{"id":15965,"date":"2019-05-20T08:00:48","date_gmt":"2019-05-20T13:00:48","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=15965"},"modified":"2023-08-22T11:08:57","modified_gmt":"2023-08-22T16:08:57","slug":"why-innovation-will-attract-more-clients-to-your-practice","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/client-relationships\/why-innovation-will-attract-more-clients-to-your-practice\/","title":{"rendered":"Why innovation will attract more clients to your practice"},"content":{"rendered":"

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Given the increased automation of routine tax and accounting tasks, business owners are relying on accountants for mentorship, strategic planning and consulting, rather than just an occasional compliance engagement or once-a-year tax meetup. This shift in client expectations from mere calculations to business consultation means that accounting firms must evolve accordingly or lose clients to those firms that are willing to demonstrate innovation.<\/p>\n

Despite changing perceptions of tax accountants, many firms still struggle to evolve their practices to keep up with the demands of new clients. Security concerns, lack of employee cooperation or leadership approval, and a lack of the required skills and knowledge are all challenges faced by firms seeking to provide more high-value services<\/a>. In this article, we\u2019ll discuss some key client expectations, barriers to meeting those expectations, and how to overcome these barriers to fulfill client expectations and attract more clients.<\/p>\n

Digital Literacy<\/b><\/p>\n

While you may be an established and respected firm, business owners are very likely to view outdated equipment or processes as indicative of outdated industry knowledge or practices. For clients who use cloud storage in their business, for example, encountering a firm that cannot securely accept file uploads will most likely result in the client\u2019s quick exit to a more cutting-edge organization. Furthermore, initiatives such as the U.K.\u2019s Making Tax Digital<\/a> are pushing businesses into digitizing their taxes. As a result, clients will expect you to be informed and capable of helping them transition their business.<\/p>\n

Clear Communication<\/b><\/p>\n

Gone are the days when business owners simply left us alone to pore over financial reports and data. Now, owners want to collaborate with us on long-term business growth strategies that are informed by current best practices. We must prepare for deeper client involvement by expressing complex information in jargon-free, concise language. Rather than just handing clients their financial reports, we must learn to explain the stories behind the data in the report, crafting clear strategies that align with the client\u2019s goals for their company.<\/p>\n

Proactiveness<\/b><\/p>\n

In the past, accounting was reactive, looking backward to what happened and trying to find an explanation. Now, clients expect us to be prudent, charting a path forward based on the most current data. As clients grapple with new technologies and policies, we will need to be at our clients\u2019 sides, helping them navigate the complex world of business management toward success.<\/p>\n

Overcoming Barriers<\/b><\/p>\n

With increasing expectations from clients, firms have doubtless felt the pressure to evolve and adapt. Here a few suggestions for implementing innovation and change within your firm.<\/p>\n

Outline your long-term goals for your practice and seek input from your team<\/a>.<\/b> Once everyone understands how they can actively take part in shaping your firm\u2019s future, they\u2019ll be more inspired to put their best forward. Outlining a set of goals that everyone can rally around and support during this change will help you avoid lowering your office morale. For example, although my team has many firm-specific goals, our guiding principles are data security and transparency of our work with clients.<\/p>\n

Take stock of your current processes and workflows.<\/b> Recognizing bottlenecks and inefficiencies is an obvious precursor to improving your processes and workflows for maximum efficiency. Following our guiding principles of data security and transparency, here are some of the tools and systems we have implemented at MBS Accountancy<\/a>:<\/p>\n