The accountancy profession is seriously lagging behind other professions when it comes to social media, according to Propero Partners.
Propero research shows that just 51% of accountancy firms have a Twitter account, compared to 84% of law firms.
Figures are slightly higher for LinkedIn, with 76% of accountancy firms having a company page, compared to 90% of law firms.
“By failing to engage on social media, firms are effectively lining the pockets of their competitors,” said James Noble, partner at Propero. “By failing to have even a simple website, you are immediately limiting the number of new business enquiries you’re likely to receive and look antiquated against your competitors.”
“Accountancy firms, like all businesses, should be taking full advantage of everything social media has to offer," Jon Pryse-Jones, THP Chartered Accountants, commented.
"By failing to participate you allow your competitors to gain more visibility and acquire more of the business leads which could have been yours.
"With a social media process and strategy in place, it only take a few minutes each day to engage with your audience," he added.
Although 38% of the accountancy firms surveyed said they convert business enquiries they receive via social media into new business, half (49%) said they were not happy with the quality or quantity of new business enquiries they receive.
Furthermore, almost a third of firms (30%) don’t convert new enquiries or track conversions.
“Bad quality or a low number of leads can point to a business which isn’t doing enough to engage with the right people,” Noble said.
“By failing to track conversion rates, almost a third of accountancy firms are doing themselves a disservice.
“Simply put, information of this sort can help shape a strategy to boost conversions and in turn, positively impact business growth.”
On Monday (22 May), economia launched #economia50 2017 to gather the top 50 most influential names in social media for finance and accountancy, as voted for by economia readers.