Few accounting firms seeking regular client feedback according to NAB study

accountant

The NAB's inaugural Australian Accounting Industry Study has identified that only one in five Australian businesses say their accounting firm frequently sought feedback from them on the work they did.

Perhaps more alarming is the finding that more than one in four Australian businesses say their accountants have never sought any feedback - and for firms with turnovers of between $5 million and $10 million, this figure jumps to 36 percent. 

The NAB study surveyed accountants as well as businesses and nearly 20 percent of accountants confirmed that they never sought any feedback from their clients. 

Why does this matter? Well, according to the study, the main reason businesses change their professional services firm is that their business needs have changed (about 31 percent). According to the NAB study:

"This means accountants need to move with the times and modify their service offerings to their business clients as they grow and evolve."

The study found that other reasons businesses change firms is excessive fees (23 percent) and a view that their accountants were providing a reactive service rather than a proactive advice (23 percent). 

How should firms keep in touch with their clients - efficiently and effectively? Well, of course we are biased, but we'd suggest using the one question survey that works. 

Greg Tilse