- The global market offers immense opportunities for Indian accounting firms.
- A shortage of accountants and CPAs in countries like the US and the UK has increased demand.
- But how can one acquire clients in this competitive market?
- We reached out to industry experts to gather practical insights. Let’s dive in!
CA Kavita Tapdiya Chakraborty, Founder of Konnect Books & Taxes
Kavita Tapdiya Chakraborty spotted this untapped opportunity in the US over a decade ago.
She founded Konnect Books & Taxes, an international bookkeeping and accounting tax firm based in Pune, India.
Kavita initially started by taking up only bookkeeping assignments.
From having no formal sales and marketing strategies, they have grown to a team of over 190 professionals and crossed the $2.5 million mark in revenue.
So what’s her secret to acquiring loyal clients?
Register on Freelancing websites
- Kavita urges all newcomers to register on freelancing websites such as Upwork or Freelancer.
- Continuously bidding on clients on these platforms can get you the initial set of clients.
- Kavita’s firm had a breakthrough moment in 2016 when a US CPA firm hired them through a freelance website. This experience helped them understand the true nature of outsourcing.
Learn how to sell
- In those early days, Kavita slogged away for 18 hours a day, sending bid after bid.
- She closed her first client (UK-based) for $50, on the seventh month.
Use social media and other job portals
- Kavita found a CPA in the US through LinkedIn, who later joined as a partner.
- “By 2016-17, we partnered with our first CPA and launched a separate division for outsourcing white-label projects to CPA firms,” says Kavita.
- Creating a professional website to highlight your services, experience, and expertise is crucial for building a strong online presence.
Provide case studies based on your previous assignments
- Before diving into sales, create a portfolio of successful case studies within various industries. It is essential to demonstrate your capabilities.
- Have a strong referral base that will automatically secure clients.
Quality over quantity
- Whether Kavita had five clients or 40, she dedicated equal time to cater to each of them.
- That’s how she retained clients who started at $30 and eventually scaled to pay $3,000.
Take up whatever work comes your way
- Kavita said, “I have done data entry jobs like converting Word to Excel or Excel to Google Drive. While doing those, I gradually pitched my qualification as a Chartered Accountant and asked if they would like to outsource their accounting needs.”
- Take up whatever opportunity you get, do your best. You never know where that client might lead you.
- However, she also suggests that you carefully read and understand the project requirements and take up only the assignments you or your firm can handle.
Expansion of services and specialization
- Kavita’s firm gradually expanded to include payroll and different services.
- Her firm formed specialized teams to handle real estate, e-commerce, construction, and IT sectors.
Building lasting relationships
Kavita states, “My first client is still with us; we continue to manage his bookkeeping and tax needs. We began this journey with a modest fee of $30-35 per month, but as we grew together, his account evolved significantly, and he remained with us until 2010-11. Our ability to provide excellent accounting services has been key to our success. This value addition proved to be a game changer.”
Before signing off, Kavita recommends that you don’t focus solely on the money you’ll earn from the first project. The goal is to ensure the client comes back with a second request. If you can achieve that, one client will lead to another.
Uday Ranpara, Managing Director at Unison Globus and Initor Global
Uday Ranpara is the Managing Director of two Gujarat-based outsourcing firms that cater to clients in the US, UK, Australia, and Canada.
They boast a team of over 500 professionals, including 350 in the US alone.
Here is how Uday thinks you should approach client acquisition.
Attending relevant events and conferences
- When Uday and his co-founder, Vijesh Zinzuwadia, were contemplating exploring the US market, they began by focusing on attending events and conferences.
- Speaking at an event in your target market can be an effective strategy.
- In the US, conferences like Engage, hosted by the American Institute of CPAs (AICPA), and The Chartered Institute of Management Accountants (CIMA), which happens annually in Las Vegas, are among the biggest.
- Each of the 50 states in the US has its own chapter of AICPA, similar to how we have different wings for ICAI in India that conduct separate conferences and seminars.
- In the UK, Accountex is one of the best events. Companies like Thomson Reuters also conduct numerous conferences.
“In July 2016, I went to the US with a solid plan and spoke at a CPA conference for 45 minutes. The session was a hit and significantly boosted our visibility. By the end of 2016, our team had expanded to 30-40 people, and our US outsourcing business grew much faster than our UK operations,” says Uday.
How to Network
- Once at the conference, start interacting with other attendees. Don’t worry; people are generally very friendly in the US.
- Whenever you’re walking by someone, greet them with a “Good morning,” or “Hi, how’s your day going?” The next time they see you, they will feel a sense of familiarity, making interactions easier and more convenient for both parties.
- However, don’t try to sell anything right away. Instead, offer solutions and explain what you provide casually.
Hire a business development team
- Every three years, you need to shake things up. If you keep playing the same game, you’ll be left behind.
- Marketing, for instance, has evolved drastically.
- One can handle sales up to a certain point in their business journey. However, as you scale you need to invest more and hire the right business development candidates.
Uday mentions, “Back in 2016, I could win over clients by delivering sessions to CPAs. That approach won’t work in 2024.”
