Four Ways Firms Need to Change to Meet Evolving Client Expectations— And How Technology Can Help

Tech became more important than ever in the toolbox of tax and accounting firms of all sizes in 2020. With offices shut down and face-to-face client meetings canceled, most firms had to pivot on the fly to meet changing needs and expectations.

Those forward-thinking firms that were already investing in cloud-based technology were able to adapt more quickly and less painfully. Now that we’re coming out on the other side, many best practices learned in 2020 make sense to maintain long-term. One of those is how firms leveraged technology to rethink client service. In the white paper “The Agile Accountant: Responding to a Changing Landscape,” we explore four strategies firms can use to adjust their approach to collaborating with clients.

Problem: Teams lack the skills and structure to support growing the firm’s advisory and consulting services.

Solution: To sustain profits and remain future-ready, firms need to play at a higher level with a collaborative team that can provide higher-value consulting and advisory services. Although technical skills are essential, they’re not what will make a difference in gaining client trust and keeping ahead of evolving expectations. Work to build your team members’ skills in project management, data analytics, marketing, sales,  communications, and process engineering.

Problem: Charging clients an hourly fee feels transactional, not valuable.

Solution: A subscription pricing model is what clients are looking for. They want to pay for the results they’re getting, not the hours you’re putting in. According to a recent survey, business owners and managers who consider their accountant to be a trusted advisor are more likely to have flat monthly billing. Subscription pricing also allows your firm to bundle multiple advisory services for new and existing clients in a way that benefits both of you.

Problem: Managing payments in an antiquated paper-based system can create cash flow problems.

Solution: Sending invoices and accepting payments digitally, using a tool like CCH Axcess™ Practice ePayments, makes it faster and easier to bill clients and simpler for them to pay in a more timely manner. Plus, paying with a credit or debit card is the method  75% of clients prefer.

Problem: One-and-done clients aren’t going to help you get where you want to go.

Solution: To survive with a value-based strategy, your firm’s future clients can’t seek you out once a year for a quick 1040 and then walk away. The new business model requires that you attract and retain clients who engage in multiple services, seek proactive advice, are receptive to your recommendations, and —most importantly—are willing to pay for quality services. Client acceptance criteria can help you distinguish which clients can help you reach your growth goals and which clients you might want to refer elsewhere.

Agile firms aren’t just quick thinking and tech-savvy. They’re able to see the big picture and think strategically about how their service offerings, processes, and client mix all play a part in their growth plan. By reframing your firm’s idea of client service to ensure that it’s a mutually beneficial relationship, you can meet or exceed client expectations while also increasing your productivity and profitability. 

Get more ideas for how agility can lead to profitability – read The Agile Accountant: Responding to a Changing Landscape now.