3 of the biggest pain points for accounting clients

Australia's accounting services are among the best in the world, generating $20 billion of revenue each year and employing more than 115,000 people, according to IBISWorld.

On the whole, clients are extremely happy with the level of service they receive. Eighty per cent of Australian SMEs in a Council of the Association of Chartered Certified Accountants (ACCA) study rated their accountants 'excellent' or 'good'.

But there's always room for improvement, so here are some of the most common pain points our clients tell us they've had with previous accountants. If you want to know how we do things differently, please click here.

1. Lack of added value

We talk to many clients who feel their previous accountants lacked depth of knowledge in particular areas and were too focused on compliance rather than offering crucial business advisory services.

Every accounting firm should have core bookkeeping, tax and audit expertise, but today's businesses want much more from their accountants. Whether it's guidance on strategic planning, cash management, portfolio management or a range of other specialist services, the demands of SMEs are greater than ever before.

2. Poor client service

Thirty per cent of SMEs in the ACCA research said their accountants were excellent, but sadly this isn't always the case. Common complaints we've heard include that some firms:

• Take too long to respond to questions;
• Are difficult to contact;
• Don't provide follow-up advice and further information; or
• Are slow to complete simple tasks.

Clients have also mentioned frustration at only being able to speak to a recorded voicemail rather than a real person when contacting their accountant.

3. Legacy technology systems

Technology is crucial to providing high-quality services, and it's a topic we've covered a number of times on the WMC Accounting blog before. Xero research has revealed that 16 per cent of small businesses would prefer to interact with their accountant entirely through software in the future.

However, not all accountants are ready for this seismic shift in service provision, with many relying on outdated systems. This is despite Xero noting that technical competence was the third-most important characteristic that small businesses believed accountants should possess, after trust and attention to detail.

How WMC Accounting can help

WMC Accounting prides itself on being about more than just the numbers. We still offer the tax, audit and assurance services that every accountant provides, but we're also dedicated to building strong, honest relationships with our clients.

That includes taking a proactive approach to your strategic needs and being flexible to your way of doing business.

For more information on how we can bring added value to you or your organisation, please contact us today.