Are you part of a CPA firm that is looking to scale and grow but doesn’t have the bandwidth? Utilizing a white-label service can help you grow your business without breaking the bank. In fact, many companies today find that rather than employing a large team of in-house accountants, engaging with a professional accounting firm that offers white-label services makes more sense in the long run. Businesses that use white-label accounting services tend to run more efficiently and generate higher profits.
What Does “White Label” Mean?
At its core, the term “white label” refers to a fully supported product or service built by one company and sold by another under the latter’s company name. In the accounting industry, smaller bookkeeping or accounting firms can use a white-label service to extend their bandwidth and provide more value to their clients without going over their budget or sacrificing their brand.
While there are numerous benefits to using a white-label service, these are a few that we find most significant.
More Revenue Without the Overhead
First and foremost, you will save on the costs of hiring full-time employees, which means no employer taxes, insurance, benefits, or liabilities. Additionally, one of the most challenging pain points for a CPA firm is the seasonality of client payments. By adopting a year-round, white-label accounting service, your business can increase revenue while also making more contact with clients. Instead of the infrequent touch base once or twice a year, there is an opportunity for a closer relationship that could benefit your business in the long term. A white-label service also allows you to expand your bandwidth and take on more clients than you previously could, ensuring your long-term growth and scalability.
Client Loyalty and Retention
Clients come to you for your expertise and quality of services. By providing them with more services, you ensure they will stick with you and not your competitors. The more comprehensive a product you can offer, the better. One streamlined solution that meets all the client’s accounting needs will keep them coming back to you time and time again instead of looking elsewhere.
Another benefit of utilizing a white-label partnership is increased brand reputability. Using modern online accounting software branded with your company’s logo will help you establish a stronger brand image aligned with your position in the market. By partnering with a white-label service, you will be able to deliver more quality work in less time and, by doing so, solidify your stake as a reputable business. Additionally, when your company offers a wide range of products, white labeling helps you maintain a consistent image across all platforms.
Less Stress on Your Staff
If your business is already offering accounting services to clients, then you are very familiar with the stress of managing a large staff. When staff is out, your production can come to a grinding halt, and the only solution seems to be adding more people. Fortunately, by using a white-label service, you can scale your output while eliminating the headache of staffing and human resources. White-label services also save you time and money. They help you avoid charging your clients more for cleaning their books up at the end of the year when they’re a mess. Quality work throughout the year yields better results when it comes time to reconcile your books.
One of the biggest perks of partnering with a white-label accounting service is the ability to explore new potential opportunities. Many businesses are so caught up in day-to-day operations that there never seems to be time to look forward. With a white-label service, your business can count on the continuity of current operations while you explore new revenue ideas and strategies that could take your company to the next level.
All in all, white-label services offer your business a variety of benefits without sacrificing your customer loyalty or brand vision. When you decide to take the next step, your business can count on PABS for reliable service that saves you time and money. To learn more, connect with PABS today.