Every owner of an accounting practice wants to know how they can run an efficient business- especially when it comes to having multiple clients. It can often be tricky to take a step back from daily management in order to assess where you could be improving. We’ve gathered some of the most helpful tips for accountants on managing their practice effectively, so that your clients have a smooth journey and you’re not left with piles of work!
Review your onboarding process
This is the first step to a well-structured work system. This is the initial start for customers, so you want it to be an easy and enjoyable process. This shouldn’t be stressful for either of you- it’s a good chance to get to know your customers and build that relationship.
- Firstly, you want to ensure that you have a clear structured path that they can follow. Everyone will know what needs to be done and when, which is a result of clear communication so there is less chance of mishaps.
- Asking the right questions at the very start can lead you on the path to success. Often, missing these questions can result in confusion, and sometimes damage relationships between accountants and clients.
- Set expectations- you should be clear from the start with clients what they can expect from you, and what you expect from them. Making this into a document for you both to keep for future reference is a good way of ensuring everyone is on the same page. This is a good time to cover goals and deadlines that clients have and set realistic timelines for each.
- Remember- things change. All the information that you gather during the onboarding process is important, but just keep in mind that your clients’ needs change, as well as your own so be sure to keep up to date with these changes.
Communicate clear and precise
As the saying goes, communication is key! Be sure that you have a reliable and easy to follow process to communicate. For example, if you don’t check your emails, then there is no point in telling clients to email you. Find a system that works for you and let your clients know.
It’s also important to inform clients of the hours that you work so they know not to expect a reply during your time out of office. Have a holiday coming up? Be sure to tell them who’s the best person to contact when you’re away.
Divide your time
If you have multiple clients in your practice, it can be tricky to equally share your time between them. Try and allocate time slots for each client, so that you’re spending time with each. It might be worth setting aside a spare hour for emergency work that needs completing each month, and we all know this can happen from time to time.
Creating a schedule can help ensure that you stay on track and meet all those deadlines that you’ve promised to hit. When making this plan, be sure to set realistic goals. It always better to give yourself a bit of extra time with each, rather than rush and become overwhelmed.
If you find that your workload is now too much for you to handle alone, it might be worth looking into co-sourcing which is a flexible way to hire staff from as little as one day per week.
Invest in Practice Management Software
Practice Management Software has many benefits for accountants, even more sore if you have multiple clients. Its worth looking into this if you have several clients, and you want to make your work process more structured and organised. In the long run it can save you a lot of time, but it’s important to evaluate if your business is ready for this investment.
Set boundaries
Like everything in life, there needs to be boundaries in place for clients of accountants. We can’t do everything. On top of that, it’s always better to offer a quality service rather than try to do it all. Take a look at your relationship with your clients. Do you find yourself saying yes to things that you don’t want to be doing, or simply don’t have the time to do? Now is the time to put a stop to all that. Saying no can be difficult, but it will have a huge positive impact on your practice in the long run. Think about setting these boundaries within your practice:
- Offering slots for calls and questions rather than being asked the same question each day
- Only replying during hours that you’ve stated that you work
- Deciding not to work with a client if they are unreliable, not co-operative, or just not a good fit for your practice
- Taking holidays and days off without feeling guilty!
- Be transparent and honest- even if that means saying no
- Don’t allow clients to take advantage
Effectively manage your team
In order to have an effective practice and manage your clients, you first need an effective team. There are many elements that make this, but the main thing to remember is that if you look after your employees, they will look after your clients. Be sure to give them direction and show them value daily so that they are happy and enthusiastic to work in your practice. Of course, the first process in having a great team is hiring the perfect team members. You can speak to us at Totus Finance about this- our talent acquisition specialists have many years’ experiences in finding the perfect team member for accounting firms. Not only will this help you find the best team member for your practice, it’ll also ease your workload enabling you to spend more time with clients and build relationships.
Be sure to work with your team directly- they will be able to provide you with valuable information on what is going well in your practice, and what needs improving. They deal with your clients daily so will know their struggles, and probably know the best solution for them. You can read more on building an effective team here.
