Don't Make These Mistakes

Source: Accounting Today

In this article, Mary Ellen Biery identifies three common mistakes accounting firms make in their relationships with clients:

Mistake #1: Waiting for clients to ask for additional help and services. A recent study by The Sleeter Group revealed that clients of small- and mid-sized firms most often left their accountants because their advice was “reactive” not “proactive.”

• Instead of waiting for your clients to approach you, use a regular client meeting regarding tax returns or financial statements as an opportunity. Come prepared to ask open-ended questions about the client's business in order to learn more and possibly offer proactive advice. 

Mistake #2: Thinking that clients know what accountants can do. Many clients think of accountants in regard to their taxes but are not aware of the other services their accountants provide. At the same time, a recent study shows that many of those same clients are interested in financial services.

• Instead of assuming your client knows what you have to offer, use your normal communication with clients to give them a list of your services. Make sure the list is written so that clients, not just accountants, can understand it. 

Mistake #3: Thinking that clients know how to improve their businesses. In fact, many clients may not know basic steps they can take to make financial improvements to their businesses.

• Put together easy-to-understand reports and graphics that will show your clients how their businesses are performing financially. Offer suggestions on how to make improvements. 

For the complete article, read “Mistakes that Cost Clients.”

From Accounting Today, December 1, 2014, www.accountingtoday.com.