As a CXO in the UK accounting industry, it may not be a hidden point that 5 years down the line that the role of accountants would be something different from what it is today due to many numbers factors including two significant points – automation & ever-changing business scenarios due to which clients’ requirement shall be more dynamic in nature. Automation shall start from the very top level including the big 4 and shall take a respectable amount of time to reach the bottom-most level to attain automation in the UK accounting industry (hard truth).
Second is changing clients’ requirements, which has been always significant and therefore, as managing partners, CEOs, Owners, Directors, CXOs, it becomes imperative to offer personalised services to your clients understanding about them much more than before. The overall idea is to provide efficacious client experience (CX) & not only great customer service !
If you believe that reaching out to your customer within in time, providing deliverables to them on time and doing things that they request is great going in terms of providing service, then you must review your parameters for providing superb client experience.
Customer service is a delivery that you are offering for what they pay to you, however significant difference of providing great client experience is going beyond the customer service and solving their problems as consultant which they may not realise! Positive client experience makes clients come back to you again as a repeat customer and advocates your practice/company to others which makes positive impact to your revenue!
As per a survey by freeagent, on future of accountancy, 75% of respondents mentioned that they shall focus more on providing advice to their clients which adds value to their businesses from any perspective. However, as per our experience as an accounting outsourcing company to the UK accounting practices, most of our clients mentioned to us that it becomes very difficult to spend more time with the clients and focus valuable time with their client for higher revenue generating tasks like consulting, advisory, auditing, cash flow forecasting, financial planning, analytics etc. As most of their times goes in compliance work like bookkeeping and VAT, year-end, management accounting, tax preparation & payroll, reviewing it for the quality check. Another reason is that the efficiency in UK accounting industry is going down as the quality of talent pool is major problem as mentioned by many of our clients.
We recently conducted a survey for our clients asking them if they are able to spend more time with their UK clients after outsourcing their work, it was noteworthy to analyse the result that they massively increased the time with their clients, freed from compliance work, which eventually increased their measure for their Client Experience (CX).
We at AcoBloom International are inspired to help UK accountants spend more time with their clients which adds value to their clients and enrich their customer experience! Let us know if you are figuring out on spending more time with your client. We shall be glad to assist you!