Client Retention And Loyalty: 7 Tips For Accounting Firms

By Author: global accounting networks
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Accounting firms, like any other business, also have their fair share of highs and lows. And for them to keep thriving, client retention is critical. However, this is easier said than done. In fact, one survey shows that three in 10 accounting firms said that gaining and retaining new clients is their biggest concern. In this feature, we’re offering seven best tips on how to do so — from being an attentive listener to joining worldwide accountancy networks.

Examine your vetting process. Keep in mind that you don’t have to accept all clients: Quality, after all, is better than quantity. Be selective and make sure to work with clients who meet certain parameters. It’s important to focus on your target market and employ a strict vetting procedure.

Join global accounting networks. These networks are not just a trove of accounting resources. They also serve as a gateway to quality clients. When you join an organisation composed of like-minded people, it will be easier to find and examine clients who can potentially work with you for a long time.

Be keen on your client’s situation. To properly provide ...
... accounting solutions to clients, you have to be an attentive listener. Know what their goals and needs are and tailor your service based on them. You also have to treat your clients as humans, not just a source of profit. This will make them feel that they’re genuinely being cared for.

Maintain consistent communication. Like how it’s important to keep your communication lines open as a member of worldwide accountancy networks, you also have to obligation to maintain consistent communication with your clients. Especially during these uncertain times, you have to be able to accommodate your clients’ queries promptly. It’s important to make the most of technology and use different channels (e.g., email, video conferencing) to get in touch with them.

Streamline your workflow. Clients stay as long as you keep them satisfied with your service. It’s also helpful when you go the extra mile to help them with their accounting needs. For you to be able to accomplish these, you have to have a streamlined workflow. Assess your current process and apply the necessary improvements. Doing so will make things more efficient and cost-effective for you.

Be competitive with your pricing. If you ask any member of global accounting networks, you’d learn how competitive pricing can significantly change the game for you. Today, many accounting firms charge a fixed rate than billing per hour. You also have to research the current market rates and how your competitors go about their pricing packages.

Care about your employees. Your human resource is your greatest asset and could be the very reason why clients stay. This is why you have to be thorough when hiring accounting professionals and staff members. Once you have dependable employees, make an effort to show you care about them. Offer incentives, hold rewarding team-building activities, send care packages — give them a reason to stay and even be better at their jobs. The quality of their output is essential in keeping your clients happy about your service.