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What is CRM in Accounting: The Definition and Uses for a Customer Relationship Management System

Flowlu Team
Flowlu Team
6 min read
What is CRM in Accounting: The Definition and Uses for a Customer Relationship Management System
In the world of business, especially small businesses, customer relationships are everything. Your customers are your lifeblood, and keeping them happy means keeping them around. Of course, this isn't always easy to do, as small businesses have time and financial constraints that make it difficult to give each customer the attention they deserve.

Fortunately, this isn't an issue that technology can't solve, and you can use your CRM software to its full potential with these tips from an experienced small business owner and accounting expert. Here we'll see what is CRM in accounting, its definition, and how it can be used to manage customer relationships. So, let's get started!

What Does Mean CRM In Accounting?

Customer relationship management (CRM) in accounting is the process of tracking and managing customer interactions and data. This interaction can happen through various channels, such as phone calls, emails, social media, or in-person meetings.

A CRM system helps businesses keep track of their customer's information in one place so that they can better manage these relationships. This system can also be used to automate some of the tasks associated with customer management, such as sending out emails or making phone calls.

Types Of CRM Software:

There are three main types of CRM software:

1. Operational CRM:

Operational CRM includes all of a company's processes and interactions with its customers. It helps to Maximize operational efficiencies, so customers have a better experience. Operational CRM also includes sales, customer service, and marketing functions. Good examples of Operational CRM software are Salesforce, Oracle Siebel, Microsoft Dynamics 365, and Flowlu.

2. Analytical CRM:

Analytical CRM focuses on customer data analysis to better decisions about marketing, sales, and service operations. Analytical CRM software provides business intelligence tools to make sense of customer data. Some examples of analytical CRM software are IBM Watson Customer Insight, Oracle Crystal Ball, and Salesforce Einstein Analytics.

3. Collaborative CRM:

Collaborative CRM is about sharing customer information across departments, so everyone can access the same data. This type of CRM promotes teamwork and collaboration between departments to provide better customer service. Some examples of collaborative CRM software are Zendesk, Freshworks, Flowlu and Salesforce Service Cloud.

Why Do Accountants Need a CRM?

As an accountant, you likely wear many hats and have a lot on your plate. From bookkeeping to taxes, there's always something that needs to be done. This can make it difficult to keep up with customer relationships, as you might not have time to return phone calls or emails right away. A CRM system can help you keep track of your customer interactions and make sure that no one falls through the cracks. Here are a few more reasons why you might want to consider using a CRM system:

1. It Centralizes Your Information:

First and foremost, a CRM centralizes your information. This is important for two reasons: first, it allows you to have all your customer data (past and present) in one place, making it much easier to keep track of. Second, it gives you a clear overview of your customer base, which can be helpful when making strategic decisions about marketing and sales.

2. It Automates Your Processes:

In addition to consolidating your information, a CRM also automates many processes essential to running a successful business. For example, it can handle lead capture, customer segmentation, and contact management tasks. This saves you time and allows you to focus on more important things, like growing your business.

3. It Helps You Stay Organized:

A good CRM will also help you stay organized. This is important because it means that you can easily find the information you need when you need it. Additionally, it ensures that your data is always accurate and up-to-date, which is crucial for making sound business decisions.

4. It Improves Customer Service:

A CRM can also help improve customer service. This is because it allows you to quickly and easily access customer data, track customer interactions, and resolve issues in a timely manner. You'll retain existing customers and attract new ones by providing excellent customer service.

5. It Facilitates Data Analysis:

One of the most important benefits of using a CRM is that it facilitates data analysis. With all of your customer data in one place, you'll be able to understand your customers' needs and wants better. This, in turn, will allow you to make more informed decisions about marketing, sales, and product development.

All in all, there are many good reasons why accountants need a CRM. A CRM can save you time and money by automating processes, organizing your data, and improving customer service. Additionally, it can help you grow your business by facilitating data analysis and making it easier to attract new customers. So, a CRM is definitely worth considering if you're an accountant looking to take your business to the next level.

Features To Look For In A CRM For Accounting Experts

There are a lot of CRMs on the market, and it can be hard to know which one is right for you. When you're looking for a CRM, there are a few key features that you should keep in mind. Luckily we have categorized these benefits into 3 groups:

Marketing Features:

  • The ability to segment customers
  • Lead capture
  • Contact management
  • The ability to automate marketing processes
  • Data analysis
  • Improved brand awareness
  • The ability to track marketing campaigns
  • Attribution modeling
  • Lead scoring
  • Pipeline management
  • Marketing automation
  • Integrated email marketing and more!

Automation/Centralization Features:

  • Automated emails and replies
  • Automated client follow-ups
  • Automated workflows implementation
  • Document archiving
  • Invoice management to eliminate potential errors and accelerate the process
  • Automated tax preparation
  • Eliminating the need to manually input data

Communication/Collaboration Features:

  • Integrated live chat
  • Help desk support
  • VoIP phone system
  • File sharing and storage
  • Task management
  • Calendar and scheduling features
  • Real-time data synchronization across all devices

These are just a few of the features that you should look for in a CRM. Of course, every business is different, so you'll want to tailor your CRM selection to your specific needs. But if you keep these features in mind, you'll be sure to find a CRM that will help you take your business to the next level.

If you're looking for a CRM system to help manage your business's customer relationships, Flowlu offers a great solution. With our powerful yet easy-to-use tools, you can streamline your process and improve communication with your clients. Contact us today to learn more about how we can help you grow your business.

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