CPA Practice Advisor - 39
HOW TO MODERNIZE YOUR
ACCOUNTING FIRM
Part I: Reshaping Client Relationships
By Larry Furr
TODAY THERE ARE new technologies driving workplace
transformations and they bring many clear benefits
in modernizing your accounting firm. First, you can
improve your client experience, making processes more
functional and fluid. You can also use these tools to make
accounting work easier.
We have identified five areas where accounting firms can be updated.
This article - the first in a two-part series - will outline two of these
aspects related to client relationships. In Part Two, we'll see how work
can be improved using new technology.
There are now better ways to communicate with your clients. For
example, client portals, a feature offered within cloud-based software,
can vastly increase transparency between you and your clients, improve
the process of gathering information and payments, enable clients to
schedule appointments with you directly, and more.
Let's take a look at how client portals can specifically help with
gathering information and timely payments from clients.
1. CLIENT INFORMATION GATHERING
You surely know the back-and-forth of waiting on your client to provide
documents all too well-the case comes to a halt every time you need
additional information. This is frustrating and pretty inefficient but
can also lead to deadline stress and issues.
Seamless client collaboration is the most notable function of a client portal. You and your client can securely send each other files, notes,
requests, and questions at the click of a button. No more unanswered
emails getting lost in your client's inbox, no more faxing documents, and no
more waiting for your client to visit your office to deliver important papers.
They can conveniently send any needed information or materials from
anywhere, at any time. This includes gathering e-signatures from clients.
Client portals can also help provide transparency for your clients. A
lack of transparency can leave a client feeling uneasy or even misled;
especially when you have access to their sensitive financial information.
A key factor in gaining and keeping the trust of your client is to increase
transparency, and a client portal can help. A client will be able to make
sure that their case is progressing even if they are not hearing from
you. This is a much better approach than disappearing for a while then
showing back up with a bill.
Another way to easily gather client information is to work with
a digital client organizer or survey. These questionnaires enable the
gathering of relevant information and automatically auto-populate
related fields. Organizers and surveys are made to be confusion-free
so that your clients can fill them out with a minimal amount of
hand-holding.
2. PAYMENT OPTIONS
As you are likely aware of, one of the biggest challenges for many
accountants is getting paid in a timely manner. A client portal can also
help solve this problem because your client will be more likely to pay
you if they can easily do so. You can also automate friendly reminders
for payment as frequently as you wish.
With these newly available tools, you can get paid faster using
online billing and invoicing. The three benefits of an online payment
method are:
■ Increased likelihood of getting paid on time
■ Ease of use for clients thanks to modernized and streamlined experiences
■ Maintain PCI compliance by not collecting and storing client credit card
information
People are now used to being able to pay online for virtually every
service. If your firm is not also offering that modern, convenient customer experience, you are behind. And if your practice is behind the
times, clients-especially younger ones-will be less likely to engage
or continue their engagement.
Most clients can find the time to quickly pay you on their computer
or phone, which is why it is often a good idea to find a software that
includes a mobile app. Often, dropping a payment by your office or
going to the post office to send it in the mail are clear roadblocks that
make the process burdensome. A study of more than half a million
invoices showed that people typically take 11 days to pay an online
invoice versus 29 days using other methods.
Traditionally demanding tasks such as gathering client
information or payment, have now become simple and streamlined.
You may have to adopt new technologies, but the result is an
improvement in client relationships and time savings for your firm. ■
Keep reading on the next page for Part Two.
AUGUST 2020 ■
www.CPAPracticeAdvisor.com
39
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CPA Practice Advisor
Table of Contents for the Digital Edition of CPA Practice Advisor
From the Editor: NASBA: Is it Time for a COVID-19 CPE Break?
Who Really Won the SCOTUS Ruling on Trump's Taxes?
From the Trenches: Do You Have a Clear Vision for Tax Document Automation?
