Leverage the cloud to become invaluable for your clients’ business
Be it filing taxes or providing valuable financial advice, having a good accountant by the side makes a huge difference for every small business. The trust in their financial advisors and the growing burden of a separate finance department are the main reasons why small business owners prefer outsourcing their financial functions to accountants or virtual CFOs.
While the number of companies that outsource financial functions is steadily increasing, there is a significant number of others who are either not satisfied with the services offered by their accountants or are willing to let their accountants go.
So, what is the reason for this drift?
Is there anything that accountants do resolve this issue?
Challenges small business owners face with their accountants
When it comes to hiring accountants, most small business owners tend to make a hasty choice. They overlook the traits that resonate with their business and philosophy and settle down with the one who does taxes for the owners or someone recommended by an acquaintance, inviting a host of challenges.
Lack of business knowledge
We are in the age of niche businesses and personalized services. Business owners often struggle with accountants who lack an understanding of their products and services. They expect accountants to visualize the challenges specific to their niche and help them, not just to overcome these challenges, but to thrive in their business.
Timely response
Small businesses are fierce and quick in their response and expect similar behavior from their accountants too. The long waiting times for returning phone calls or email bother them the most.
Analysis
Anybody can do the math! But, the story behind the numbers matters most to small business owners. Business owners expect actionable insights on their investments, expansion plans, and other decisions.
Customer experience
People buy experiences, not products or services, and accountants are no exception. Accountants who are more proactive in their approach, share insightful articles or weekly newsletters on the industry updates or go one step ahead and offer value-added services are the ones whom small businesses prefer.
How to woo, win, & wow clients?
Experience decides the loyalty of millennial clients, and those accountants who understand this fact go the extra mile to offer not just the services their clients ask for, but those that are more meaningful to their clients' businesses. Cloud based practice management solutions come with a myriad of tools and applications for accountants and enable them to take the CX game to a whole new level altogether.
Knowledge of clients’ business
Clients indeed hire accountants for their expertise in finance. However, a lack of understanding of the client's business ruins the association of clients and accountants. Collaborate with clients in real-time, avoid paperwork, and use every minute detail that clients provide for developing a thorough understanding of their business and the challenges associated with their niche. This knowledge helps in offering customized services and for guiding clients in the right direction.
Proactive approach
Standardized accounting practices and cloud software enable accountants to offer proactive advice. Accountants can monitor their financial data and share insightful reports for timely action. This approach helps clients to grow their businesses and enhances their relationship with accountants.
Quick turnaround time
Small businesses respond quickly to their customers, and they expect the same from their accountants too. Having a dedicated client portal is indeed a boon. Accountants can collaborate with clients in real-time, share insights, dashboards, and reports, or respond to clients through personal messages, to show that they value their clients' time and businesses.
Value added services
Millennial customers expect more than "after the fact services" from their accountants, they need virtual CFOs who add more value to their business.
Following are some value-added services that you may consider offering clients:
Cash flow management
Use the clients' financial information on the cloud to evaluate existing cash flows and educate clients on the importance of having a healthy cash flow for their businesses.
Succession planning
Often small business owners are so engrossed in their businesses that they tend to overlook succession planning. As an advocate for the client's cause, help clients to develop a long-term succession guide so that they can focus more on their business without worrying much about retiring employees or partners.
Budgets and forecasts
Analyze historical data for developing futuristic projections and forecasts, and saves clients from various hassles such as lack or shortage of cash, or early shutdown.
Process Improvement
Drive continuous improvement initiatives by monitoring payroll, taxes, inventory, and accounts. Developing KPIs and measurement metrics helps in regularly monitoring the client's financial health, identifying anomalies, and for taking timely corrective measures.
Customer engagement and brand advocacy
Personalized products and services only have a limited impact on customer engagement. However, being more empathetic towards clients and showing them that you value their time and businesses adds a little extra to the whole experience.
Here are some more ways to improve the relationship that clients and accountants share:
Be empathetic to clients. Understand their challenges and offer specific advice
Predict anomalies that clients are unable to foresee and offer advice before clients ask
Adopt social listening to see what clients are talking about and customize services accordingly
Engage with customers on social platforms to gain a better understanding of their businesses and personalities