The role of today’s accountant is much different than it was ten years ago. From the growing impact of new and emerging technologies to the need to provide an expanded range of services, transformation is everywhere. With so much change, there is one thing that accountants must always keep top of mind—the client experience.
With a multi-generational client base, accounting firms are under more pressure than ever to find their niche and provide value. Ultimately, clients are in search of firms that provide a best-in-class experience in addition to standard bookkeeping services. As the accounting profession evolves and matures, so too must the way firms do business, enabling today’s accountants to not only keep pace with—but stay ahead of—evolving client needs.
It may seem counterintuitive, but the best way for accounting firms to meet new client demands is to focus internally. Firms must start by creating a culture centered around their clients’ needs. According to research from Salesforce, 81 percent of business buyers believe the experience a company provides is as important as its products and services. Rather than focusing solely on bookkeeping and annual audits, accounting firms must now also provide personalized and engaging client experiences. Here are the top ways firms can shift their relationships with clients from transactional acquaintances to strategic partnerships.
Hire Diverse Talent
To build a strong relationship with clients, firms need a wider range of skill sets. Gone are the days of just number-crunching, as today’s customers view accountants as higher level consultants. It’s imperative that firms hire outside of the traditional accountants skill set and recruit creative thinkers, strong communicators, tech innovators and project managers on board. The more varied your workforce, the better prepared you are to meet evolving client needs.
Understand Clients’ Needs
According to the Sage 2018 Practice of Now report, the vast majority of accounting clients (83 percent) expect more in terms of services and resources than they did five years ago. Rather than just focusing on the bottom line, firms should promote the importance of understanding the client’s journey, building trust and communicating regularly.
Personalize Each Client’s Experience
The modern client wants to be able to choose how quickly they will have access to the knowledge their accountant holds and the different types of services they receive. By providing a tiered set of services – such as offering additional business development consultancy for higher paying clients – the client can choose which one they want, resulting in a personalized service and a positive experience.
Deliver Services That Are Indispensable
Firms must create a culture focused on efficiency, modernizing legacy processes that are taking up too much time and holding accountants back from doing their job—such as manual data entry. To truly transform services, firms must focus on the quality of the work and the value derived from it, rather than just the number of hours put into each project.
Ultimately, accounting firms should strive to become part of their clients’ business—an essential partner in daily operations. By doing so, your firm will be able to build profitable, long-term relationships, evolving alongside client needs.
Never Stop Transforming
The secret to building and maintaining strong client relationships is to prepare for frequent change. Clients’ businesses are constantly evolving, and in turn, so are their needs. And that’s okay! Simply remember to check in with employees and clients on a regular basis and provide the tools that will help to redefine relationships as needs evolve. While bookkeeping and number crunching will always be at the heart of what we do as accountants, the client experience is what sets leading firms apart. Push your firm to innovate, embrace technology and deliver the best-in-class service clients have come to expect.