When was the last time you really took the time to check in with your clients?
In the accounting industry, working closely with clients regularly should be inevitable, which makes it crucial to build strong, lasting relationships.
When clients feel valued and understood, they’re more likely to engage openly, share critical information, and seek your guidance.
However, establishing these relationships requires more than simply managing their finances well.
While yes, this is important, it is equally vital to build a foundation of trust, stay connected, and be there to support them whenever they need it.
Building these connections comes down to two main things – communication and commitment to due diligence.
Both are essential for keeping clients protected and ensuring your own firm’s resilience.
After all, it’s only when we truly understand our clients that we can add real value.
So, make sure you cover the basics:
- What are their needs?
- What are their goals (both for the present and future)?
- What are the main challenges they face?
These questions are the first step in encouraging open dialogue.
Managing compliance requirements gives you an excellent opportunity to regularly check in with your clients.
This approach allows you to address due diligence updates while simultaneously strengthening your relationship – it’s a win-win.
The real value of communication and due diligence
Good communication is central to understanding client needs and anticipating their challenges. However, it’s only part of the picture.
As accountants, you are required to maintain compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations which adds another layer of responsibility.
Without regular checks and updated insights, you risk unknowingly exposing your firm to regulatory breaches or, worse, missing potential red flags that could impact both your client’s and your firm’s reputations.
Traditionally, KYC and AML procedures were often handled as part of the initial onboarding process. They were just seen as a tick-box exercise to do at the start and then never looked at again.
Today, however, it calls for ongoing diligence and frequent updates, which isn’t the easiest of tasks as you are well aware, particularly when you have lots of clients.
How technology can help you do both
At Summa Tech, we’ve taken the time to truly understand the challenges our clients face in balancing strong client relationships with the increasing demands of regulatory compliance.
Not only have we listened, but we have also decided to do something to tackle the issue head-on.
Our latest due diligence feature has been implemented into our onboarding platform to help accountants like you, stay compliant, save time and concentrate on serving your clients effectively.
Summa Tech’s technology is designed to work seamlessly within your onboarding process.
Our smart solution automates those essential KYC and AML checks, keeping client information current and ensuring compliance without the need for constant manual monitoring.
This way, you’re free to focus on the areas that matter to your clients, like providing insights and personalised support.
For firms committed to building lasting client partnerships, ongoing due diligence is the perfect way to demonstrate your commitment to their success.
Interested in seeing how Summa Tech can support your team?
Book a demo today and discover how our technology can make a real difference.