As a professional, you help clients with a multitude of accounting and bookkeeping services. Services such as tax planning and ensuring statements and records complying with laws and regulations. However, today’s clients expect much more than the basics from their accountants.
All accounting firms are meant to examine client statements to ensure accuracy, organize and maintain financial records, and provide auditing services. For clients to stay loyal and perceive you as an expert in your field, they want their accountants to deliver primary accounting services. But they also want accountants who will help them improve business efficiency, make best practices recommendations, and suggest ways to enhance revenues and reduce costs.
Deliver Value by Offering More Than the Basics
For accountants to provide valuable services beyond number crunching, firms need to leverage solutions that make them more productive and efficient. More specifically, they should keep pace with their target market by adopting the same technologies their clients are likely already using.
According to Continuant 2015 predictions, 90% of business users will have moved to their core systems for collaboration and communications to the cloud by 2018. Now that it’s 2018, have the forecasts proven to be true?
Based on a study by CIO, cloud adoption has soared to 96% in 2018. These organizations who use the cloud in some form have moved towards hybrid-cloud strategies involving both the private and public cloud. In fact, according to the 2018 State of the Cloud Report by RightScale, 81% of enterprises already operate multi-cloud landscapes.
When you work in the cloud, you are more productive and efficient. And because the cloud allows you to access accounts and data more quickly and easier, turnaround and delivery times are improved. Automation allows you to complete your work faster, giving you more time to nurture client relationships by providing them with valuable services that will help clients grow their business and make better cost-effective decisions.
Improved Collaboration by Increasing Accessibility and Transparency
Clients no longer want to be kept in the dark. The majority of businesses fail in the first few years because of financial challenges involving the mismanagement of money, cash flow, and debt repayment. If business owners aren’t on top of their finances, they could spiral downwards and ultimately lose their companies.
For this reason, clients want easy access to their books at all times. More and more clients have migrated to the cloud because traditional PC-based accounting limited their flexibility and accessibility. It also meant that only one user had access at a time, slowing down processes, workflows, and decision-making.
With cloud accounting, clients can access their books 24/7 and collaborate with their accountants or bookkeepers better. Seeing changes in real-time and along with activity logs, the client can see what changes have been made and when increasing transparency in the process and improving trust. When clients are involved, they have peace of mind that their books aren’t being mishandled.
Tackling big decisions doesn’t feel so daunting for the client. They have better control over their business as their accountant sees what they see. With a cloud-based system, the advice you offer is up-to-date and relevant because you have a real-time view of the client’s financial situation.
To deliver what clients want, you need to look beyond providing the expected basic accounting and bookkeeping services. Your goal is to be perceived as a trusted advisor who keeps pace with industry innovations. And to offer valuable services that surpass client expectations.
Until the next time,