Finding Ways for Accounting Professionals to Increase Revenue
Accountants and tax professionals may be missing out on some great opportunities for additional revenue. The number one thing you can do to increase your bottom dollar is to never make assumptions about our clients. Take time to ask questions, get to know the wants and needs of the client, and offer explanations of how you may be of service - it will be well worth it in the long run.
Know It and Show It. Clients who need to hire accountants most likely do not have formal knowledge of the accounting process. As accountants, it’s necessary to remember clients most likely do not have the ability to evaluate our performance and accuracy, but they do have the ability to decide if they can trust and rely on us. Clients who trust their accountants stick around, and increase both client retention and referrals. So, take the time to answer questions. Present yourself in a knowledgeable way, so that your client knows he/she can depend on you for all their accounting needs.
Define Yourself. The difference between a CPA, an EA, and a bookkeeper is not something everyone understands. And your clients may not realize you likely wear more than one hat. It’s very possible you’re preparing taxes for someone with a small business in desperate need of a good bookkeeper. And if your tax client knew you also offer bookkeeping services, you would not only have an opportunity to be build your business and increase your revenue, but to build long-term relationships, too. Make sure your client knows what services you provide – offer a brochure in the lobby which includes your company profile; mention your availability for other needs during your meeting, or offer a follow-up email inviting them to contact you for additional services.
Never Underestimate Your Client. We’ve all heard that saying about not judging a book by its cover. And even though it may seem like the client you are working with would not be willing to hire someone to help them with their additional accounting needs, you may want to offer suggestions to your client on how they can make more money. Mention how a fresh eye might help them find deductions they may have been missing. And if you have to, remind them that they might need to spend a little money in order to make money. Don’t miss out on opportunities just because you think your client is frugal – they may just not realize how much they need your help.
Take Time to Teach. Sometimes a client may need help in more ways than just completing general accounting tasks. They may need help figuring out how to get the most out of their tax professional, and you can teach them – teach them what you can do for them and why they need your help. This could help them make better decisions, more money and, in turn, increase your revenue too.
Explain the Risks. Clients may not fully understand the financial risks they take when they have several people handling their finances. Segregation of duties may be something you need to address with your clients. Talk to them about fraud, theft, and stolen identity, and let them know they can trust you to protect them all the way.
Providing clients with the trust they desire in an accounting professional, explaining to them all you can do to help them increase their revenue, teaching them what a difference the knowledge of an accounting professional can make, and protecting your client from scams and mistrust will help you build relationships that can help significantly increase your revenue. It will increase your client retention, serve as an excellent reference to potential clients, and build your business year after year.