One-stop accounting shop model benefits firm and clients.

• Author: Nathan, Alan J.

In the following article, the author discusses the advantages to clients and the firm of expanding the Nathan Accounting Group into a one-stop accounting firm. He also discusses the obstacles and pitfalls the firm encountered.

To accommodate a 35% growth in business in the past year, our firm, Nathan Accounting Group, has been expanding staff, space, and its suite of service offerings. Our firm, formerly known as Nathan, Powers & Co., LLP, is based in Avon and has served clients in the Connecticut area for more than 20 years. In conjunction with its sister companies, NPD Payroll and First Global Merchant Services, the firm touts itself as a "one-stop shop" for all accounting, bookkeeping, payroll, and merchant services needs.

The successful blueprint of related service offerings is something many other accounting firms strive to achieve. The expansion is a direct result of our dramatic increase in new business over the past year. We offer services that clients will always need. Furthermore, we have developed a unique formula to solve the age-old accounting dilemma--linking bookkeeping and taxes. We can tie our services to our sister payroll company, providing both internal and external accounting solutions.

Client benefits

The one-stop shop with a successful practice model of related service offerings provides many benefits. The one-stop shop--with one point of contact--offers convenience to clients. However, more importantly, it prevents confusion and uncertainty. When business owners look to several providers in the same area for financial services, they may be uncertain about whom to request particular services from. For example, should they request a particular task from a bookkeeper or an accountant? A one-stop shop eliminates such confusion.

Clients also benefit from the efficiency offered by a one-stop shop. One client account manager coordinates bookkeeping, payroll, accounting, and tax, freeing the business owner from these often time-consuming tasks. The owner, therefore, has more time to focus on what he or she does best. Our clients have said that their staff now have more time to spend on client matters.

In addition, clients can be assured of confidentiality. Having information off site and outsourced to our firm prevents accidental disclosure of confidential client information with others.

Keeping up-to-date

With any new government administration comes financial and tax implications. According to the firm's experts, many new...