When you think of customer experience, we're sure the last industry that comes to mind is accounting, for good reason. Accounting means taxes and no one likes taxes. Or conversations about taxes. It's usually just trying to find the least objectionable outcome.
Compliance remains the name of the game and it's simply not good enough anymore.
It doesn't have to be that way.
The simple fact is that client expectations have (rightfully) shifted and the accounting industry has failed to follow suit.
Compliance is transactional, it's table stakes, it's high margin work often completed by junior resources, and if we're being honest, it will likely be handled by AI in the not-so-distant future.
But, if you're a small or mid-size business owner or investor, you need more. Reliance on a CPA for compliance will cost you, both in terms of fees you pay and more significantly, the cost of missed opportunities.
You want big firm service but can't pay big firm fees. You need an advocate, a quarterback, a partner. Someone who understands you, listens to you, and challenges you. Not someone to simply exchange documents with. And wouldn't it be nice to see a return on that investment? A strategy that not only offsets your costs but generates measurable savings to invest in your goals.
It is possible, but it takes more than technical competency, it requires a commitment to client service. So what does an exceptional customer experience in accounting look like?
First, It's Not Accounting, It's Tax Advisory
Accounting is to tax advisory as medicine is to health care. Medicine doesn't diagnose the problem, it's how the problem is addressed once you know the cause and the plan of treatment. Medicine is accounting and compliance. Tax advisory is the doctors, specialists, and sophisticated technology used to find a cure.
When looking for a doctor to help you solve a complicated, sensitive medical issue, bedside manner matters. You want to know that the doctor is compassionate and understands your goals for recovery. Someone invested in your health and who genuinely cares about your well being. The same applies to tax advisory. You can't fully diagnose and treat a tax or financial problem unless you're willing to get to know what the client hopes to achieve.
Accountability Is Paramount
There are no small decisions when it comes to your money. Every decision must be carefully thought out and budgeted for. The same should go for your tax support. Tax advisory should deliver a return on your investment in the form of savings that can more than pay for the advisory itself, not become another cost.
As a critical member of your team, your tax advisor should be meeting with you regularly, helping you understand what changes are needed in your plan, what to anticipate in the tax code, and providing you with regular updates on the implementation of your plan and how that plan is impacting your bottom line.
Tax advisory should go far beyond filling a return or ensuring estimated payments are being made. It should be a dynamic, strategic relationship.
The "Three Cs"
Competence
Technical competency in tax accounting is needed to navigate complex tax laws and compliance. It includes understanding tax codes, analyzing financial data, and preparing accurate returns. This competency is crucial for effective tax planning, risk management, and building client trust.
Curiosity
A curious advisor will want to have a deep understanding of their clients' distinct circumstances, goals, and challenges. A curious tax advisor is proactive in understanding the complexities of a client's financial situation, asking insightful questions that reveal hidden opportunities and potential risks. This inquisitive mindset helps to build a strong relationship based on trust and open communication, making clients feel appreciated and understood. Simply by being engaged and curious, tax advisors can customize their advice more effectively, resulting in innovative solutions that meet client needs and turn a routine service into a meaningful partnership.
Creativity
Creative advisors are innovative and craft solutions specifically tailored to each client's financial needs. When confronted with complex tax issues, creative advisors so opportunity, not risk, and devise strategies that leverage the tax code to optimize tax advantages and reduce liabilities. This imaginative approach not only aids in developing personalized tax plans but also allows advisors to explain complex tax concepts clearly and engagingly.
Responsiveness Is Not Good Enough
When was the last time your advisor called you with a proactive idea or novel strategy?
When you reach out to them, there's no doubt they get back to you, and if they need something from you, you'll hear from them. But, are they curious and creative enough to be thinking about you and your industry when the tax code changes, or when they anticipate a change is coming that you should prepare for?
Tax Advisory, But Different
At C&A, we believe the time has come for advisory relationships to be rooted in a true, exceptional client experience, not just compliance. By embracing the "Three Cs", being accountable and proactive— we can become invaluable partners in your business and financial journey. We are committed to understanding our client's unique goals and challenges and delivering innovative solutions that drive tangible results.
If you're looking for more from your advisory, set up a time to talk with our team today.