Partnerships as a growth strategy
- If you’re looking to enter a new international market, consider partnering with local firms.
- Propose becoming their offshore unit, sharing both profits and responsibilities.
- It’s not just about cost benefits anymore; it’s about finding the right people for the job.
- Partnerships can be invaluable to achieve growth, especially in a space this competitive!
CA Ankur Sharma, Leading Back-Office Operations for Kreit & Chiu
Ankur was working at EY Global Delivery Services (GDS) when he learned more about the US Accounting, Tax, and Auditing market.
In 2020, he discovered an opportunity in the US offshore industry for Indian accountants and auditors.
Ankur started leading the back-office operations for Kreit & Chiu, a US CPA firm, in 2021.
Want to know how to find the names of US CPA firms for your outsourced accounting, tax, and auditing firm?
Online business directory or database
- A great resource is the PCAOB website, where you can find an extensive list of accounting firms operating in the U.S.
- Utilize online business directories or databases like Manta, Yellow Pages, or Dun & Bradstreet.
- These platforms enable you to search for firms based on their location, industry, name, and other relevant criteria.
- Explore the websites of state CPA societies or accounting organizations like the American Institute of Certified Public Accountants (AICPA) to obtain lists of CPA firms in particular regions or industries.
Search Engines
- Enter relevant keywords such as “CPA firms in [city/state/region],” “accounting firms in [industry],” or “CPA firms specializing in [service],” into search engines like Google.
- This approach can assist you in identifying potential partners for your outsourced accounting and tax business.
PCAOB website
You can refer to the Public Company Accounting Oversight Board (PCAOB), the regulatory body that supervises the audits of public companies in the US.
- To access the list of registered CPA firms with the PCAOB, visit their website and use the AuditorSearch tool. This tool helps to search for registered CPA firms by name, location, or registration number.
- The PCAOB’s annual reports can also be downloaded from their website, which provides a list of all registered CPA firms along with their audit clients, locations, and other pertinent information.
- However, it’s crucial to note that not all CPA firms are registered with the PCAOB, as registration is only mandatory for firms that audit public companies.
- Therefore, if you’re searching for CPA firms that focus on providing services to private companies or individuals, you may have to utilize other resources to locate potential clients.
Target CPA Firms
- Select 100 CPA firms to focus on.
- Identify whether they already outsource their work or are primarily serving clients in-house.
Cold calling and emails
- After narrowing down your list, reach out to them through cold calls or emails.
Ankur suggests, “Your communication should be concise and to the point. Introduce your firm, briefly explain the services you offer, and highlight the benefits of outsourcing.”
Content marketing and thought leadership
- Use LinkedIn and other social media platforms to share your insights and knowledge.
- Establish yourself as a thought leader in your field. Publish articles, white papers, or case studies that address common pain points faced by CPA firms.
- By positioning yourself as a thought leader, you can attract attention from potential clients.
Vaibhav Manek, Co-founder and Partner at KNAV
Vaibhav Manek and his co-founders launched KNAV in Mumbai in 1999, after they identified the US-India corridor opportunity.
Today, they are the top 300 CPA firms in the US, and operate in seven countries; the United States, Canada, the United Kingdom, the Netherlands, India, Singapore, and the Philippines.
Here’s Vaibhav’s advice for finding clients:
Show up and be prepared
- Whether in-person or virtual, proper planning is essential.
- Create a well-prepared marketing credential pack that highlights your firm, team, services, and unique selling points.
Attend Events and Network
- Increase your chances of connecting with potential clients by attending events, seminars, and informal meetups. Schedule meetings in advance to maximize your success.
Personalized Outreach
- First impressions matter. Research your clients thoroughly and customize your pitch according to their needs and interests.
- When reaching out to a client for meetings, avoid generic emails. Personalized messages that include your firm’s profile increase your chances of a positive response.
Build long-term relationships
- In markets like Japan, building relationships can take years. However, earning trust can lead to long-lasting partnerships.
- In contrast, the US and UK markets may have more transactional relationships.
Vishnu Patwari, Founding Executive Managing Director at BDO RISE
Vishnu Patwari joined BDO as an audit partner in 2015 and played a pivotal role in launching the offshoring business in India in 2019.
They’ve since scaled from zero to 2,500 professionals.
Here are his insights:
Provide quality solutions
India currently boasts over 1,600 Global Capability Centers (GCCs). And the number is projected to grow by 20% by 2025.
Firms are looking for solutions. Leverage your expertise to provide valuable insights and position yourself as a strategic partner.
Navigate cultural differences
Understanding cultural nuances between the US and India is crucial for success.
Add value
Instead of solely pursuing sales, focus on how you can add value to potential clients’ businesses. This approach fosters meaningful connections.
Wrapping up
Back when they started in the outsourcing / offshoring space, there was very little competition. But now the scenario has drastically changed.
Almost everyone is now on Upwork, or other freelancing platforms, looking for clients.
So be patient. On the bright side, competition also creates the market.
And if you do get clients, don’t focus solely on the money you’ll earn from the first project. The goal is to ensure the client comes back with a second request. If you can achieve that, one client will lead to another.
