Step 9. Onboarding Clients - and - Keeping Them On Board (i.e. Retention)
The Onboarding Journey
Smooth client onboarding is crucial for creating a positive first impression and ensuring client satisfaction. Here are some best practices for a modern accounting firm to streamline the client onboarding process
Use a Digital Onboarding Platform
Utilize a digital onboarding platform to automate and digitize the client onboarding process. This can include online forms, e-signatures, and document uploads, making it convenient for clients to submit necessary information. All too often “winging” the process after the sale leads to wasted time, frustration and buyer’s remorse.
Engaging in Clear Communication
Clearly communicate the onboarding process to clients. Provide them with a step-by-step guide, outlining what information is needed and what to expect during the onboarding process. Transparency builds trust. Repeat and get acknowledgement that the client understands!
Provide a Personalized Welcome Package
Create a personalized welcome package for new clients. This package could include an introductory letter, an overview of your firm's services, key contacts, and a timeline of the onboarding process. Send it as a comprehensive pdf document OR, better yet, courier or hand deliver (if possible) a well designed folder with documents on high quality paper and printing. This is something the client will keep and use as a master reference. It is an permanent representation of your firm so do not go cheap.
Critical! Client Onboarding Checklist
Develop a comprehensive checklist that outlines all the documents and information required from the client. This helps clients understand their responsibilities and ensures a smoother process. This will shift ownership of complexities and delays to the client. If they want you to do it ALL then triple your fees!
Utilize Technology for Document Sharing
Implement secure cloud-based platforms for document sharing and collaboration. This allows clients to upload necessary documents easily and securely, reducing the need for physical paperwork. Email threads cause confusion. At the very least use a shared system like Microsoft OneDrive or Google Docs. Security of these systems is paramount so to really take it to a new age accounting level use a purpose built service like Financial Cents, or other practice management solutions.
Automation of Routine Tasks Workflows Workflows Workflows!
Automate routine administrative tasks such as data entry, document sorting, and basic compliance checks. This not only saves time but also minimizes the risk of human error. Use automated scheduling, messaging and workflow features of your platforms. Get professional consulting help if this is beyond your ability. Automation can make you and not prioritizing it will break you.
Client Education on YOUR Processes
Provide educational resources or workshops to help clients understand the onboarding process and the importance of specific information. This can empower clients to provide accurate and timely data. This can be a fun exchange, increase trust and reveal new opportunities to help your bottom line.
Mobile Accessibility - Desktop Life Is So 1990s
Ensure that your onboarding process is mobile-friendly. Many clients prefer using mobile devices for convenience, and a responsive onboarding process improves accessibility. Be prepared to text! Provide mobile accessible portals! Critical stuff.
The Client Portal
Implement a secure client portal where clients can access important documents, updates, and communication. This fosters transparency and allows clients to stay informed throughout the onboarding process. There are decent platforms on the market to make this easy. Join our community to get views on what may work best for you.
Regular Communication
Maintain regular communication with clients during the onboarding process. Provide updates on the status, request any missing information promptly, and address any concerns or questions they may have. Respond quickly. Notify the client when milestones are met.
Feedback Collection During and After Onboarding
Seek feedback from clients about their onboarding experience. This helps identify areas for improvement and demonstrates a commitment to continuous enhancement of client service.
They Are Onboard - Now You Have To Keep Them!
Client Relationship Management (CRM is a Process - Not Just SaaS)
Now you have your client all signed up sold and onboarded you should focus on building long-term relationships through excellent service and proactive communication. Building and maintaining long-term client relationships is essential for the success of any new age accounting firm. Here are best practices for smooth client onboarding, client relationship management (CRM), and fostering long-term relationships:
Client-Centric Approach In All Aspects
Center your services around the client's needs and goals. Understanding their business and industry allows you to provide more relevant and valuable advice, enhancing the overall client experience. Listen to them! Don’t just sell and service.
Effective Ongoing Communication
Establish clear and open lines of communication. Regularly check in with clients to provide updates, discuss any changes in regulations, and address questions or concerns promptly. Consistent communication helps build trust.
Proactive Advisory Services (A Little Info and a Little Fear)
Move beyond basic compliance services and become a proactive advisor. Offer insights, recommendations, and strategic advice that can positively impact the client's financial health and business growth. Don’t be all peaches and cream. Keep the client in reality. The reality is that business is tough, they are champions for being in business and you are their staunch ally by relaying serious and actionable updates and options.
Seriously Utilize Client Relationship Management (CRM) Software
Implement a robust CRM system to centralize client information. This enables your team to track interactions, anticipate client needs, and personalize communication effectively. If you think you can get by with your Outlook or Gmail contact list and calendar you are operating well below your potential (that is a polite way of putting it). Do not be thrifty with such services. You should be using every bell and whistle they have to offer.
Continuing Client Education and Training
Provide educational resources to clients, keeping them informed about accounting practices, tax regulations, and financial strategies. Workshops, webinars, or newsletters can be effective channels for client education. Teach clients how to operate your way. The alternative is trying to meet their uninformed requests, failing to meet their unrealistic expectations and losing after the next tax filing.
Regular Reviews and Check-Ins (Yes, this is After Onboarding)
Schedule periodic reviews to discuss the client's financial performance, goals, and any changes in their business environment. These check-ins reinforce your commitment to their success. It also heads off festering discontent and complaints that are not real because you do such a perfect job right?
Consistent Client Feedback Surveys
Gather feedback from clients through surveys to understand their satisfaction levels and identify areas for improvement. Act on the feedback received to continuously enhance your services. This should be done at least annually and as part of a formal year end performance review.
Fun and Wholesome Client Appreciation Events
Host events or activities to show appreciation for your clients. This could be an annual client appreciation day, networking events, or educational seminars, providing opportunities to strengthen relationships outside of formal engagements. If food is provided, make it a lunch time or afternoon event. Evening events create an expectation for a bar service. Do not equate your service with alcohol consumption. Any event should be either formal business or family friendly. This is new age accounting, not 1960s Mad Men stuff.
Regular (and Verifiable) Training for Staff
In order to be client centric you have to be employee centric too. Invest in continuous training for your staff to keep them updated on industry trends, new technologies, and best practices. A well-trained team is better equipped to provide high-quality service. Set milestones for each staff member as part of their HR journey in your organization. No HR journey defined? Talk to our community members for support and insights.
Data Security and Privacy
This is a given based on our industry but ensure that security and confidentiality of client data is part of your formal policy. Implement robust cybersecurity measures and communicate these measures to clients to instill confidence in your firm's commitment to data protection.
Ethical and Transparent Practices - No Joking About It - Ever
Adhere to ethical practices and maintain transparency in your dealings. Clients appreciate honesty, integrity, and a commitment to ethical standards. Clients who have some idea that it's ok to avoid, misreport or not report transactions as some kind of sport are to be diplomatically educated immediately as to the folly of that mindset. If they don’t respond to that message - avoid them - they will cost you in terms of time and reputation.
By implementing these best practices, your accounting firm can not only streamline the client onboarding process but also cultivate strong, long-lasting relationships that contribute to client satisfaction and retention. It is work. It is hard. It is critical. If you knew this already, why aren’t you doing it? Losing clients is your fault. Always. But don’t despair, just get back to providing perfect new age accounting services and the trend will be a success 🙂
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