Report shows 'new expectations gap' between CPAs, clients

DOBBS FERRY, N.Y., Jan. 12, 2007 — What do your clients really want?

If you're a CPA in public practice, the answer might surprise you.

A recent study suggests that CPA firms and their clients disagree on such basic notions as client satisfaction, stability and longevity of a firm's clients, and even who a client's key decision-makers are.

The study, compiled in late 2006 by the Bay Street Group, points to important discrepencies between the behaviors and opinions of CPAs and their clients.

"It should prove useful to both CPA firms seeking to fine-tune their client acquisition and retention strategies," the report states, "as well as to finance managers charged with engaging a CPA firm and evaluating its performance."

Read the report in its entirety -- including suggestions for what CPAs firms can do better to satisfy their clients -- by downloading it here.

Key findings in a number of areas point to what the study calls a "new expectations gap" between CPAs and their clients. These areas include:

Client satisfaction: More than 90 percent of CPAs believe most of their clients would recommend them to others, but only 55 percent of clients say they would do so.
Identifying decision-makers: Eighty-two percent of CPAs say their clients' owners or CEOs make most decisions about which CPA firm to hire. But the overwhelming majority of clients say that role lies with their companies' CPAs, finance managers, executives and individuals.
Client stability: Nearly four in 10 CPAs say their average client has been with them for 10 or more years, but only 25 percent of clients say that is true.
Marketing tactics: Most CPAs rely on referrals, networking and Web site upgrades to handle their marketing load. While clients agree that referrals and networking are important, they say seminars are just as important.

"The data should be studied by comparing and contrasting the responses of CPAs and their clients," the report states. "A gap analysis showing the widest discrepencies in behaviors and attitudes can yield startling differences in perspective."

Narrowing the gap

The good news for CPA firms is that help in narrowing this new expectations gap exists.

Membership in the MACPA provides firms with some ready-made marketing tactics (including three of the tactics most often cited in the survey —referrals, networking and seminars) that can help them reach new clients and shore up relations with current clients.

Referrals: Our Referral Bureau connects members with people who have searched for CPAs on our Web site. Get details on how to be listed in the Referral Bureau here.
Networking: MACPA events and volunteer positions are natural networking venues, but the networking opportunities don't stop there. Our New / Young Professionals Network provides access to the people and resources that new CPAs need to make their mark in the profession. In fact, networking skills are among the most requested resources that young professionals say they need today, and NYPN delivers.
Seminars: Our customized on-site training and Business Learning Institute programs and serve as major marketing and customer-retention events. These programs draw from all segments of our membership. Chances are that, by attending, you'll meet people who need the services you provide. And here's an idea: The next time you hold an in-house tax update, why not invite some existing and prospective clients and make it a major networking event?

For further details on how we can help you narrow your clients' expectations gap, contact the MACPA at (800) 782-2036 or visit our Web site.

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