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Accountants who move beyond financials and have deeper conversations with clients will reap rewards, according to one specialist.
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Clients crave more than number crunching, says consultant
02 November 2022
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12 minute read
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Accountants who focus solely on a client’s finances will lose them and struggle to justify their fees compared to those who forge a broader relationship, 9rok Consulting founder Kim Payne says.
“While accountants who go beyond the numbers are getting a huge influx of new clients, others are losing them,” she told Accountants Daily ahead of the Accountants Daily Strategy Day 2022.
“When we dig deeper into why clients are changing accountants, part of it is because they want to be understood at a deeper level beyond just the hard numbers. Clients tell accountants who do this that their previous accountant didn’t show them enough attention. And they wanted more.”
Clients would pay someone who understood their fears and motivations, or what instilled or derailed their confidence, she said, while they might baulk at simply paying a fee for professional services.
Ms Payne said more clients were uncertain about the future of their businesses in the wake of the pandemic and wanted to operate with meaning.
“Clients are reassessing what is important to them in all areas of their lives. So, accountants are well placed to speak to clients about things they normally wouldn’t talk about and uncover what’s impacting clients outside of their finances,” Ms Payne said.
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Accountants who proactively responded to this demand would find that their clients were prepared to pay.
“They are willing to pay for that kind of service. That is so much more than the traditional relationship they have with their accountant. Price is completely linked to value, and value is a feeling or perception.”
Ms Payne will present a session at the Accountants Daily Strategy Day 2022 on how accountants can change their mindset, capitalise on opportunities to evolve their practice, understand client demands and implement strategies to showcase their value.
She said coaching accountants had taught her that those who were curious, asked clients more relevant questions and listened would uncover information they would otherwise miss, and grow referrals as a result.
It was equally important for accountants to master soft or “value skills” like empathy to understand clients’ problems and offer tailored solutions, she added.
“In the past, a lot of accountants have typically come to the table with their service offerings but have not necessarily tied them to the problems the client is facing, including uncertainty about the business’ future, especially if something happens to them,” Ms Payne concluded.
To hear more from Kim Payne about how to develop strategies to showcase your value as an accountant, come along to the Accountants Daily Strategy Day 2022.
It will take place on 29 November at Grand Hyatt, Melbourne, and 1 December at Parkroyal, Parramatta in Sydney.
Click here to book your tickets and make sure you don’t miss out!
For more information about the conference, including speakers and agenda, click here.
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