10 Ways to Turn Accountants into Consultants
Published September 15, 2016 12:24 PM
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Updated September 15, 2016 1:21 PM
1 Min Read
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1. Give Them a Wingman
Millennials are looking for firms where they will learn and gain new skills, Schwartz says. Teach them how to be great advisors from day one through your onboarding process and mentorship.
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2. Translate the Numbers
Help staff practice how they would explain to a client what the numbers actually mean. Give them mock scenarios in which they must apply data to specific business or personal decisions, and grade them on clarity and practicality.
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3. Sideline the Software
Train new tax staff with pencil and paper first so they understand the flow of various tax forms. As trusted advisors, they will need to explain to clients how their return was prepared and why it was prepared a specific way. Manual review is also helpful for supporting accuracy and best practices in the onboarding process.
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4. Know When to Talk or Text
Know how each client prefers to communicate. Many older clients still prefer a personal telephone call, but you cant know that if you dont ask. Besides formalizing proper etiquette for electronic communication, train on phone call techniques and in-person meetings earlier in the orientation process. A solid handshake, a sincere smile and direct eye contact, for example, are still vital elements in building trust.
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5. Establish Meaning
Although new staff may not directly communicate with clients right away, explain the personal story behind the client relationships. This helps staff connect meaning and purpose to a specific engagement. Its easier to care more deeply about results when you know that a client started with nothing and is getting ready to pass a successful business to their children, says Schwartz.
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6. Think about Whats Next
Great advisors are thinking ahead for their clients to the next opportunity or challenge. Help staff get into the practice of anticipating needs. They should be able to list a few, specific to-do items/ideas for the client after taxes are filed or the audit findings are presented.
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7. Leverage Your Association or Network
A 2016 survey by the National Small Business Association found 58 percent of small businesses have exported goods or services. Firms need to get better at actively promoting the benefits of their international alliance beyond placing the logo on their website, notes BKR International Worldwide Chairman Howard Rosen. They should include it in all sales materials and share client stories with the entire firm about how the alliance has supported business effectiveness.
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8. Consult with Outsiders
In BKRs 2016 Americas Member Firm Survey (comprising firms throughout North and South America), members said 12.2 percent of new business came from referrals by non-CPA professionals. "Although most CPAs know how to network with outside professionals to serve their clients, this skill will be even more critical for sophisticated and larger clients, Schwartz says. Younger staff need to learn about their firms outside resources early on, and how they can be leveraged for mutual referral opportunities and a new perspective.
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9. Learn It, then Teach It
To move toward a teaching culture, firms can set up employee-to-employee training opportunities, encouraging employees talented in technical or soft skills to teach their peers. One benefit of peer-to-peer, in-house training is the belief that everyone is in charge of ongoing learning. The new mindset of CPA leaders includes being advisors and teachers, sharing their technical and practice knowledge inside and outside the firm, Schwartz says.
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10. Tag Team Meetings
"Partners can support consulting skills by bringing younger professionals on sales or client meetings to observe and eventually participate in sharing advisory information, says Jennifer Hughes, director at DMLO CPAs in Kentucky and a BKR Americas board member, says, The knowledge transfer will flow naturally as staff observe how partners explain the data and practice conversations.
