What Is a Buying Group? A Quick Guide for Tax Professionals

Buying Group

As a tax professional, you're constantly looking for ways to increase efficiency, reduce costs, and stay competitive. One often-overlooked tool that can help with all three is a buying group, which is designed to bring the power of volume purchasing to small and mid-sized companies.

What Is a Buying Group?

A buying group is a collective of independent businesses that pool their buying power to negotiate better pricing and terms on products and services. This could include software subscriptions, office supplies, continuing education, marketing tools, or even insurance.

Why It Matters for Tax Professionals

Running a tax office involves many recurring expenses: tax prep software, client portals, data security tools, and more. On your own, you may not have much leverage with vendors. But by joining a buying group, you benefit from group-negotiated discounts without giving up your independence.

Additional Perks

• Time savings: Many buying groups offer full-service tax and technical support.

• Exclusive deals: Discounts not available to the general public for tax prep software, bank products, and other related services to help grow your business.

• Independence: By joining a buying group, you get the benefit of pricing negotiations, without having to lose your independence in how you run your business.

Is It Right for You?

If you’re running a growing tax business, a buying group can be a powerful way to cut costs and streamline operations. Look for groups that understand the unique needs of tax professionals and offer relevant solutions.

In short, a buying group can help you grow faster and keep more revenue in your pockets --- letting you focus on serving clients and making money.