Strategies to Improve Client Accounting Services

Client accounting services includes providing businesses, non-profit organizations, financial managers and high net worth individuals, different kinds of services such as on-site internal support, bookkeeping experience, and assistance in the fields of management, accounting and finance.

We have compiled a list of top 10 strategies to improve upon your client accounting services and communicate better with clients, staff, managers and partners. These strategies can be developed by your firm.

1: Value Creation Agreements You also need to determine what percent of your revenues would come from value-creation agreements. These agreement can be negotiated with customers by staff with excelling communication and sales skills who know how to carefully define scope and terms of the engagement

2: Menu and Service Levels The list of services that small business and not-for-profit organizations need are so much more than just accounting and tax compliance. You need to broaden the list of services you are offering because they may be valued higher and deemed more important to the leadership of a particular company/organization. Examples of such high-level services can include:

  • Interim and annual financial statements
  • Strategic planning
  • General ledger analysis
  • Talent development
  • Payroll calculation and support
  • Web strategy
  • Bank reconciliation
  • Assistance and training in bookkeeping
  • Cash flow projections
  • Assistance with regulatory notices and responses
  • Interim staffing
  • Budgeting and financial modeling

3: Service Delivery Team A delivery team should be to reach the client. This not only helps in succession planning but also utilizes individual talent. It is also possible for a company offering client accounting services to build broader skill-based teams since not all of the services require a CPA license, so it is possible for firms.

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4: Champions/Leaders Each team needs someone to give it direction and guidance. It is very important to have a leader or a champion who have passion, share the same vision as your firm, are politically connected, have access to resources, and know how to delegate tasks effectively. You may need to hold in depth interviews before you hire someone you are certain holds such qualities. It will really pay off well and increase the productivity of your company in the long run.

5: Competitive Advantage. Every firm providing client accounting services should be better at something than others firms and companies. This will be what will differentiate them and allow them to gain customer loyalty. Some competitive advantage can come in the form of a unique process or pricing, technology, and delivery time. List down all your capabilities and processes your firm currently utilizes in client accounting services. Determine from which competency you gain the most revenue. Focus and strengthen that competency.

6: Platform and Business Model A platform that aid in collaboration among the client, members of the client accounting services team, and other advisors is very important to a firm offering client accounting services. Cloud-based platforms are a viable solution to this dilemma. Since they allow firms to transfer files, reconcile and enter data with much more ease, they are quickly being by leading firms.

7: Entrepreneurship and Management Your firm needs the right balance of entrepreneurship and management in order to be successful. Entrepreneurship aids in increasing innovation, learning and providing clients with new kinds of accounting services while management helps in reducing risks and allocation resources efficiently. Right now, there is an upward trend in the number of people seeking entrepreneurship in comparison to management jobs as they are considered dull and bland. You have to keep in mind that they are equally important.

8: Pricing A good pricing strategy is something that could either make or break your business. One option is to packaging multiple services together. This would lead to a visible reduction in the prices but you will ultimately have increased margins because of the larger number of services that clients would be purchasing.

9: Trusted Business Advisor You need to figure out whether to keep CPAs as your business advisors or other staff who is more focused on L-2 and L-3 services. This also entails determine whether your firm primarily offers clients L-2 and L-3 services.

10: Client Surveys What better way to improve your client accounting services than by letting the clients give you advice themselves! They know what they want the most, you asking them to fill in a simple survey or questionnaire will do wonders in giving you insightful information about how to serve them.