How accountants can make $500k per year without 1-1 service | Brandon Hall, CPA posted on the topic | LinkedIn (2024)

🔃Let’s talk switching accountants. What would it take to make you switch accountants?🤔If you already use an accountant for your business, why would you need a different one? They are all the same, aren’t they❓Let me break it down simply….…NO……they are not all the same‼Just like not all builders or singers or chefs are the same.Judging if you are with a good one is a bit like dating and finding the right partner. You probably need to kiss a few frogs before finding the right one for you and your business. Things I have heard my clients say after switching:❌ “I only ever heard from my accountant when they do my annual accounts.”❌ “I could never get hold of my accountant.”❌ “My accountant took days to respond to my emails.”❌ “I was never quite sure what my accountant would charge me for work.”❌ “I felt like my accountant wouldn’t listen to my ideas or let me run things by them.”❌ “I could never meet with my accountant.”❌ “My accountant outsourced all the work, so I don’t think they really knew my business.”If you are nodding along with any of these it is definitely time to explore pastures new and swich accountants.The process for switching could not be easier. Your new accountant will do all the heavy lifting for you. That is it. Everything else is taken care of between the accountants.Switching to me would mean working with someone who:✅Wants to meet regularly✅Is interested in your business✅Keen to know and help you achieve your goals✅Will always price a fixed price so you can plan your cash flow and not have any surprises✅Will always be available to answer you questions or discuss your ideas✅Is willing to give you the best service possible✅Wants you to succeed✅Will share all their years of experience to improve your business✅Will go above and beyond to deliver a great experienceI think you get the picture. My clients are my world, and the success of your business is my business.What are you waiting for? Clink the link below to arrange a FREE introductory chat. I can’t wait to welcome you to a whole new accounting experience.https://lnkd.in/e9kER4yn#changeisthenewnew#changingaccountants#xerofinance#smefinance#betterservice#valueformoney#betterbusiness

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There is a TRAP you must avoid as a 9-5 Accountant. I was in a conversation with my friend few days ago, and somehow our conversation led to us discussing some of the TRAPS most 9-5 Accountants fall into. If you are an Accountant and you currently have a 9-5, you would agree with me that the last thing you want to do after a long day at work, is to get home and start studying, like you’re literally tired and just want to rest. This is quite understandable.But then it becomes a problem if throughout a month, you’re too tired that you couldn’t find time to read up new stuff or even refresh your memory on some old stuffs you’ve learnt. Before you know it, you’d become what they call an “Archaic Accountant”, because with time you’d lose touch of the latest trends in your industry. And that’s why as an Accountant, you must find a way to strike a balance between your 9-5 and creating time for personal development. It’s really not negotiable.Especially because of the nature of our jobs as Accountants, we have so many standards and tax laws that guides our profession, that we must always be abreast with. I know this might not be the easiest thing to do, but this is a WAKE UP call for everyone including myself. You can start by blocking 30 minutes out of your calendar daily to study, set study goals for yourself, have an Accountability group that keeps you motivated, and just try your best. Have any other tips that can help? Please share with us in the comment section. I hope this helps. Found this insightful? Please comment and repost so other can learn.

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A quick question for accountantsHow confident are you that your clients will call you to discuss / seek help with their key business challenges? It is a big question. We know that so many accountants, and firms, deliver fantastic service and build great relationships on the back of this.Yet so often it is a transactional relationship. Clients will seek help for a particular want (tax planning, a tax return. an audit, payroll) and will immediately think of their specialist. They will call and the accountant will react (and deliver - to a high standard).The thing is , who is filling the space as a strategic partner to the client? Who is there helping the client to identify the best way to help them achieve their strategic goals, to navigate the challenges and proactively help them with their needs?Accountants could and should be. Many of them are. Many more aren't. I am not being critical - so many clients tell us how great their accountant is, but what we are talking about here is changing the perception away from being a transactional service provider to a business partner.A few years ago a sample of SME's in a poll were asked 'Who do you go to for help with your business challenges?' 9.3% responded with 'my accountant'. 10.3% went for friend, 25.8% went with business colleague and 39.3% responded with NOONE!They were not referring to 'capability' to help them. It's just that for so many, their accountant would just not immediately spring to mind as that close, trusted contact.This may be based on clients limited 'quality time' with their accountant or advisor (on average a client gets 2.5 hours A YEAR face to face).And it may be based on the quality of those interactions. So many meetings are agenda based, time restrained, outcome focused. There is little time (or inclination) for open, exploratory, probing questions to gain a deeper understanding of the clients world, their priorities, their challenges and opportunities - conversations that just may help to change the perception of the accountants role and value in the eyes of the client. We are passionate about helping clients see the real 'value' of the amazing professionals that we work with, and helping advisors have more impact on clients and creating strong and trusting relationships.Changing approach is part strategy, part leadership, part operating model, part culture, part metrics... and also part mindset, skills and behaviours.We at theGrogroup are always very happy to chat about any of this. And about the programme that we have created specifically to help accountants know the why, what and how to have more impact!#advisers #proactive #value

