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Archives for September 2024

Collective by DBA: Revolutionizing Operational Support for CPA Firms

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In episode 14 of the “Who’s Really the Boss” podcast, hosts Rachel and Marcus Dillon reveal Collective by DBA (previously DBA Firm), a revolutionary initiative born from their experience as successful CPA firm owners. The Dillons have navigated the choppy waters of firm management and emerged with a blueprint for success that they’re now sharing with the accounting community.

Collective by DBA isn’t your typical consulting service. It’s a comprehensive support system designed specifically for CPA firm owners looking to overcome common hurdles and achieve sustainable growth. Their approach is simple yet powerful: By providing tailored resources, personalized implementation plans, and a supportive community, Collective by DBA empowers accounting firm leaders to transform their practices and reach new heights of success.

Operational support is at the heart of Collective by DBA’s approach—an often overlooked but crucial aspect of running a successful CPA firm. As Marcus emphasizes, “[Collective by DBA] is operational support for CPA firms. And I just I come back to operations—that’s the keyword.” This focus on operations sets Collective by DBA apart. While many consultants focus on technical accounting skills or marketing strategies, Collective by DBA recognizes that how a firm operates day-to-day is often the difference between struggling and thriving.

Collective by DBA targets firms with revenues between $500,000 and $5 million and 3 to 30 employees. As Marcus explains, “That’s really the core. That’s who we feel called to serve because that’s who we can make the greatest impact on.”

The Three Pillars of DBA Firm’s Support Model

Collective by DBA’s approach is built on three fundamental pillars: structure, strategy, and systems. 

  • Structure forms the foundation, with concepts like their “Team of Three” model providing a framework for organizing staff roles efficiently.
  • Strategy focuses on making smart decisions about the firm’s direction, such as transitioning from relying on seasonal tax work to more stable, recurring revenue streams.
  • Systems emphasizes leveraging technology and processes to streamline operations and improve efficiency.

Key Offerings

Collective by DBA offers a range of resources and services to support CPA firms:

  • Firm resources. Firms that join the Collective Community can download guides, templates, and case studies.
  • Webinars. Regular online sessions are eligible for CPE that cover topics ranging from team management to technology implementation.
  • GRIP (Goal Ready Implementation Plan). This intensive service involves a deep dive into a firm’s current state, goals, and challenges, resulting in a tailored 24-month plan for growth and transformation.
  • Advisors. Collective by DBA team members work closely with firms to implement changes, ensuring lasting positive impact through one-on-one advisory and group facilitation.
  • Community events. Collective by DBA hosts gatherings like their recent Get Together in The Woodlands, Texas, creating opportunities for accounting professionals to learn from each other and share experiences in person.

The Get Together Event

In April 2024, Collective by DBA hosted its first major in-person event, bringing together about 60 firm leaders nationwide. The two-day gathering included presentations from the Dillon Business Advisors and Collective by DBA, peer-led discussions, and the introduction of their GRIP service. Marcus notes, “Unlike many other conferences and events members might go to,  the other attendees are actually leaders in firms. We’re not stacking events with influencers, sponsors, and vendors.”

The Future of Collective by DBA

As Collective by DBA continues to grow, it’s expanding its offerings while staying true to its mission of providing operational support to CPA firms. Recent developments include gaining approval to issue CPE credits and plans to make its GRIP service more widely available.

Rachel summarizes their approach: “We are definitely not a technology company. What we are is very invested in building relationships and positively impacting and transforming the accounting industry. Building relationships and sharing what we’ve learned has been really rewarding and something that gets me really excited.”

For CPA firm owners looking to transform their practice, Collective by DBA is helping to create more efficient, profitable, and sustainable accounting practices by addressing the often-overlooked operational aspects of running a firm. To learn more about their resources and services, visit Collective by DBA and listen to the full episode of the “Who’s Really the Boss” podcast.

Rachel and Marcus Dillon, CPA, own a Texas-based, remote client accounting and advisory services firm, Dillon Business Advisors, with a team of 15 professionals. Their latest organization, Collective by DBA, supports and guides accounting firm owners and leaders with firm resources, education, and operational strategy through community, groups, and one-on-one advisory.

Reimagining Professional Gatherings for Meaningful Learning

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Conference season can be overwhelming for CPA firm owners and accounting professionals. Large industry events often lead to information overload and superficial networking. But what if there was a better way to learn, connect, and grow professionally?

In a recent episode of the “Who’s Really the Boss” podcast, hosts Rachel and Marcus Dillon tackle this challenge head-on. As CPA firm owners and industry consultants, they’ve pioneered an innovative solution: the “Get Together” event model.

The “Get Together” Approach

The Dillons’ “Get Together” events are intentionally small and focused, with only about 50 to 70 people. This intimate setting fosters a collaborative atmosphere that combats the anonymity often experienced at larger events.

Key features of the Get Together include:

  • Round table setup. This encourages interactive discussions and peer-to-peer learning.
  • Advanced study sessions. These allow for deeper exploration of topics in smaller groups.
  • Practical, actionable content. The focus is on real-world application rather than theoretical knowledge.

Rachel explains, “We named it Get Together because it really was a gathering of friends of accounting industry peers who have the same goals and a desire to make their firms a better place to work.” This approach directly addresses the common frustrations with traditional conferences: information overload, superficial networking, and lack of actionable takeaways.

Target Audience and Exclusivity

The Get Together events are designed for firm owners and leaders from businesses with revenue between $500,000 to $5 million and team sizes of 3 to 30. This specificity allows for discussions and content directly relevant to all attendees.

