Client Onboarding for Success

Onboarding a new client can make or break your relationship. It can be the difference between a one-time service and a long professional relationship in which your services continue to grow with the client. Since customer acquisition can cost five times more than customer retention, it makes good financial sense for Pennsylvania CPAs and accountants to invest in software and procedures that guarantee a satisfied client from day one.

The cost of customer acquisition includes all expenses associated with market research and analysis, marketing and sales efforts, brand awareness, social media and other forms of self-promotion, and protecting the firm’s reputation. By contrast, the “costs” of customer retention are mostly non-monetary: client satisfaction, responsive support, strong relationships, and loyalty programs. 

Nothing can replace the personal touch. Yet in today’s highly mechanized world, the right software programs can help extend and even automate some of these “soft skills” to ensure the highest level of customer satisfaction. Many clients have come to expect the convenience technology provides—making it essential for firms to integrate the right tools into their practice.

Onboarding is considered complete when you have integrated your new client into all your firm’s client software, have access to all the financial information you need, have a fully reconciled set of reports, and are ready to proceed with offering services. In order to ensure that all these steps are followed, develop clearly defined steps along the way.

1. Once you’ve reached a verbal agreement with your client, it’s time to present an engagement letter that clearly defines your client’s expectations and your firm’s expectations. At this time, the client should review the letter and make any necessary adjustments. The client should then sign the final agreement. The client should then be added to your client management system (CRM), and all key people should be informed about the next steps.

2. Schedule a kick-off meeting with the client and team members who will be helping with the onboarding process. At this meeting, introduce your new client to those who will be working with him or her, set short- and long-term goals, and answer any additional questions. Don’t allow the new client to put off this meeting—schedule it as soon as possible so that you can start service promptly. Your client should leave the kick-off meeting with a complete understanding of expectations, services, and satisfaction with the relationships that are being built.

3. During the kick-off meeting, set the client up with any client-facing software, such as e-signature software, shared online accounting platforms that allow you to access your client’s accounts, secure web meeting platforms for remote meetings, and secure software for clients to upload documents effortlessly and securely. As a member of PSTAP, you get your own Verifyle Pro™ secure online sharing and messaging account completely free. Using Verifyle Pro to share documents and messages back and forth with your clients provides significant protection for data transfer.

4. Begin collecting from the client all critical historical financial data that you need to begin the agreed-upon work. You should have clear procedures in place to make sure that nothing is left undone in this process. This should include regular check-in calls and a readiness to answer any questions. Your client needs to feel appreciated and remembered during this process.

5. Expectations of when information should be supplied to you should have been outlined in the engagement letter and reviewed at the kick-off meeting, but if your client is slow to supply information, be ready to adjust as needed to fit your client’s unique situation. This is where the personal touch really helps. For instance, if you discover your client does not have the workforce to supply content on a timely basis, or if an emergency of some kind has arisen, find ways to help or be flexible. Note that if you use document collection portals and cloud computing services, these problems usually do not arise.

6. Make sure your team is fully integrated and there are no communications silos. The use of project management systems specifically designed for accountants can ensure seamless work between team members.

7. Schedule quarterly and yearly meetings with your client for feedback to see how you can improve your services. During these courtesy check-ins, you may find the client has additional needs that you can meet. Be careful of work-creep; decide when a one-off simple task is a courtesy and when it should be considered a new service with a new agreement.

If you have any questions about developing a strong onboarding process, reach out to your fellow PSTAP members through our member portal. Our highly-trained members are always happy to help other PSTAP members improve their practices.