To satisfy regulatory demands, accountants are forced to focus on delivering compliance work, which is, oftentimes, time-consuming. Low value compliance results in increased volumes of unrewarding work that keeps accountants from doing what they should: provide financial advice. In this ever-changing landscape, accountants need to free up resources to add value to clients. They need to evolve from concentrating on low chargeable compliance work to high value business management services to remain relevant and stay in business. Here are three tips on how to add more value to your clients:
Communicate With Your Clients As Much As PossibleAs author and industry expert, Rob Nixon, puts it, “communicate until it hurts.” By increasing the level of communication with the client you will be able to improve the kind of relationship you have. Improved client relationships make it possible to increase the level of fee for each client, which also helps increase the referral rate. Regular meetings Schedule regular meetings with your client. Your relationship with the client is no different than any other relationship in the sense that it requires effective communication. Effective communication is constant. It’s open to feedback and produces results. When meeting clients, you get the opportunity to assess the financial situation, identify red flags and come up with solutions. Regular meetings make sure that nothing falls through the cracks, which can be costly when tax season comes.
- To learn more about improving client experience, accountants need to understand their changing expectations. Read more about it here.
- Topnotch communication skills are among the qualities good accountants need. Read more about it here.
- For accounting firms, here are tips on establishing effective communication.
- Have a clear understanding of the current financial situation
- Understand the client’s short and long term objectives
- Get to know your client more
- Find more opportunities to get more business
Retain Clients By Protecting Their TrustChanges in the accounting industry, more specifically technology, have made it easier for clients to change accountants. If you’re not doing your part, nothing will stop clients from going with another accountant who’s doing a far better job at servicing their needs. Financial intimacy Accountants retain clients as a result of satisfying several factors like great service, strong client relationships and value for money. But there’s another factor that plays in retaining clients: financial intimacy. Clients put a lot of trust in their accountants. They entrust us with private information, which they probably only share with their spouses. That trust is what makes them stay. They trust that you will not share their confidential information with others and, of course, provide the kind of service they deserve.
- Retaining clients doesn’t have to be too complicated. Learn more about it here.
- Use these productivity tips to improve client experience.
- Cloud computing can supercharge your firm. Learn more about it here.
- Discover how cloud computing can benefit your accounting practice in this article.
Always Go The Extra MileGoing beyond what’s expected is a sign that you genuinely care about your clients. That, in itself, is adding value to the services you offer. The following will help you bring the WOW every single time:
- Conduct an annual performance review
- Brainstorm with your client to discover opportunities to improve certain aspects of the business
- Utilise social media and create a networking group where you can connect with clients
- Offer free regular phone calls and meetings throughout the year
- Personally visit your clients
- Devise a way to obtain feedback from your clients
ConclusionFor dedicated accountants, adding value to clients should come naturally. It’s that desire to help clients succeed that will empower financial advisors to continuously offer value-for-money services. Again, here are some ways to do that.
- Communicate with your clients on a regular basis through phone calls or video conferencing tools
- Schedule regular visits to your client’s place of business to discuss important matters and build a relationship
- Be proactive in communicating with clients
- Protect your client’s trust to retain their business
- Improving client experience is a step to retaining them
- Strive to deliver the WOW in everything you do to exceed client’s expectations
If you are an accountant, bookkeeper or finance firm looking for solutions to capacity restraints, call our offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.