How I future-proofed my accounting firm

I firmly believe that if it weren’t for my firm’s ability to think outside the box and pivot—expanding our offerings from our core bookkeeping functions into a full-service firm, embracing innovative technology, and partnering with other businesses that complement our services—we wouldn’t be in the position we’re in today.  

When a significant number of businesses closed at the onset of the coronavirus pandemic, the accounting industry, like many other industries, was forced to reevaluate its traditional modes of operation—and fast. Increased demand for remote services flipped the traditionally hands-on profession on its head, leaving bookkeeping and accounting firms scrambling to find a way to help clients adapt to new and mounting uncertainties.  

A time of change

It was during this period of rapid change and innovation within the industry that I decided to take a leap of faith and start my own bookkeeping and accounting firm. A large transition from my previous job managing bookkeeping and accounting at a roofing company, Capovario began as my own personal passion project. Since then, it has grown exponentially—and we’ve already surpassed our five-year goal in just over two years. 

When people ask me how I was able to grow my company so quickly during such a tough period for many other businesses, my answer is simple: innovate or risk being left behind. 

What innovation looks like

We found a way to thrive in this economic environment by creating a new type of bookkeeping and accounting firm—one that partners with a variety of industry professionals to help us address all our clients’ needs in one setting. 

In contrast to the traditional tax and bookkeeping services offered by many accounting firms, Capovario offers a diverse range of services, such as business owner coaching, forensic accounting, and more. And, when I say more, I really mean more. 

Through the professional relationships we’ve built, Capovario has compiled a world-class team of professionals in fields as diverse as marketing, IT, and insurance. Our clients can take advantage of these direct partnerships and, in essence, get their business needs met from every angle under one roof.  

Where technology comes in

I believe each business has unique needs, and you need various tools to accommodate those needs. Working together with our business partners, we have been able to provide our clients with innovative technology offerings. 

These tools have helped us mature into a competitive, full-service platform that is actively disrupting the accounting industry.  

Amid an era of economic uncertainty and immense challenges, I am grateful that I had these tools and the support to help my business thrive. We have emerged from some of the darkest days of the pandemic, and with the help of digital technology, we have been able to remain competitive.  

For example, our small business customers are tired of writing checks to vendors that don’t accept credit cards.  One of the first things I do when I onboard a new client is set them up with Melio, which gives them the flexibility to pay any way they want. 

For small businesses, ingenuity is a must

As a small business owner, I want to work alongside companies that are not only going to help me build and grow my business, but that also align with my values and help to uplift our community and our work.  

I urge all accounting professionals to be creative and embrace innovative technology that will help take their business to the next level. 

Dave Kersting is a Melio customer and the founder and CEO of Denver-based consulting firm Capovario.

This article originally appeared in AccountingWEB.