As an auditor, you know that adding value to your clients is key to building strong relationships and securing future work. But what does “adding value” mean, exactly? In this article, we will discuss ten ways of adding value to your audit clients. From providing helpful insights and recommendations to going above and beyond the call of duty, we will cover a range of strategies that will help you stand out from the competition.
What does adding value to your clients mean?
By adding value to the customer experience, a business is able to please the customers and enjoy repeat business. This is achieved by taking steps to make the products more attractive and providing more services to enhance the customer experience. Adding value requires offering more than the competition, which is done through research and innovation.
Adding value to your audit clients means that you should become a partner and assist in any way you can. You should put in extra effort and service to your client that is only possible through a personal relationship and not easily found elsewhere.
Tips on how to add value to your audit clients
Tip #01: Offer Insight and Recommendations
One of the best ways to add value to your audit clients is by providing helpful insights and recommendations. Knowledge is power. And, in a world where clients are constantly bombarded by information, you can help them navigate the ocean of data to glean actionable insights that will move their business forward. You can empower your clients to make better decisions by offering objective guidance that helps them organize and analyse their organizations for optimal efficiency. With today’s technology and your service expertise, there’s no reason not to offer recommendations to enhance product quality and maximize profits. Give your customers the solutions they need and watch your relationship grow stronger.
Tip #02: Help Them Save Money
Audit clients have a lot on their minds. They’re already dealing with operating complexities, tax and regulatory compliance among other financial obligations; they have too many balls to juggle — the last thing they want to worry about is the state of their internal systems. And that’s where you come in. You can help them set up automated processes to improve internal controls, keep track of data and secure information access. You can be proactive about finding solutions that make their jobs easier. This will help them stay on top of important issues, streamline their workflow, and save money (not to mention time and resources) in the process. Helping your clients save money involves identifying areas to cut costs, streamline their processes, or renegotiate contracts with suppliers.
Tip #03: Help Them Make Money
In addition to helping your audit clients save money, you can also help them make money. In your clients’ eyes, your value rests on how you can help them make more money. As the competition among CPAs heats up and the pool of potential clients grows smaller, it’s vital to distinguish yourself as someone who contributes not just to a client’s financials but also to their bottom line. This could involve identifying new revenue streams or opportunities for cost savings that can be reinvested into their business, it could also involve referring your clients for opportunities within your network.
Tip #04: Go Above and Beyond the Call of Duty
One way to really stand out from the competition is by going above and beyond the call of duty. This could involve staying late to finish an audit or working weekends to meet a deadline. Stretching yourself to meet your clients’ needs. By doing this, you are not only showing your dedication to your work, but you are also showing that you are willing to go the extra mile for your clients.
Tip #05: Be a Trusted Advisor
Another way to add value to your audit clients is by being a trusted advisor. This means being someone they can rely on for honest and impartial advice. It also means being someone they can turn to when they need help making decisions or solving problems. By being a trusted advisor, you are not only helping them make better decisions, but you are also building trust and credibility.
Tip #06: Keep Them Informed
You can add considerable value to your audit clients by keeping them informed and up to date. Clients will appreciate being kept in the loop on important changes and being included in any issues especially those that relate to their compliance needs. They will also like being advised of what you’re working on and how it may impact them. This means letting them know about changes in the industry, new regulations that could impact their business or anything else that might be relevant to their operations. By doing this, you are not only demonstrating your commitment to their success, but you are also helping them stay one step ahead of the competition.
Tip #07: Offer Value-Added Services
In addition to providing traditional auditing services, another great way to add value to your clients is by offering value-added services. This could involve providing consulting, training, or other services that can help them improve their operations. Clients especially value capability building, and it is an area they are willing to spend more to improve their own skills and that of their employees. By doing this, you are not only helping them achieve their goals, but you are also demonstrating your expertise and versatility.
Tip #08: Help your clients Grow Their Business
One of the most valuable things an auditor can do for their clients is to help them grow their business. Every business owner wants to increase their company’s revenue and value. As a CPA, you are part of a trusted advisory team that understands the intricacies of business finances in a unique way. Treat your clients as partners and help them understand how your insight can help grow their business. This could involve identifying new markets to expand into or recommending strategies for increasing sales or expanding into new territories. By doing this, you are not only helping them grow their business, but you are also helping them reach their full potential.
Tip #09: Help Them Manage Risk
Another important role of an auditor is to help their clients manage risk. This could involve providing guidance on how to reduce the likelihood of fraud or recommending strategies for mitigating the impact of potential disasters. It is important to identify your clients’ top risks and design your audit plan to address those challenges. Incorporating risk management concepts into the audit enhances the trust and reliability of financial information, which helps both internal and external users make decisions. Risk-based auditing gives your clients a competitive advantage by helping identify potential controls that may be missing and exposing potentially unacceptable risks.
Tip #010: Be a Partner in Success
The best way to add value to your audit clients is by being a partner in success. This means working together as a team to achieve common goals. It also means being there when they need you and going above and beyond what is expected. By doing this, you are not only building trust and credibility, but you are also demonstrating your commitment to their success.
Auditing isn’t just limited to reviews of the financial statements. When you focus on providing value-added services, you can help organisation leaders overcome the challenges they face while running the day-to-day operations. The key is to think beyond auditing and expand your focus from a compliance exercise to a strategy that adds value to your audit clients. Adding value provides an opportunity for accountants to stand out from the crowd. Adding value to your audit clients is a way to personalize your service to your clients and increase customer satisfaction. It helps build credibility, win client loyalty and establish long-term relationships.