Communication is immensely important in the accounting profession, yet oftentimes, accountants are not great communicators. Communicating with your clients can lead to good news. As a profession, we can do a better job at being upfront and transparent with expectations. Examine your client conversations. One of our major challenges is that as CPAs we typically focus on what we are afraid of.
You need to stop looking at what you are afraid of and switch to looking at what your client is afraid of.
Your clients are most afraid of being surprised!
Giving your clients a surprise bill or telling them at the last minute that they will owe a large amount of money for their taxes is terrible. Our #1 goal when communicating with our clients is to keep them from ever having a surprise. By informing our clients in December that they will owe a certain amount in taxes in April, we make sure we give them time to make a choice. This makes it so they are not afraid since they now have time to prepare.
You need to communicate often with your clients! As a profession, we need to start thinking forward instead of backwards. Always operate on your toes with respect to client communication. Your communication really should be at least every month, not once or twice a year. By calling your clients, you can remain in full communication and ask questions to discover new ways to reduce taxes and increase wealth. Never bill for a 5-minute phone call or when you call your client. This builds your goodwill bank account, which is just as important as your financial bank account.
Always be transparent and set expectations.
Be sure to be upfront and transparent about your fees. Never be afraid to discuss your fees with your clients. Tell your clients your fees before you start the work and get them in writing. When you communicate ahead of time, your clients won’t be surprised with your billing and both you and your client will be happier as a result.
Accountants do more than just accounting. Tom wants the accounting profession to be full of accountants who are entrepreneurs who offer accounting and tax consulting.
Setting your expectations and price upfront is paramount.
Don’t be afraid of making a bad estimate. You will. There will be times when you will make a bad estimate and more time is needed. You just need to be honest with your clients if you make a mistake with your time estimate. Let your clients decide whether they want you to do the work or not. Let them decide whether they want to pay those fees. You need to be transparent and upfront and always do things to serve your client.
If you aren’t setting your expectations upfront, your clients will, and you have no control over it. You need to have control over what you do and over what you tell your client. Your clients want good service and don’t want surprises. It’s your job as the advisor to ask your client questions. You will be happier, and your clients will be happier receiving information early. When you set expectations, operate on your toes, have positive conversations with your clients, and admit when you make mistakes, you will have better clients, a better practice, and a better life.
Want to learn how joining TFW Advisors® can help you get better clients, a better practice, and a better life? Book a call with us today!