How Accountants Diminish Business Owners’ Biggest Fears.


scared woman

Confusion is a great way to stay stuck in fear. Fear holds our clients back from future success. 

Are your clients confused?

The job of an accountant is to shine a light in the closet of a client’s business, dispel fear, and remove the notion of a monster hiding there.

Are you evolving with your clients? 

This article will examine four areas your client may be experiencing fear: change, not understanding financial information, unknown costs, and missed opportunities. 

We will also investigate what accountants can do to help alleviate these fears and what they can do to improve financial reporting.

Business owners fear change.

It’s human nature to fear change, and change intertwined with money only intensifies that fear.

Businesses realize the need to move away from their old-school accounting and integrate new technology to keep up with market demands. Gone are the days of a spouse or family member doing the books. Companies require more than just balanced books; they need to understand their finances. Integrating new technology, with the help of an experienced professional, can help business owners navigate business decisions. 

Well-known author and speaker Tony Robbins said, “We want to know what is coming next. Fear of uncertainty prevents us from getting out of our comfort zones. It tells us, ‘You might as well stay here, where it’s safe.’ And it’s the real reason many people feel stuck, unable to achieve their goals.”

See How Reach Works.

No credit card needed

In order to help you the best, tell us what kind of business would describe you?

Dispelling the fear of change starts with knowledge:

  1. Explain each step you will take, and emphasize why each step is needed. When clients understand why things are changing, it is easier to accept.
  2. Never minimize a client’s fear. Minimizing makes clients feel misunderstood and brings out defensive egos.
  3. Help clients understand ineffective manual accounting limits their future opportunities while change welcomes new possibilities.
  4. Accountants should take advantage of change. 

Business owners fear not understanding their financial information.

This is very common. 

Business owners fear looking like a fool. They quickly glance at their financial spreadsheets and feel overwhelmed by the rows and columns of numbers. Instead of asking questions, they pretend they understand to avoid the awkwardness of being perceived as ignorant.

Ignorance is rarely bliss, and burying heads in the sand is never a good business strategy. Making crucial financial decisions based on what you ‘think’ you understand is an absolute recipe for failure.

Accountants can help prevent information fear:

  1. Provide accurate, timely information.
  2. Assist clients in understanding their financial position. 
  3. Present KPIs in an easy-to-understand, visual format to dissipate fears and increase decision-making confidence.
  4. Increase confidence by improving financial reporting.

Business owners fear unknown costs.

Everyone understands the fear of undefined costs. 

The nightmare of spending money unnecessarily or paying too much for a product or service weighs heavily on clients. The cost fear heightens when a business is at stake. 

Accountants can help prevent information fear:

Switch to value-based pricing. Justin Hatch, CEO of Reach Reporting, said, “Accounting is going back to its roots providing value at fixed prices rather than providing services at costly hourly rates.” 

Using this type of pricing is a win-win situation for everyone involved. 

When clients know exactly how much they pay for your services, fear diminishes.

The power of value-based pricing for accountants comes into play with the increased value of the skill you provide and your ability to earn more in less time.

See How Reach Works.

No credit card needed

In order to help you the best, tell us what kind of business would describe you?

Business owners fear missed opportunities.

FOMO is real. Now more than ever. (I know you want to click the FOMO link!)

Not understanding financials is a big reason for lost opportunity. With so much pulling at them, it is hard for a business owner to be attentive to everything. Many see the opportunity but lack financial knowledge of their company, leading to inadequate decision-making, missed opportunities, self-deception, and confirmation bias. 

Many businesses lack past historical data, don’t have budgets, and have not done any forecasting or projections, making it difficult to chart a successful course or take advantage of opportunities when they knock. 

Help clients see their past, present, and future financials. 

  1. Provide precise, understandable data.
  2. Help business owners create a simple, easy-to-follow budget.
  3. Create a forecast that helps align finances for the future.
  4. Provide a financial dashboard that is interactive

Qualified accountants and financial advisors can master client communication to help business owners take their companies in the right direction. 

Final Thoughts

Conquering your clients’ fears is part of providing sound accounting services that drive wise decisions. You are there to help your client’s businesses grow and succeed. And Reach Reporting is here to support you in doing just that. 

Reach Reporting is the most robust, flexible reporting solution on the market. Our app makes it possible for your clients to understand their financial data in a way that helps remove their fears. 

Try it out today by starting your free trial.

Additional Articles

Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Share This