Accounting is a niche field. While you might think that your clients know all about the jargon and the nitty gritty involved in accounting. Over the past few years, the accounting and finance field has undergone an enormous amount of changes. These are not just limited to technology and automation but also include the introduction, advancement, and use of more sophisticated soft skills like communication. Like any other field, communication is key in accounting. It helps seamless operations, avoids miscommunication, and raises the bar for what clients expect. Communication is no longer limited to a monthly review call or a bi-weekly newsletter. Clients want to know what is going on in the accounting or CPA firms. Effective communication is a tool to not just retain clients but also increase their value and scale the business.
Impactful communication is not just about sending out an email or conducting a meeting – it involves engaging with clients, colleagues, and stakeholders, to build trust and foster relationships that help in driving positive outcomes. In accounting, there is a wide range of complex concepts, ones that might not be easily understood by clients. Effective communication helps ensure that clients understand their financial situations, make informed decisions, and comply with regulations well. Effective communication helps differentiate accounting firms stand out and enhance their reputation as trusted advisors. Responsiveness, knowledge, and experience are some of the top things that clients appreciate and remember.
In this article, Finsmart Accounting – globally trusted for outsourced bookkeeping services – will share key strategies to master high-impact communication for your accounting business.
Strategies for high-impact accounting communication:
– Deliver the right message to the right client at the right time:
A small CPA firm has several clients. For the leaders and their teams, it is important to create a detailed segment for the clients. While some of them might be looking for basic services, others will want specifics. Classify them based on their industry, size, requirements, and other metrics. Modern-day businesses should be all about creating an experience. General messages through emails, etc, go unnoticed and that is why it is essential to create templates or curate personalized messages. Recognize the ideal time and occasion to send out such communication.
Your specific insights can go a long way in helping businesses curate their strategy and business plan the right way. A single communication piece is never enough. Make sure to build a follow-up strategy – weekly calls, follow-up emails, or regular updates through Teams, etc. It helps ensure that the clients understand what you want to convey.
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– Set out a thorough communication strategy:
For accounting firms, it is key to know what is it that they want to communicate. Accounting is a niche field that needs impeccable communication. Leaders must be clear on what they want to convey to their clients – client retention, timely collections, or cross-selling. Knowing what to communicate is not enough; firms also need to be certain of the communication channels. Emails, WhatsApp, regular meetings, or quick chat over Zoom or Teams – consistency is key. An accounting firm is levied with many responsibilities.
That is what gives rise to the need to plan. CRM software can help in automating and using templatized messages for repetitive needs. Making communication effective is a part of the process. Hence, you must keep track of different metrics like email open rates, response rates, and client feedback to continuously redevelop the communication strategy.
– Decide the Frequency Based on Client Value:
The clients that bring more profit to your business deserve more frequent and personalized communication. Besides regular update communication, you should maintain a weekly or bi-weekly check-in. Constant engagement lies at the core of a great relationship with your clients, especially high-value clients. The medium-value clients do not need as frequent communication as the first category. But what is important to remember here is that they should not feel ignored or their contribution to the business, undermined.
Quarterly reviews and newsletters should make them feel connected, besides the regular updates. For low-value clients, regular automated updates and annual reviews should be enough. Sometimes you also have to take a call based on your client-business relationship. In pursuit of catering to the high-value clients, neglecting the low-value clients is a huge mistake. Low-value clients can also become high-value clients.
Read on to discover more key strategies for mastering high-impact effective communication in accounting firms.
– Use Technology to Your Advantage:
The way we manage customer relationships has changed over the years. Today most accounting firm leaders use CRM software to automate the grunt work needed to maintain communication. Automated emails, reminders, and analytics help businesses also track the kind of communication that your clients want to read. For small accounting firms, this is especially helpful as you continue to grow. Some of the top platforms that you can use to automate your communication include Hubspot, Zoho, Salesforce, etc. In the post-pandemic era, video conferencing tools to stay connected have gained increasing popularity. Teams no longer need to be in the same location and this works in the favor, especially for accounting firms, who have clients set up at different places.
Video conferencing tools like Zoom, Google Meet, and Microsoft Teams have become popular to hold urgent discussions. In the field of accounting, the concerns over data security have been on the rise and that gives the need to secure messaging applications that are designed for professionals. The secure messaging apps allow discussion of sensitive matters safely. In accounting, there is always a whole lot of documents that need to be signed by either party. E-signature platforms can help speed up the document signing and approval process, which is key in quick decision-making.
– Seek continuous feedback:
While accounting firm leaders might be great in their pursuit of lending technical help, communication isn’t their strongest forte. However, just like everything else, they can learn. And there is no better way to learn than by seeking continuous feedback. Process improvement is a key way to how firms can grow. Seeking feedback from clients on what is it they would like to hear about from the firm or what they think about the communication they are receiving plays an important role.
Firms should also seek feedback internally, especially from the professionals who are in direct touch with the clients. Actively listen to the feedback you receive and avoid becoming defensive. This is the right way to approach communication in accounting!
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Communication in accounting for CPAs and firms: Endnote
Clear and effective communication lies at the heart of any successful business. This is applicable to accounting firms and CPAs as well. Adapting to an effective communication style, active listening and simplifying complex concepts, leveraging technology, being proactive and transparent, developing interpersonal skills, and seeking feedback can not only strengthen the bond with the client but also help you stand out.
If your firm has been struggling with managing different tasks at the same time, leading to poor communication, you might want to consider outsourcing.
To know how outsourcing can help your accounting firm, write to us at connect@finsmartaccounting.com.
Also, don’t forget to check out:
Accounts receivable outsourcing services
Outsourced financial controller services
Director Growth Strategy & Alliance
Maanoj Shah is a finance and outsourcing expert with strong Business Strategy and Scaling-up experience. Over the last 20 years, he has incubated multiple businesses and helped build global enterprises in verticals as diversified as hospitality, technology, and healthcare.
