How CRM Can Help Accountants Build Stronger Client Relationships

Maintaining client relationships is an essential requirement to ensure the growth and success of a business. In addition to developing long-term relationships with existing clients, it will also generate referrals for new clients.

A healthy client relationship is the basis for all beneficial partnerships and will ultimately differentiate your business from competitors. However, a smooth relationship with clients can easily slip if you struggle to keep up with clients’ differing and changing needs.

Accountants can make the best use of CRM Software to streamline client relationships.

1. Request feedback and be ready to pay attention to it

Asking for honest feedback might seem daunting, but it's essential. Client feedback provides an insight into how they perceive your firm and what they are looking for from your service. This will reveal which workflows are effective and which need adjustment, allowing you to amend the way you work to better serve individual clients. According to a survey done by Barclays, 85% of SME claim that their business has benefited from the received feedback.

Feedback increases your chance to satisfy clients while allowing insights for improved service delivery.

An equally important benefit by asking for feedback is it improves your relationship with the client, showing that you aren’t only concerned about the bottom line but genuinely want to understand how you may improve your services and support their business goals well.

First step in gathering client feedback is to create a proper plan. First, you’ll need to decide how often you want to receive feedback. Would you like to track client sentiment via a Net Promoter Score which is released over 90 days or would you prefer an annual but more in-depth 360 review? Alternatively, it could also be done after completion of a particular service. Secondly, you need to consider, which means to receive feedback is the best. Many ways exist including surveys.

2. Say Thank You

There are over 2,00,000 accountancy firms globally. In this competitive market, it’s worth saying thank you to clients whosoever has chosen your service. It is important that you appreciate their custom; your business can only flourish through potential clients taking the leap with you.

You can show your appreciation in various ways, from running promotions and rewarding loyal clients to providing early access to new and improved services. But never underestimate the power of a polite and simple ‘thank you’ message. A simple ‘thank you’ can go a long way to improving your relationship with all clients.

3. Run an assessment to measure client satisfaction

The aim of a bookkeeping company or accounting firm is to earn profits. That’s possible only when clients are satisfied, fueling a good client relationship and revenue.

This can be quite challenging as clients have varying standards and levels of needs. Your clients are busy and have their own challenges which could often mean providing top customer service doesn’t guarantee satisfaction. Therefore, it's vital to run an assessment, but that also requires having a deep understanding of each client. Unlike feedback, it focuses on a different metric; satisfaction. To assess client satisfaction effectively, you need a system.

Many methods are available to measure client satisfaction, among those, the most effective method is the Customer Satisfaction Score. Ranked on a scale of 1 to 3, 5 or 7 this one measures how satisfied or unsatisfied clients are with your services. This score may be reviewed by the client or be one by adding all the scores and the result be divided by the number of respondents to reveal the firm's average.

This is a quick and easy way to gauge your client’s happiness. If a previously satisfied client suddenly rates the firm at 1 or 2, you will know that you need to act quickly to save the relationship.

4. Be precautionary in your problem-solving

Clients expect their accounting and bookkeeping firm to find quick solutions to their problems. However, problems faced by clients vary drastically from account to account. Being precautionary in problem solving means moving away from a reactive mindset. Rather than waiting for clients to come up with questions, use previously mentioned assessment and daily communication to cautiously identify potential issues you can help to solve.

Same applies to problems caused by the firm. We all try our best to avoid mistakes but they do happen .A client is far more willing to forgive and forget when you have identified and corrected the issue they had a chance to notice. A good way to retain their trust after a mishap is to take measures to prevent a repeat occurrence, signaling that you hold their business in high esteem.

While solving a client’s problem, you should strive to make it as stress-free as possible. First step is to identify the problem and explain it clearly and effectively. If necessity arises to explain why the problem has arisen, do so. Alternatively, make sure to enlighten the client you know that their needs haven’t been met as they deserve. Next and most importantly, provide actionable advice and steps on how to work around the issue.

5. Keep clients updated and involved

Continuous communication with clients is crucial. A successful client relationship relies on an open line of communication between the firm and client. Clients are more comfortable when they feel involved in and updated about what your team is doing behind the scene and delivering them what was promised. It can be challenging for clients to envisage what their accountancy firm is doing between reporting periods, which is why keeping them up-to-date with progress is critical.

Keeping clients in the loop may help to reduce their anxiety that your team isn’t busy. This is key to improving client relationships as they may and will take their business elsewhere if they feel you do not care about them. Regularly inform your clients of any update and development that might affect their business.

Wrapping Up

Building and maintaining a healthy client relationship is critical to generating repeat business for your bookkeeping and accounting firm CRM.