Rachel emphasizes, “What that means is there’s a limited number of seats, and we want to make sure that we are able to be transparent, and we want to make sure that people who appreciate that are in the room.” This careful curation ensures everyone present is there for the right reasons: to learn, share, and grow.

Focus on Strategy, Structure, and Systems

The events cover three main pillars: strategy, structure, and systems (including software). Marcus explains, “Strategy could be as simple as mission, vision, and values, which a lot of people just write off as fluff in their business. But if they don’t have a clear mission, vision, or value statement, it’s so hard to help them steer the ship.”

Regarding structure, the Dillons discuss their “team of three” model, where each client has a dedicated Client Service Manager (CSM), Controller, and CFO. During the structure discussions, attendees dig into roles and responsibilities, workloads, and compensation strategies. 

They focus on tools for systems and software that create efficiencies and improve client and team member experiences.

Marcus notes, “We have some very important people that we are connected to in the software and systems world, and that’s who we partner with. So our events are not full of people trying to sell you stuff. If they’re just there to sell you something, they don’t need to be in the room.”

Maximizing Learning and Networking

To get the most out of any professional event, the Dillons suggest several strategies:

  • Set clear goals and intentions before attending
  • Check the agenda in advance and select relevant sessions
  • Actively network and share challenges/successes with other attendees
  • Take time to reflect and process information during and after the event
  • Prioritize next steps and actionable items post-event

Rachel stresses the importance of actionable outcomes: “If there are no actionable steps out of a conference, I don’t know that I can say it was a success. That next step might just be ‘call this person’ or ‘reach out to this company.’ But if there’s literally not a next step, I don’t know that it was worth the time and monetary investment.”

Maximize Your ROI on Professional Development

The Get Together model is a welcomed alternative to conference fatigue and information overload. By focusing on a specific audience, emphasizing practical outcomes, and providing strategies for effective participation, these events deliver tangible value to every attendee.

As you consider your next accounting conference or professional development opportunity, ask yourself: Are you seeking a flood of information or actionable insights? Are you looking for a room full of strangers or a community of like-minded professionals?

Less can be more in a world of constant noise and information overload. The Get Together model shows that reimagining how we learn, connect, and grow as accounting professionals can lead to more meaningful and impactful experiences. Learn more in the most recent episode of the “Who’s Really the Boss” podcast.

Rachel and Marcus Dillon, CPA, own a Texas-based, remote client accounting and advisory services firm, Dillon Business Advisors, with a team of 15 professionals. Their latest organization, Collective by DBA, supports and guides accounting firm owners and leaders with firm resources, education, and operational strategy through community, groups, and one-on-one advisory.

QuickBooks Online Tests Credit Karma Financing: What Accountants Need to Know

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In a recent Unofficial QuickBooks Accountants Podcast episode, hosts Hector Garcia and Alicia Katz Pollock discussed a significant new development in QuickBooks Online: the integration of Credit Karma financing options. This feature allows QuickBooks users to offer personal loan options to their customers directly through estimates, marking a potential shift in how small business tools operate.

This Feature Is In Testing

Note that this new feature has not yet been released generally. It is currently in beta testing and may not be available to all users. A ProAdvisor discovered it in her client’s file when the client sent an estimate to a customer. In addition to the expected messaging, the customer was invited to take out a loan to pay the invoice.

How It Works

When the QuickBooks user sent an estimate to a customer, they noticed financing offers powered by Credit Karma. In the fine print, the interest rates varied widely, from 8.49% to 35.99% APR with autopay. The loans are provided through a company called Upgrade, potentially allowing Intuit to monetize its $7 billion acquisition of Credit Karma. 

Importantly, this feature will be optional for QuickBooks users. It can be toggled on or off in the account settings, giving businesses control over whether to offer financing to their customers. When enabled, the financing option appears alongside the estimated details when customers view them. 

Potential Benefits and Concerns

This integration could help businesses convert more estimates into paid work by offering customers flexible payment options. As Alicia noted, “If you are somebody who gives high estimates and you know you struggle to have all of your bids accepted, this may be a way of actually getting them paid where you’re getting paid in full right up front.”

However, the hosts also raised some potential concerns:

  1. Privacy: There are questions about how QuickBooks customers’ information might be used to market these loans.
  2. High interest rates: The upper end of the APR range (35.99%) raised eyebrows among the hosts.
  3. Ethical considerations: Accountants may need to consider the implications of facilitating high-interest loans to their clients’ customers.
  4. Customer relationships: Businesses must decide whether offering financing aligns with their customer service approach.

Intuit’s Strategy

This integration is part of Intuit’s broader strategy to leverage its Credit Karma acquisition. By offering financing options within QuickBooks, Intuit aims to create a more comprehensive financial ecosystem for small businesses and their customers.

However, it’s important to note that Intuit does not directly provide the loans. Instead, they likely receive a commission for approved loans, similar to Credit Karma’s existing business model.

What Accountants Should Do

If you or your clients use QuickBooks Online, it’s essential to be aware of this new feature:

  1. Check the settings: Look for the “customer financing” toggle in the Discounts and Fees section of the new invoice experience.
  2. Discuss with clients: If the feature is available, discuss whether offering financing aligns with their business goals and customer relationships.
  3. Understand the terms: Familiarize yourself with the financing options and terms to advise clients appropriately.
  4. Monitor developments: As this feature is still being tested, watch for any changes or broader rollout.

The integration of Credit Karma financing into QuickBooks Online represents a significant shift in accounting software capabilities. While it offers potential benefits for businesses looking to close more sales, it also raises essential considerations about privacy, ethics, and customer relationships. As this feature develops, accountants will be crucial in helping clients navigate this new landscape of embedded financial services. Listen to the full  Unofficial QuickBooks Accountants Podcast episode for the latest information.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!