Next-Gen Client Readiness for Accounting Firms

As the year begins to wind down, you like many accounting firms are already preparing your offices and systems for the next year. But are you really planning for your future or just the next 12 months?

Fact is, current technologies available through the cloud and mobile devices can help you at least take a step toward your future as a business advisor and a better accountant. There is no more a savvy business set than the next generation of prospective small business clients. They have access to more information and tools to get their businesses going than ever before — they know what they want and what they don’t…and are often willing to pay.

Increasingly, businesses are asking and expecting more from their professional service providers and — accountants in particular — are in a position to win or lose providing services to this younger, modern set of business owners. And in this age of being “always-on, always-connected,” the bar of expectation is set that much higher.

High Expectations
Fact: Accountants and CPAs are among the most trusted advisors to businesses. However, if you are not prepared to meet the expectations of this new generation of growing businesses, it will likely not only be lost business — but potentially the decline in the future of your firm. Customers are demanding more from these modern businesses as well, to deliver on service and be as connected as they are. It is no different when they look to you you as their business advisor.

This isn’t to say that your practice needs to have every bell and whistle. Even just providing some of the basics — such as the ability to work on accounts payable, bank reconciliations and payroll in real-time with your clients through cloud and mobile means — will not only impress your existing base, but will open the door to the new set willing to pay for your level of service.

Businesses, particularly the next generation of entrepreneurs, are checking for all that you offer — and not just tax and accounting. They want to know how connected you are, how truly service oriented you are and what they get for that service. We could get into the whole value-billing discussion, but there’s no need if you don’t offer the right level of service.

Be prepared
Here are a few key points to consider to bring on next-gen clients:

• Undergo a firm tech assessment and be honest when determining the state of your cloud and mobile readiness.
• Assess the source of your new business and the effort required.
• Understand what services you currently offer and what you can feasible add in the next 12 to 18 months.
• Audit the relevance and usability of your website.
• Review your social media presence.
• Compose a mobile-ready presentation of your firm’s service offerings.
• Look at your employee mix — do you have a healthy percentage of millennials in your firm or staff that live online and think mobile and social first?

The above list isn’t exhaustive. But if you are able to address even just a few of these items, you will have taken the first steps toward garnering next-gen business. Bottom line: If you are even thinking about pitching next-gen business clients or having the discussion about the future of your practice — establishing a mobile and online service-oriented approach is a necessity.