If your firm wants to grow, you have to move beyond basic compliance and commoditization to high-value consultative services. Those are the services clients really want to pay you for because that’s where you can help them save money and headaches. Savvy firms look for these five signs that their staff is able to carve out time to add value for clients.
1. Nobody is entering data
Automation is one of the easiest ways to free up staff time. CCH® ProSystem fx® Scan with AutoFlow Technology makes it simple to scan and autopopulate parts of the tax return. Meanwhile, newer tools like CCH Axcess™ Financial Prep automatically bring in trial balance information, and use machine learning to group it based on how you assign tax codes. When you shift responsibilities from data entry to data analysis, both clients and employees benefit.
2. Staff is accountable for their own performance
It’s no surprise that when everyone knows their role, projects get done faster and more accurately. With CCH Axcess™ Workstream, every step of every project is tracked so staff members are accountable for their current assignments and future deadlines, plus managers have a full-firm view of all the moving parts.
3. Clients are getting the services they want, not just filing a tax return
Here’s an interesting statistic: Although compliance services account for approximately 90% of the accounting industry, higher value business advisory services that help clients reduce their tax burden and protect their assets will account for 80% of revenue in the future. So where do you want your efforts to go? When your firm works more efficiently, you’re able to grow by adding new services and investing in technologies like CCH Axcess™ iQ that help clients save money.
4. Revenue is based on the value provided, not hours spent
Fixed fee, value-based pricing can be a bit complex to set up, but once you have a baseline fee for clients, it’s easier on clients and staff. For clients, it means no nickel-and-diming. They get unlimited communications about confusing tax law changes. And staff members are able to deliver a high level of customer service without worrying about every minute.
5. Clients understand the status of their projects
Transparency provides peace of mind for clients, and gives them notifications of outstanding tasks so their return can move smoothly through the process. A tool like CCH Axcess™ Client Collaboration makes the whole process easy for clients by automatically generating organizers and creating a dashboard where they can track the progress of their return.
Add value for clients and give them the services they really want—and deserve. For more ideas, download our ebook “Overcoming Commoditization and Adding Value.”