IT service management can help increase revenue, as well as lower expenses, for a healthier bottom line. Download the white paper: Managed IT Services For Small Businesses for deep insights on this topic.
1. Keep Capital Available for Investments in the Business
Small CPA firms and startups only have so much capital to invest in growing the business. Every dollar forked out on IT infrastructure or services is a dollar that isn’t available to take advantage of opportunities that present themselves. IT service management keeps more of your money in your coffers, where it’s available when a growth opportunity presents itself.
2. Lower Costs for IT Infrastructure
Buying enough on-premises data storage and software applications is tremendously costly. With servers costing about $3,000 apiece, it isn’t difficult at all to rack up tens of thousands of dollars in IT equipment for a growing CPA firm. Yet it isn’t necessary. You can get all of that data storage, processing power, and software access for a fraction of the cost. You get only what you need, only when you need it, and pay for only what you’re actually using.
3. Lower Costs for Personnel
Not only are there upfront costs for servers and software, there is also the long-term expenses of hiring an IT department. Due to an industry-wide tech shortage, finding good IT people can be difficult and expensive. Colleges haven’t yet caught up to demand for tech workers, and large tech corporations like Google, Microsoft, Apple, and the social media giants snatch up graduates as quickly as computer science programs can give them a cap and gown. This runs up the costs of hiring and retaining good tech talent, but with IT service management the CPA firm can get the tech help and experience they need without having to take on new staff members.
4. Lower Costs for IT & Data Security
Too many small businesses like CPA firms download a free antivirus program on their office computers and call this a security solution. Unfortunately, the sensitive nature of the data CPA firms hold on their clients makes it particularly attractive to hackers. To keep your clients’ social security numbers and other highly sensitive information out of the wrong hands, you can hand over the security monitoring and protective services you need to an IT service management vendor that is well versed in modern cyber security. The costs of not having good security far outweigh the costs of outsourcing your security practices.
5. Eliminate the Fear & Costs of a Software Vendor Security Audit
If your business accidentally uses more software licenses than your software vendor says you have legal access to, you may face serious fines and penalties. Even having a software audit is expensive, both in terms of defending yourself and in loss of productivity during the audit. When you contract with an IT service management vendor, they handle your software needs. You never have to worry about the software licensing bullies storming your CPA firm to fine you for being out of compliance.
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