Effective communication between accounting professionals and their clients is paramount in an industry driven by accuracy, timeliness and trust.
Today, with increasing client demands and rapid technological advancements, accounting firms are pressed to find efficient, reliable methods to collaborate and communicate without compromising productivity or profitability.
In response to these challenges, Woodard has teamed up with Mango to release the 2024 Woodard/Mango Accounting Industry Report, a comprehensive analysis of the evolving landscape of client communication and collaboration in the accounting industry.
Based on responses from 287 accounting professionals across the United States, this report captures the diverse experiences and approaches firms are using to navigate the complexities of modern client engagement.
By downloading the full report, readers gain exclusive insights into the current challenges, tools, and best practices shaping client communication—and strategies for leveraging these insights to future-proof their firms.
In today’s digital landscape, client expectations are rising, and the way accounting firms communicate has evolved dramatically.
Effective communication goes beyond meeting deadlines and maintaining compliance; it involves building trust, defining engagement scope, and ensuring clients understand what to expect from their partnership.
The findings from the 2024 Woodard/Mango Accounting Industry Report underscore the critical role of communication in everything from document management to client satisfaction and operational efficiency. For accounting firms seeking to stay competitive and grow sustainably, mastering the art and science of client communication is no longer optional.
The 2024 Woodard/Mango Accounting Industry Report is designed to give firms a clear picture of where the industry stands in terms of communication effectiveness and technology adoption. While the report covers many areas in depth, some major findings highlight the ongoing struggles—and opportunities—for firms of all sizes:
Document collection challenges are widespread
For many accounting firms, managing document flow with clients remains a significant barrier to efficiency. Nearly 70% of firms reported issues with timely document collection, which can lead to workflow delays and frustrations for both the firm and its clients.
This insight suggests a pressing need for tools and strategies that can streamline document collection and reduce back-and-forth communications.
Scope creep and client expectations
About 64% of firms identified scope creep as a major issue. When client engagements expand beyond the agreed-upon scope, it can disrupt project timelines and drain resources. Additionally, 46% of respondents find it challenging to set clear client expectations from the beginning.
This misalignment often results in unmet expectations, affecting both client satisfaction and the firm’s profitability. The report details how firms can address these issues with better-defined processes and consistent communication.
Technology adoption varies widely
While digital tools can simplify client engagement, the report reveals that technology adoption among accounting firms is still inconsistent. Most firms use email and phone calls as primary methods of communication, with 93% relying on email and 73% on phone calls.
Client portals and video calls are also widely used, but less than a third of firms currently use automated reminders or CRM software—tools that can greatly improve efficiency by centralizing client information and reducing administrative tasks.
Multiple touchpoints and efficiency loss
Accounting professionals often require multiple touchpoints with clients to gather necessary information.
According to the report, three out of four firms need between two and five touchpoints for each engagement. This indicates room for improvement in communication processes, particularly for firms that want to minimize time-consuming follow-ups.
The report explores how technology, when implemented strategically, can significantly reduce the number of touchpoints required and enhance efficiency.
Communication satisfaction is strong but could improve
Although 80% of respondents report positive client communication experiences, there is still room for improvement.
A closer look at the data reveals that firms with higher satisfaction ratings consistently leverage a broader array of tools, including CRM systems, document management software, and workflow automation.
Firms not using these tools may miss opportunities to create streamlined, scalable client communication practices.
The 2024 Woodard/Mango Accounting Industry Report offers much more than a snapshot of current trends; it provides actionable insights and strategies that can help firms of all sizes rethink and refine their approach to client communication. Here’s what readers can expect to learn from the full report:
Best practices for document management and communication
Firms that have mastered document collection and streamlined communication are reaping the rewards in terms of efficiency and client satisfaction.
The report provides examples and best practices from firms that have successfully implemented document management solutions and reduced communication bottlenecks. By understanding what works, readers can find ways to improve their own processes.
Effective technology choices for streamlined operations
With a myriad of technology options available, choosing the right tools can feel overwhelming.
The report details which tools are most effective for accounting firms based on survey data, including client portals, CRM systems, and workflow automation. This data can help firms make informed decisions about technology investments and avoid the pitfalls of fragmented or underutilized systems.
Strategies for setting expectations and avoiding scope creep
The full report outlines tactics that firms are using to clearly define engagement parameters and prevent scope creep.
By addressing these challenges upfront, firms can save time, reduce frustration, and ensure clients understand the limits and expectations of each engagement. Clear communication from the start can lead to smoother project execution and better client relationships.
Opportunities to future-proof client communication practices
Beyond immediate improvements, the report offers insights into how firms can build sustainable communication practices that will adapt to future client expectations and technology changes.
With the accounting landscape rapidly evolving, firms that proactively refine their client communication processes will be better prepared for long-term success.
The 2024 Woodard/Mango Accounting Industry Report is a resource for anyone in the accounting industry looking to improve client communication. CPAs, bookkeepers, controllers, CFOs, and accounting firm leaders will find value in its data-driven insights and practical recommendations.
By aligning client communication practices with industry benchmarks, firms can gain a competitive edge, improve efficiency, and foster stronger client relationships.
Whether your firm is a sole proprietorship or a large, multi-partner operation, this report provides relevant, actionable insights that can help you address client communication pain points and optimize your operations.
Successful client communication is the backbone of strong client relationships and sustained firm growth in an increasingly complex accounting environment.
The 2024 Woodard/Mango Accounting Industry Report offers the data, strategies and tools firms need to navigate these challenges and seize new opportunities. Don’t miss out on the full insights that can help your firm improve communication, enhance client satisfaction, and position itself for success in 2024 and beyond.
Ready to unlock the potential of streamlined, technology-enabled client communication? Download the 2024 Woodard/Mango Accounting Industry Report and gain the insights needed to refine your approach, build stronger client relationships, and drive growth in the years to come.
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