As a CPA, you might think that high fees, limited expertise or even bad service would be the main reason you lose clients, but No. 1 on the list — cited by 72% of respondents in a survey by The Sleeter Group — was the complaint their CPA “did not give proactive advice, only reactive service. Being proactive in the realm of your clients’ data will not only show your clients that you are on their side and they can put their trust in you where their business’ numbers are concerned but also benefit the both of you in the long run. Your clientele reflects you. If they are average or below average, so are you.
- Big Data Analytics and Benchmarking
Performance benefits of data-driven decision making are extensive. As a CPA it is important to provide the kind of services that help your clients know what to do with the data they have collected as well as the results of the analyzed data. Being able to go over the analyzed data with your clients and help them decide which adjustments to make to continue success will make you invaluable to their company as they plan year after year.
- Planning and Forecasting Assistance
Often listed as the one thing companies wish their CPA would do more of, this kind of consulting usually helps clients grow too- as much as 30% faster than peers. Not only are growing clients more lucrative, they’re more satisfied clients who generate higher value-referrals, according to the CPA Journal. Analyzing and helping your clients benchmark once is not enough. Much like a baseball team would not use the same plays to win the World Series year in and year out, your clients’ business plans will need periodic adjusting as well. Client shifts, the economy, or new business growth can all impact how your clients’ numbers change. The more proactive you are in helping them adjust their strategies to fit their new circumstances, the better off you’ll both be.
- Advice
If you could see your client blindly riding their bike straight into a ditch, would you stop them? Or simply wait until they had fallen in and then offer your assistance? As mentioned before, according to a Sleeter Group study, the number one reason clients cite for leaving their CPA is that “[they] did not provide proactive advice, only reactive service.” Your clients value your advice and count on you to look out for them. Taking the time to look through your clients’ data can help you get ahead of any problems that they may be in danger of heading into.
These methods involved in helping proactive with your clients' data can be easily executed with the Peerview Data app. To view a list of metrics that you can track with the app, click here.