General Election tax policies and spending

How to communicate to your clients

With the 5-week General Election well underway, the major parties are campaigning in force with their bid to control the country and the final direction on Brexit.

As of November 6th, Parliament officially dissolved, triggering the official start of the campaign and the first change came with Sir Lindsay Hoyle elected as the new Commons Speaker, replacing John Bercow.

In this time, the Government does not make any major policy announcements or commitments.

With the British public heading to the polling booths on Thursday, December 12th, and the elected crop of MPs expected to conduct their first session around December 23rd, the big question facing everyone is who will win the election.

With details of the manifestos now public, you can communicate updates straight to clients’ devices regarding the relevant pledges, tax policies, proposed spending, Budget impact, and how your clients’ employment sectors and businesses may be affected.

How can you best communicate tax updates effectively to your client base?

An easy way to ensure that clients are kept up to date on the important matters affecting them is by sending push notifications. When utilised correctly, they can provide the key to reconnecting a firm’s brand with clients and prospects and building trust and value through more regular and relevant interactions.

This can come in the form of targeted, group notifications – you can split registered users into relevant sectors, such as business, self-employed, technology, civil service and education and send relevant messaging to those individually. An update regarding taxes for individuals and businesses for example could therefore be sent to those relevant client groups.

Push messages are also five times more effective than email, so any communications you may send to clients around the breaking election news and tax policies are more likely to be opened and read, cementing further trust.

With your own branded App, you can incorporate push notification messages into the firm’s communication strategy – and this can include automated messaging. This allows you to choose from a set of pre-built messages around tax, Budget, legislation updates and more – and simply switch on/off to determine what best suits your firm’s messaging and brand. Used in this way, digital technology can play an important role in enhancing the client experience.

7 top tips on what clients increasingly want from their accountants

In today’s world, every part of our daily lives is governed by technology with endless choices that promise to make us more streamlined and efficient.

We have all come to expect to achieve more in less time and new methods of electronic communication are driving a demand for instant access to information, day and night.

Accountants face real pressure to provide the same self-service options, real time information and mobile capabilities their clients get from their banks, online retailers and other service providers.

So, what do clients expect from their chosen accountant in the digital age? Here are 7 top tips from firms that are at the top of their game:

1. Real-time Advice

Cloud technology has been transformational because it allows accountants and their clients to work together and share information in real-time. Collaborative online solutions enable clients to see at a glance how the business is doing, and accountants gain the opportunity to offer advice in real-time rather than at year-end, when it may be too late.

This creates a massive shift in the accountant client relationship and prioritises collaboration and accessibility to deliver an enhanced client experience.

2. Less Paper 

Clients don’t want to wait days for paper documents to arrive in the post. Documents can now be sent digitally in a fraction of the time within a digital communications platform that integrates with the firm’s preferred document management system.

This process helps save time when a signature is required as the client no longer has to sign a paper document and ensure it is posted back to the accountant. Digital signatures provide a much faster turnaround and the client can be confident that their information is being kept secure at all times.

3. Help 24/7

Clients may need your help outside office hours and if they want to run a quick calculation to see they should incorporate, for example, they can now find the answer within a ‘self-service’ area found within a bespoke App. This reduces the risk of clients turning to Google for answers to financial questions and helps reinforce the accountant as the first port of call even when the office is closed.

New technologies in the form of Chatbots will soon be able to answer some of the most frequently asked questions and will go a long way to helping make the accountant’s expertise accessible whenever it is needed.

4. Virtual Meetings 

Increasingly, clients believe that spending time away from their businesses in meetings wastes valuable time and they prefer to hold ‘virtual’ meetings using such tools as Skype or Zoom.

This saves both parties time and can also help to dispel any formality. It can also come in useful when taking on a new client as a passport can be held up to the screen and it is possible to instantly verify their face against the photograph.

