7 Simple Ways for CPAs to Help Clients Master Their Financial Data

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7 Simple Ways for CPAs to Help Clients Master Their Financial Data

Published On: June 21, 2021

Maintaining the financial health of your business becomes critical as your business matures with age. As your business grows, the amount of financial data you need to handle also grows with it. Many business entrepreneurs find it extremely overwhelming to understand and process the humongous data.

With the potential to enlighten any layman with extensive financial data, CPAs become the only best option for enterprises to become masters of their data. As businesses enwrap an intricate bundle of financial statements such as balance sheets, income statements, documents on payments made, and more, CPAs need to be well-specialized in breaking down complex financial data into
easily understandable stories for their clients.

Below are the top seven simple techniques that can help CPAs narrate their clients’ financial stories more efficiently and effectively.

1. Ask precise questions: Complicated questions lead to complicated answers. Ask to-the-point questions to derive answers without deviations, which will allow you to advise and guide your clients in the right way.

The right questions will help you sum up what your clients exactly need; this will sequentially help you deliver customized solutions to your clients based on their requirements. Ensure that each of your questions makes your clients believe that their business is your foremost commitment.

2. Define expectations upfront: With a prior understanding of your clients’ requirements, you will be able to set realistic targets, create appropriate roadmaps, and progress with improved focus to achieve their goals. Before going about anything formal, you must be acknowledged by your clients upon their requirements, thereby finalizing their expectations upfront.

Meanwhile, do not practice promising beyond what you can deliver. By defining what your clients want and what you are capable of carrying through beforehand, you can establish a transparent and credible rapport with your clients, which in turn promotes mutual knowledge sharing between the two in the longer run.

3. Visualize data for your clients: The high-volume financial data can look extremely distressing to your client due to their lack of adequate knowledge about it. CPAs need to visualize the data for their clients in such a way that they understand it effortlessly. Tables, infographics, pie charts are few ways in which you can simplify complex financial data.

Data, when depicted graphically, are easier to understand than just being presented as mere numbers. As a result, your client gains better insights into their overall financial data that help them make well-informed decisions.

4. Avoid using financial jargon: Most business people do not understand the nuts and bolts of financial terms, which is why they hire CPAs to make their life easy. CPAs, who have expertise in deeply analyzing any sort of complex financial data, should break it down for their clients to its simplest form.

In this process of simplifying and getting your clients to understand, it is very much necessary for you to be careful in not adding up to your clients’ weaknesses. Speaking the language of your client while narrating their financial stories is the vital attribute of your role, which will let you gain more confidence among your clients, thereby promoting a mutually comfortable, long-term, and loyal relationship.

5. Let the financial stories do the work: Since financial data is completely numerical, it gets overwhelming to business entrepreneurs who prefer not to gaze at numbers and formulae in plain spreadsheets. Hence CPAs need to present their data in such a way that there is a story that shapes up behind every presentation. By adding up flavors through such financial storytelling, your clients will very well be able to relate to the current situation and act accordingly in taking their business to the next level.

6. Boost their confidence: It isn’t sufficient with just the CPAs being confident. It is always complete only when they build the same in their clients. Meanwhile, it doesn’t mean to boost up something that’s far beyond the facts. Strengthen the trust factor by blending the right proportion of reality and your ability to deliver the best to their clients’ business. This will help them take their next steps with utmost clarity and confidence.

7. Stay reachable and reliable: In a world that’s aided instantly by automated bots, offering support with a human touch will leave a unique impression among the clients. You need to be a reliable source of assistance that your clients can count on all year round. Let them know that the CPAs they hired are available to help them out at any point in time or circumstances. By doing this, you can make your clients understand how important their business and its growth are to you.

Financial data lay the base to smooth sail the present and foresee the future of an organization. Any business that stumbles to handle its extensive financial data looks for professionals who can refine the data dump and chisel it out for them.

When you are stuck at one such point of your business, think DADJ. DADJ offers complete handholding through its comprehensive array of highly professional CPA services. We will leave you awestruck by demonstrating how magically beneficial your financial data can be to the success of your business.

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