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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My team and I are fortunate to have great clients who appreciate our work and results for them. But some firms aren't so fortunate. Here's how I've learned to identify bad clients...1️⃣ Unrealistic turnaround time.When you hire an accounting firm, remember it's a partnership, and those only work when we respect each other's time and energy.Bad clients expect too much for too little or too fast for a job well done. Good clients understand that things take time. And that rush jobs or custom needs need a matching retainer.2️⃣ Silence about concernsEvery accountant worth their wage wants to do better. Honest feedback from clients is how we do it. So, if your accountant is missing the mark, DO NOT STAY SILENT. Let them know. It will be a win-win for you and them. They get valuable feedback, you get better service.On the flip side, when your accountant gives you feedback on ways to improve your relationship, be sure to put it into practice. Partnerships go both ways.3️⃣ Ungratefulness and rudenessWe all want to feel valued for the work we do. Sure, we aren't in this for love, but treating every interaction as a transaction destroys partnerships, one email or call at a time.4️⃣ Ghosting requests for documents/infoAs one of our accountants Nawal Hussein pointed out in a team call:"Many people think accountants can work without any client participation but that's not the case. If we are missing information or need clarification from the client, having the client "ghost" us will negatively impact the work and results we can work for them."Whether it's a document request, follow-up on an invoice, etc, we want to hear back and don't want to chase. 5️⃣ Bypass the processIf an accountant has told you that they use a portal, don't email it or drop it off. As accountants, we deal with hundreds-thousands of companies and individuals. By hiring us for accounting, tax, or controller services, you're trusting us to know how best to get that work done.If we've built a system to ensure nothing slips through the cracks, stepping outside that system either forces the firm to work outside their system and get subpar results OR causes you to slip through the cracks of that firm's systems.Don't bypass the process.#tax #taxes #accounting #bookkeeping #accountingfirms #businessowners #accountants #accountant

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📣 Calling all Practice Accountants! 📣🚀 Ready to take your career to new heights? 🚀 Whether you're looking for a fresh challenge, more growth opportunities, or simply a change of scenery, here are some tips to consider when making a move to a new firm! 😎🔍 Tip 1: Do your Sherlock Holmes investigation! 🔍 Before you jump into the unknown, do some thorough sleuthing! It's like solving a financial mystery, just like our beloved detective Sherlock Holmes 🕵️♂️. Research potential firms, explore their culture, values, and reputation. Avoid any surprises and ensure you're joining a firm that's the bee's knees!💼 Tip 2: Look beyond the numbers! 💼 Crunching numbers is your bread and butter, but make sure you assess the bigger picture. Seek a firm that offers jolly good challenges, bloomin' marvelous growth prospects, and a supportive environment. Who says you can't have a laugh while doing taxes? 😉📈🤝 Tip 3: Network like you're at the local pub! 🤝 Connect with industry peers, attend events, and reach out to professionals already working at your potential dream firm. They can provide insider insights and invaluable advice. Networking isn't just for social butterflies, it's for ambitious accountants too! 💼✨💡 Tip 4: Embrace the tech revolution!💡 Automation and digital tools are transforming the accounting world faster than a cheetah in a Ferrari. Look for a firm that embraces cutting-edge technology. You'll be the wizard of spreadsheets, armed with the latest software and ready to conquer any financial challenge! 💻💪🚪 Tip 5: Don't burn bridges, just roast marshmallows together! 🚪 When leaving your current firm, make sure you maintain good relationships with your colleagues. You never know when you might need to collaborate or cross paths again. Plus, who can resist a cozy campfire and a round of toasting marshmallows with former coworkers? 🔥🍢💼 Tip 6: Seek the guidance of an Accountancy Practice Specialist Recruiter! 💼 Finding the right fit can be as tricky as finding a needle in a stack of needles. That's where specialised recruiters come in! I have the insider knowledge, extensive networks, and experience to match you with the perfect firm. I'll be your personal tour guide through the recruitment process, helping you find a firm that ticks all your boxes and fits your aspirations like a well-tailored suit. With my expertise, you'll have a better chance of finding your dream role and making a smooth transition. 🤝✨✨ So, number wizards, keep these tips in mind as you embark on your exciting journey to a new practice firm! Remember, accounting can be serious business, but it doesn't mean we can't have a laugh along the way. Cheers! 😉✨#PracticeAccountants #NewFirmNewBeginnings #NumberCrunchingAdventures 🧮💼😄

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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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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 info@marshallsmalley.com, 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 info@marshallsmalley.com, or drop us a DM.

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📢 Calling Public Practice Accountants! Are you a public practice accountant considering a leap into the world of commercial or private sector accounting? Six years ago, I took that very leap after devoting a decade of my career to chartered accountant firms.So, was it worth it? Absolutely! Not only did my salary instantly almost double, but I also found myself burning the midnight oil far less frequently. This newfound work-life balance allowed me to spend quality time with my family and I made significant strides in paying down our debts.While my tenure in public practice equipped me with a wealth of knowledge and experience, the transition was not without its unique challenges. Let me elaborate:To illustrate, let's imagine a trial balance and supporting documentation or a set of financial statements as a cake. In chartered accountant firms, I was accustomed to receiving a "cake" from clients and making minor adjustments (compliance) or identifying areas for improvement (audit). But in the private sector, I had to bake the 'cake' from scratch.I had to determine the right ingredients, perfect the recipe, set the oven to the correct temperature, and even master the cooling-down process. Essentially, it is like having to produce a cake without a recipe book and no one to turn to for guidance; no audit in-charge, no tax partner to consult, no prior year workpapers to reference, no resource database, and no established standard procedures to follow.Not only did I have to figure it all out, but I also had to establish the necessary processes and then train my team to execute them effectively.Looking back to the present, I advanced into CFO roles and, since then, ventured into running my own business.I'm contemplating creating a comprehensive guide to assist accountants who aspire to transition from public practice to private company accounting.If you're interested in receiving a copy of this guide when it's ready, please leave a comment with "me" below or send me a direct message with the word "me" in the messaging section. #AccountingTransition #CareerGrowth #CAANZ #CharteredAccountant

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Some key lessons from Nick.1. Focus on driving the right KPIs.2. Get better at what you are already doing.3. Give pricing the respect it deserves.

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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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