The Human Side of Accounting: How Empathy Drives Client Success

My involvement with accountants goes back a very long way. I have discovered in my 30 plus years as a business owner having been a client to several accountants as well as a consultant and coach to accountants for the past 9 years that many accountants care deeply about their clients. Many accountants and even more so accounting firm owners are anything but pencil pushers dispelling the stereo type.

Many accounting firm owners show great empathy toward their clients. I know this first hand. The thought came to mind many of these accountants became accounting firm owners to break away from the pressures of the Midsize and Big 4 firms where the results and return on investment are financially motivated. At first many became firm owners looking to keep more of their hard-earned dollars and the desire for independence. Many also start out as technicians and are abruptly thrown into entrepreneurship. Firm ownership is a much different skillset.

Understanding and communicating value is a big nut to crack. From my viewpoint many accounting firm owners are under charging for the services they provide to their clients. I believe it’s a combination of the empathy they have toward their client’s struggles and self doubt of their value that often wiggles its way into their thoughts.

In a recent workshop I hosted with accounting firm owners we discussed “Write Downs” as a big drain on a firms’ profitably. The reasons were many but two that stood out were “the client would push back at the amount” to “my staff member took far too many hours to handle the file”. One would agree that both are valid reasons however if you were clear on the value and expertise you provide and the expectations of your staff being met the end result would be less time spent on files and increased profitability for the same result to the client.

For some reason most of the accounting firm owners who find their way to me are such people. All are very good and honest people and anything but pencil pushers. Many of them stay clear of the bright lights and the social media stars. Simply put many place their clients needs above their own. This trait can and often does have a negative impact on their financial results. Many smaller accounting firm owners do not have a road map for the growth for their firm. Many don’t have clear and established goals. Why one might ask? Well, lets explore. Many accountants are good with money. They manage to save and be tight fisted when it comes to expenditures. Money is their business after all. However, money isn’t everything. The ROI on their expertise and effort often yields less than they financially deserve.

I am a believer in knowing the intersection of the services you deliver to your clients and your firms’ profitability can be achieved without feeling you have not overcharged. Finding that sweet spot of earnings and personal satisfaction can take some digging. Being committed with confidence to the value you bring is a wonderful place. It can be achieved!

I’m Paul Roy, founder of Profitable Practice Pro, and my mission is to assist Accountant and CPA practice owners in becoming great leaders while building their businesses through three key areas: People, Processes, and Profits.

Ready to transform your accounting practice? Book a 20-minute call with me today to learn more? https://calendly.com/paul-snh8/30min