How to build meaningful client partnerships through real-time accounting

Written by

Parth Shah

Managing Partner

For any accounting firm, building trust with clients is a long-term process that involves more than just crunching numbers for them. Every business owner has a vision and set of goals they want to realise and achieve for their company.

As their accountant, it is essential for you to not only be aware of this but also to always have accurate and up-to-date financial information at your fingertips. Leverage real-time accounting power so that your clients can make valuable, data-driven decisions for their company.

In this article, we shed light on how you can not only do a stellar job for your clients but also build a meaningful partnership with them through real-time accounting:

1. Measure client goals so that they are on track

Setting short-term and long-term goals will only yield results if they are being tracked consistently. As an accountant, knowing how different areas of your clients’ business are performing is valuable information in its own right.

Lend an ear to understand your clients’ short-term and long-term goals. What are they planning to do? Expand their business in different countries, introduce a new service, train more people on the job? Whatever it is, it will cost money, and that is where your expertise is required.

Real-time accounting will let you examine the triggers for any changes in performance, and enable you to guide them to achieve their goals effectively. No one turns down useful advice while making crucial financial decisions. Your clients won’t either, and this proaction of yours will win their trust and loyalty for the long haul.

2. Invest more time focusing on the metrics most relevant to your clients

Another way to establish trust with your clients is by backing up all your claims with real-time data. For instance, informing your clients about the advantages and disadvantages of the decisions they are keen to take, and also giving them alternative options.

With real-time accounting, you can proactively track and discuss multiple KPIs such as customer life cycle, revenue per customer or location, L&D expenses, ROI of any particular project, and more, depending upon your clients’ business goals.

Tools such as real-time business scorecards and dashboards will give your clients a better picture of their financial health and business trajectories. That, in turn, will enable you to identify those areas that require immediate attention and fix them in time.

3. Always share actionable insights with your clients

There is an adage in the corporate world: “Don’t bring me problems, bring me solutions.” Sure, it is supposed to cut down on complaints and empower employees. However, without proper groundwork, this adage holds no meaning.

One of the ways to establish a trustworthy relationship with your clients is by coming up with actionable insight for a given problem you point out for them. To do this, you need to do your homework and study the situation thoroughly before broaching it.

At a button’s click, real-time accounting lets you check critical factors affecting your clients’ operational performance, which will enable you to deduce the right solution to drive the business forward. Your clients will appreciate your perspective, and your insights will empower them to arrive at an informed decision quickly.

4. Ensure fixed pricing for worry-free partnership

Many accounting firms charge by the hour – it is a norm. However, that could be very costly for a business that needs constant support on the phone. This, in turn, causes them to limit the time spent with their accountants to save costs, which is not good.

With a fixed fee agreement, your clients would not need to worry about the number of hours they are spending with you and getting charged for it. If you focus on adding value to their business and contributing actionable insights, they will trust you more.

At the end of the day, your clients will be charged for the services rendered and not worry about other aspects such as phone calls, meetings, and discussions, thereby making doing business with you less price sensitive.

5. Communication is vital in every client relationship

You cannot deny the importance of maintaining regular contact with your clients. By doing so, you will not only get a deeper understanding of their goals and requirements but also will be more receptive to implementing your suggestions for their business.

There is no better way to build trust and confidence in your client than by regularly communicating with them. With real-time data coming in, you can have purposeful talks with your clients and exchange vital information that empowers both sides to improve business performance based on current market trends.

Over to you

How can you enable the client to focus on their business while taking care of all the bookkeeping needs? How do you give the client adequate accounting advice necessary to achieve business success?

With real-time accounting, of course. Track relevant metrics in real-time to give your clients a broader view and understanding of their business performance.

That way, you will be not only able to solve your clients’ accounting issues but also help upscale their business, thereby building trust within them. If you want to maximise the use of real-time accounting, ring us at 020 3475 3537 for a free consultation or fill the contact us form.

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