Key Takeaways:
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Selecting a tax client portal is a decision that will have a large impact on the overall practice management of your tax firm and on the client experience your practice provides. A client portal serves as a one-stop shop for client collaboration and managing client tasks. Follow this guide to help your firm find a client portal that meets your and your client’s needs.
Table of Contents:
- The Basics: What is a CRM?
- 3 Challenges CRM Solves for Tax Professionals
- 4 Mistakes to Avoid With Tax Firm and CPA CRM Systems
- How Tax Firms Can Create Value with HubSpot CRM and Harness
The Basics: What is a CRM?
A customer relationship management (CRM) system manages all of a tax firm’s information about clients and potential clients, including contact information, tracking past interactions, whether a client has an engagement letter in place, and additional client data. If you’ve never used a CRM before, think of it as a single platform that replaces spreadsheets, manual tracking systems, communications software, and business development tools, all to help your firm manage client interactions.
3 Challenges CRM Solves for Tax Professionals
When used effectively, CRM for tax professionals solves these common tax practice management challenges:
Challenge 1: Managing multiple sources of tax client data
A CRM system can be a source of truth for managing client interactions for CPAs and tax practices. For example, if client contact information is updated in one system but not another, that can lead to poor client service—a CRM platform can eliminate that issue.
Challenge 2: Difficulty tracking commercial activity
An integrated CRM platform that connects to other tax practice management software can provide a holistic view of each client’s relationship with your firm. When it comes to managing prospective leads, a CRM can help your team consolidate notes to ensure everyone has the same details to help onboard more clients. If your tax practice’s commercial activity, such as onboarding new clients and annual client renewals, is handled through manual processes, a CRM can create efficiencies for your firm.
Challenge 3: Missing client interaction data
A CRM can serve as one centralized location to see all communication with a client, from when they first evaluate your firm through activities on all tax engagements. Instead of emails and phone calls that go untracked, one of the key features of a CRM is providing your firm with a history of every client interaction. This history is valuable insight that can be used to retain loyal clients as you’re able to provide a more personalized client experience.
4 Mistakes to Avoid With Tax Firm and CPA CRM Systems
Like any new software, a new CRM system can deliver less value than expected if not thoughtfully implemented. But with proper planning, CRM software can enable firms to create more value from their sales pipeline and build deeper customer relationships over time.
Here are four CRM implementation mistakes to avoid—and what to do instead.
Mistake #1: Not implementing a CRM soon enough
If your tax practice is trying to grow your client base while managing customer relationships with spreadsheets and manual processes, it’s likely time to implement a CRM platform. Additionally, it may be time for your firm to implement a CRM if you experience any of the following issues: inefficient prospecting processes, difficulty managing client data, trouble tracking all of your client engagements. Most importantly, if you are planning or experiencing rapid growth, a CRM is a must-have.
Mistake #2: Not investing in CRM software training
Training may be the “make or break” aspect of a tax CRM platform’s success. All CRM software platforms are slightly different, but each comes with key features that, if not leveraged, simply can’t create the value intended. When launching a new CRM tool, make sure your tax firm receives training on key features, including email marketing automation, tracking sales opportunities, client contact management, and using integrations or plug-ins.
Mistake #3: Not consistently using CRM to manage client relationships
Consistency is key to seeing value from a CRM system. One of the main reasons for a CRM is to help retain existing customers by tracking their relationship with your tax practice and using that information to provide more timely and personal service. Without consistent use, you’ll have gaps in client information which could lead to a poor client experience. After you implement your CRM and train your staff on how to use the platform, create a simple plan to ensure consistent use. This could be a weekly or monthly CRM review as part of your pipeline and client management process.
Mistake #4: Not selecting the right CRM software
The tax CRM platform that you select needs to work with your firm’s current tech stack. That means there should be integrations and plug-ins that save you time. Without integrations to streamline data management, your CRM could risk turning into a glorified spreadsheet, which is the last thing you want. When you’re selecting a CRM, demo each vendor and look at how the features and integrations would work with your firm’s current technologies and processes. Additionally, be cautious when considering free CRM platforms, as they may lack features and integrations that lead you to save money but create operational headaches over time.
How Tax Firms Can Create Value with HubSpot CRM and Harness
At Harness, we’ve integrated HubSpot CRM to help tax practices manage their client relationships.
What is HubSpot?
HubSpot offers an award-winning sales CRM platform. Software marketplace website G2 ranked HubSpot as the #1 in their Best Sales Software Products for 2024 out of 50 different CRM vendors. At Harness, we’ve integrated HubSpot CRM as part of our curated tech stack that we manage on behalf of tax practices.
With HubSpot CRM, your firm can manage all clients in one location. Plus, we provide detailed training to help you leverage the software to create value for your tax practice.
Manage all clients in one centralized location
With Harness’s integration with HubSpot CRM, in a single Contacts screen, you can view your full book of business, view contact details, and customize your screen view using filters to easily manage client relationships.
Manage individual client interactions
We’ve integrated the Harness client portal with HubSpot to streamline client communications. Using the HubSpot CRM email plug-in, you can view a list of all communications that both you and other team members have sent to a client, including calls, emails, and meetings. You can take and track ad-hoc notes and tasks on client interactions and refer to them later. Additionally, you can track deals, tickets, and billing links for each client.
Training to help your firm leverage HubSpot CRM
When your tax firm begins using the Harness tax practice management software platform, you get detailed training on all technologies, including HubSpot CRM. We’ll set your team up for success by helping you:
- Install the Hubspot email plug-in to track all communications
- Add new client contacts from referrals outside of Harness or from the Harness Marketplace
- Send engagement letters and retainer invoices as needed as part of lead management or renewals.
- Editing or updating client contact information
- Creating new deals to help upsell additional comprehensive tax services
Want to learn how Harness can help you move to a CRM?
Schedule an intro with Harness today to see how our modern tax practice management software, in-house concierge team, curated high-value client introductions, along with our professional community can support your tax practice. We can discuss your CRM needs and how we can help your tax firm leverage HubSpot CRM.
This article is a product of Harness Tax LLC. Tax related products and services provided through Harness Tax LLC. Harness Tax LLC is affiliated with Harness Wealth Advisers LLC, collectively referred to as “Harness”. Harness Wealth Advisers LLC is a paid promoter, internet registered investment adviser. Registration does not imply a certain level of skill or training. This article should not be considered tax or legal advice and is provided for informational purposes only. Please consult a tax and/or legal professional for advice specific to your individual circumstances.
