Posted by Sarah Templeton on Tue, Jun 15, 2010
Over the last decade, "practice management" has become an industry unto itself. Beyond the hundreds of private consultants and year-round seminars, we've seen a proliferation of task-specific software. As a result, it's little wonder why many accounting firms now find themselves operating with multiple - and not always harmonious - systems. The various applications sometimes work from different platforms. Staff must be trained and retrained. And as expensive new tools are added, firms must continually reinvest in IT expertise.
Does it really need to be so complicated?
Even more frustrating, a cobbled network of practice management software might be adequate for basic internal functions, but it does little to build a firm's business through client development and opportunity management. In today's environment, we know that client retention and cross-selling of services are paramount. Yet in a recent survey by Harris & Associates (Accounting Today, 2/15/2010) "well over 90%" of executives complained that their firm "isn't spending enough time" cross-selling to existing clients.
The proven solution for this strategic imperative is Customer Relationship Management (CRM) technology. CRM is by now the standard throughout the financial services sectors, not to mention its widespread and sophisticated use by retailers and manufacturers in the consumer marketplace; yet many in our industry have been reluctant to embrace it. Despite that 90 percent number quoted above, our own recent Templeton study found less than 5 percent of accounting firms have given state-of-the-art CRM systems a try.
Why is this? From our experience in the field, one big reason stands out: Despite its undeniable business-building advantages, until now CRM software has been designed largely as a free-standing technology - separate from the practice management functions of most accounting firms. Thus executives have been (understandably) reticent to invest in what they see as yet another costly layer of IT complexity.
But what if CRM included all the necessary tools of Practice Management?
The question arises: Why not a single solution? One completely integrated system that seamlessly combines everything you need in Practice Management with everything you want for CRM.
That question is exactly what we asked ourselves at Templeton. And recently we partnered with Microsoft to create a solution - a single comprehensive system for every aspect of practice management plus customer (client) relationship management.
First of all, we wanted it to be simple: a single log-in system that's intuitive, easy to learn and operates on the same Outlook format we already know. It had to be fully-integrated to handle time and billing... accounting and reporting... tracking and project management... personnel scheduling... a workflow engine... everything.
And something more: We wanted built-in account management capabilities with a range of up-selling, cross-selling and opportunity management CRM features.
Here's a partial summary of our "must have" list for this integrated practice management/CRM system:
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Time and billing
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Resource management and personnel scheduling
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Document management system
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Project management, reporting capabilities and forecasting
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WIP and realization reports
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Tax filing management and due-date tracking
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Workflow engine
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Sales "pipeline" and CRM opportunity management system to nurture marketing efforts
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Contact and account management
Above all, this integrated program had to be tailored to the nuanced needs of a busy accounting firm like our own. Is that too much to expect? Not anymore. Our firm now operates with a simple turnkey system that takes practice management not just to another level - but a new dimension. We call it CRM for Professionals.
CRM for Professionals finally solves the old quandary of how build a viable business development strategy within the often fragmented environment of an accounting practice that is structured on individual partnerships and "silos." This new system puts everyone on the same page, and keeps them reading from the same book.
It took an accounting firm to develop a solution for... accounting firms.
It didn't take long for our new system to attract interest from frustrated executives - many of whom now are coping with two or three practice management software tools and no built-in CRM capability whatever. What they immediately perceive are two things: 1) the lower cost and convenience of one unified system; 2) the chance now to create and sustain real "brand loyalty."
In the commercial marketplace, of course, the brand is king. And the linchpin is CRM technology to consistently "remember and reward" loyal customers, while cross-selling additional goods or services. This vital function is not left to individual initiative or index cards - with CRM it is automatic. In our industry the "brand" is you: your name, your people, your expertise, your range of services.
Practice management software alone cannot hope to address this dynamic customer relationship management role, and until now CRM could not do the essential work of a dedicated practice management system for accounting firms. The good news is, now you can have both. And in this case, one plus one provides an exponentially better answer.
We invite inquiries about CRM for Professionals. This new system solved our own management dilemma and chances are it will solve yours too. For more information, please contact info@templetonco.com
About the author:
Christopher J. Gryskiewicz, CPA, CITP
Chris Gryskiewicz is the Executive Vice President of Templeton & Company, LLP, an accounting firm headquartered in South Florida. He also serves as a senior executive with Templeton Solutions, a technology consulting subsidiary of Templeton & Company. It is in this role that he manages high-level IT projects and leverages his business and accounting background to identify opportunities for successful, thoughtful integrations.
Posted by Sarah Templeton on Thu, Oct 01, 2009
If you don't really know what CRM (Customer Relationship Management) stands for or what it does exactly, don't worry because you're not alone. In fact, take a look at this blog by high technology marketing expert John Ryan, Accountant's CRM Use Just Doesn't Add Up. You'll see that CPAs have been one of the last professional services fields to see the value of customer relationship management tools.
Research shows that many accounting firms try to make due with existing software such as CCH Practice Management or Outlook to manage their customer relationships. While these tools are great for their intended purposes of storing contact information and e-mail respectively, they were never designed to be an effective relationship management solution.
As a professional services provider, you are in the relationship business. That's why Templeton Consulting designed CRM for Professionals, a client relationship management system for CPA firms, just for you. We understand your success depends entirely on how you attract, develop, and retain client relationships.
As a division of Templeton & Company, south Florida's largest CPA firm, our team has decades of accounting and professional services experience. So we not only "get it" - we live and breathe it too.
Posted by Sarah Templeton on Thu, Oct 01, 2009
As a fellow marketer, I am engaged with many moving parts of the firm from overall strategic planning to the day-to-day execution needed to reach those goals. Have you ever needed to start out from square one with outdated or incomplete databases every time you are about to execute a new campaign? Do your Partners and Business Development team have sufficient information prior to meeting with prospects and/or delivering proposals? Please know this: you are not alone!
A few common mistakes that many marketers, partners and business development representatives encounter can be lack of research, lack of communication, and incomplete databases. Below, we have addressed each of these common pitfalls as well as ways we as a CPA firm have confronted each one with people, process, and technology:
1. Research - B2B research often leads to strategic decisions that guide the overall direction of a firm. Decision-making is far more complex, and is highly targeted for the most part. In addition, knowing who you are going after is essential. The role of "researcher" does not necessarily have to just be in preparation for a firm-wide strategy meeting, but can and should be employed prior to meeting with a prospect, their firm, someone you may refer business to in the future.
2. Incomplete database - Access Hoovers, launched this year, was featured at the AAM Summit 2009 Marketing Masters session. This device syncs with CRM records and allow users to update and easily add targeted prospects, allowing them to gain a competitive edge through immediate access to the Hoovers/D&B database.
Here at Templeton, we are fortunate enough to have both CRM and Access Hoovers which are closely intertwined and aligned with one another. I am interested to learn what your thoughts and experience has been with CRM and research methods and tools you use.