How to elevate client relationships and build a thriving practice

For accountants the bread and butter of the profession is attracting new clients and building strong professional relationships to maintain their business. In an evolving financial landscape, accountants must stay ahead by adopting best practices that enhance client satisfaction, streamline operations, and foster growth. After onboarding there are a number of things you must do to maintain the client relationship and continue to receive their business.

Client onboarding and initial engagement

The first thing to do when taking on a new client is to make sure you implement a structured onboarding process to ensure a smooth and professional start to the client relationship. This should include a welcome package providing a comprehensive welcome package that outlines your services, fees, key contacts, and an overview of the onboarding process. You should also schedule an in-depth initial meeting to understand the client’s needs, goals, and challenges. This opportunity can be used to explain how your services can add value to the client’s business.

You also must ensure that all the necessary documentation and agreements are in place to prevent any problems further down the line. You should draft a clear engagement letter that details the scope of work, responsibilities, fees, and terms of engagement. This will make things easier in the future and protect your company from any potential issues. Lastly, it is important to collect essential client information through a detailed form that covers personal, business, and financial details.

Communication and relationship management

Following a successful onboarding and the beginning of a new client relationship, the most important thing you must do to strengthen the relationship is to maintain consistent and proactive communication with clients.

This can be achieved in a number of ways. One of the things you can do is provide regular updates on their financial status, regulatory changes, and any relevant news. This will build trust with the client that you have their best interests at heart. This can be achieved in a number of ways including newsletters, emails, or scheduled calls. You should also employ an open door policy, encouraging clients to reach out with any questions or concerns.

Alongside this, you could utilise a Client Relationship Management (CRM) system to help you manage client interactions and information. A good CRM will store all client information in a centralised system for easy access and management, which is especially important if you are a larger organisation who may have multiple people handling the same client. A CRM will also allow you to keep a record of all communications, meetings, and tasks to ensure nothing falls through the cracks.

Service excellence and value addition

Another very important thing to do when maintaining a client relationship is to make sure that you are providing them with excellent service and adding value to their business, whatever it may be. This starts with delivering high-quality, accurate, and timely work to build trust and credibility. To do this you must implement rigorous quality control measures to ensure accuracy in all reports, statements, and filings. You should also adhere to deadlines and keep clients informed about the progress of their work.

Furthermore, you should go beyond the bare minimum of compliance and provide proactive advice to add value to your clients. You can do this by offering insights and recommendations to help clients improve their business performance or personal financial health. You may also provide strategic tax planning advice to minimise liabilities and maximise benefits.

Continuous professional development

Finally, a sometimes overlooked consideration to building strong client relationships is providing ongoing education for your staff. This will help them stay updated with the latest developments in accounting standards, tax laws, and industry trends.

You should fulfil Continuing Professional Development (requirements through courses, seminars, and professional conferences. You should also consider gaining additional qualifications or specialisations in areas like tax, auditing, or forensic accounting to enhance your expertise.

You must also embrace technology to improve efficiency and service delivery. Using cloud-based accounting software will allow your team to collaborate in real time and improve accuracy. You can also implement automation tools for routine tasks like data entry, invoicing, and reconciliations to free up time for higher-value activities.