There is no doubt that the right finances and excellent customer service can take a company miles ahead of its competitors. But, let’s not forget that financial accounting and reporting are just one of the challenges companies face in delivering top-notch customer service. 

Truth be told, working in a financial service company and managing all aspects is no child’s play. This blog will help you understand how you can streamline financial reporting and focus on providing better customer services with the right business management software. 

1. Transmit information in the right manner

The finance industry comes with a host of rules and regulations. Be it at the state, national or international level, you will need to first develop a hold of these rules and then transmit the information in the simplest manner. 

Transmit Information in The Right Manner

While you can easily manage business finance with cloud based software, it doesn’t simplify the rule learning process. While you might be spending hours and tons of money on training your staff, it all goes into the drain if they are not able to apply it. A McKinsey study found out that only 25% of employees thought training programs contributed to their performance.  

So, what can be done to solve these issues? First, rather than following a classroom style of learning, help your team gain real-world experience. This includes letting them practice client calls and giving them real-time feedback to improve their skills and understanding. 

2. Segment your products and services

 Let’s face it. Finance is made up of several rules and regulations. Subsequently, it can get tough to gain expertise in each area, whether stocks, bonds, or taxes. Luckily, with business management software by your side, you can easily segment your team and help them manage it as per their areas of expertise. 

If that doesn’t work for you, you can consider having rotations for your products/services. For instance, your agents can work on a product type for, say, two weeks and then switch to another. 

Not only will it help agents focus on particular areas, but it will also aid their learning. You can also make it a point to arrange short quizzes every two weeks and boost their morale.

This will help them retain information and gain real-world expertise. Besides, accounting software for financial services will help you simplify processes and bond better with customers. 

3. Stay abreast with trends and updates 

The best accounting software for small businesses enables you to keep up with financial regulations. But, unfortunately, changes don’t come like headline news. So, you will need someone who can pay close attention and track all changes. 

Apart from new rules and regulations, it would help if you made it a point to take out time for courses. Certifications and regulations change frequently, and doing short courses every six months will help you a lot. 

You can even ask your service representatives to ask the issues they are facing so that you can help them focus on those. 

Financial accounting and the whole idea of financial reporting can be so complex that even masterminds can find it difficult to comprehend. 

4. Narrow down as you progress 

Well, giving out too much information to clients can be a recipe for disaster. The idea is to give a good overview and then talk about the specifics. Unfortunately, rushing can be intimidating for customers, and they are less likely to do business with you. 

Accounting software for financial services and the right business management software can help you manage information sharing easily. Besides, you can ask customers upfront how many details they would need. Also, make sure you ask them if they have more questions or need more explanation regarding some facts.

5. Stay patient

Well, it is not possible that customers understand every word you say every time. You must not forget the time it took you to learn the product. The idea is to be prepared for multiple meetings, phone calls, and even many questions. 

You can also create some good resources using insights from your accounting services for financial services companies. Promoting self-directed learning will be valued by customers, and they are likely to develop a more positive image of your brand. 

One of the few resources includes knowledge-based articles. If possible, consider making simple and jargon-free explanations of different products. This will help people who need digestible nuggets of information and are not that adept at processing financial information. 

6. Maintain transparency 

Hiding facts about financial accounting and reporting can create major trust issues in clients. Of course, we understand that some information cannot be shared. But, not being mindful and purposely being aloof is the fastest way to chase clients. 

Maintain Transparency

If a client asks what returns they can expect on certain stocks or funds, tell them that there is no discrete figure for the same. But, you can always choose to share historical data and tell how you came up with your predictions. 

Another area is to stay transparent about charges. You could even write a whole article about it and why your charges are so. Moreover, if you are not comfortable sharing information, you will need to explain clear reasons for the same. 

Does Your Accounting Software Help with Financial Reporting?

7. Set clear expectations

While accounting software for financial services can help you figure out the rates and returns in a few clicks, sharing them upfront with customers is something you will need to do. Presenting the wrong picture can be bad for your business health and make you lose customers. 

Be straightforward with your clients and let them know what they can expect from a product or service. For instance, if they are applying for a loan, help them understand that only people with near-perfect credit scores get loans at the lowest rates. 

Also, let them know what you “cannot” do for them. If recommending products is not your forte, refuse it at all costs. Being honest from the beginning will ensure there are no surprises for both parties and will lead to solid relationships. 

8. Establish clear communication lines 

Finance is a sensitive topic for most people. Your clients will want to hear good news in this area, and even neutral news can disappoint them. All these factors can make information sharing a bit uncomfortable. 

So, the idea is to keep clients in the loop and build trust with them. So, be it good or bad news, make it a point to share it ASAP. It is a practice that will help you in the long run. 

9. Review goals regularly

Taking care of financial reporting, keeping up with taxes, financial accounting, reviewing goals, and staying on the same page with customers can easily be achieved with the best accounting software for small businesses. But, how does this boost customer service? 

Review Goals Regularly

Well, regular follow-ups and let you understand their preferences well. It is possible that someone is having a child, is planning to purchase a house, or getting married. Helping them out with their financial goals at this crucial storage is sure to make them think highly of your brand and place their trust in you. 

10. Take frequent breaks 

Nothing was ever achieved by burning yourself out. Yes, we agree that some clients are over-demanding and demand the best of you. But, the only way to achieve this is by taking frequent breaks and giving yourself the much-needed space. 

Social and tea breaks can work wonders for your focus and customer handling skills. Besides, if you are worried about wasting time, you can easily track your time on your business management software. So make it a point to listen to calming songs, lean back in your chair from time to time, and avoid staring at your screen for a long time. It will help you reduce stress levels, avoid energy dips and handle taxing days with ease. 

11. Try out new tools 

We agree that you have the best accounting software for small businesses, and it helps you with transactions and other purposes. But, one way to boost customer satisfaction is by investing in new tools. Here are two reasons why you need one. 

  • Competitors use the same tool as you 
  • You need to improve your business’s bottom line

It has been proven that businesses are more sensitive to losses as compared to profits. So, it is better you try out a new tool before purchasing one. Besides, you can also choose to integrate tools like shared inbox tools and time tracking with your accounting software for financial services. Subsequently, you will never miss out on emails and will be able to reply with lightning-fast speed. 

Moreover, you can always use your competitive advantage and become a market leader. In the finance industry, some roles are focused on sales, while some are focused on customer service. The ideal is to automate all processes to the extent that you can bring the best out of your firm. 

12. Consult not convince 

We all have dealt with salespeople who are chatterboxes. No offense, but they will not stop for anything and are motivated only by self-interest. 

The do-or-die attitude in sales can surely get you short-term results, but it hardly works in the long term. Besides, it leads to lost trust, and then customers are less likely to do their business with you. 

As a result, more companies are following a consultative approach. Instead of forcing words in the customer’s mouth, you must take time to understand customers and learn about their goals and needs. 

Accounting software for financial services can help you access interesting insights, and you can use them for your customer conversations. Moreover, you can even ask your lead to fill out a short questionnaire to personalize communication around these goals. 

Also Read: Revealing Startup Accounting Tips for Better Revenue Management

Wrapping up

Well, delivering superlative customer experiences in the financial industry is no easy task. But it is not impossible. As long as you take aligned actions, you are sure to achieve success.

Be it financial accounting or financial reporting, everything needs to be top-notch if your firm needs to provide stellar service. While it will need some time, tons of energy, and solid commitment, it is an investment that will pay for the years to come. 

If your search for the best accounting software for small businesses has still not ended, allow us to help you find one. We can be contacted at or +1-805-491-9393.