CRM Software for Accounting Firms

 

Customer relationship management (CRM) software for accounting firms automates and manages the customer lifecycle. Accounting firms use CRMs to manage contact information for customers and leads, simplify record-keeping, organize marketing and sales efforts, and improve customer service. Some CRM software options offer features to help companies monitor performance and productivity. Accounting firms have many factors to consider when selecting specialized CRM software.

This software guide explains these features, benefits, considerations, and trends.

Here’s what we’ll cover:

• What is CRM software for accounting firms?
• Common features of CRM software for accounting firms
• What type of buyer are you?
• Benefits and potential issues of CRM software for accounting firms
• Key considerations when purchasing CRM software for accounting firms
• Market trends to understand

What is CRM software for accounting firms?

CRM software for accounting firms helps companies deliver better customer service through accounting–focused data capture and management. Tracking contact information, lead engagement, and customer interaction provides a detailed record for informed customer service. Accounting actions can trigger immediate task creation workflows and email campaigns. Firms can deliver quotes and proposals. The result is that accounting firms can manage their business more efficiently using features built for accountants.

Common features of CRM software for accounting firms

There are many different features available in CRM software for accounting firms. Most solutions include some or all of the following features:

Contact management	Store contact information in a searchable database of names, addresses, and social media accounts.
Interaction tracking	Record notes and track correspondence history to document connections and conversations with each contact. Track lead status in sales pipeline visualizations.
Lead management	Record and safeguard information about leads, and track their journeys through the sales process. Segment leads and contacts based on region, demographics, and marketing interactions.
Calendar and reminders	Schedule upcoming events and set reminder notifications. Create tasks and monitor completion status.
Live chat	Record live chat transcripts with website visitors into lead profiles. Also, integrate with real-time internal communication tools such as Slack.
Quote delivery	Create and send proposals to accounting customers. Obtain lead feedback and authorization to proceed with quoting projects.
Workflow management	Create, design, and automate accounting processes both internally and for clients.

What type of buyer are you?

Most CRM software for accounting firms is priced based on Company size. Understanding how the software industry defines company size and the common features in each software class can help you find the best CRM solution for your accounting business.

Single users: Independent accountants typically only need one CRM software user account. Look for a CRM database that simplifies contact management and helps you record customer interactions.

Small businesses: Accounting firms with fewer than 100 employees and no IT department usually benefit most from CRMs that automate sales activities. These tools help individual sales representatives focus on the most promising leads. Small business CRMs can also provide sales forecasts and pipeline visualizations.

Midsize businesses: Accounting firms that have between 100 and 1,000 employees and a dedicated IT department should select CRM solutions that automate lead generation and nurturing funnels. These solutions also provide marketing insights and assist with targeted campaigns.

Enterprise businesses: Large accounting firms that have over 1,000 employees and a dedicated IT department should look for CRM software that allows customer service representatives to track and manage the customer journey. This enables accounting firms to provide just the right amount of interaction based on past experience.

Benefits and potential issues of CRM software for accounting firms

There are two key benefits for companies choosing dedicated CRM software for accounting firms.

• Customer interaction records include accounting-specific fields: For example, accountants can attach invoices, record payment dates, and review balance sheet data. This built-in specificity reduces the customization required by more generalized CRM options.
• CRM software for accountants can automatically trigger marketing campaigns based on transactions: For example, systems can be configured to send a custom email to a contact based on a new purchase or a missed payment.

Key considerations when purchasing CRM software for accounting firms

CRM software pricing presents a couple potential issues for some accounting firms.

Pricing is usually based on the number of users: Instead of budgeting for a flat monthly or annual fee, accounting firms must know how many users need access to the CRM. This adds some variability to the cost of a CRM solution.

Implementation costs may not be included in the base price: Having the vendor set up new software on an on-premise server may cost an IT department hundreds or thousands of dollars. This is usually a one-time expense. However, many SaaS CRM solutions don't need IT support. In this case, the cost of implementation may be the expense of training employees to use the new system.

Market trends to understand

CRMs continue to absorb other software categories into a single solution. A company's CRM is usually the backbone of its software ecosystem. As users become familiar with it, they often like to avoid context switching by remaining in one program for as many tasks as possible. CRM companies know this, and they continue to add new features as well as integrations with other software.

Fewer CRM buyers are replacing manual record-keeping methods. This suggests that many CRM buyers already have experience using a CRM. Accounting firms that have achieved technical literacy using a generalized CRM product may be ready for an advanced solution that is tailor-made for accountants.

Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.