5. Secure messaging 

With privacy emerging as one of the key priorities for 2019, one-to-one messaging is set to increase in popularity. When an accountant’s message appears on the home screen of their smartphone in the firm’s own App, the client knows immediately who it has come from and that it should get their immediate attention. This method saves time as they do not have to work through the emails in their in-box dividing out the important from the junk email. A typical 93% open rate means that one-to-one messages are almost always read – typically, within minutes of delivery.

Other options include WhatsApp, which offers secure and encrypted messaging and text messaging, which carries cost implications.

6. One Place for all Financial Information

Rather than wading through numerous ‘best of breed’ Apps on their smartphones, clients find it easier to access all their accounts, finance and tax information and systems through the accountant’s icon on their home screen.

Being able to go to one place for all Cloud Accounting Logins is a huge boon for busy business owners who want a quicker and simpler way to access the tools they need to run their businesses. For the accountant, it allows the firm’s name to be the first they see and reinforces their place at the heart of their clients’ financial digital world.

7. A Great Experience 

Accountants like any other service provider face the challenge of making the service they offer memorable. Technological developments mean that this no longer requires hours of one-to-one time to make the service appear highly personalised as automation can achieve this quickly and easily.

Some of the accountants we work with find it effective to undertake a full system review when they take on a new client and suggest the software that will best suit the business and solve the problems it faces. Clients like this personalised approach that focuses on software and demonstrates that their accountant understands their business right from the outset.

Facilitate the Level of Connection Clients Expect

Even though technology marches forward, one thing remains constant and that is the importance of the relationship between the accountant and client. Staying accessible and responsive are key requirements and recent innovations can easily facilitate the level of communication high value clients increasingly expect: on their smartphones and tablets.

This new digital world is fundamentally transforming the way client relationships are handled and rewriting many of the rules. Taking those legacy clients that may still be using spreadsheets on a digital journey may be a challenge but with a modern digital platform that allows them to connect with their accountant 24/7, the benefits to even those that steer clear of technology, will soon become apparent.

All of this helps position the ‘connected’ accountant as more than just a technician and very much, a trusted advisor working at the heart of their client’s business. This approach has the potential to unlock collaboration and delivers a positive step towards building better, more long-term and more profitable client relationships.

Grasping the digital lead is essential if firms are going to meet mounting client expectations. ‘Connected’ accountants that put digital at the heart of their clients’ financial lives are not only meeting expectations, they are going above and beyond and exceeding on all levels.

The MyFirmsApp OneApp solution puts firms at the centre of their clients’ mobile lives, solidifying client relationships. To see how this could benefit your firm and your clients, try the App for free today and test drive the features that will create the kind of client experience that is vital in this new digital world, or alternatively request a free, no obligation quote for your firm.

How many times a week do you hear the words: ‘I didn’t get your email’?

Email was once the most effective way of communicating with clients but now, they have a habit of ending up in their junk folder where they are unlikely to see them, let alone open and read them.

Our own research suggests that the open rate for emails is very low at just 23 percent and as email applications employ more machine learning, this is likely to fall even further. Even if the subscriber has signed up emails by a company, more are being re-routed to spam folders as predictive technology determines whether the user will want to receive that message.

How are successful accountants solving the communication challenge? They are increasingly finding that the best way to reach clients is with consistent messaging across multiple channels and part of this strategy is to use a mobile communications platform that becomes the ‘go-to’ place for all communication.

Businesses are now spoilt for choice with lots of channels to choose from and everyone will have their own favourite but here are our top 5 that are returning great results for the accountants using them as part of their communication strategies.

Text messaging

Texts have an excellent open rate of 90 per cent so if you want to get a client’s attention and ensure they see your message, this is an effective option. The downside is that the cost of sending is high.

Chat based Apps such as WhatsApp

Chat based apps are beginning to steal a march over email when it comes to business communications. Companies that need to be able to rely on efficient and streamlined communication systems have started to use them – and smaller businesses are following suit. WhatsApp, for example, provides a simple, multi-platform and ultimately free solution.

