What Do Your Clients Really Think of You?

Source: Public Practice

A study by CPA Trendlines reports that half of all responding CFOs say they would not recommend their accountants to others.

Other highlights of the findings:

• Clients want more than they are getting from their CPA firms. Forty-three percent think "nearly every client" would recommend them to their close friends. Another 38 percent think "most of them" would make the same recommendation.
• CFOs want more direct contact with their CPAs, and not on the golf course.
• Fifty-six percent of CFOs say they make the decision on which outside accounting firm to hire. Only 26 percent of CFOs say the owner makes this decision. But seventy-five percent of public accountants think the CEO decides which accounting firm to hire. So CPAs should consider:
  • Whether their marketing efforts target the right person.
  • Whether their communication with the client reaches the ears and eyes of the right person.
  • That in small companies the owner typically makes the decision on outside accountants, as do about a quarter of the CEOs in larger companies.
• Why companies switch accounting firms:
  • Poor service (79 percent)
  • Price (66 percent)
  • Not enough time with top people in the firm (38 percent)
  • Bad chemistry (34 percent)
  • Also:
    • Differences over technical issues
    • Insufficient proactivity by outside accountants
    • Friendship at another firm
    • Need for new or different services
    • Lack of continuity on the audit team
    • Need for an international firm

For the complete article, read "What CFOs Are Thinking When They're Thinking about Their Company's Outside CPA Firm."

From Public Practice, Texas Society of CPAs, December 2012, www.tscpa.org.