Clients are anxious about new accounting standards. How do you manage their expectations?
How do you reassure clients about new accounting standards? Share your strategies and experiences.
Clients are anxious about new accounting standards. How do you manage their expectations?
How do you reassure clients about new accounting standards? Share your strategies and experiences.
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My approach that I applied and which proved to be extremely effective was to compare the old and new standards. Many clients were concerned about the transition to IFRS 15 (specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements). But after we went through and analyzed all the new and old standards and compared the financial statements according to both standards, the client felt relieved when it was clear to him that there would be no major changes.
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Most clients don’t care about the technical jargon. They care about how it affects their cash flow, audits, or investor conversations. I break it down like: 👉 “Here’s what’s changing.” 👉 “Here’s what it means for your business.” 👉 “Here’s what we’re doing about it.” When they see a clear plan tied to real-world impact, anxiety drops fast.
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At the heart of a strong relationship lies effective communication and transparency. The relationship accountants have with their clients is no exception. As their most trusted advisors, maintaining transparency is paramount, even when delivering unfavorable news, such as an unexpected tax liability or the implementation of a tax law that negatively affects their filing. In fact, clients value transparency and will appreciate it.
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Here’s how I manage expectations and guide them through the change: 1. Explain clearly. I avoid jargon and focus on what’s changing, why it matters, and what it means for their business. 2. Tailor the impact. I make it specific to their operations, not just general rules. 3. Act early. Early conversations reduce surprises and build trust. 4. Build a clear plan. A simple roadmap with timelines and actions makes all the difference. 5. Reframe the value. I help clients see the long-term benefits, like stronger compliance and better transparency. 6. Stay close. I support the transition from start to finish.
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Proactively communicate changes through clear, jargon-free explanations and timeline updates. Provide comprehensive training sessions and implementation roadmaps. Address concerns promptly with practical examples showing impact on their business. Offer regular progress reports and maintain open dialogue. Emphasise compliance benefits and competitive advantages. Schedule frequent check-ins to ensure understanding and build confidence throughout the transition process.
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1. Educate and Inform Early Break down the standards in simple, non-technical language tailored to the client’s business. 2. Assess Impact Together Conduct a joint impact analysis to show how the standards affect their specific operations. 3. Create a Clear Transition Plan Develop a step-by-step implementation roadmap, including milestones, responsibilities, and timelines. 4. Set Realistic Expectations Be transparent about what will change, what might be uncertain, and where flexibility exists. 5. Communicate Regularly Schedule recurring check-ins or send updates as guidance evolves. 6. Provide Reassurance Through Expertise Highlight your firm’s experience with similar transitions or industry-specific expertise.
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When clients are anxious about new accounting standards, managing their expectations with clear communication is vital. Start by explaining the changes in simple terms and how they may impact their financial reporting. Provide reassurance by outlining your plan to stay updated and ensure compliance. Offer timely updates and be available to answer questions. Emphasize that while transitions can be challenging, these standards aim to improve transparency and accuracy. Helping clients prepare early and involving them in the process reduces uncertainty and builds trust, making the transition smoother and less stressful.
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According to my experience clients want to know immediately the pros of new accounting standards for comparing them with the old ones. Now there is something that is called fidelity: it's the capacity to push the client toward you. I would try to make the client feel safe and sure about the latest news and so by creating them positive emotions that will let close my "selling".
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