Objectives are specific outcomes or statements of intent providing direction for the mission that a firm or organization sets out to achieve. Every firm that intends to keep abreast with its competitors needs to formulate a plan that will outline the strategies the business will adopt to achieve its objectives. To measure the success or failure of your business objectives, devise key performance indicators, such as the availability of accurate financial results.
An accounting firm must develop a strategy for dealing with law compliance issues as well as its social responsibility as a member of society. It must be conversant with the rules and regulations governing the accounting industry, and set objectives that will keep it in good terms with the community and maintain the traditions of the accounting profession. For instance the American Institute of CPAs maintains a code of conduct, including rules regarding client-firm confidentiality, for which violations can attract severe penalties to member accountants and firms that fail to comply, including withdrawal of license or suspension.
A CPA firm must determine the level of profit and rates of return on investment it aims to achieve in the long and short term, for example target of a 15 percent increase within one year. The firm can thus aim to increase its profits by utilizing its available resources in the most efficient manner. It also may have the objective of delivering superior rates of return to its shareholders through an increase in earnings per share and providing opportunities as well as reward its employees.
For the firm to stay relevant, it must be innovative by creating new products and better processes with the help of the latest technology. It is imperative that the firm undertake rigorous research and development programs to develop new ideas targeting all the required accounting services. There are many accounting firms and CPAs, so you must gain the competitive advantage by procuring new accounting resources, such as computer software.
To control a greater percentage of the market share, the business must ensure customer satisfaction by providing the highest level of service possible to its clients and increasing the product range. The members of the firm should combine their expertise, experience and energy to provide each client with close personal and professional attention. For example, they should channel their efforts toward enabling a business to optimize its profitability and minimize its tax exposure.
Diana Wicks is a Canadian residing in Vancouver. She began writing in 2004 while still a student at Lincoln School of Journalism, in the city of London. She has worked as Chief Editor of Business Chronicle, an online magazine based in London. Wicks holds a Bachelor of Arts (Honors) in journalism and a Master of Business Administration from the London School of Economics.