Seven Things You Must Know about AI

Be serious, not amused.

By Hitendra Patil
Rise of The AiCCOUNTANTS

Unless you live under a stone, you would have heard about all the craze ChatGPT has created recently. And most likely, you, too, are amused by it.

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An artificial intelligence-powered tool, it is one of the first that allowed people to directly interact with AI in a familiar way how we use chat functions on mobile phones and websites. This ease of access and usage gave it a huge fan following. Moreover, it triggered a tsunami of new AI tools emerging all over the internet.
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The When, What, How of CAS

Weave review actions into your processes.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Why review your client accounting services offering periodically?

Most accounting firms ultimately optimize their internal processes and resources that produce their services. The measurement of such optimization is the profitability of the firm. When firm owners/partners feel the pressure on profitability, it is natural for them to measure the factors that contribute to profitability, and the cost thereof.

MORE: Your Sales Success Is Your Proof | Three Keys to Developing Your CAS Sales Process | Your Clients’ Words = Your New CAS Marketing | Price by Outcome, Not Time Spent | Your CAS Engagement Letter Needs a Reset Option | Help Your Clients Run Their Businesses Better | CAS Tech Stack Depends on Cloud Use | Five Ways to Profit from CAS
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You can measure the performance of your CAS offering in similar ways. But there is a difference that makes CAS performance measurement processes somewhat unconventional. It is not just for the cost and profitability parameters you will measure, but because CAS is about outcomes your CAS clients (are supposed to) receive/experience, measuring the “promise fulfillment” of CAS is a necessity. And if you do not do it periodically, at pre-decided intervals, it can be challenging to course-correct when it is too late.
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Your Sales Success Is Your Proof

smiling man talking on phone in office

Your existing clients can help with closing new ones.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

As you hone your sales discovery process, you will see that asking and telling is not enough. You need to “show” as well.

MORE: Three Keys to Developing Your CAS Sales Process | Happy Clients Will Blow Your Horn for You | Attract Clients through Facebook Groups | Want Higher Profitability? Turn to CAS | Structure Insights as What-Why-What | Set Your Processes Apart in Nine Steps | Five Ways to Overcome CAS Staffing Challenges | Think CAS Isn’t for Your Firm? | Convince Your Firm of CAS Value
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What you show during the discovery discussion are your client accounting services sales collaterals. They are the “proofs” that you actually do what you say. These collaterals answer the often-unexpressed question in the prospect’s mind “What will I get?” For your CAS sales process, the following are some examples of the sales collaterals:
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Three Keys to Developing Your CAS Sales Process

two men standing and shaking hands

Plus seven points you need to identify.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

“I am not a good salesperson.”

I have lost count of how many accountants have told me this over the years. But I also learned that what they really mean is that they do not have a well-defined, structured “sales process.”

MORE: Happy Clients Will Blow Your Horn for You | Start with Existing Clients to Add CAS | Your Clients’ Words = Your New CAS Marketing | Attract Clients through Facebook Groups | How to Destroy Your CAS Profits | Price by Outcome, Not Time Spent | Want Higher Profitability? Turn to CAS | CAS Requires Reaching Out More
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This post is not about fundamental sales skills. That is beyond our scope. This is more about how to develop and execute your client accounting services sales process, pitch and supporting collaterals that can help get you more CAS sales.
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Happy Clients Will Blow Your Horn for You

burst of color emerging from trumpet bell

These are the best referrals you can get.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

To expand and grow your client accounting services practice, you need a steady stream of new prospects. While referrals have been accountants’ #1 source of getting new clients, this method gives no predictability and control to accountants on which types of prospects come in their doors. You need the ability to attract CAS-fit clients continuously. Hence, your lead generation process needs to be adjusted accordingly.

MORE: Start with Existing Clients to Add CAS | Your Clients’ Words = Your New CAS Marketing | Price by Outcome, Not Time Spent | Your CAS Engagement Letter Needs a Reset Option | Help Your Clients Run Their Businesses Better | CAS Tech Stack Depends on Cloud Use | Five Ways to Profit from CAS | CAS Is a Value Pitch | Accountants Are Perfect for Virtual CFO Roles
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The accounting profession’s largest CAS survey revealed that along with the firm’s website, “proactively seek referrals” is the top marketing method for firms to get new CAS clients. How do you proactively seek referrals without waiting for them?
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Start with Existing Clients to Add CAS

 

Their questions will help shape your pitch to others.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

You will use very similar fundamental steps to generate words and content to express the value of your client accounting services offering. You will focus on each component of your CAS offering to do so, e.g., different content to talk about bill payment services, different for advisory and outsourced CFO services, and so on.

MORE: Your Clients’ Words = Your New CAS Marketing | Attract Clients through Facebook Groups | Want Higher Profitability? Turn to CAS | Structure Insights as What-Why-What | Set Your Processes Apart in Nine Steps | Five Ways to Overcome CAS Staffing Challenges | Think CAS Isn’t for Your Firm? | Convince Your Firm of CAS Value | Ten Ways to Tell a Client Is Ready for CAS
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You will also use the “contrast principle” to differentiate between your “usual” services and “CAS offering.” Marketing CAS to your existing clients will be different than marketing CAS to your prospects.
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Your Clients’ Words = Your New CAS Marketing

Let them help tell your story.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

Your firm’s value proposition is not what you say. It is what your clients and prospects perceive. Perception is reality. Here are some proven ways to identify your firm’s real marketable value.

MORE: Attract Clients through Facebook Groups | How to Destroy Your CAS Profits | CAS Requires Reaching Out More | CAS Reports Are Better. Here’s How. | Is It Time for Your Firm to Outsource? | Raise CAS Awareness Among Your Clients | Which Clients Are Best for CAS | How Much Can Automating Bank Feeds Save You? | Wants vs. Needs: Why Not Fill Both?
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  • Ask your clients: It is not so easy to “be in the customers’ shoes.” You will be surprised how you can gain immense insights from your clients – about how they perceive and experience your service and how they feel; what they find of value and what they feel frustrated about. Don’t guess, don’t assume, just ask them. It is easy to conduct customer surveys online (e.g., SurveyMonkey has a free version that allows you to collect 100 responses; Google forms are also free to use). Identify the most common positives and negatives that emerge from survey data to be able to improve your marketing and customer experience.

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Attract Clients through Facebook Groups

Plus six more marketing avenues you might not have thought of.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

We asked about sales and marketing methods as part of the accounting profession’s largest CAS survey. Among firms offering client accounting services, the chief means for gaining new CAS business is “proactively seeking referrals” and the firm’s “website,” each at 48 percent. Networking at local/regional/national events follows at 35 percent.

MORE: How to Destroy Your CAS Profits | Price by Outcome, Not Time Spent | Your CAS Engagement Letter Needs a Reset Option | Help Your Clients Run Their Businesses Better | CAS Tech Stack Depends on Cloud Use | Five Ways to Profit from CAS | CAS Is a Value Pitch | Accountants Are Perfect for Virtual CFO Roles | Raise Client Expectations with CAS
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The other marketing methods deployed by CAS firms are:

  • Networking at local / regional / national events: 35%
  • Search engine optimization: 14%
  • Influencer or social media marketing: 11%

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