Effective Account Management
Contrary to what it sounds, account management has little to do with conventional book keeping type of accounts. Instead, it is related more to sales and marketing department in an organization. Generally sales personnel strike a deal, and once the sales transaction is completed, they start focusing on their next client. This is a bad move. This is because existing customer is always a potential customer, and the job of winning over the client is already half done. Account management is therefore a concept that gives existing clients of a business enterprise their due importance. In other words, account management is about managing an existing customer. This would mean clarifying the doubts of the existing customer, and maintaining good relationships with them. This is what is referred to as Client Relationship Management in marketing.
If the existing customer has purchased one product of the company, he or she can be persuaded to try other products as well. In case of larger business transactions account management becomes a serious matter, and a sales personnel may have to be completely devoted for this function. Effective account management entails knowing everything about the client's organization, including various divisions, departments, etc. Based on this information, it is possible to identify the potential business opportunities related to this client. By knowing about the locations of various divisions of client's business, it is possible to develop contacts with the personnel working there, and learning about any requirements before competitors. It is also possible to obtain various referrals, recommendations, and testimonials from different business units to strengthen business relations with the existing and new clients.
There are software programs available in the market for effective account management and client relationship management. These programs indicate the potential customer out of existing set of customers. In addition, programs such as GoldMine, and ACT also indicate the right source of testimonials from existing clients for capturing new clients. The Effective Account Management does not consists of maintaining an up-to date transaction of accounts records alone. It is the skill in stimulating and promoting the further growth opportunities with perfect balance between assets and liabilities. It is the ability to look forward whether the company can offer additional product and services. It is looking forwards other business units, departments, divisions, for the company's products. In other words it is the capacity to stimulate the growth, development and the expansion of the business.
The effective management needs great skills and genius capacities. It needs lateral thinking . But above all Effective Business Management needs a master skill in building up healthy inter personal relationship with all. When we possess a pleasant personality or a magnetic personality with efficient leadership then the business will gain popularity. So the business will gain reputation. Effective management needs a great capacity of organization by catering or tapping effective collaboration. When one has to offer his managerial skills in accounting in a large firm with different branches one should be a good organizer bound to respect the prescribed time and completion of the work. A manger needs effective collaborators to keep upto date business records without fault. The person executing effective management should have an eagle's eye so as not to allow anything escape from the fulfillment of each one's task. He must have a chart of each product, each unit , each branch to organize the entire enterprise. He must have the complete information of every personnel every dealer and every aspect of the business.
For an effective accounts Management one needs to be a good psychologists. Today almost everybody wants to earn much more with least effort. He must be expert to distribute the assignments of collaboration with cordiality , prudence, understanding and firmness. Effective Account Management one should possess a soft personality but he should be firm. If the accounting manager is sulky and nervous he may never get the cooperation. Even though the workers are compelled to obey they will never speed up their work. For an effective account Management the person should have up-to date information of the policies of the Government. E must have knowledge of law binding his business. He must be able to predict and warn against the risk of loss and take bold step to go forward with great effort. For an effective account Management the person must be honest and love his Business.