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Are you an accountant? Please, by all means, avoid that TRAP. The impact is terrifying. As Rafiu Ajayi HND, BSc, MSc,MBA, EMBA, ACA, (UK)ACA, CFE, ACTI, FIMC, CFIP, AFAR, FIMC would always say, the more you read, the more you learn. Never stop learning and updating that knowledge you sacrificed so much to acquire. #HappyLearning

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Do you think you have a good accountant? How do you know?We recently took on a new client who came to us because their existing accountant was retiring. We found a multitude of mistakes in the previous years accountants. Some quite big figures that meant their profits last year were wrong and, more importantly for the client, their tax was also wrong. That isn't a conversation we want to have with a new client and it certainly wasn't one they wanted to hearNot all accountants are the same and you wouldn't necessarily know if yours was making mistakes. So how do you find a good accountant? Here are some key points to consider:1. Firstly, is your accountant qualified? Alarming as it is, people with no formal qualifications can trade as accountants. You may think a qualification isn't everything, after all plenty of jobs can be carried out with training by experience, and you would be right. However, the key point is that a qualified accountant is required to keep up to date with legislation, including tax rules, and is subject to regulation. If your accountant has no formal qualifications then they are more likely to be out of date and make mistakes. Ask your accountant what qualifications they have and who their professional body is - they should be happy to tell you. 2. How easy is it to get hold of your accountant and are they willing to talk things through with you? A good accountant will always be happy to have a conversation with you around financial decisions you are thinking of making in your business, or around the financial admin in running your business. If your accountant is always trying to get you off the phone, or doesn't respond to your emails then that is probably a red flag. You want an accountant that is willing to work with you to help you grow your business. 3. Are they happy to explain things to you? They may make perfect sense to an accountant but a profit and loss and a balance sheet can be confusing to most people. We get that you don't necessarily want to deal with the "money stuff" and you want to leave all that to the accountant but this is your business and you should have an idea about where your business is financially. When you ask your accountant to explain why your tax bill is up when your profits are down, or why you can't claim a particular cost through the business, how happy are they to talk things through with you so you understand?We get it's a hassle and accounts and tax are boring (or so non-accountants tell us!) and you just want to get it sorted. It's much easier to just use that accountants you drive past, or the one Google tells you is closest or the accountant your mate uses as he says they are alright. However, working with the wrong accountant can cripple a small business so it's important to make sure you try and get a good one.Get in touch to see how we could help your business. Call us on 0115 956 9452, email at [email protected], or drop us a DM.