When it comes to easing communication, Apps win out against email, as they can provide a way of texting, calling and checking voicemail over Wi-Fi, even when you have no phone signal. However, a disadvantage to their use is that they cannot be linked to other practice systems or joined up with other connection methods.

Push notifications

These pop-up notifications can be used to help communicate with clients and contacts quickly and easily and delivery can be automated to individuals and groups, which almost immediately ‘ping’ onto the home screen of client’s mobile devices. They have a 93 percent open rate which means that these messages are almost always read – typically, within minutes of delivery. This presents firms with the opportunity to automate the distribution of content, ranging from reminders about an upcoming meeting to news on services and invites to webinars and because they can be automatically triggered by sending an email, they are a huge boon to productivity.

One of their advantages is that is easy to track and identify whether clients have received messages and our mobile platform makes it is possible to automatically link to emails. How does this work? If an accountant sends an email to a client to remind them of a meeting or something they need to do, the email is automatically converted to a push notification message, so they receive both and the chances of getting your voice heard increases significantly.

Facebook messenger

Today, businesses are increasingly connecting through a powerful, personal new medium: messaging.

Business messaging is gaining a measurable edge over more traditional communication methods as client expectations evolve. The immediacy of messaging wins hands down in terms of appeal as time becomes an ever more precious resource. It also meets the demand for personal client interactions and a streamlined experience.

Pick up the phone

Don’t forget that picking up a phone to talk to a client can be a very powerful act. With so many different channels evolving, making a business call has fallen to the bottom of the list and yet, the simple act of making that call can be perceived as requiring real time and commitment and that your firm is offering a greater level of care.

A mobile communications platform

Ultimately, it’s not about one channel being better than another; it’s more about employing consistent messaging across multiple channels. One client may respond to texts while another will prefer push notifications so as with most things in life, it’s down to choosing the right channel to ensure the best levels of response.

Employing the appropriate communication channel can be achieved more easily with a customisable mobile communications platform. Every connection goes through the firm’s App and it gives the accountant the flexibility to customise the method of communication according to client preference. This approach can help future proofs the firm’s communication strategy and above all, cuts through all the social media noise and ensures the accountant’s voice is still heard.

In fact, the most successful firms all have one thing in common: they are creating the kind of client experience that is vital in this new digital world.

CIS VAT reverse charge delayed

For businesses involved in buying and selling construction services, the start date for the introduction of the Construction Industry Scheme (CIS) VAT Reverse charge has been set back a year to October 1st, 2020.

One of the reasons was due to a lot of businesses in the construction sector not quite being ready to implement the charge, and another is Brexit; to avoid any changes and impact that the UK leaving the EU may initially have.

Initially due to start at the beginning of next month, the charge is a change in how VAT is handled for certain kinds of construction services in the UK and applies only to transactions between VAT-registered contractors and sub-contractors who are registered for the CIS.

It means sub-contractors will require the contractor employing them to handle and pay the VAT directly to HMRC.

Initially mentioned at the 2017 Autumn Budget, following a draft legislation and technical consultation on the impact which took place in summer 2018, the final guidance was published in November 2018.

Businesses will need to adapt their accounting systems for dealing with VAT as they’ll no longer get VAT payments from customers for services where the reverse charge applies.

The United Kingdom’s withdrawal from the European Union will have many knock-on effects for businesses affected by the UK’s participation in the single market. Business sectors are also keeping a close eye on negotiations between the Government and the EU over the terms of leaving and preparing for all conceivable outcomes.

If you have clients in the construction industry, it’s important to communicate these changes to them and keep them informed as their tax advisor.

How can you best communicate to specific client sectors and automate tax updates?

An easy way to ensure you are always keeping your clients up-to-date with the latest tax information is by sending Push Notifications.

Push Notifications are five times more effective than email, and in this digital age they allow key information – such as tax changes and legislation updates, government policies, thresholds and other key issues affecting your client base – to be communicated to a group or specific set of users.

