Alexa Accounting CRM Software for Accountants 7 Key Features To Look For

CRM Software For Accountants 7 Key Features

CRM | by Steve Conway
CRM Software For Accountants - 7 Key Features

Accounting is not just about pressing numbers and getting results. From forecasting business trends and providing cost reduction guidance to keeping clients’ financial space out of harm’s way-an accountant’s job extends beyond what meets the eye. Having an accounting CRM streamlines the core accounting process while taking care of monotonous manual tasks. It automates most of the manual jobs, thus enabling you to focus on the bigger picture for the business.

If you plan to invest in an accounting CRM, here’s what you must look for in the software.

Software Used By Accounting Firms

Accounting firms with multiple clients often need several tools to streamline their daily jobs. Most of the time, firms invest in the following set of tools.

  • A digital calendar for scheduling meetings and tasks
  • A time tracker for keeping a tab on billable hours
  • Tools for file sharing
  • An invoicing software
  • Project management tools
  • Spreadsheets for forecasting and financial analysis

However, a feature-rich CRM tool can integrate all these functions and perform even more. According to a QuickBooks research, accountants devote 86% of their total work hours to tasks that can be automated easily. Automation helps accountants to have enough free hours to execute more crucial tasks like consultation, sales, and analysis.

The Impact Of Cloud Accounting Software On Accounting Firms

With the arrival of cloud solutions, the accounting industry has entered a new era. It allows the hassle-free storing and accessing of data through the internet instead of having any physical storage system.

Of course, this technology has been here for some time now, and the power of cloud computing is undeniable. With hundreds of cloud-based CRM tools, it’s easier for accountants to get things done and save time.

Benefits of this cloud computing software:

  • Real-time updates of the financial information
  • Cross-device availability of accounting data
  • Scale up license numbers seamlessly with cloud computing
  • Keeping overhead costs lower

Safety Quotient Of Cloud Software for Accounting

For accountants, the most concerning thing is whether there would be security concerns with cloud accounting services. It’s something that accountants must take care of to protect crucial client information like finances.

More than 4,000 cyberattacks have been reported on government sites, medical organizations, and businesses during the pandemic. However, with modern cloud software, security breaches are never a concern.

  • In cloud-based software, data remains encrypted between your device and the cloud server. It becomes difficult for a third party to intercept.
  • As the data stay offsite, it reduces the risk of getting compromised if the physical devices are damaged or stolen. Cloud offers a data backup place for your current and future needs.

CRM In Accounting

With an accounting CRM, you can easily augment traditional customer service. It allows storing and retrieving client data in one centralized location, facilitating seamless client communication. Better interactions and communication improve your customer relationships, thus directly impacting your business.

What CRM Can Do For Accounting Firm

The blessings of CRM software for accounting are undeniable. Here are some ways CRM software can ignite an accounting firm’s prosperity:

  • It enables you to serve your clients with instant self-service through online portals.
  • You gain sales and market performance information just by applying a few clicks.
  • The software gives you all the details of every customer since their arrival, which leads to repeat purchases.
  • It can maximize the productivity of accountants by automating some tedious tasks.

When you have a powerful CRM at your access, it is possible to simplify various aspects of accounting practice and grow client lists of your firm. But before you choose a CRM system, you must look for the following features:

What Features Do Accountants Look For In A CRM?

There are several features of an accounting CRM, and you need to consider those while selecting the right product for yourself. CRM systems like ConvergeHub are equipped with the following features.

Integrating Accounting And CRM Feature

A self-service portal is essential for an accountant, as it gives all details of your client’s purchase. With crucial data, you can always provide professional and consistent accounting services.

Therefore, the logical step is to select a product that integrates with your firm’s existing accounting software. Such CRM software will allow you to enter a new client’s information or any transaction in both programs and have it synced automatically.
The right CRM software can sync everything from transaction history to previous interactions in one place. So, you get one system that covers all aspects of the customer-accountant relationship. You won’t have to backtrack and double-check dates or various figures, indulging in tedious and time-consuming tasks. As you take advantage of the integration feature of a CRM system, your entire workflow becomes much more efficient.

Efficient Client Onboarding

When your accounting firm brings on a new client, they must go through the client onboarding process. It ensures that your client knows the tasks and timelines you are providing to them through your services. Everyone knows what is happening, so it saves your client money and time.

For your accounting firm, you must look for a CRM platform that allows you to set up and organize a client onboarding strategy. Every new client will receive the same information on that same timeline through features like email templates, document storage, and scheduled reminders. When you can automate repetitive tasks, it leads to a better experience for both you and your clients.

Better Client Management

With a CRM system, you collect all the client information in one place. But you must ensure that everyone on your accounting team can access the information quickly. Here are some considerations for you to make the CRM-selection process right:

  • Does the CRM allow anytime and anywhere access?
  • Is this CRM cloud-based?
  • Is the CRM customizable to your organization’s needs?
  • Does your team feel comfortable using the user interface of the CRM software?

If you choose a program that your team is very comfortable working with, it will reduce errors in communication and data entry. After all, communication errors and incorrect data entry can cost you some valuable clients.

When you integrate a sound client management system, it helps the firm organically gain more clients. Managing client information through CRM helps to build improved relationships through personalized services. When clients are satisfied, they are willing to provide you with free marketing referrals and word-of-mouth. In return, your ROI on investing in dedicated CRM software increases.

Easier Client Communications

Accountants have various ways of communicating with their clients, like via phone calls, video chats, and email. But can you track all those messages and emails for a long time? Probably not. If not, it is high time to implement CRM software that can deal with customer service with all the data in place.

Your CRM can maintain a detailed communication history with your clients separately. Therefore, you can refer back to this information whenever you want. Next time, whoever contacts the client will have a prior conversation history to serve them efficiently and effectively.

With the CRM solution, your team can take care of your clients without backtracking any information. Also, your clients will value your attention to detail. Your clients will feel at ease investing in your accounting services. And when they feel satisfied with your accounting firm, your company will prosper.

Self-sufficiency Among Clients

If you are looking forward to saving more hours during the workday, then CRM software is a must-have tool. CRM software like ConvergeHub comes with various tools that build self-sufficiency among clients. A CRM service can offer built-in self-serving portals for clients, giving clients better access to their interactions with your firm.

With the self-serving portals, clients can view their transaction history and invoices. So, you have to encounter fewer calls and emails from them. Some CRM systems allow clients to make payments using these portals. It reduces the administrative burden on your team.

Brand-Creation Tools

For any business to thrive, branding matters a lot. The same goes for your accounting firm or your freelance accounting project. When you are an accountant, your professional and personal branding follows you in your career.

Therefore, when choosing a CRM, look for its tools that help you build a brand. With a CRM, you can streamline your daily process, thus serving your customers better. No doubt, it gains your client’s confidence.

Customizable Automated Workflows

Accounting software helps set up an automated workflow of crucial accounting tasks. Products like ConvergeHub helps in customizing that workflow using a specific set of tool.

It helps in simply modifying the workflows and updating them as required. With the customizable CRM software, you can also implement equations and document storage.

You may want to spend your days as an accountant without a dedicated CRM system. But, without one, you may need to focus on figures the entire day. It will automatically shift your attention from customer service. You must provide the best services possible to meet your client’s financial needs if you have an accounting firm.

Using a CRM will save substantial time for core accounting and saves your firm’s overhead costs. It automates a large volume of tasks you have been doing manually. A streamlined process will undoubtedly enable you to serve your clients better and build a deeper connection with them.

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