Research from Canopy shows four in five businesses (78%) would consider switching accounting firms if the alternative firm used helpful technology such as online portals and online document sharing services. No matter how great your technical skills and rapport, when you make it hard for clients to do business with you, they’re going to wonder if the grass is greener on the techier side of town.
And they rarely tell when they are looking.
People can do almost anything on their phones these days. They can shop, order food, hail a cab, book a flight, renew their insurance, pay bills, and even find a mate. But when they must get documents to their bookkeeper or accountant ASAP, they experience nothing but friction. They must make a special trip to their accountant’s office or wait until they get back to their desk so they can log in to their computer, find the right documents, make hard copies on the printer, and then fire up the scanner—just so they can transmit documents to you. Imagine how that makes clients feel after a tiring day, especially when it’s for something unpleasant like dealing with their taxes?
Think concierge
For time-pressed business owners, the desire for all-inclusive service has never been greater. “I'm busy running my business,” they think. “My accountant is already doing my taxes and maybe the bookkeeping. But I also need help with corporate registrations, BOI reporting, collections, and ultimately my own exit planning. Why can’t they help me instead of making me interview half a dozen specialists?”
Instead, suppose you could tell your client, “Mary, we noticed you didn’t have your entity set up. Don’t worry. We have someone ready to take care of that for you, and can also advise if your entity makes sense for you and your business. When it’s ready, we’ll forward it to you for your approval.”
That would certainly get your client’s attention! Then imagine sealing the deal by saying, “Just say, ’Yes,’ and consider it done!” How much more would they be willing to pay for this sort of convenience? A lot!
When onboarding new clients, instead of dumping a massive document request list on them, suppose you handed them a tablet with everything they need to work with you already installed, including your client portal, expense tracking software, a camera to take pictures of documents, and a reporting app or dashboard app tracking KPIs? When you give new clients a “Wow!” experience like that, you can be sure they’ll tell their friends and colleagues.
Now think about a tax return. When harried taxpayers finally get all of their documents to their preparer, the job can go into a black hole for weeks, sometimes longer. “Is anything missing?” they wonder. “When will my preparer start working on it? What’s the status?” Clients must sit around and wait until they're told their return is ready, then hope for a good outcome. But as the old saying goes: “Hope is not a strategy.”
Suppose instead you could automate the notification process so that clients are alerted as follows: “Tom, your return is now being worked on. We expect it will be ready for you on the 25th.” It's as easy as hailing an Uber or ordering from the Domino's Pizza tracker. The apps tell you how far away your pizza/car is and when it's expected to arrive. Even if there are delays, you don’t mind as much because the service provider is constantly keeping you in the loop and helping you set expectations. The same goes for accounting.
Contrary to popular belief, most clients don’t like bugging their CPA for status updates on their taxes. But the longer it takes to get back their return, the more they worry that something is wrong. So the better you can keep clients apprised of the status of their return, the more likely they are to keep working with you, regardless of what they end up owing the IRS.