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Do you think you have a good accountant? How do you know?We recently took on a new client who came to us because their existing accountant was retiring. We found a multitude of mistakes in the previous years accountants. Some quite big figures that meant their profits last year were wrong and, more importantly for the client, their tax was also wrong. That isn't a conversation we want to have with a new client and it certainly wasn't one they wanted to hearNot all accountants are the same and you wouldn't necessarily know if yours was making mistakes. So how do you find a good accountant? Here are some key points to consider:1. Firstly, is your accountant qualified? Alarming as it is, people with no formal qualifications can trade as accountants. You may think a qualification isn't everything, after all plenty of jobs can be carried out with training by experience, and you would be right. However, the key point is that a qualified accountant is required to keep up to date with legislation, including tax rules, and is subject to regulation. If your accountant has no formal qualifications then they are more likely to be out of date and make mistakes. Ask your accountant what qualifications they have and who their professional body is - they should be happy to tell you. 2. How easy is it to get hold of your accountant and are they willing to talk things through with you? A good accountant will always be happy to have a conversation with you around financial decisions you are thinking of making in your business, or around the financial admin in running your business. If your accountant is always trying to get you off the phone, or doesn't respond to your emails then that is probably a red flag. You want an accountant that is willing to work with you to help you grow your business. 3. Are they happy to explain things to you? They may make perfect sense to an accountant but a profit and loss and a balance sheet can be confusing to most people. We get that you don't necessarily want to deal with the "money stuff" and you want to leave all that to the accountant but this is your business and you should have an idea about where your business is financially. When you ask your accountant to explain why your tax bill is up when your profits are down, or why you can't claim a particular cost through the business, how happy are they to talk things through with you so you understand?We get it's a hassle and accounts and tax are boring (or so non-accountants tell us!) and you just want to get it sorted. It's much easier to just use that accountants you drive past, or the one Google tells you is closest or the accountant your mate uses as he says they are alright. However, working with the wrong accountant can cripple a small business so it's important to make sure you try and get a good one.Get in touch to see how we could help your business. Call us on 0115 956 9452, email at [email protected], or drop us a DM.

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Do you think you have a good accountant? How do you know?We recently took on a new client who came to us because their existing accountant was retiring. We found a multitude of mistakes in the previous years accountants. Some quite big figures that meant their profits last year were wrong and, more importantly for the client, their tax was also wrong. That isn't a conversation we want to have with a new client and it certainly wasn't one they wanted to hearNot all accountants are the same and you wouldn't necessarily know if yours was making mistakes. So how do you find a good accountant? Here are some key points to consider:1. Firstly, is your accountant qualified? Alarming as it is, people with no formal qualifications can trade as accountants. You may think a qualification isn't everything, after all plenty of jobs can be carried out with training by experience, and you would be right. However, the key point is that a qualified accountant is required to keep up to date with legislation, including tax rules, and is subject to regulation. If your accountant has no formal qualifications then they are more likely to be out of date and make mistakes. Ask your accountant what qualifications they have and who their professional body is - they should be happy to tell you. 2. How easy is it to get hold of your accountant and are they willing to talk things through with you? A good accountant will always be happy to have a conversation with you around financial decisions you are thinking of making in your business, or around the financial admin in running your business. If your accountant is always trying to get you off the phone, or doesn't respond to your emails then that is probably a red flag. You want an accountant that is willing to work with you to help you grow your business. 3. Are they happy to explain things to you? They may make perfect sense to an accountant but a profit and loss and a balance sheet can be confusing to most people. We get that you don't necessarily want to deal with the "money stuff" and you want to leave all that to the accountant but this is your business and you should have an idea about where your business is financially. When you ask your accountant to explain why your tax bill is up when your profits are down, or why you can't claim a particular cost through the business, how happy are they to talk things through with you so you understand?We get it's a hassle and accounts and tax are boring (or so non-accountants tell us!) and you just want to get it sorted. It's much easier to just use that accountants you drive past, or the one Google tells you is closest or the accountant your mate uses as he says they are alright. However, working with the wrong accountant can cripple a small business so it's important to make sure you try and get a good one.Get in touch to see how we could help your business. Call us on 0115 956 9452, email at [email protected], or drop us a DM.

