7 Reasons Why CRM Software is the Best Solution For An Accounting Firm

Introduction

No more scurrying through piles of data again and again to retrieve one single piece of useful information! A comprehensive CRM solution will look through your every business needs which require proper data handling. 10 clients or 100, it is always about finding the right data at the right moment to make use of it. It is explicitly true for accounting firms which cannot go wrong on the data related to financial transactions and tax documents. Accuracy and easy accessibility of data are of the highest priority in accounting firms.

From contact details to billing and tax documentations, to communication history, CRM software eliminates the need for different software for different accounting operations. It maintains a central repository for every data involved in the entire business process. Before we get into the details of why a CRM tool is essential for an accounting firm, let us have a brief idea of what a CRM is.

What is CRM?

The core concept of a CRM is to build prolonged relationships with the customers. It merges every business module into one single platform. This core feature of a CRM solution empowers businesses to strategically use their data to achieve the highest possible customer engagement and retention strategies, along with enhanced team collaborations, streamlined processes, high-end automation, and seamless integrations.

CRM for accountants is particularly useful for CPAs or accountants while keeping track of the client-related information or other business operations. Sensitive data is the heart of any accounting firm and thus a tool that manages every piece of it in a well-structured way is essential to the business to sustain. In the next section, we will look into the different why-s of the need for a CRM tool for an accounting firm.

7 Reasons Why An Accounting Firm Needs CRM Software

A CRM solution is valuable for any organization, but it is particularly indispensable for an accounting organization or CPAs. Let us know the reasons behind it.

1. Central location for all Client data

Traditionally, before CRM software came into existence, all your business data was scattered on documents, emails, notes, tasks, and whatnot. Imagine handling a huge amount of data in that system. Evidently, this was not the best way to manage data as often firms encountered mishandling of important information leading to obstructed business growth.

A centralized database is a primary feature of a CRM solution that authorizes your organization to have a 360-degree view of customer data. Since the client data is readily available to you, you can have a look at it and work on it at any point of time. This lets you make data-centric and more targeted decisions.

2. Efficient customer service

If you want to keep your customers happy, make sure you have an efficient customer service system. A CRM enables your customer-facing teams to build strong customer relationships by delivering prompt and quality customer service at any given instance.

The centralized information on client interactions allows your teams to have an all-round view of the entire communication history of a particular customer. This cultivates consistent communication between your team and the customer along with faster response time to customer concerns. Surely, such good practice will significantly enhance client satisfaction.

3. Improved lead interactions

Improving lead interaction is very crucial to gain a competitive edge and thus an all-defining CRM solution becomes indispensable. A befitting CRM solution presents with immense opportunity to make your organization stand out. Such solutions ensure that your organization focuses on the most promising lead with the required strategy to boost conversion.

CRM software allows you to store necessary information about each client that helps you gain knowledge of their earlier purchase activities. It also lets you gather certain information such as birthdays and anniversaries, that allows you to personalize the communication with clients. Personalized connections with leads, empowers CPAs to hit on unique opportunities and generate sales.

4. Streamlined sales pipelines

Once your communication channel is set up, it is time to look into your sales pipeline. Tracking sales is an essential feature of software for CRM that helps you detect your lead status in the sales funnel. By tracking a client’s movement in the sales funnel you can now identify the buying trends of the customer and finally contribute to customer acquisition.

How about a CRM strategy that allows customizable sales pipelines? Well, that is definitely going to extract a clear picture of how good or bad the sales are doing and lets you hone up your lead targeting strategies. Further, you can deliver better sales forecasting and performance with major metrics derived from custom dashboards, stats, tables, and charts of the CRM solution.

5. Streamline tasks through integrated tools

Looking for something more? Don’t worry, enterprise CRM tools are for every need as it can integrate an array of third-party tools. You can integrate any number of your favorite tools with CRM solutions and boost your game plan even further. A possible way to check for a quality CRM tool is to look into the number of plug-ins they offer. The more plug-ins it has to offer, the more you can be assured of varied features touching on different aspects of a business and all in one place.

For CPAs, integration with QuickBooks is an important feature of ConvergeHub that provides flexibility for accountants to gain a unified view of a customer’s accounts. Integrations of third-party tools also make it easier to sync data from other tools along with certain benefits such as the generation of real-time reports. That being said, certain integrations are capable of automating the accounting process through the seamless amalgamation of multiple data sources.

6. Enhanced marketing campaigns

The result of having all your clients, lead, and various sales-related data in one single location, is boosted marketing campaigns. Do you want email newsletters delivered to a hundred clients? Done. Send text messages to thousands of clients? Done. Schedule phone calls? All done.
While automated messages take care of initial client onboarding processes, CPAs can now focus on more important tasks related to their job role.

7. Secured Data Storage

An accounting firm primarily deals with financial information and thus security is of utmost importance in such firms. With a CRM solution, you can be rest assured of data security due to the practice of several layers of security. From secured storage, and access controls, to data backup and recovery, an enterprise CRM has high security standards compared to other data storage tools.

Final Thoughts

In a nutshell, a CRM for accountants is the best solution for an accounting firm. From offering a centralized location for client data, efficient customer service, better lead management, streamlined sales, enhanced marketing campaigns, and integrations, to data security, a CRM solution such as ConvergeHub is the ultimate digital toolbox that manages all your interactions with your customers.