august2022 - 26

FEATURE
Nothing is more important than open communication and
ensuring you and your partners align on the expectations for
delivering exceptional client experiences. Remember to:
DTR: DEFINE THE RELATIONSHIP
* Think long-term. Developing partnerships that can grow
with your practice will help keep your employees up to date
on the technology and support client retention.
* Communicate regularly. Establish a cadence with each partner
to communicate feedback and develop a plan to implement.
* Utilize support. The technology partner should have a
robust support function available to you on-demand.
Support should be knowledgeable and proactive, so take
advantage of it and leverage their expertise to benefit your
clients and save you time.
* Refer when it makes sense. You're not obligated to send 10
clients to your technology partner each month. Be clear you
will refer when it makes the most sense for your clients and
only after a solid foundation is built.
DTW: DO THE WORK
* Invest in the relationship. Put in the effort to build the
relationship and work to grow it. Present at a conference together,
host webinars, or create thought leadership content that highlights
the advantages such a partnership creates for you, your partner,
and your mutual clients.
* Don't rush it. Strong partnerships don't happen overnight, but by nurturing
the relationship, you'll create competitive advantages for all parties.
By Kane Polakoff and Kim Austin
TEAMWORK: THE PROCESS of working collaboratively
with a group of people to achieve a goal. So, what's
the goal? Creating a healthy and thriving client
accounting and advisory services (CAAS) practice.
A strong CAAS practice includes three elements: people, processes,
and technology. Hopefully, you've established a strong internal team
with efficient training and processes already. The third and equally
critical element to the success of a thriving CAAS practice is the
foundational technology upon which it is built.
In today's competitive market, you cannot afford to entrust the
critical elements of your daily client offerings to unreliable technology
partners (think automation and scaling). It's best to build technology
vendor/supplier relationships on solid communication, trust, and an
unwavering commitment to the success of the mutual client. A critical
first step is researching and vetting any potential technology partners
to ensure they are the right fit for you and your clients.
OK, you've done your research and selected your technology
partners, so how do you ensure the partner relationships you've
decided upon are successful? Let's explore some best practices to
keep in mind as you work to establish your partnerships and take
them to the next level.
26 AUGUST 2022 ■ www.CPAPracticeAdvisor.com
* Constantly evaluate. Do you feel like the relationship is purely transactional?
Is the support not being delivered as promised? Continuing
to evaluate each partnership and discussing concerns will ensure you
maintain the right ones.
DIT: DO IT TOGETHER
* Integrate. The best partnerships evolve when the vendor is a true
extension of the firm's team. The support should be seamless for the
team and clients.
* Share a vision. Partnerships will never work if you and your partners
only look out for your own interests. It's crucial to work as a team and
keep the focus on the success of your mutual clients.
When you work as a team to find solutions, there is much to be
gained for both you and your partners, and especially your mutual
clients. Every partner you select might not turn out to be the right
one, but by implementing the best practices above, you have the best
chance at success. Be willing to devote the time to research, develop,
and nurture your partnerships, and you'll find teamwork truly does
make the CAAS dream work. ■
Kim Austin is Director of Global Strategic Accounting Partnerships at Avalara.
Kane Polakoff is National Practice Leader, Client Accounting and Advisory
Services Division at UHY Advisors.
http://www.CPAPracticeAdvisor.com
august2022

Table of Contents for the Digital Edition of august2022