You can create client groups and split your users into sections, such as CIS workers, self-employed, tradesman, small business owners, contractors and more. This allows direct, targeted messages to your clients with a personal, friendly tone to update them and ensures they are connected to your firm and brand 24/7, cementing client trust.

You can also automate communications to clients, for example, with each Budget and Spring/Autumn Statement, MyFirmsApp delivers critical Budget content along with commentary to 1200 accounting firms in the UK – reaching more than a quarter of a million UK businesses and individuals on the home screens of their Smartphones and tablets. This includes automated live updates throughout the day – and the push packs made available to customers also means any announcements on topics and tax news affecting your clients are also pushed out without any effort from the accountant.

Anyone running a business knows that customers need to be continually made to feel special but how can accountants afford to go the extra mile when fees are being so tightly squeezed?

Successful firms that are addressing the service challenge all have one thing in common: they are turning to digital technology to economically optimise every step of the client journey and secure longer lasting and ‘stickier’ relationships.

Here are some of their tips for enhancing the client experience:

1. Technology helps lay the foundation

With the technology that is now available, accountants are in the best position possible to get everything done more quickly and easily than ever before. The clever use of digital technology can help to lay a firm foundation so that there is more time to invest in developing the advisory role rather than focusing solely on compliance services. This ultimately helps to build better engagement.

2. Move the relationship onto a digital footing

Being able to own and serve the client is paramount and moving the relationship onto a digital footing can enhance the relationship by ensuring that everything the client needs to do business i.e. their financial applications can be accessed from the one piece of kit they carry at all times – their Smartphone.

This use of a mobile engagement platform is helping top firms to communicate more effectively by providing clients with a wide range of tools that deliver heightened security ranging from two-way instant messaging to secure document portals for the quicker approval of tax returns. Accountants who use the platform are able to differentiate their firm, aid digitalisation and collect data more effectively.

3. Encourage more digital interaction

Digital interaction is now more of an expectation than ever before. With so many using banking Apps, social media messaging and with Alexa being on hand whenever needed, clients expect their accountants to communicate with them in the same way. If they don’t, the perception is that they’re not fulfilling their role as accountants for business.

Sharing information in a digital format on a mobile engagement platform is seen as a key element in building a stronger relationship with clients. Successful firms say it makes it far more flexible for both parties and allows information to flow freely. The simple tasks, such as the scanning of receipts on smartphones and tracking mileage, enhances the relationship by ensuring regular interaction. Being in touch several times a day instead of only several times a month strengthens the connection and helps create a more meaningful relationship.

4. Human touch is essential

None of the accountants who have taken the digital lead have ditched the human touch completely and they tell us it is now more essential than ever. Because technology allows the accountant to better understand their clients’ preferences, and that might be as simple as phoning at 8 in the morning rather than in the afternoon, the big take-away is that the client feels valued and their experience is enhanced.

5. Track against tasks to see if there is slippage

Slow creep can be a problem especially when most firms now offer fixed fees. One of the biggest mistakes accountants tell us they have made is not to track tasks to see how the firm is performing.  Those that have solved the problem now utilise technology to assess the time spent on the projects undertaken for their clients and they compare this with what was agreed at the outset. If the amount of work undertaken isn’t correct anymore, then slippage becomes a real problem. In these circumstances, firms are taking steps to review the fee and ensure they drive other opportunities such as training to help strengthen the offering.

6. Make the client’s life as easy as possible

Accountants can take on the role of technology experts if they lead their clients along an ‘easier’ path. One of the biggest challenges, as any accountant will know, is getting information from directors, even for simple items such as expenses claims.

Digital tools make the collection of data a simple day-to-day occurrence and their use removes much of the struggle that so many clients experience. Putting the solutions in place that makes their lives easier is a positive step towards enhancing the client experience.

7. Take advantage of tools that level the playing field

Whether a client is an innovator, early adopter or one of the late majority, ‘snapping’ receipts with the camera on their smartphone in real time has a positive benefit of levelling the playing field. Some clients may have to be persuaded to do things differently but if they are given a reason why it will make their lives more efficient, they are more likely to move across the technology adoption curve.

