Learn how Ricardo and his partners:

  • Transitioned from employees to owning their own CPA firm
  • Leverage Client Hub for workflow management
  • Work with clients on a holistic level to provide personalized, tailored services, including wealth management.

Transformation from Employee to Founding Partner

As a CPA in someone else's accounting firm, Ricardo's entrepreneurial spirit inspired him to try and help his employer grow the firm. Ricardo's bosses liked his enthusiasm and sense of "ownership". However, they refused to treat him like an owner. This did not sit too well with Ricardo, and he eventually left that firm.

Ricardo's current partner suffered the same fate. It only took a few months for them to connect, and they quickly realized they could take the ideas they pitched to their former employer and implement them in their CPA firm. As a result, their two brands, PharmaTax and DentalTax, were born.

Like most new ventures, the firm struggled in the first year, but eventually, Ricardo and his partners learned to market their business effectively. Soon they were gaining clients. However, solving their client acquisition problem created another problem – managing communications with their growing clientele while still providing quality service. This is where Client Hub came to the rescue.

Using Client Hub for Workflow Management

Ricardo and his team needed a tool to help them efficiently interface with their clients. A big challenge was constantly reminding clients to provide the documents Ricardo and his team needed to deliver their services promptly.

The client delays created uneven workflows. They were waiting to do work for the clients. When the clients finally provided the documents, they often worked overtime to get the work done to meet an impending filing deadline. The clients occasionally complained when Ricardo's team did not complete the work sooner (even when the delay was because the client delivered the documents late).

To effectively manage clients and their expectations, Ricardo and his team now use Client Hub to:

  • Interface with clients: With Client Hub, Ricardo creates a task that automatically reminds the client to send the periodic documents that Ricardo and his firm need to provide the client's services. This feature relieves them from remembering to send a reminder notice to the client every month. It also tracks if and when the client responded to the request.
  • Simplified document storage: Client Hub also allows Ricardo and his firm to create a workspace for each client. They invite the client to that workspace, where Ricardo and his clients can upload and download documents, send messages about the documents, and schedule tasks relating to the documents.

Providing Holistic, Personalized, Tailored Services, Including Wealth Management

"We're never going to be one of those tax accounting firms with thousands and thousands of clients and just spit out these tax returns [and only] see clients once or twice a year."

Client Hub allows Ricardo to meet with clients efficiently and effectively in a post-pandemic world that now understands the usefulness of virtual meetings. For instance, Ricardo uses Client Hub's QBO integration to speed up the month-end process. One of Ricardo's most significant pain points was having a list of the client's transactions, with a large portion of them unclassified in QBO. This used to involve sending an Excel spreadsheet to the client followed by a face-to-face meeting to discuss the list, transaction by transaction. With Client Hub, Ricardo can send the list to the client, who can easily view it and classify the transactions. Clients can even do it on their mobile phones, and there is no need to use an Excel spreadsheet or have a formal meeting. By shortening the uncategorized transactions issue, Ricardo has more time to close the month-end and deliver timely financial statements to his clients.

On the wealth management side of his business, Client Hub allows Ricardo to schedule recurring meetings with clients to discuss their investments. Ricardo sets up a class for each of his wealth management clients. He'll have them upload their documents so they will be there with any statements he may have prepared. And all the documents are stored securely in Client Hub. During Ricardo's regular quarterly client meetings, both Ricardo and his client have easy, secure access to the documents as they discuss the client's portfolio and other wealth management matters.

Ready to Have a Client Hub of Your Own?

Are you feeling the need for a one-stop tool to manage your client workflow, schedule client tasks, and securely send and receive documents with your clients?

See if Client Hub fits your firm by taking a product tour, getting a demo, or even signing up for a free trial. You'll find all three options available right here.