3 Tips to Improve the Client Experience & Make This Year’s New Clients Recurring Ones
Increasing competition among accounting professionals is forcing many of them to shift focus from attracting new CPA clients to retaining existing ones. This is because a small increase in retention rates can greatly affect a company’s profitability.
So, how do you retain your clients as a CPA? Well, the key to this is simple – elevate client experiences! There are multiple ways to enhance clients’ satisfaction, and this blog lists the best strategies to do so.
Here are the three ways you can make this year’s clients become next year’s recurring ones.
- Personalize your client interactions
The era of generic services is long gone. Today, CPA clients expect personalized interactions that cater specifically to their needs. Personalization for accounting firms goes beyond just addressing clients by their names. It involves understanding their business dynamics, financial goals, and challenges.
CPAs, in particular, show a more tailored approach to their client interactions. This elevates the quality of service and nurtures a deeper, more trusting relationship. When clients feel understood and valued, they are more likely to develop a sense of loyalty that transforms into a lasting partnership, extending well beyond the tax season.
- Leverage technology for efficiency
Many insights on how to retain clients point towards the implementation of cloud technology. For instance, a survey identified that 17% more accounting firms are using a cloud-only tool in 2024 (compared to last year) to manage workload efficiently. A KPMG survey backs this claim, concluding that 35% of CIOs believe it is crucial to invest in cloud technologies.
Cloud-based tech like accounting software or electronic document management systems are prime examples here. They streamline tedious tasks and save crucial time while ensuring clients of their data’s safety. Implementing such technologies demonstrates your firm’s commitment to efficiency and security while enhancing the accuracy and accessibility of client data, thereby improving the overall client experience.
- Maintain continuous communication and transparency
The foundation of trust between a client and their accountant is cultivated not through sporadic interactions but through a consistent, open dialogue that extends beyond the confines of tax season. Such an approach to retention accounting is crucial in transforming new clients into long-term partners.
Continuous communication is key to ensuring that clients feel their financial well-being is not just a seasonal concern but a year-round priority. In fact, being proactive and responsive are considered two of the most important characteristics clients look for in CPAs. This means engaging with clients regularly, providing updates on their financial status, and being available to address their queries or concerns.
Transparency, on the other hand, is about clarity and honesty. This includes being upfront about your processes, fees, and how you handle any potential issues that may arise. This eliminates the room for misunderstandings and lays the groundwork for a trust-based relationship. It reassures clients that they are in capable hands and that their financial interests are being handled with integrity.
Keep Your Clients Happy with SmartVault
The landscape of accounting client management is evolving, with a premium placed on personalized service, technological integration, and transparent communication. A document management system and client portal can help you meet these increasing demands and significantly enhance the CPA-client experience.
How? A DMS like SmartVault can help you move to a paperless practice with reduced errors, increased productivity, and enhanced data security. Let’s consider, for example, how you collect documents from clients. Many accounting practices still rely on emails, but this leads to cybersecurity risks, not to mention the annoying game of phone tag or drowning in a cluttered inbox. With SmartVault, you can send your clients a list of exactly what documents you need, and they can securely upload them to the client portal, from wherever they’re located. This makes it simple for you and your clients to work together and keep projects moving forward.
Want to see how other accounting pros use SmartVault for better client experiences? Read this blog for tips from Caleb Jenkins, EA, CQP, RLJ Financial Services, Inc., Nick Boscia, CPA, EA, Owner, Boscia & Boscia P.C, and Karina Khatanova, Administrative Assistant, Goldstein & Loggia CPAs.
To see how SmartVault can work for you, schedule a demo with us today.
