Four things you need to do about the Net

Ever since Luca Pacioli published his ‘Summa de Arithmetica, Geometria, Proportioni et Proportionalita’ (“Everything about Arithmetic, Geometry and Proportion”), the way accountants handle financial information and interact with their clients has been shaped by a series of technological shifts.  Dustin Lubertazzi offers a few 21st century suggestions to cope with the latest disruptive technology wave.
 
To stay competitive in the future, accountants need to anticipate and adapt to several trends that have been stimulated by the internet:
 
1. Increase added value services - Technology is streamlining and standardising compliance work. So shift time and resources from these commoditised services to focus more on being an indispensible advisor, helping clients make strategic decisions to protect and grow their business. This will be the accountant’s key role for the foreseeable future.
 
Craig Weeks, a consultant to accounting firms, comments: “One challenge the accounting field faces today is coming to grips with the incredible amount of financial detail their clients are both receiving and generating. The new frontier for accounting/tax related information services is filtering, assembling, prioritising, and then presenting the most vital data in a format that is readily usable by the management team.”
 
2. Differentiate your firm – With most buying processes starting with an online search engine, what makes your firm stand out from the firms listed ahead of you in search results? Make a difference when you speak to prospects, and they will spread the word. For your first meeting familiarise yourself with their industry and give them something more than marketing brochure to take home - maybe a one-page report on areas of focus and strengths, Follow-up with a handwritten thank you note.
 
3. Build an online presence – If prospective clients start their buying process online, your firm needs to show up among search engine results. That is difficult, though, if your firm does not maintain a website. To attract new clients, you have to meet prospects where they are – online.

4. Maximise your clients’ time - Business owners are busy running their business, so be conscious of their time and make things easy for them. Technology can help by allowing clients to connect with you online through a client portal. Your wesite can give them information about your services and answers to frequently asked questions. Finally, use the internet to stay in touch with them. Cconsider sending out an electronic client newsletter or other regular electronic correspondence.
 
Given how far technology in the accounting industry has come since the time of Pacioli, it is no longer an option just to provide timely and accurate financial information. Exploit new technologies in your client interactions, and you’ll find that your firm is better prepared to gain and retain valuable clients.
 
Dustin Lubertazzi is a Senior Consultant for Sageworks, a provider of private industry data, financial analysis, and risk management software for accounting firms and financial institutions. Lubertazzi has worked with hundreds of CPA. This post is taken from an article that first appeared on our US sister site, AccountingWEB.com.