providing value added services to clients by accountants in practice

Manager,

Audit Quality Monitoring

ICAG

byAccountants in Practice

Belinda Odonkor

La Palm Royal Beach Hotel – 25 November 2014

Expectations?

What is Value Added Services?

Providing Value Added Services as a process

Skills needed to provide value added services

Ways to bring Added Value Services

Costs, Benefits and Challenges of Providing Added Value Services

Key Discussion Topics

• What value do you place on your self as a professional accountant and your firm?

• Are you devalued?

• Core Services and Value Added Services?

• Are you providing value added or devalued services?

• Added Value and Value Added. Any difference? Additional Services?

Preamble

Taking your client service to the next level

Solving problems you’re not expected to solve or beyond the adequate solution

Soft terms – the way it resonates with the clients’ internal and emotional world

Definition - What is it?

Definition - What is it?

• Different for every client depending upon his goals (Differing needs and priorities). Value perceived by each stakeholder is different

• Value you bring clients goes far beyond just doing the job you were contracted to do.

• Behavior or service beyond their expectations (Going beyond what is realistically expected of you i.e. the norm)

• What is your “service or product” ?

Providing Value Added Services is a process…

• Starting point (Your firm)

“Before thinking about value-added, it is important to make sure that your current level of service is at least as

good as your competitors. Otherwise, no amount of value-adding will keep your clients from shopping

around”

Providing Value Added Services is a process…

• Not a one time or one off exercise. Continuous process of consciously seeking ways of adding value . Takes a lot of effort. Need to know client inside out.

• Needs to be revamped and adapted to changes in client’s objectives, concern and business environment. Proactive

• Providing value is a principle that you need to drive your business with.

Importance of providing value added services. Why?

• What are you doing differently? Actively look for ways tobring value to your clients

• Provides you the opportunity to differentiate yourselffrom other practicing accountants?

• Creates lasting memories in the minds of clients

• Clients would sing your praise to their colleagues whoeventually are potential clients

Importance of providing value added services. Why?

• Rise up to the challenge. Keep up with the pace.

• Provides the opportunity for you to demonstrate yourother capabilities to your clients.

• Demonstrates your understanding of the clients business

needed to provide value added services

• What skills do you bring to the table. Thinking global or acting in your comfort-zone

• Think outside the box or remain clogged inside

• What will make you a practisingaccountant of value?

Skills needed to provide value added services

• Must be a total breed

• Ethical, Integrity, Build relationship with your clients based on trust

• Software applications that matter to the business of your client.

• Knack for Business Development

Skills needed to provide value added services

• Street Wise: Ask questions, be witty, generate ideas, be curious about events around you.

• People skills. Don’t lose out on the social side of life and become an introvert.

• Thorough understanding of client’s stakeholders, business, technology and operations as a whole

Ways to bring added value to clients.

• Networking - Do you have clients that might mutually benefit from meeting each other?

• Share Knowledge (Articles, Publications, Facts/News Items, Presentation Material), Interesting and relevant articles

• Take your clients to interesting events that might benefit them for networking or exposure to other clients

Ways to bring added value to clients• Participate in clients events

• Have you noticed any events that you could notify your client about?

• Or seen any business opportunities in the local paper? It’s simply looking at opportunities that might be useful to your client.

• New and interesting ideas based on your experience.

• Providing cutting edge service to their clients

Ways to bring added value to clients

• Listen and Observe carefully. Client should define the added value. No two clients are the same.

• Appearance is important. Dress professionally for the occasion.

• Serviceable – Availability, First point of call, Interesting and relevant articles

Ways to bring added value to clients

• Create real relationships – get real and personal (TLC); personal approach

• Don’t just ask questions about clients business but ask questions about themselves and their lives

• Ask real questions, honestly care about the answer and create a real connection.

Ways to bring added value to clients

• Good Communication. Pick up the phone. Do not be unresponsive. By hearing your voice clients will feel more connected to you.

• If you can show your clients that you are thinking of them, even when they aren’t directly paying for it, they’ll probably think of you first when they do need a service.

Costs of providing value added services?

Time

Money

Human Resources

Benefits of providing value added services?

Sets you apart from the competition

Boosts client relationships and client retention

Advocate for your business among other potential clients. Extensive referrals and growth

Value added resonates the idea that you are providing quality services. Positive correlation between quality services and value added services

Challenges of providing value added services?

The position of your firm

Sole/Small Practitioners

Part-time practitioners

Type of clients

Value added services

Are you providing value added services

without realizing it?

What examples can you share of how you

provide value added services to clients?