{"id":128152,"date":"2024-07-30t15:30:10","date_gmt":"2024-07-30t19:30:10","guid":{"rendered":"\/\/www.g005e.com\/?p=128152"},"modified":"2024-08-29t23:52:43","modified_gmt":"2024-08-30t03:52:43","slug":"are-client-services-a-fourth-rate-priority","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/07\/30\/are-client-services-a-fourth-rate-priority\/","title":{"rendered":"are client services a fourth-rate priority?"},"content":{"rendered":"

\"bar<\/strong><\/p>\n

there are a few barriers hindering expansion.<\/strong><\/p>\n

by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

when the thomson reuters 2024 state of tax professionals survey asked 500 professionals in tax and accounting firms what their top priorities were, client services came in fourth, behind efficiency\/automation, talent retention\/hiring, and pricing\/revenue.<\/p>\n

more: <\/b>revenues rising as pricing models evolve<\/a> | 150 credit hours: helping or hindering?<\/a> | can\u2019t recruit? retain!<\/a> | the accountant as a strategic business partner<\/a> | report: efficiency still the top priority for accounting firms<\/a> | is tech causing both cpa shortage and low salaries?<\/a> | audit firms nervous about new tech<\/a> | what accountants can learn from t-ball<\/a> | staffing tops list of woes at cpa firms<\/a> | to replenish the talent pipeline, go back to the classroom<\/a> | beware the work-life\/workload doom spiral<\/a> | why the dry pipeline? it\u2019s about time<\/a>
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 <\/p>\n

note how the top three all might be included in a category called \u201cgetting your act together.\u201d they basically deal with fine-tuning the accounting firm machine.<\/p>\n

putting that machine to work aims at offering more or better client services and, the fifth priority, growing the practice.
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\nbut that doesn\u2019t mean client services are unimportant. quite to the contrary, they have never been more important. and that\u2019s why there\u2019s so much emphasis on efficiency, talent and pricing.<\/p>\n

the encroachment of ai<\/h3>\n

if automation is top priority, it\u2019s because it can help solve the talent problem \u2013 the shortage of available professionals \u2013 while opening an opportunity to deploy new pricing models, offer new services and expand business.<\/p>\n

automation is key because it can already perform many lower-order tax prep functions. as artificial intelligence grows out of its infancy, it will encroach on more administrative areas, including research, communication and information technology.<\/p>\n

as tax pros get squeezed out of their rote, low-skill functions, they will be free to (free to or have to) offer a new range of advisory services.<\/p>\n

so the question is: what will those services be?<\/p>\n

\"data<\/h3>\n

upselling to current clients<\/h3>\n

generally speaking, business assistance is the wide-open field. according to 66 percent of survey respondents, that\u2019s what clients want, and they want it a lot. most of the rest \u2013 29 percent \u2013 just want their taxes done.<\/p>\n

what kinds of business assistance are firms upselling to current clients?<\/p>\n

logically, firms are expanding from tax prep<\/strong> to tax strategy<\/strong>. almost three-quarters have been doing so for a while, and another 18 percent plan to start within a year. it\u2019s logical because the skills overlap, and new talent and additional training aren\u2019t quite so necessary.<\/p>\n

the next logical step is financial planning<\/strong>. it\u2019s still a function involving numbers and the movement of money, but it\u2019s far from instinctive for accountants. only 19 percent of respondents are \u201cvery confident\u201d that their firms can do it well. it\u2019s a different ball game \u2013 ping pong vs. tennis? \u2013 so a good 15 percent of all firms \u2013 and 38 percent of small firms \u2013 aren\u2019t getting into it. another 42 percent are at least a little reluctant.<\/p>\n

decision support<\/strong> services are about as popular as financial planning, though 55 percent of clients are interested in it. overall, 53 percent of respondents rank it as one of their top two services, but it\u2019s only 45 percent of small firms, as opposed to 75 percent of large firms.<\/p>\n

hr\/organization issues<\/strong> aren\u2019t in much demand. with just 20 percent of clients interested in having an accounting firm help, between two-thirds of small firms and three-quarters of large firms do not plan to expand into that area.<\/p>\n

esg (environmental social governance) advisory<\/strong> is even less in demand. very few small firms plan to offer this service, though almost 20 percent of midsize firms and 27 percent of large firms are currently offering or planning to offer it.<\/p>\n

the barriers<\/h3>\n

there\u2019s plenty of potential new business out there, but there are a few barriers hindering expansion.<\/p>\n