5 Ways to Engage Your Clients in Their Finances

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<ul><li><p>5 Ways to Engage Your Clients in Their Finances </p></li><li><p>#ClientEngagement</p><p>Yoseph WestMarketing Leader, Hubdoc</p></li><li><p>Madeline ReevesDirector of Business Development, Fathom</p><p>#ClientEngagement</p></li><li><p>Up-to-date financials are critical to driving client engagement.</p><p>#ClientEngagement</p></li><li><p>1. Review data accuracy and timeliness2.Understand clients full remit of data &amp; supplement3. Increasing data accessibility through education &amp; software4.Critical questions to determine Metrics That Matter5. Producing valuable &amp; accurate reporting to engage clients</p><p>#ClientEngagement</p><p>Agenda</p></li><li><p>Data Accuracy &amp; Timeliness</p><p>#ClientEngagement</p></li><li><p> Garbage in equates to garbage out Manually data entry opens up the opportunity for error Bad data leads to bad decision making Ask yourself: What am I doing to guarantee this data is </p><p>accurate?</p><p>Risks of Inaccurate Data</p><p>#ClientEngagement</p></li><li><p> Weekly v Monthly v Quarterly v Annual Understanding how this fits with clients business Goal of becoming a forward-looking advisor</p><p>Reconciliation Cadence</p><p>#ClientEngagement</p></li><li><p> Proactive vs. Reactive to client issue Recent data is more relevant than historical data More agility as an advisor to add value Better and more immediate visibility into business results</p><p>Benefits of Real-Time Financials</p><p>#ClientEngagement</p></li><li><p>Understanding Available Client Data &amp; Its Gaps</p><p>#ClientEngagement</p></li><li><p> Ask clients about their systems + data they track Develop an understanding of how that data that </p><p>correlates to their critical business questions</p><p> If key data is missing, step in to suggest solutions</p><p>Understanding clients data remit</p><p>#ClientEngagement</p></li><li><p>1. Bank feed2. Bank statements3. Receipts &amp; invoices (digital and paper)</p><p>Potential Data Sources</p><p>#ClientEngagement</p></li><li><p> Length of historical data pull Reliability of transactions</p><p> Solving for these challenges</p><p>Bank feed</p><p>#ClientEngagement</p></li><li><p> Monthly reconciliation Method of retrieval</p><p> Cheques, deposit slips, etc.</p><p>Bank Statements</p><p>#ClientEngagement</p></li><li><p> Paper vs. Digital Building systems for retrieval</p><p> Reduction of dependence on the client</p><p>Receipts &amp; Invoices</p><p>#ClientEngagement</p></li><li><p> Reduce the risk of manual error through automation Automation focuses you on analysis vs. collection Availability of the data enables you to engage with clients </p><p>and give valuable business advice</p><p>Automating data collection</p><p>#ClientEngagement</p></li><li><p>Hubdoc Demonstration</p><p>#ClientEngagement</p></li><li><p>Increasing Data Accessibility</p><p>#ClientEngagement</p></li><li><p> Clients want leadership &amp; guidance Spend as much time explaining the Why as the What Educating clients is a valuable opportunity to </p><p>highlight your areas of expertise</p><p>Client Education to Engagement</p><p>#ClientEngagement</p></li><li><p> Data helps you *know* a clients business Being proactive through data creates value for clients Increases trust and positions you as an advisor</p><p>Grow Relationships Through Data</p><p>#ClientEngagement</p></li><li><p> Identify data that needs to be monitored and measured by asking your client open ended questions</p><p> Develop Key Performance Indicators (KPIs) for each of their business areas and concerns</p><p> Get to know appropriate KPIs for your clients industry </p><p>Measuring What Matters</p><p>#ClientEngagement</p></li><li><p>Producing Reports to Drive Client Engagement</p><p>#ClientEngagement</p></li><li><p> Identifying reporting templates for clients industry Determining the reporting cadence for your clients Be creative about how you deliver reporting insights </p><p>Developing Valuable Reporting </p><p>#ClientEngagement</p></li><li><p> The days of the static spreadsheet are over Clients want to see and interact with their data Dont waste time manually preparing client reporting Interactive platforms can help facilitate engaging and </p><p>valuable conversations with clients do</p><p>Static Data to Dynamic Visuals </p><p>#ClientEngagement</p></li><li><p>Demonstration</p><p>#ClientEngagement</p></li><li><p>Thank You + Q &amp; A </p><p>Madeline Reeves madeline.reeves@fathomhq.com </p><p>@madelinekreeves </p><p>Yoseph West yoseph@hubdoc.com </p><p>@ycwest </p><p>#ClientEngagement</p></li></ul>