The word accounting packs much more content into it than mere crunching numbers. Taking on tasks like keeping customers out of financial hot water, guidance on cost reductions and forecast of trends, accountants keep businesses in business.
Beyond that, you help your clients better understand their business and respective industries. So, whether you’re a bookkeeper or an advisor, a CRM system for accounting firms is a powerful tool which helps simplify your workflows.
How? With all the tasks needed to be done every day to serve your clients, CRM automates a lot of that, allowing you to focus on the solutions of the big picture for your clients.
In this blog, you’ll learn some of the tips on what to look form in a CRM software for accounting. But first, let's have a look towards some of the software already in use.
Which software do accounting firms use?
As an accountant, you’re used to working with accounting software daily. But with so many contacts, appointments and other things, you’re also probably using a range of solutions.
Some of the tools include :
A calendar to schedule tasks and meetings.
Financial dashboards and bookkeeping tools.
A time tracker for billable hours.
File sharing tool to help with collaboration.
Invoicing software.
Spreadsheets for financial analysis and report forecasting.
In today’s competitive world, new innovative applications are developed every day. In fact, Quick Book found that accountants spend 86% of their time on tasks which could be automated. While the word “automation” might sound scary for some, it doesn’t mean that eventually, accounting will become obsolete.
Automation boosts efficiency by freeing you from manual tasks like data entry. It allows you to spend time on more lucrative trails like activities related to sales and hence growth opportunities.
What is the need of CRM in accounting?
In the accounting firms, Customer Relationship Management or CRM software is used to augment traditional customer service. You may store and access client information in one centralized location, improving the way you interact with clients. Better customer interaction ultimately leads to strong customer relationships and improved loyalty.
Purpose of CRM for your accounting firm
What’s great is that CRM software offers widespread benefits to accounting firms. Below are a few examples on how a CRM can fuel your firm’s prosperity.
With an Accounting CRM, you :
Better serve clients with a self - service online client portal.
Gain insight into your sales pipeline and marketing performance in just a few clicks.
Easily capture prospect details from visitors to your website.
Get a 360-degree view of every customer, from lead to repeat purchaser.
Maximize your productivity by automating tasks which are tedious.
With a powerful CRM tool, you may simplify many aspects of your accounting practice and grow your list of clients.
How to make this possible will become clear as you learn the top features accountants should look for in the next section.
What accountants need to look in a CRM Software
Of course, not all CRM programs are specifically created for accountants. To help you navigate through the process of selecting a CRM system for your company, check out the key points any accounting CRM should have.
1. The most important feature - Integration of accounting and CRM software
This one is Big and As an accountant, you understand the value of a self-servicing portal to get a clear view of your client’s transaction. Having all that data on hand will allow you to provide consistent, professional accounting service to keep you ahead of the competition.
Check out if the new CRM software offers smart integration with other products, such as Quick Book , allowing you to enter new client or transaction data in either program and have it automatically getting synced into the other.
With everything from transaction history to past interaction compiled at one place, you’ll have a single system which covers every aspect of your relationship with each client.
2. Streamlined Client On boarding
Whenever your accounting firm adds on new people, they should go through an onboarding process. This ensures your client is aware of their tasks and timelines while you provide accounting services. Everyone is on the same page, saving you time and client’s money.
Look for a CRM platform which allows you to set and organize your client on boarding strategy. Various features like document management, email template and scheduled reminders help ensure that every new client receives the same information on the same timeline. The more you automate the process, the better the experience for both you and your clients.
3. Improved Client Management
When you set up a CRM system, it goes without saying that it will store all your client information.
However, it’s important to make sure everyone in your team can easily access and update this information. Here are some of the questions to guide you through your decision :
Is the CRM cloud-based?
Does this CRM allow for anywhere, anytime access?
Is that CRM mobile-friendly enough to support teams which are typically on the go?
Is your team comfortable with the user interface? Does the software offer a demo?
By choosing a program comfortable with all your departments, you’ll reduce common data entry and communication errors.
4. Easier Client Communications
In general, accountants undergo different types of secure communication with clients such as email and video chat. But do you have a way to keep track of all those emails and conversion over time? If not, implementing a CRM system gives you this vulnerable tool for customer service. It sends your team a notification the second a request is received.
By maintaining a detailed history of communication inside CRM, you can refer back to this information any time.
5. Client self-sufficiency
Are you looking for ways to get more hours out of your workday as an accountant? If yes, then look for a CRM which includes tools for building self-sufficiency among your clients. A great example is a CRM that offers built-in-self-serve portals, giving your clients the option to access your business. Your clients can view their transaction history, quotes and invoices resulting in fewer calls and emails to you.
The Takeaway Point
Using a CRM for accountants can save your firm time and money. It also provides tools required to maintain better client relationships. So instead of getting sidetracked by missing data, you always have a clear picture of every client. As an option on whether to invest in CRM for accounting or not, take a moment to consider the cost of inefficient, ineffective customers.
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