Attention accountants! Want to increase client retention?

Posted by Team Waddle on 12-Oct-2018 11:00:00


Advisors are up-skilling into a new category, one that's been overlooked, but critical to client growth.

Accounting firms are waking up to a new business loan category integrated with cloud accounting, traditionally outsourced to third-parties.

Why should you care?

Simple. It's costly to onboard clients and you'll need to prevent them from jumping ship to other firms if you're caught sleeping at the wheel.

Nine times out ten it's not because you're not servicing the clients current needs, rather, you're not staying in regular contact with value-added services or educational enhancements within their market.

Accountants are tooling up to offer:

  • Integrations
  • Migration services (e.g Myob to Xero or vice versa)
  • and recommend valuable add-ons

These improve client retention as SMEs become increasingly aware of services, seeking advice.

It's common for clients to come across a new add-on and turn to their advisor to test and provide feedback for best fit.

Even in the absence of actively recommending add-on services, advisors are up-skilling across popular software add-ons to offer feedback to clients when asked.

The marketplace client retention movement

Some firms we speak with are even employing new team members dedicated to packaging up services for existing clients to provide advisory on the impact of business activity if certain services were added or fully integrated.

Complementary add-ons are piling up in:

  • Payment services
  • Inventory management
  • Cash flow management
  • Point of sale
  • and now financial services

Expertise with software services that integrate across the whole supply chain for retailers, manufacturers etc is becoming a very valuable service.

What's been missing from the advisors tool box?

There's a term going around dubbed the "financial web" which relates directly to the data stored by cloud accounting providers to be leveraged by lenders and financial service companies to give businesses faster access to working capital.

There is one critical roadblock for business owners and lenders that is, having clean up-to-date data, which is where another new term called "continues certification" has been pushed by Xero's Rod Drury in a recent interview with Sholto Macpherson "Continuous Certification is a new concept Xero is championing.

Not a full audit, Continuous Certification is a status of reporting where accountants are comfortable saying the numbers are accurate to a level that banks (and Non-Banks) are happy with.

"Everything in accounting is financially related, up until now advisors have had no real continuous opportunity in front of them to deliver a service to become or remain 'Lender Ready'."

Advisors have a 360-degree view of their clients’ financial accounts and can now experience greater customer interaction and engagement, offering a more meaningful and personalised holistic advice.

Understanding common working capital products such as revolving credit lines or fixed term loans should be understood as advisors will likely be asked to test drive and report back.

What's the opportunity with Waddle?

Waddle offers a lending product that provides accountants and bookkeepers with the opportunity to stay continuously engaged with their clients.

Being a 100% online automated lending facility, it requires a direct link into cloud accounting provider's data and bank feeds.

Once a potential borrower links their accounts they are provided with a loan offer and access to funding through an almost purely "touch-free" experience with some advisors commenting that the service is "set and forget".

At the core of the offering is the revolving nature of the funding which continuously assesses data on-going in real-time to provide a fluid credit limit.

Here are some features:

  • Revolving credit line with no complicated fee structures
  • No minimum fees or break costs
  • Cutting-edge application, just link your accounting software
  • No property as security or other strict banking processes
  • Direct access to decision makers – guaranteeing fast response times
  • 24/7 online access to our cloud-based platform for easy access and transparent reporting
  • Passes the “Sleep at night” test knowing clients have unrestricted cash flow in place

The line of credit seamlessly changes with business conditions, which is where advisors are critical to removing any delays in the lending processes developed by Waddle.

It's really an easy lending option for business owners that understand how to leverage technology to remove the time it costs them to run their business, by eliminating the administration involved in applying for or accessing on-going funding our tool helps them to achieve this.

RESOURCE: Compare Waddle to popular working capital products 

Waddle adds value back with data feeds

When the product was developed it was done with advisors in mind.

To enable the "touch-free" experience, Waddle embeds directly into the accounting ecosystem. The "Waddle Feed" was developed to flow transaction data back into accounting applications for simple reconciliations.

Advisors and business owners can now:

  • Avoid downloading/uploading manual statements
  • Receive funding in real-time from data fed directly into Waddle
  • Maintain an accurate real-time position of the business
  • Auto-reconcile fees, interest payments etc
  • Receive daily banking transactions
  • and enjoy complete transparency from the lender

Debt facilities, interest charges, fees and even current funding is visible from within with accounting software or via their partner dashboard.

Cloud enabled SMEs are actively seeking working capital options that best fit their existing work flows to drive efficiency.

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Topics: Cloud Accounting

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