Client Retention and Growth: Can You Answer These Questions?

Your ideal clients are getting savvy, and when looking for an accountant or CPA, Pennsylvania businesses and individuals want to ensure you are not just a financial and accounting expert but that you care about their needs and concerns. To retain your best clients and attract new ones, you’ll need to be able to demonstrate that you value them and that you are focused on their best interests.

Research your clients’ industries to determine if there are any particular accounting or finance needs in that field. Understandably, this can be time-consuming if your practice consists of a wide variety of clients, from dentists to manufacturers. Finding a niche or two in which you can become an expert will help grow your accounting practice because you can focus on mastering just those industries in which you are most interested or already have experience. You will be able to promote yourself as an expert in that field, thus drawing more clients with similar needs. 

Find out how your clients prefer to communicate, whether that is via email, phone, text, or messaging through a shared cloud-based accounting program. Always answer within 24 hours, even if the answer is “We will look into your question right away and get back to you.” Then give yourself a strict deadline to contact your client with the answer. This attentiveness signals to your clients that they matter to you.

Your clients will want to know that, even as you expand your business and offer growth opportunities for your staff, you are overseeing and reviewing their work for accuracy.

The variety of technology options available for accounting is almost dizzying. You can find yourself going down a rabbit hole, trying to seek out the best ones. PSTAP has done part of the work for our members by providing Verifyle Pro for free with their membership. This technology provides encrypted sharing of documents and digital signature capability. This level of online security offers peace of mind for your clients when it comes to document sharing.

Encourage your clients to use cloud-based digital accounting software. Advise them that such a system allows you to work simultaneously with them, in real-time, ensuring that you are constantly up to date with their financial condition, providing on-time reporting and advice.

The Federal Trade Commission regulations require tax professionals to develop and maintain up-to-date security plans to protect client data. It’s critical that you be thoroughly familiar with the legal requirements. Publication 4557, Safeguarding Taxpayer Data details many steps tax preparers should take in order to protect their clients and themselves from data theft. 

Computer firewalls, anti-virus programs, and other protections should be installed on all devices and updated regularly. All communications about finances or personal data should be encrypted. Ensure proper storage and disposal of all hardcopy files and documents, using a professional-level shredder, not a little office shredder. Staff members who work from home must also comply with these policies.

Informing your clients of your rigorous security procedures will further guarantee them of your utmost concern for their best interests. 

Partnering with your clients means taking a sincere interest in their business or their personal finances and offering suggestions proactively. Your clients will see that you are genuinely interested in their success, which will strengthen their commitment to you as their financial expert.

Your clients have different service needs. An occasional suggestion may be sufficient for some clients, but others may need more help. But you want to ward against “scope creep” where you are doing more for your client than you are getting compensated for. The best win-win arrangement is to create a services menu, that clearly defines the services you offer and the level of availability and advisory services you provide. Your clients can then pick what best suits their needs at a price they can afford. This can offer your clients peace of mind, knowing that they will always have your expertise to turn to, at a cost they can manage. 

Begin to apply some of these ideas to your practice and you should see a growth in the satisfaction and retention of your best clients and growth in new clients.