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Switching accountants is not simply an ON/OFF switch…It can range from being relatively straightforward to complex, depending on various factors such as your financial situation, and the nature of your business. It should be considered a decision for the long term so very important to get right from the outset. Here are some key considerations: a) Documentation and Information Transfer: Your current accountant will need to organise your financial documents and records to provide them to your new accountant. This will include tax returns, financial statements, bank statements, payroll records, and any other relevant documentation. Accountants have a responsibility to ensure they do this professionally.b) Engagement Letter: Your new accountant will require you to sign an engagement letter outlining the scope of their services, fees, and other terms and conditions. Review this carefully before signing to ensure you're clear on what is expected from both parties.c) Communication with Current Accountant:It's professional courtesy to inform your current accountant of your decision to switch. Depending on your agreement with them, you may need to provide notice before ending the relationship. Don’t be overly concerned about serving notice on your accountant…it’s a normal part of business and accountants are used to it.d) Cultural Fit and relevant Expertise: When selecting a new accountant, consider factors such as their expertise in your industry, the level of service they provide, their communication style, and their compatibility with your business culture and needs.e) Cost Considerations: Evaluate the costs associated with switching accountants, including any termination fees with your current accountant and the fee structure of the new accountant. While cost is important, prioritise finding a qualified professional who can meet your specific needs. Overall, while switching accountants may involve some challenges, it's often worthwhile if it leads to better service, improved financial management, and ongoing growth.As a specialist hospitality account, we’ve plenty of experience in taking over the reigns from another accountant and we’d be happy to discuss the process in complete confidence should that be helpful. #ViewPointPartners #HospitalityAccountants #SwitchAccountants #HospitalitySpecialists

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I met with one of the most profitable #accounting firms I have ever met.And this is what I learnt.A few weeks ago, I caught up with a long-time friend who runs a really profitable accounting firm.1 owner, 10 team members, and around 3 million in revenue and a large amount of profit.I asked what the 🔑 keys to success were.These were the 3 things that stood out:📌 The firm’s number 1 metric is Average Hourly Rate (AHR).📌 They focus relentlessly on the efficiency of the firm. Every job is reviewed and analysed. They track time, not for billing, but for efficiency. The team has bought into being efficient and maximising value to the client.📌 They have a clear pricing strategy. This includes value pricing and packaged services. All work is paid in advance, then scheduled.And the best part of this firm’s success, the owner works less than 500 hours in the business a year. The majority of time is spent working on high value activities.They are a true owner; they are not a firm where the owner works in the business with a bunch of helpers.This is possible for you too.That is one of the reasons why I have a media team putting this content out in mass. To better educate you on how.It's also a reason why we are building a coaching business for firm owners, to help fast track the implementation of these strategies.What can you implement from the lessons above to make your firm a more successful firm?#accountingandaccountants

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I want to discuss a silent crisis—one of self-identification and specialization. Beyond the month-end close, balance sheets and ledgers, individuals within accounting often struggle to find themselves within the profession. The journey from novice to seasoned accountant is not just about mastering the technical aspects but also about defining one's identity within a field that demands both versatility and specialization.1. The Duality of Identity:- Accountants often find themselves straddling two worlds—the technical and the personal. While they are trained to be meticulous in their calculations and analysis, they are also human beings with multifaceted identities. This duality can lead to an internal conflict as they navigate between their professional persona and their personal aspirations.2. The Pressure to Specialize:- In a rapidly evolving financial world, there is an increasing pressure on accountants to specialize. Whether it's in tax, audit, forensic accounting, or management consultancy, the demand for niche expertise is tangible. However, this push towards specialization can be daunting for individuals who fear being pushed into a narrow field, potentially limiting their career growth and personal fulfillment.3. The Quest for Self-Identification:- Many accountants find themselves on a quest for self-identification. They yearn to carve out a niche that aligns with their passions and strengths while also allowing room for growth and exploration. This journey often involves soul-searching, seeking mentorship, and experimenting with different roles and responsibilities within accounting.4. Overcoming the Stigma of Change:- One of the biggest challenges in the accounting profession is overcoming the stigma associated with change. Stepping out of one's comfort zone to explore new areas of specialization or pursue unconventional career paths can be met with skepticism from peers and employers alike. However, embracing change is essential for personal and professional growth in an industry that evolves a lot.5. Embracing Versatility:- While specialization is important, so too is versatility. Accountants who can adapt to new challenges and pivot between different roles and responsibilities are invaluable assets to their organizations. Embracing a diverse skill set not only enhances one's employability but also fosters a sense of fulfillment by allowing individuals to explore different facets of their professional identity.When it comes to me personally, I am currently undergoing such crisis of self-identification. I feel that I have picked a few industries that I prefer, however, my ever-curious personality always seeks new and interesting industries/ products to exploreI am deeply grateful for my profound passion for accounting; it's a field I genuinely adore and find immense fulfillment in. I eagerly anticipate the exciting opportunities that lie ahead in my career journey. Do you struggle to find yourself?

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