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Using Competitor Analysis for Accountants' Practice Development

May 08, 2024 Niamh Hunter Updated On: May 8, 2024
Using Competitor Analysis for Accountants' Practice Development

For accountancy firms to get ahead, it is vital that they have visibility over where the greatest opportunities, threats and areas of competition lie.

Without these insights, practice development efforts can be inefficient, unsuccessful and ultimately a drain on resources. 

Competitors often play their cards close to their chest, leaving you to wonder of their place in the market or what their next move might be. But what if you could gain exclusive access to the inner workings of your rivals? 

Imagine peering behind the curtain to uncover their client base, revealing invaluable insights that could transform your approach to client acquisition.

Learn how Red Flag Alert transforms guesswork into clarity with just one click, and begin analysing your competitors' client lists to identify under serviced areas of the market or even opportunities to win business from them. 

Poor Prospecting Stalls Practice Development 

Whether scaling up your practice or refining your client base, a lack of prospecting tools and insights will severely impede improvements.

Poor prospecting often occurs when there isn’t a clear procedure laid out. Practice development relies upon targeted approaches to a fully fleshed-out ideal customer profile (ICP). 

Too often, accountants rely on mass mailing to businesses in their areas with little to no targeting employed. Not only is this inefficient but it also can result in acquiring clients that are not a good fit for your business in the long run.

Whilst this may not be news to you, honing in on your target market and curating messaging that will resonate with them is no easy task. It’s made even harder when a practice tries to achieve this without the correct practice development tools.

Higher level prospecting across multiple channels that takes into account industry changes and ICP pain points and expectations requires a level of expertise and understanding that isn’t easily obtained. 

Without this, there is an increased likelihood that your prospecting has significant scope for optimisation, saving you time and ensuring new clients that are onboarded will be financially viable long term.

But, how can accountants reach practice development goals without pouring resources and funds into data collation and analysis?

Have Full Access to Your Competitor’s Client Base

When a tool is helpful, it can take your business a few steps forward. When a tool is revolutionary, it will take your business to the next level. 

The Red Flag Alert platform has created the tailored tool accountants need to transform your practice development techniques into something that provides a clear competitive advantage. Discover our auditor search tool, built directly into our B2B Prospector tool…

What is an Auditor Search?

By using auditor search to search an auditor/accountant's name, the Red Flag Alert system will find all the companies that have them listed as their auditor/accountant at Companies House on their latest filing.

Our revolutionary auditor search allows you to see the companies in an accountant’s clientbook along with a full business report for each one. 

You can then run a detailed analysis of the risk and opportunity in their clientbook with our built in analytics tool. 

By gaining visibility over the companies your competitors deal with you will quickly be able to identify if any areas or industries have high levels of competition, where prospecting will be costly and difficult,  and if there are those that are under-serviced and present easy opportunities to win business and expand into.

Should you wish to directly target a competitor, you can identify their high-value clients and launch a tailored campaign to win their business. 

Similarly, if you know a competitor is facing insolvency (which our platform will tell you) or otherwise ceasing trading, you can be the first to contact their client list and be in the best position to win their business.


  • Use search tool filters 
  • Check ‘has filed accounts’
  • Input your competitors into the Auditor Search
  • Refine your parameters
  • Just one click to export immediate prospecting opportunities


What is Red Flag Alert for Accountants?

The Red Flag Alert platform is a business intelligence tool providing data on every UK company. Introduced in 2003 by Begbies Traynor and now an independent company, we have transformed the way businesses use data to make decisions on growth, risk, and strategy. 

Health Ratings

A unique financial health rating system predicting business failure. Ratings range from Gold (lowest risk) to Three Red Flags (highest risk).

Grow Your Business 

Helps accountants find ideal clients based on specific characteristics. Real-time data updates aid in spotting opportunities and tailoring sales pitches.

Risk Management

Assists in avoiding bad debt by making informed decisions when taking on clients. Provides alerts for early identification of client troubles and regulatory risks.

Regulatory Compliance

Offers Anti-Money Laundering (AML) solutions to ensure compliance with regulations. Includes features such as risk level checking, ID verification, and monitoring alerts.

Level Up Your Practice Development Today

Understand your competitors, improve your client book and win business more easily with Red Flag Alert.

Published by Niamh Hunter May 8, 2024
Niamh Hunter

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