This is the “Best Practice in Accounting” show on behalf of the Accounting Influencers Broadcast Network. In this show, we focus on upskilling the accountants, bookkeepers, CPAs and commercially focused fintech vendors to better handle key challenges in their professional roles like client service, closing deals, negotiating, pricing, hiring, reputation and differentiation. It’s all about developing yourself and your practice with real-life examples, stories and case studies of what works.
Episode 4. In today’s episode, “When Accounting Practices Hit Maximum Capacity.”
Key takeaways from this episode include:
➺ what happens when accounting firms want to grow without employing more people
➺ the importance for accounting practices of keeping the client in mind when they implement growth strategies
➺ ranking or categorising accounting firm clients based on revenue to assess the best ones for you
➺ how simple decisions about what you do and don’t do for clients will help grow your accounting firm
➺ how to position for clients that want their accountant to play a big part in their future
➺ the major benefits for an accountancy practice willing to say ‘no’ to certain kinds of clients
➺ how to reward your accounting firm team for choosing and delivering value to the right kind of clients
➺ what larger accountancy firms must learn from smaller ones about making decisions if they want to be more agile
Action – if you are hitting a growth ceiling at your accounting firm, re-examine the kind of clients you work with and re-calibrate for those you can do the most and best work for.
In this show we cover topics like leadership, trust, performance, differentiation, employer brand, values, vision, strategy, talent, skills development, industry trends, growth, marketing, communication, succession, recruitment, retention, culture, M&A, business models, pricing, digitisation, winning clients, advisory, career development, gen z/millennials, ESG, DEI, CSR, CPE/CPD, professionalism and future proofing.
It’s important that you stay ahead of the game by knowing the drivers of change and disruption in accounting, the behaviours/demands of businesses requiring pivots/services from accountants, the strategies of tech/software vendors in serving CPAs and accountants, the directives, thoughts and influence of regulatory bodies, professional associations and accounting institutes, and the themes, agendas and topics being talked about at accounting and fintech events all over the world.
Two caveats for listeners:
First, what we’re giving you in this podcast are suggestions, hints, tips and strategies. Not necessarily recommendations, not legally binding, not mandated by regulatory bodies. just the thoughts, opinions and interpretations of a couple of guys with a collective 45 years of experience working with, speaking to and and training many accounting practices, vendors, networks, associations, alliances and event audiences.
Second, we’re not getting too technical or technological with these best practice tips. We’re not qualified accountants and there are plenty of sources for technical knowledge. We’re also not geeky, nerdy or product focused with the bewildering array of apps, platforms and technological solutions. We’re more soft skills, personal development, general business awareness, developing entrepreneurial thinking, boosting leadership and management capability.
Let’s not forget what a complex, fast moving and rapidly changing world we live in. Best practice is hard to put your finger on. What worked last week, last year may not work now. Advisors and accounting professionals must constantly reinvent themselves as experts and trusted guides to individuals and business owners in a complex world. We’re here to help you.
Ultimately, it’s just insight though. Knowledge is easy to find but not to easy to make sense of and make part of your offering, your authority, your expertise. You’ve got to take some action, share it with others, use it somehow for it to become powerful. Weave it into your thinking, your client interactions, your team meetings, your everyday conversations. That’s what’s going to move you from good to great in your accounting role.
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