In addition to mastering accounting and tax rules, today’s accounting professionals must work through financial decisions with customers, vendors, lenders, business partners and internal stakeholders. Topics may range from payment terms and budgets to technology investments and contract renewals.
Developing strong negotiation skills can help your accounting team resolve billing issues and achieve favorable pricing and contract terms. Over time, these skills can add real value by strengthening business relationships and improving your business’s overall financial performance. Here’s how to help your internal accounting team become confident, effective negotiators.
Start by earning trust
The first step in any negotiation is establishing rapport with the other party. Although difficult to measure, rapport is the trust-based connection that enables people to communicate openly and work toward common goals. Ways to establish and maintain it include:
- Asking open-ended questions and avoiding interruptions,
- Restating key points to demonstrate interest in what the other party said,
- Paying close attention to your tone of voice and word usage, and
- Maintaining eye contact, smiling and being mindful of body language, such as crossed arms, that may send subtle yet noticeable signals about your level of engagement.
If you want someone to trust you, that person must feel like they’re being heard and not judged or looked down upon. While building rapport, it can also help to communicate your commitment to fairness and transparency. Setting an ethical tone signals integrity and helps lay the foundation for a more productive exchange.
For example, rapport building remains critical when following up on overdue customer invoices. Automated payment reminders and online customer payment portals can often resolve routine issues. If additional outreach is needed, your accounting staff should begin with a calm, friendly phone call or video conversation that acknowledges the customer’s situation while reviewing the invoice amount and payment status. If the customer remains unresponsive after your normal collection timeline has passed, the employee should follow your company’s escalation policy for involving management, document all outreach and get approval before changing terms or pursuing additional collection steps.
If your business doesn’t already have a formal escalation policy, now is a good time to draft one. Your staff should operate within clear approval limits and know when to involve management and outside advisors.
Focus on shared objectives
When negotiating, it’s easy to view the exercise as a win-lose proposition, meaning one person’s gain comes at the other’s expense. While some negotiations can produce just one winner, in many cases, it’s possible to collaborate and reach a mutually beneficial outcome. A win-win scenario is more likely when both parties openly discuss their priorities and constraints.
For instance, when discussing a long-term agreement with a supplier, primary considerations are price, payment terms and contract length. But vendor negotiations often extend beyond cost. Additional issues to consider include service expectations, delivery performance, technology integration, cybersecurity responsibilities and communication protocols. Sharing appropriate forecasting or inventory data can also help suppliers improve planning and minimize disruptions. Businesses that build collaborative relationships with key vendors may be better positioned to negotiate favorable pricing and receive priority service.
Invest in your team
Business owners play a critical role in developing employee skills. By modeling strong communication skills, emphasizing collaboration and practicing ethical negotiation techniques, you can show your accounting team firsthand how these skills translate into stronger business relationships and better financial outcomes.
Building “people” skills doesn’t happen overnight, but the payoffs from nurturing and mentoring your team may include lower costs, stronger cash flow and a more empowered team. Contact us for guidance on strengthening your accounting team’s negotiation skills so they can handle key business discussions more effectively.
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