1. Technical skills
As CPAs you must remain sharp and maintain your technical and analytical skills to provide the best advice for your clients. Understanding that you don’t know everything and being willing to learn new ideas and concepts is important for you as well as your clients. Continuing to research, grow, and enhance your learning and knowledge is imperative. You need to seek continued learning for continued growth professionally and personally. Attending conferences and maintaining continuing education is necessary. As technology grows in our field with AI and automation becoming more prevalent, accountants must be tech savvy and comfortable utilizing technology to automate tax returns and financial statements and focus more of their time and efforts on providing tax consulting and tax advisory services for their clients, which they will value more.
2. Entrepreneurial skills
As an accountant, you must think like an entrepreneur. You should think like a business owner. Your clients want to know how they can save money on taxes and build wealth. When recruiting accountants, your firm should look for those who embrace this concept. It’s all about your clients since you’re their key advisor. You should always put your clients first. To grow your CPA firm, you need to transition to tax advisory and consultation since this provides your clients with what they truly value. Clients don’t value tax returns and financial statements. Remember, you are your client’s trusted, key advisor. Provide your clients with advice on how they can grow their business and reduce their taxes and they will recognize you as their most valuable advisor. You in turn will grow your practice and improve your overall cash flow.
3. Teamwork/collaboration
Growing a successful CPA firm requires hiring the right accountants who share your goals and values. CPAs need to be able to work together as a team not only in their own firm, but also with their client’s team. Your team should enjoy coming to work and share the same values as your organization, which will lead to the right fit. At TFW Advisors®, we are always encouraging everyone and recognize it’s a team effort. Furthermore, collaboration is necessary for providing the best advice for your clients.
4. Communication skills
Tom has found that strong communication skills are a necessity for accountants. Not only do you need to be able to communicate with your staff and coworkers, but you also need to regularly communicate with your clients. Strive to be a proactive CPA instead of a reactionary CPA and call your clients regularly. Call your clients every month and check in on them to discover any new changes in their business. This allows you to provide advice and to identify ways to help your clients reduce their taxes. Being curious and asking questions allows you to discover what your clients truly want. Learning to ask the right questions allows you to provide your clients with tax advisory and consultation services, which they value. With this regular communication, your clients will have no problem paying your fees for your services upfront. This eliminates giving your client a surprise bill, meaning no surprises. By pricing upfront, you give your client a choice. When you establish a relationship of continual communication with your client, you’re able to successfully provide tax advisory. When you learn to price your services properly, your staff will be happier as well, leading to improved employee retention.
Demonstrating these skills will allow you to remain the premier advisor your clients can’t live without.
Want to see how joining TFW Advisors® can get you better clients, a better practice, and a better life? Book a call with us today!