how do you want your new virtual cfo client to feel?
by jody grunden
onboarding is critical when it comes to bringing on new virtual cfo clients. it’s also important to have a smooth onboarding process for clients receiving any other types of services. i want to dive into onboarding in each of our service areas a little bit more.
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i don’t mean to beat a dead horse here, but i simply cannot express enough how important the onboarding process is for establishing extremely solid client relationships. when it comes down to it, relationships are the backbone of our business.
our clients need to trust us and know that we have their best interests in mind at all times. building that type of relationship begins on day one – it starts with onboarding.
virtual cfo onboarding
with new virtual cfo clients, onboarding is our opportunity to make a great, long-lasting impression on the client. we have eight weeks to prove to a new client that we know what we’re doing and that our approach works. we want them to see instant results whenever possible, particularly if they came to us because they were experiencing cash flow problems.
we need to determine from the get-go what the client’s key issues are and why they need our services. we need to determine the company’s risks. are they experiencing cash problems? are they buying another business? are they growing so fast that they need someone to take ownership of their financial health? we need to identify their reason for coming to us and then be sure we tailor the onboarding process to their unique, individual needs.
good communication is important throughout the entire engagement with a client, but it is especially imperative during the onboarding stage. we meet with the new client several times a week.
each client has their own way of doing things internally as well as their own individual needs. we want to learn as much as we can about the client, how they are unique and what makes their business run.
we also want to fully understand their existing process while simultaneously introducing them to the way we do things. it’s important that we educate clients about what we do, how we do it and what we stand for.
for more on how we approach the virtual cfo client onboarding process, including helpful week-by-week checklists, visit https://www.summitcpa.net/hubfs/onboardingguide.pdf.
401(k) audit onboarding
with the 401(k) audit services that we provide, clients are typically coming to us for compliance reasons. the relationship with the client for this type of service is very different from the consulting type of relationship that comes with virtual cfo services. the client needs to have an audit completed and we’re auditing things that have already happened and documentation that the client has already gathered, as opposed to setting up new systems and processes as we do with new virtual cfo clients.
once we’ve received the engagement letter back from the client and are ready to begin the audit, onboarding is geared toward setting up the client in our audit software programs, gathering necessary materials to help us understand the plan, and holding discussions with the client to ensure a smooth beginning to the audit process. we have templates set up so that when we bring on a new client, we can simply select the appropriate template for the client, set up an engagement binder for the client in our audit software, and then start gathering the documents to begin the audit. with returning clients, we can reuse process documentation if nothing has changed, but we still need to go through the process, re-looking at every document, every year.
this is a general overview of the onboarding process for two of our main service areas. having a smooth and efficient onboarding process is imperative for starting off on the right foot with each client in every area of service you provide.