How the FreeAgent mobile app can boost your client retention
The UK’s #1 small business accounting software, FreeAgent, offers an award-winning mobile app that can help make your client relationships go the distance.
The FreeAgent mobile app is designed to help your small business clients manage their accounts on the go. Named Best Data & Expense Management Software at AccountingWEB’s Accounting Excellence Software Awards, the FreeAgent mobile app can help your clients with everything from tracking their time to reconciling their bank transactions.
As well as making life easier for small business owners, the FreeAgent mobile app can also help you to reduce your client churn and retain healthy, happy client relationships for longer.
FreeAgent’s churn data
Client churn refers to the rate at which clients stop using your services within a certain time frame. FreeAgent’s churn data looks at clients of FreeAgent Practice Partners who closed their FreeAgent accounts between May 2019 and May 2020. These figures include clients who opted to use another method of bookkeeping while continuing their relationship with their accounting practice, as well as those who ended their practice relationships (e.g. clients who closed their businesses).
FreeAgent’s data shows that clients who used the FreeAgent mobile app were significantly less likely to ‘churn’ than clients who didn’t use it. For one practice, there was a difference of 14.3% in the churn rate between clients who used the app and those who didn’t. These statistics suggest that the adoption of the FreeAgent mobile app could have a positive impact on how likely your clients are to retain your services.
Stay ahead of the curve
Research shows that as technology continues to develop, even more people will use their mobile devices to complete daily tasks. For example, forecasts suggest that the number of customers who use mobile apps for banking will increase from 48% in 2018 to 72% by 2024. FreeAgent has seen this trend in action, with the number of mobile app users increasing by 10% over the last two years.
Adopting mobile app technology can help you to ensure that you and your practice are ahead of the curve. This could give clients confidence that your practice is able to adapt and develop as technology evolves in order to provide efficient services tailored to their needs.
More time for you to add value
The FreeAgent mobile app includes handy features such as ‘Capture for later’, which allows clients who are on FreeAgent to snap their expense receipts while they’re on the go for you to deal with later. These clients can also explain their bank transactions using the mobile app. FreeAgent’s client churn data suggests that those who do this are more proactive in keeping on top of their finances. FreeAgent Practice Partners only have to explain 14% of bank transactions for clients who use the mobile app, compared to 47% of bank transactions for clients who don’t.
These features make it easier than ever for clients to stay on top of their admin. This could make chasing paperwork and transaction explanations a thing of the past and give you extra time to invest in making your client relationships even more positive and productive.
What’s next for the FreeAgent mobile app?
The FreeAgent mobile app is constantly evolving to help you and your clients automate tasks, save time and improve your relationships. There are a number of new developments in the pipeline, including the option for clients to make in-app payments to suppliers.
FreeAgent is also working towards automating the receipt capture process using optical character recognition. This will mean that your clients’ receipt data will be extracted digitally so you won’t have to type out their expense information manually.