8. Bring tools together so they are all in one place

Storing all client programs in one easy to get to place on their smartphone helps to streamline information and simplify access to it. The top accountants keep it simple by providing clients with a single portal, so they can easily work on any of the software recommended to help run their businesses while they are on the move.

By putting the solutions in one place and creating a unique set of industry specific tools for that particular client’s digital journey, there is a distinct sense of tailoring the offering to suit the individual.

Take-away

The most successful firms all have one thing in common: they are creating the kind of client experience that is vital in this new digital world.

They are keeping up with fast changing technology and tailoring their approach to suit where the client is on the technology adoption curve, so they always feel at their most comfortable. It’s not a case of putting the tools in place and walking away: the top accountants are always there for their clients and will actively help them to use the programs that make running their businesses easier. This improves the overall client experience and helps build the stronger, stickier client relationships all accountants dream of.

Smartphone use has become vital within the profession for helping to create, maintain and further relationships, with Finance Apps showing the greatest growth and accountants globally using Apps more than ever to interact and engage with their clients.

To find out more about how your own App can benefit your practice and help revolutionise your client communications and engagement, book a free demo today.

The OneApp platform from MyFirmsApp will make it easier for the firm to communicate digitally with clients, aid practice management and support its marketing programme.

MyFirmsApp, developers of the leading OneApp platform for accounting firms worldwide, announced a new contract with the accounting practice, Watergates. The three-office firm has chosen MyFirmsApp to develop its first custom App to help make it easier to communicate digitally with clients and prospects, aid client management and to support a pro-active marketing programme.

The order was signed at the recent Accountex exhibition in London following a thorough evaluation of available solutions by the Watergates team. Farook Chaka, Managing Director, Watergates takes up the story. “We are always on the lookout for innovative new products that will make it easier to communicate with clients and before visiting Accountex, had already identified the need for an App. We had even thought of developing our own but were so impressed by the MyFirmsApp presentation, we decided to buy their customised solution.”

Farook believes that having their own App will help future-proof the practice and solve the communication challenge so many accounting firms now face. He explains: “So many of our emails now end up in junk folders and our clients complain that they haven’t received them. Push notification messaging will provide us with a far better way of communicating that we can track and identify whether clients have received the message. Use of a digital communications platform offers the real benefit of keeping everything all in the one place.”

Watergates plans to use push notifications as an integral part of its marketing programme and sees these new communication channels as very much part of a more pro-active service that post millennials and the Z generation now expect from their accountants. These pop-up notifications can be used to help communicate with clients and contacts quickly and easily and delivery can be automated to individuals and groups, which almost immediately ‘ping’ onto the home screen of client’s mobile devices. They have a 93 percent open rate which means that these messages are almost always read – typically, within minutes of delivery. This functionality presents firms, such as Watergates, with the opportunity to automate the distribution of content, ranging from reminders about tax deadlines, to news on services and invites to webinars.

Farook comments: “We are gearing up for the future as new technologies will inevitably allow clients to do more compliance work for themselves. It is up to us to transition to a more pro-active advisory service and a tailored digital communications platform will help us to achieve this goal. Our long-term aim is to transition all clients to the cloud and consolidate all the Apps our clients are using into our custom Watergates App platform to reduce complexity and confusion.”

Daniel Richards, Strategic Partnerships Director, MyFirmsApp commented: “Watergates knew exactly what they needed to future-proof their communication strategy and immediately saw the benefit of buying a customisable platform that firms worldwide are already using. This is a great firm that is putting digital at the heart of their practice and looking for new ways to connect with clients. This strengthening of bonds will give them the flexibility to grow and and help retain control by making all the software the firm and clients use accessible from a single place, the new Watergates App.”

OneApp is the leading App platform for Accountancy firms worldwide, that enables accountants to position their brand at the centre of their client’s mobile lives. Download and demo the App for free today and see how it can streamline your communications and digital engagement with clients and prospects.