Securing new business is the first step in growing an accountancy practice, but the trick is to onboard clients effectively, explains Simon Leek, founder of FibreCRM
First impressions count and often have a lasting impact on the client relationship. Attracting and securing clients is also a costly job.
According to a report by Invespcro, it costs five times as much to attract a customer as to keep an existing one.
With such a significant investment, accountancy firms cannot afford to fail at the first hurdle when it comes to the onboarding process, and yet, by their anecdotal admissions, this is an area that many firms struggle with.
Whether it is drawing up an effective initial proposal or completing the various compliance steps, such as know your client (KYC) and anti-money laundering (AML) procedures, many firms find onboarding difficult.
