six simple steps to take.
by hitendra patil
client accounting services: the definitive success guide
what is stopping you from offering client accounting services? maybe your clients aren’t asking for it. no matter. unless you are providing only tax return preparation services only to individuals, you can, and should, make sure your clients learn about the many benefits of cas.
more: five ways to profit from cas | think cas isn’t for your firm? | which clients are best for cas | cas is a value pitch | convince your firm of cas value | how much can automating bank feeds save you? | accountants are perfect for virtual cfo roles | ten ways to tell a client is ready for cas | wants vs. needs: why not fill both?
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i sent a quick one-question poll to randomly selected people. i had no clue if such people bought any services from accountants. the question was simple: “what word comes to your mind when you hear the word ‘accountant‘?”
about 46 percent of the respondents said “tax,” and about 26 percent said “balance sheet.” that means a total of about 72 percent of respondents think “tax or balance sheet = accountant.” perceptions are (perceived) reality.
if you have ever felt “if i had only known …” or “if i knew then what i know now …” you know that human beings many times “don’t know what they don’t know.” human beings learn in three levels: we don’t know what we don’t know, we know what we don’t know, and we know what we know.
when it comes to cas, the lowest hanging fruit is the clients who don’t know your firm offers cas. their perception is stereotypical – accountant = tax and balance sheet. therefore, it is first required that you take efforts to change your perception in the minds of your clients. it is easy to begin to do so by just making clients aware of which other services you can provide to them and what are the benefits of each of your services.
how do you make them aware without sounding like you are merely advertising your services (which can be perceived as you are concerned only about your firm’s revenue)? let’s see.
when can you feel your clients do not need cas because they are not asking for it?
if your clients are not asking for cas, it is not their fault. either they do not know you offer cas, or they do not know the benefits of cas, or both.
if your clients are not asking for cas, you can feel they don’t need or want cas. it is not your fault if you think so. if you have business clients that are mainly very small businesses and you can see they can’t afford to pay for cas (most likely most of them balk at any price increase you propose or they always haggle about pricing), it is because you are stuck in a vicious cycle – you don’t offer more services, so your new clients are only those that want to buy just basic services – and you can’t escape this cycle unless you attempt to break free. because you don’t offer insight-producing services, you do not know much about the real issues your business clients face, and hence you do not see that they actually need cas. if you cannot see their needs, the clients will rarely be aware of all the value their accountant can deliver to them. such factors can make you feel “clients are not asking for cas,” but the truth is, “clients do not know you can offer cas, and they can benefit more from cas.”
what steps can you take to make your clients aware of your cas capabilities?
once you develop additional capabilities to offer cas, the next step is to make clients aware. it is not about merely announcing to all clients and hope they line up. here are some steps you can take to make your clients aware of your cas offering and also attempt to do so in a way that can make clients recognize such services are relevant to their business.
- analyze the financial statements and tax returns of your business clients to identify which clients are cas-fit.
- try to identify trends in such cas-fit businesses that your cas offerings can help improve, e.g., can you help reduce costs, can you help improve cash flow, and so on. it is easier to make such clients take notice of cas benefits.
- for the general announcement of your cas offering to all existing clients, and new prospects, it is important to not just state “what” are your cas but also provide examples of cas outcomes, e.g.,
- sample reports,
- description of insights and how such deliverables help make which business decisions,
- the timeline of delivery of such insights,
- what are the components of your advisory services and how they help, etc.
- till such time clients and prospects do not feel “that’s me / that’s exactly my situation” and “how do you do that?” awareness about your cas offering is not going to be strong. it will take some iterations and experimentation in communications until you get it right.
- in general, tell the “what” (which cas components you offer) and the outcome (what clients receive) but not the “how” (how do you produce the insights and the outcomes). you want clients to come and ask you, and pay you for the “how.”
- as you develop more cas capabilities, do intentional marketing to get new cas-fit clients.