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When we think about change in the accounting sector, it’s often from the perspective of the practice. How are practices using new technology? How are they responding to industry pressures? Where are they spending their time and money?
This can mean ignoring the other side of the equation: the clients. As accounting evolves and practices adapt, how are clients faring?
The MYOB Accounting Industry Monitor survey looked at how client expectations are changing as the sector evolves. The through-line is that clients seem to be looking for personalised, always-on, real-time services, which is quite different from the intermittent, standardised services of the past.
One group seems to be stepping up to the challenge. In the survey results, we grouped practices based on their revenue and client growth, with ‘progressive’ practices at the top of the heap. These practices are most invested in client relationships, spend the most time reaching out to new clients, and use technology to strengthen engagement.
A client expectation reset
Most of the practices in our survey are already using AI and other technologies to boost efficiency in their day-to-day work. With ultra-efficient service delivery now standard, clients are increasingly looking for more from their accounting practices. Our survey respondents reported that clients want proactive alerts instead of reactive, immediate answers, and more personalised face-to-face services. Some respondents predict that 24/7, AI-powered support will soon be a minimum expectation.
Increasingly, clients expect more than accurate year-end work. They want their accountant to flag issues early, answer faster, and act as a genuine business partner. As technology takes care of more routine tasks, practices have a real opportunity to spend more time giving proactive, personal advice that clients value.
On the other hand, technology taking on more time-consuming work does free up time for this responsive, challenging work. Accountants who would have spent the bulk of their workdays immersed in numbers may now have more time to connect with clients, reach out to prospective clients, and offer advisory work. As AI adoption spreads through the sector, more practices will also be using automated communication and update tools to be more responsive, without adding to their workload.
The report found that 59% of practices in the progressive group are already halfway there, acting as a full, outsourced financial department rather than a standard service provider.
Automation and the client experience
Technology will be key for practices looking to deliver proactive service. It’s already being used to facilitate client relationships in several ways. It starts with the very first client interaction: onboarding. 90% of practices surveyed believe that automated onboarding creates a better client experience. Meanwhile, 54% of practices in the progressive group are already offering this service. Automated onboarding starts the client experience off on a positive note, giving new clients a fast, simple way to share key details.
Other uses for automation in the client relationship include online document sharing and signing through secure platforms, which helps streamline sign-off processes and keep clients informed. Practices are also using practice management platforms to send automated updates; for example, if clients need to share their financial information before tax time, they might get a reminder. Many are also giving clients 24/7 access to their own documents through secure client portals, taking a step closer to that ‘always on’ service delivery.
In a modern accounting practice, AI will support smooth, personalised communication with minimal staff input. As trust in the technology improves, more practices will likely introduce automated chatbots and other tools to give clients instant answers and personalised support round the clock.
Using tech to support stronger client relationships
Traditional communication channels can’t keep up with round-the-clock service expectations. As a result, practices are expanding their client outreach methods and channel choices. More practices are using channels like text, WhatsApp, social media, video calls, newsletters and digital notifications to communicate with clients, shifting away from email and phone calls as core channels.
The level of engagement seems to be changing. While contact with clients tended to be infrequent in the past, practices now spend more time reaching out to existing clients to update, educate, or simply build the relationship. In our survey, progressive practices were most likely to engage regularly, particularly with their high-value clients. Practices in this group contact their tier-one clients an average of 2.3 times each week, which is almost double the level of engagement seen in other cohorts.
Finally, progressive practices outstrip other groups in their new client outreach, with 49% spending half their time on prospective clients. These practices are focused on growing their client bases and increasing revenue, so it makes sense that they invest time and energy in client acquisition. It’s also an example of tech-driven operations giving practices more time for business-building work.
Proactive, personal, always-on client service
Just like accountants, clients are very aware of change in the industry. They know that accountants are using technology to automate services and work more efficiently, and they’re adjusting their expectations accordingly.
In our recent MYOB Accounting Industry Monitor survey, practices reported that their clients are looking for always-on services and proactive support. In response, future-focused practices are offering a broader range of services, using technology to improve the client experience, and focusing on client engagement as a core aspect of their work.
As technology takes on more of the grunt work in accounting practices, the client relationship will inevitably change. In the future, we expect to see more practices prioritising strong partnerships with clients and using technology to support this approach. It’s about personal, proactive service, facilitated by smart embedded tech.
Want to know more about technology, today’s practices and the future of the sector? Read the full MYOB Accounting Industry Monitor report.
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