Innovation Awards Announced
Multi-State Taxation: As States Look to Bounce Back, Tax Leaders Need to Engage with Lawmakers
2020 Product Review: Tax Document Automation
The Leadership Advisor: Communication Methods in Our New Work Environment
2020 Product Review: Fixed Asset Management
Health-Related Benefits Under the CARES Act
2020 Accountants Product & Service Guide
State Income Tax Complexity
What is a Series LLC and Why Your Clients Should Care
Apps We Love: At-Home Education Apps
The Millennial Advisor: Office Space: You're Not Home Alone
The ProAdvisor Spotlight: Streamlined Invoicing and Tasks Among New Features in QuickBooks Online Advanced
Marketing Your Firm: SEO Keyword Tips to Boost Your Firm's Google Ranking
Year in the Life of a Payroll Accountant: A Primer on IRS Continuous Wage Garnishments
The Labor Law Advisor: Age and Other Post-Pandemic Discrimination Claims
How to Modernize Your Firm
CARES Act Causing Business Valuation Concerns
How to Conduct a Business Insight Review
AICPA News
Bridging the Gap: Creating a Data Culture
CPA Practice Advisor - 1
CPA Practice Advisor - 2
CPA Practice Advisor - 3
CPA Practice Advisor - From the Editor: NASBA: Is it Time for a COVID-19 CPE Break?
CPA Practice Advisor - Who Really Won the SCOTUS Ruling on Trump's Taxes?
CPA Practice Advisor - From the Trenches: Do You Have a Clear Vision for Tax Document Automation?
CPA Practice Advisor - 7
CPA Practice Advisor - Innovation Awards Announced
CPA Practice Advisor - 9
CPA Practice Advisor - 10
CPA Practice Advisor - 11
CPA Practice Advisor - 12
CPA Practice Advisor - 13
CPA Practice Advisor - 14
CPA Practice Advisor - 15
CPA Practice Advisor - 16
CPA Practice Advisor - 17
CPA Practice Advisor - 18
CPA Practice Advisor - Multi-State Taxation: As States Look to Bounce Back, Tax Leaders Need to Engage with Lawmakers
CPA Practice Advisor - 2020 Product Review: Tax Document Automation
CPA Practice Advisor - 21
CPA Practice Advisor - 22
CPA Practice Advisor - The Leadership Advisor: Communication Methods in Our New Work Environment
CPA Practice Advisor - 2020 Product Review: Fixed Asset Management
CPA Practice Advisor - 25
CPA Practice Advisor - 26
CPA Practice Advisor - Health-Related Benefits Under the CARES Act
CPA Practice Advisor - 2020 Accountants Product & Service Guide
CPA Practice Advisor - 29
CPA Practice Advisor - State Income Tax Complexity
CPA Practice Advisor - What is a Series LLC and Why Your Clients Should Care
CPA Practice Advisor - Apps We Love: At-Home Education Apps
CPA Practice Advisor - The Millennial Advisor: Office Space: You're Not Home Alone
CPA Practice Advisor - The ProAdvisor Spotlight: Streamlined Invoicing and Tasks Among New Features in QuickBooks Online Advanced
CPA Practice Advisor - Marketing Your Firm: SEO Keyword Tips to Boost Your Firm's Google Ranking
CPA Practice Advisor - Year in the Life of a Payroll Accountant: A Primer on IRS Continuous Wage Garnishments
CPA Practice Advisor - 37
CPA Practice Advisor - The Labor Law Advisor: Age and Other Post-Pandemic Discrimination Claims
CPA Practice Advisor - How to Modernize Your Firm
CPA Practice Advisor - 40
CPA Practice Advisor - 41
CPA Practice Advisor - CARES Act Causing Business Valuation Concerns
CPA Practice Advisor - 43
CPA Practice Advisor - How to Conduct a Business Insight Review
CPA Practice Advisor - 45
CPA Practice Advisor - AICPA News
CPA Practice Advisor - Bridging the Gap: Creating a Data Culture
CPA Practice Advisor - 48
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