So, you’re a well-established accounting practice, with loyal clients; through the years you’ve gained a steady income. How could it get better? By modernising your accounting firm, you’ll be able to answer this question. We can often get stuck in a rut of comfort, keeping inside the box and in our comfort zone. But a lot of people don’t realise that by modernising your accounting practice you can improve your current clients process, as well as entice more clients to join.
Breaking the stereotype
There can often be a lot of misconceptions about accountants and their practice such as “Accountants are boring”, “Accountants are confusing” or “Accountants are old fashioned” this can often put people off from using such services. Don’t be afraid to promote the fact that you don’t fit into this category! Whether you state it on your website, or in your marketing, make sure people know that your practice is breaking these stereotypes.
Using technology
Technology has a big part to play in modernising your accounting firm. There are a variety of benefits of using technology for accountants such as keeping data safely, easy access to data, and automation. Technology can save you masses of time so that you can spend time working with clients and focusing on the most important tasks. In fact, according to a recent study a person can save on average two weeks each year by using technology for tasks. From using a Customer Relationship Management tool, to automating emails, there are a variety of ways that you can automate your business and develop the technology that you use.
Improve your onboarding process
You’ve got your client through the door, now the next thing is to put them through the onboarding process. You want to make this as easy as possible for clients, after all this will be their first experience working with you. Again, automation can help here. Video tutorials, and online platforms to store paperwork safely along with other methods of automation for accountants can help you to save a lot of time in the long run. Make sure to keep your process personalised- Clients will appreciate a more bespoke process. All clients are different and will have different needs. Making the onboarding process personalised will make them feel understood and listened to. This will also help to build relationships and make those clients realise how dedicated you are to helping them. Finally, make sure your clients understand everything. This might be their first time working with an accountant, so they might have a lot of questions or be unsure about the way things work. Give plenty of opportunity to answer questions and put their mind at ease.
Get dedicated staff
It’s the employees that make a business, which is why it’s imperative to find the right staff for your accounting company. Totus Finance can help you to find bookkeeping and payroll staff for your practice, from as little as one day a week. Whatever stage you’re at with your practice, using our services can help you progress and become more modernised. You can find out more about how Totus Finance can help your accounting practice here.
Look at competitors
One of the most important things to consider when it comes to modernising your accounting firm is looking at what your competitors are doing. What do they offer? How do they engage with clients? Where can you improve? Look at what other firms are doing and ask yourself how you can improve upon their strategies. In particular, look at their approach to client relationships. Do they send out regular newsletters? Do they send out occasion cards? Do they have a blog or website that clients can use to get information about their services and the industry at large? If you’re already doing some of these things, consider making them even better. If you aren’t already doing them, think about how you could implement them into your strategy. The goal here is to build trust with clients—to make sure that they know who you are and what you do so that when they’re looking for an accountant, they come straight to YOU!
Engaging with clients and asking what they want
Another way to modernise your accounting firm is by engaging with clients and asking them what they want from their accountants. This will allow you to get a better idea of whether or not there are any gaps in your services that need adjusting or if there are areas where you could improve upon what already exists within the industry as a whole. It will also help you figure out how much time should be spent on certain tasks. Consider sending current clients a direct questionnaire annually to get their feedback and see what they think you can do to modernise your service. They have direct experience and will be able to provide valuable feedback. This will also show them how committed you are to improving the service that you offer to them.
Going paperless
As the times progress, we know that accounting clients are looking for more than just standard accounting services. They want to be able to track their cash flow, manage their books and records easily, and be able to access their information from anywhere. Going paperless not only enables clients to do all this, but it’s better for the environment. Going green is one of the UK’s top priorities and according to recent statistics, almost 9/10 customers make a conscious decision to purchase products and services from companies that are more sustainable and make an effort to help the environment.
Using a Practice Management Software
In addition to becoming paperless, accounting practices can use practice management software like Xero or QuickBooks Online to help keep track of all financial transactions. This makes it easy for accountants to provide accurate reports on clients’ finances while ensuring that they get the most out of their money by managing it wisely. Introducing practice management software can give your clients the ease of accessing their information easily, as well as make your work life easier. There are many different options when it comes to this software, so it’s worth exploring and seeing what will be best for you and your practice.
