Business Tips for CPAs - How to Hold on to Your Clients

Accounting is serious business for CPAs and to stay in business, it is very important for a CPA to know how to hold on to clients. As a CPA, you would be handling complex financial transactions for your clients and will have access to critical information. That’s why most of your clients would normally do a lot of research before deciding to hire your firm for their accounting and tax preparation needs.

But it’s a fact that very few businesses or individuals in the United States are truly satisfied with their current CPA firms. Most are looking for a change. Indeed, as per a recent survey, 36% of businesses in the U.S. are looking for a new CPA firm. Clearly, this goes to show that CPAs have spectacularly failed at client retention.
 So what can you do differently, to make sure that your clients don’t leave you for another firm? Follow the business tips for CPAs given below for more on this. 

Ensure that your most experienced staff works with your clients

​The mistake many CPA firms make is to deputize young and inexperienced CPAs to work with clients.  This never really ends up well because most clients have complex accounting needs, which a young CPA is incapable of dealing with adequately. Experience counts for a lot in accounting. Any statement generation or tax filing must be done under the direct supervision of an experienced CPA. You must make sure that only the most experienced CPAs get to deal directly with a client. An experienced CPA will be able to explain complex accounting terms better in a way that clients understand and appreciate

Don’t promise what you cannot deliver

​One reason why clients get frustrated with their CPA firms is that many CPAs make unrealistic promises. They promise to prepare the tax returns in super quick time at discounted rates, which is not really feasible in the long run. The clients realize this in time and end up becoming disillusioned with the CPA firm. So, to hold on to your clients, never promise anything that you cannot deliver. Be factual and hones with your limitations. If there is something you cannot do, don’t hesitate to say no. Clients appreciate honesty more than anything else. 

Take advantage of cloud accounting

​As a CPA, you must take advantage of the changes in accounting technology such as cloud accounting. The traditional ways of accounting are no longer enough to hold on to clients. You must adapt to the new way of accounting such as QuickBooks hosting, Sage Hosting, Quickens Hosting, Peachtree Hosting, Drake Hosting and so on. You cannot allow yourself to be left behind even as most CPA firms have taken to cloud accounting. If you do not have access to QuickBooks on the Cloud already, the question is why not? 

 Conclusion

​Client retention is a major challenge for all accounting firms. Follow the tips here; make the right changes to your business and latch on to the latest technologies to become indispensable to your clients.