july2021 - 24

FEATURE
6 Effective Strategies for CPAs to Build Trust with Clients
By Lyle Solomon, J.D.
C
ertified Public Accountants (CPAs) are trusted financial advisors who assist
people, businesses, and other organizations to plan for, and achieve their
financial goals. They work for both small and major public accounting firms.
They offer advice on a variety of topics, including taxes and accounting. Traditional
accounting services concentrate on preparing and evaluating financial data according
to accounting standards and procedures.
On the other hand, advisory services help firms with
succession planning, wealth management, acquisitions,
cash flow planning, payroll, and system reviews, among
other things. These are highly specialized services that are
matched to the client's requirements and demands.
The nature of accounting professionals' services is
constantly changing in today's world. This creates a need
for trust, relationships, and professional ethics that have
never been greater.
People may believe that the only choice for CPAs to
build trust with their clients is to offer free advice. However,
giving free advice all the time will not result in getting paid.
CPAs need to do something different to earn future clients'
TRUST without wasting their time and expertise. Here are
six strategies CPAs should follow for building trust and
relationship with clients:
1. Create value for money - Businesses are hesitant
to hire CPAs unless they believe their services are cost
effective.
Traditional compliance services, such as auditing,
taxation, and so on, were considered cost-effective, and
business owners were quite impressed with the value
received from spending money on them. However, the
wide range of services provided by CPAs today, such as
succession planning, payroll, cash flow planning, corporate
finance, investments, and wealth management, creates a
significant barrier for customers to consider these services
cost-effective.
As a result, CPAs must improve both their strengths and
weaknesses to get more visibility for their clients.
They also need to do a SWOT analysis, to determine
how they are performing compared to their competitors,
discover chances for value creation, and decide which tactics
will help them achieve this value.
Also, accountants must focus on offering high-quality
services in both traditional and diverse areas. They should try
to find their niche and focus on creating value in that niche.
CPAs should also advertise their knowledge and skills
by writing blog entries, providing articles to various media
platforms, and hosting seminars.
2. Provide a demo of your work - Tell your clients
WHAT you'll do for them rather than HOW you'll accomplish
it. You can't offer them all the answers when you don't have
a signed agreement with potential clients. They want to
know what you can do for them.
Of course, you'll have to offer them some answers (at
a high level with no specifics). You'll confidently disclose
the outcomes you can achieve without revealing how.
If you show them everything, they might go down the
street and ask another CPA to do the same work for
less money!
While efficiency is a desirable trait in a CPA, you
should always return to your clients with exact, polished
work rather than rushing through it. You won't impress
clients with hasty work, and they're less likely to stick
with you if they don't feel like you're paying attention
to them. CPAs should make every effort to make sure
that their clients understand how serious they are about
their work.
3. Be open and honest - Transparency is necessary
for establishing a trustworthy relationship with clients. It
starts with effective communication.
Be honest with your customers. As a CPA, have clear
conversations to discuss and set expectations. You should
discuss how much you will charge and what services you
will offer. You must also discuss security policies and how
you plan to protect their data.
This is when your firm's engagement letters come in
handy. You should outline both parties' expectations in the
engagement letter so that you're in agreement with each
other. Avoid using complex accounting language when
discussing objectives, pricing, and regulations with the
clients. Most people aren't familiar with typical accounting
terms and will appreciate it if the CPA uses words that make
sense to them.
Make an effort to create an open, welcoming atmosphere
where clients can freely ask their questions and
provide feedback.
4. Train your clients on a regular basis - Never
lose an opportunity to demonstrate your expertise if a client
faces a problem and seeks your opinion.
When you communicate, make every attempt to explain
to your clients the technical aspects of any problem they
are facing. This will help them understand what is going on
in the background. It also gives them context of the work
you, as a CPA, will do to solve the issue.
Once you start exchanging knowledge with your clients,
it will help your accounting firm grow trust and goodwill.
This is because the clients will have a clear view of any
financial discussions and decisions. Clients will place a higher
24 JULY 2021 ■ www.CPAPracticeAdvisor.com
value on your services, and you will have more meaningful
conversations with them about their business. Clients will
trust your ideas and suggestions more.
CPAs must ensure that their clients know compliance
rules, financial terminology, and other processes involved.
For that reason, you can take the initiative to train your
clients, whether in person or by email, so that you can
establish a personal relationship and gain their trust.
5. Be proactive and available - Don't always expect
your customers to come to you. Reach out to them to let
them know you're thinking about them. Sending clients
things that they might find beneficial is one unique approach
to being proactive in maintaining relationships.
Your clients will learn to trust your intentions and
become more receptive to your suggestions if you frequently
keep in touch. If your clients appreciate your efforts, you
can go a step further and help them make future plans.
Making time for your clients shows them how important
they are to you. But that doesn't imply that you should drop
everything the instant they contact you.
Make it clear that you have other clients and duties, yet
want to be available to them. Establish boundaries through
a preferred method of communication. It might be through
email, a client portal, text message, phone, or face to face.
Respond promptly to their questions, concerns, and requests
when they contact you.
6. Follow up with the old clients - As a CPA, you
shouldn't focus on acquiring new clients so much that you
overlook your existing ones. You might choose to focus on
the clients who give you more business than others. You
should provide excellent services and follow through on all
contracts. Make sure you have a system in place to keep
track of all your work, responsibilities, and the deadlines
you promised.
Last but not least, build trust with potential clients
using tools like Yelp and LinkedIn. Social media channels
help to promote your services and offer assistance to client
questions or complaints. Clients can write testimonials and
reviews for your service, and you can publish articles or
material that will help you prove yourself as an expert.
CPAs should educate themselves on the advantages of
technology, such as how it can improve advisory services,
save time for accountants, increase client retention, and
encourage value pricing. This type of social activity can be
a distinctive approach for CPAs who wish to build trust. ■
Lyle Solomon has considerable litigation experience
as well as substantial hands-on knowledge and
expertise in legal analysis and writing. Since 2003, he
has been a member of the State Bar of California. In
1998, he graduated from the University of the Pacific's
McGeorge School of Law in Sacramento, California, and
now serves as a principal attorney for the Oak View
Law Group in Los Altos, California.
http://www.CPAPracticeAdvisor.com
july2021

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