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Digital Rapport's David Cowling explains how to better position management reporting as a revenue stream in your bookkeeping business
In a sit down with Australian Bookkeepers Network (ABN) Directors Kelvin Deer and Peter Thorp, respected bookkeeper, accountant and director of management reporting tool, Digital Rapport, David Cowling, emphasizes that bookkeepers are in prime position to own the management reporting role for their clients.
The problem is business owners need more support
David explains that one of the key differentiators between traditional annual accounting and regular management reporting is the frequency of communication.
“Assuming that clients are well fed with financial data from their accountant is a myth,” said David. “The problem with accountants is they often do it once a year. What good is that when the problems could have been avoided earlier?”
“A lot of clients work off their bank account,” continued David. “They get to a Friday and can’t figure out how they’re going to pay people.
“Without proper reporting, businesses are essentially ‘flying blind’, making it difficult for owners to make informed decisions that drive growth.”
Bookkeepers best placed to solve this problem
In ABN’s Bookkeepers Radio conversation, David reflected on hesitancy felt by some bookkeepers about the value clients place on the service.
“The simplest part here is starting the conversation,” he said, emphasising the importance of focusing on tangible benefits like improved cash flow and profitability.
David suggests tailoring the conversation to the client’s language.
“You know your client. If you speak in Profit and Loss terms, their eyes will glaze over. Speak to them in the currency of their business.
“It’s always best to use an example from the data that shows how you might change things and the implications of that change,” continued David. “If they like boats, for example, you can say something like, ‘if you do this now then in 6 months, you can buy a boat. Just that insight will help clients see the value of the conversations you’ll bring.”
“Clients will see your value goes well beyond your time spent and transforms into an investment which will exponentially improve their profitability, that will truly elevate your standing with clients” said David.
Customisation strengthens the client relationship and higher retention
As a bookkeeper, David saw that existing relationships were strengthened with a visual presentation of the client’s management reports, leading to his development of his video reporting tool, Digital Rapport.
“There just hasn’t been a clever way to have engaging client discussions, and Digital Rapport now gives bookkeepers that power to excite a customer in a very tailored conversation,” said David.
“Even if bookkeepers choose not to pass on the cost of this tool to the client, it becomes a way for bookkeepers to keep their clients engaged with them,” said David. “Management reporting has significant value for every business and with it bookkeepers are in the best position to be considered an invaluable resource the client knows they need.”
Click here to learn more about Digital Rapport.
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