{"id":104991,"date":"2022-11-20t14:27:43","date_gmt":"2022-11-20t19:27:43","guid":{"rendered":"\/\/www.g005e.com\/?p=104991"},"modified":"2024-08-07t23:10:13","modified_gmt":"2024-08-08t03:10:13","slug":"nine-ways-to-measure-client-experience","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/11\/20\/nine-ways-to-measure-client-experience\/","title":{"rendered":"nine ways to measure client experience"},"content":{"rendered":"

\"two<\/a>do your processes lead where you want your firm to go?<\/strong><\/p>\n

by hitendra patil<\/i>
\nclient accounting services: the definitive success guide<\/i><\/a><\/p>\n

if you were to define how your firm is different in three sentences, what would those three sentences be?<\/p>\n

write them down. read those the next day and judge for yourself if your competitors can say the same three sentences to differentiate their firms. if yes, you will see why this is a significant challenge for your firm\u2019s growth aspirations.<\/p>\n

more:<\/strong> how the pandemic changed firm mindsets<\/a> | twelve clues it\u2019s time to outsource or offshore<\/a> | yes, you have the staffing for cas<\/a> | why firms shy away from cas<\/a> | hook your firm on cas<\/a> |\u00a0can you identify real cas prospects?<\/a> | 8 ways to create your cas practice<\/a> | do you value your cas value?<\/a>
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the classic equation of \u201cpeople, process, and technology\u201d defining differentiation from the competition is somewhat flawed in accounting. by its very nature, accounting is about doing exceptionally well-defined work that follows clear laws and regulations. most firms have employees certified in similar lines of education and specialization. technology solutions for accountants are highly mature now.
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\nin other words, you cannot consider that people and technology of your firm will help you differentiate competitively in the marketplace. what do you feel will your new prospect do if you pitch, \u201chey … we have the cutting-edge technology, and we have x, y, z certified people at our firm\u201d? more likely than not, the prospect will feel, \u201chmm … i have been hearing that all the time.\u201d<\/p>\n

in the world of accountants having similar education, similar experience, similar services, comparable pricing, similar location and similar technology stacks, the biggest and the most potent differentiator to bring in more clients in your door will be your marketing and sales abilities. but, before and after that, what really defines your firm\u2019s competitive advantage and unique selling proposition are your firm\u2019s client accounting services (cas) processes. let us see why.<\/p>\n

your operating processes<\/h3>\n

your technology stack can and will more or less be the most significant factor that will define your firm\u2019s internal operating processes for your cas offering. for example, will clients need to send you bank statements by email because your accounting software cannot pull in transaction data directly from clients\u2019 bank accounts? if so, your staff will enter data from statements into the accounting software. the time taken to complete this work, and hence the cost, will reduce your profitability because market forces will not allow you to charge more just because your costs are more. on the other hand, if you can automate bank data pull into your accounting software, your staff will need only to review the transactions auto-classified by intelligent software. i have seen several firms experiencing manual data entry work reduce by 70 to 80 percent, costs reduce by about 50 percent and profit increasing by 50 to 60 percent when firms implement bank feeds for about 60 to 70 percent of their clients.<\/p>\n

but what happens if all firms implement bank feeds? will it not commoditize such services again? yes, it will. and this is where your processes come into play.<\/p>\n

given the fact that most firms will have similar technologies and similarly qualified people, the \u201crisk\u201d in the minds of your clients\/prospects are centered around whether they will receive the value they are looking for. they are, in other words, taking a bet on your firm\u2019s processes, i.e., your firm\u2019s different ability to leverage people and technology for the benefits clients\/prospects are looking for.<\/p>\n

in general, the following should guide your process differentiation:<\/p>\n

    \n
  1. can you reduce the number of steps in each process without causing compliance and accuracy risks? i.e., speed, and cost reduction<\/li>\n
  2. can your processes make it less overwhelming for your clients to share with you the information you need for accounting? i.e., take the information burden off from clients\u2019 shoulders<\/li>\n
  3. can your processes ensure a smooth workflow? eliminate process stops, e.g., faster handing off of outcome of one step to the internal customer who does the work of the next step on the process<\/li>\n
  4. can your processes have built-in exceptions escalation mechanisms? i.e., quality: identify all possible errors and mistakes before delivering work to clients<\/li>\n
  5. can your processes ensure everyone on your team has the same information and understanding of the client\u2019s work? i.e., shared access to client work status<\/li>\n
  6. can your processes help customize insights that clients need and want? i.e., deeply understand the client\u2019s business<\/li>\n
  7. can your processes create and deliver business decision support insights? i.e., relevance and usefulness of information you provide<\/li>\n
  8. can your processes deliver a better customer experience? i.e., clients should feel no stress in interacting with your firm and people<\/li>\n
  9. can your processes create\/align with top niches and specializations? some sources to know which niches and specializations are in demand:<\/li>\n<\/ol>\n

    accounting today\u2019s top 100 firms report<\/strong><\/p>\n

    the top niches served: tech consulting, it and data security, international tax industry specializations, business valuations, business management for the wealthy, estate\/trust\/gift tax planning, forensics\/fraud, cas\/bpo, nonprofits, business intelligence, succession planning\/family office, sox compliance\/risk management, litigation support, retirement plans, employee benefits, investment advice\/services, cfo\/project staffing services, personal financial planning, strategic planning\/business plans, small business management, cost segregation, blockchain, financing arrangements, payroll services\/consulting, cash flow forecasting\/management, bankruptcy \/insolvency, 1031 like-kind, ifrs consulting, etc.<\/p>\n

    the top client categories served by 2020 top 100 firms are real estate, manufacturing, technology, midsized business, construction, nonprofits, professional services, health care facilities, wholesale distributors, hotels and restaurants, entertainment, investment companies, agriculture\/forestry\/fishing, cannabis industry, franchising, insurance agents and brokers, publishing\/broadcasting\/media, school districts, gaming, etc.<\/p>\n

    u.s. bureau of labor statistics<\/strong><\/p>\n

    another great source of knowing which industries\/professions will need more specialized accounting services in the upcoming 10 years is the \u201cfastest growing occupations\u201d in the occupational outlook handbook published by the u.s. bureau of labor statistics (https:\/\/www.bls.gov\/ooh\/fastest-growing.htm).<\/p>\n

    your client experience management processes<\/h3>\n

    one of the most significant impacts of technological evolution has been on accounting firms\u2019 client service<\/strong> processes. it is no longer sufficient just to deliver periodic, canned reports. client service<\/strong> is what your firm provides. client experience<\/strong> is what clients perceive, feel and how they use the insights you provide when they receive the service. to enhance your client experience, you want to manage it well. here are a few things to get you focused on client experience management through your firm\u2019s processes.<\/p>\n

    every interaction your firm has with clients is part of the total client experience journey. do not leave anything to chance to shape such interactions favorably, e.g.;<\/p>\n