Earmark Webinars+

How Top Accounting Firms Build Adaptable, High-Performing Teams

Earmark Team · December 5, 2024 ·

Are you successfully attracting the best accounting talent, or is your hiring process making it difficult? Many accountants find it hard to bring in and keep skilled professionals in their teams.

In a recent webinar, Giles Pearson, Co-Founder and CEO at Accountests, discussed how making bad hiring choices can be very costly for businesses. These mistakes can lower team spirit and hurt the quality of service provided to clients. He also highlighted that the influence and approach to hiring have changed a lot recently. As Giles notes, “This is not an equal playing field anymore. The power is with the candidate.”

To succeed, accounting firms need to change how they hire new employees. Instead of just filling vacancies, they should focus on a well-rounded strategy that includes careful planning, creative ways to find talent, thoughtful evaluation of candidates, and strong support for new hires.

Keep reading to learn how your firm can transform its hiring process from a burden into a valuable strength.

Align Hiring with Firm Goals

Making a bad choice when hiring can be expensive, not just in money but also in other ways that can affect the entire team. Giles emphasizes, “It’s the effect on team morale and personal well-being. The stress of hiring someone who doesn’t work out is significant.”

Craft Candidate-Centric Job Ads

Your job advertisements should focus on what your firm offers candidates, not just a list of tasks. Giles shared an example of a CFO position ad that missed the mark: “There was a long list of required tasks… It was all just ‘blah’ to me.” Instead, keep requirements broad and emphasize the benefits to the candidate.

Leverage Employee Referrals

Make use of the people you already know by asking your employees to recommend potential new hires. Giles advocates, “Get your staff involved. Have a formal system for them to bring new people into your business.” Your employees probably know great people they would like to work alongside.

Use Data-Driven Assessments

Using data to evaluate your choices helps you make better decisions. If you only look at resumes and conduct informal interviews, you’re unlikely to find the best fit for your needs.

Use Skills Testing for Objective Insights

Skills tests are a great way to gather clear information about a candidate’s abilities. Giles’s company offers specialized tests for different accounting jobs, allowing employers to assess potential hires quickly—usually just taking 40 minutes to complete. This streamlined process offers straightforward insights into what candidates can actually do, making it easier to find the right fit for the role.

Use Personality Profiles to Focus Interviews

Personality profiles help you tailor your interview questions. Giles explains, “If the profile indicates a candidate might struggle with time management, you can probe deeper during the interview.” This approach allows us to identify problems sooner so they don’t turn into larger issues later on.

Run Structured Interviews for Consistency

Structured interviews make the hiring process more organized and fair. They ensure that all candidates are asked similar questions, which helps businesses compare applicants more easily and consistently. Giles suggests, “Include someone trained in interviewing on your panel. Use competency-based questions to assess ethics, leadership, problem-solving, and interpersonal skills.”

Make Objective Hiring Decisions

Use a scoring system that gives different importance to various assessment results to help us make better decisions, based on data. This method helps minimize personal biases and encourages a more diverse selection process. “Hire the person who can do the job,” Giles emphasizes. “That’s what we’re trying to achieve.”

Extending the Approach to Onboarding and Development

The hiring process shouldn’t stop just when a candidate says yes to the job offer. Instead, use the information you collected during the hiring to help new employees succeed right from their first day on the job.

Tailoring Onboarding Plans

If assessments reveal any skill gaps, create a focused training program. Pair up team members with experienced mentors and outline how their performance will be evaluated. For instance, if a new hire struggles with a particular aspect of tax law, make sure to include specialized training as part of their introduction to the job.

Leveraging Personality Profiles

Understanding personality types can help not just with the initial training of individuals but also with their growth and development over time.

Ongoing Development and Review

Take time to review the test results a few months later to see how accurate they are in predicting outcomes to help make improvements to our plans for development. Also use the results as part of ongoing personal development planning.

Conclusion

When hiring, having a well-rounded strategy, aligning your hiring practices with your firm’s goals, using data to aid your decisions, and ensuring that onboarding and employee development are part of the process, you can turn hiring into a significant competitive advantage.

Are you ready to transform how your firm recruits? Check out our on-demand webinar, “Enhancing Your Firm’s Hiring Process,” where you’ll find valuable insights and practical tools. You can apply these strategies immediately to attract, hire, and nurture the talented team your firm needs to succeed.

Remember, in the search for accounting talent, those who have the best hiring strategies come out on top. By adopting a comprehensive approach, you’re not just filling jobs—you’re laying the groundwork for your firm’s future success.

The Blueprint for Turning Your Accounting Practice into a Private Equity Magnet

Earmark Team · November 20, 2024 ·

Private equity investment is changing the accounting industry in a big way. In the past three years, five of the top 26 accounting firms in the U.S. have received financial support from private equity firms. This marks a notable change in how these businesses operate. As more money comes into the industry, smaller to mid-sized accounting firms are feeling the pressure to either grow larger or focus on specific areas of expertise to stay competitive.

How can we ensure our practices thrive in the face of ongoing challenges? Dave Bunce, Director of Partnerships at interVal, has extensive experience in accounting and mergers and suggests that companies willing to change and adapt their operations can achieve remarkable growth and value. This applies whether they are looking for investment from private equity firms or choosing to operate independently.

On a recent webinar, Dave shared three critical transformations that can help position your firm for success:

1. Moving beyond compliance work
2. Building sustainable recurring revenue
3. Creating scalable operations

Beyond Compliance: Redefining Value

When looking to buy a business, buyers pay close attention to two main things: the people you serve (your clients) and the skills of your staff (your talent). It’s important to remember that it’s not just about how many clients or employees you have; what really matters is the quality of your relationships, and the unique value you bring that goes beyond just meeting basic requirements.

“What they’re going to assess on that client list is how long they’ve been with you, how well you’ve grown or retained them, how well you’ve sold your other services to them, and how you’ve moved beyond the commodity of compliance,” Dave explains.

Offering high-profit advisory services can significantly increase the overall value of a firm. While accounting firms usually sell for a price that is about half to two times their revenue, where you fall on that scale largely depends on how well you provide valuable additional services. Top firms often group their clients into three categories—A, B, and C—based on how much growth potential they have and how open they are to receiving advisory services. This approach allows these firms to concentrate their efforts on the clients who are most likely to benefit from these expanded services.

Great opportunities for offering advice can often be found in the information we have about our current clients. For instance, analyzing $15 billion worth of client businesses, Dave’s team discovered that there was $4 billion sitting in working capital that businesses weren’t using efficiently. This finding opened up immediate chances to have important discussions with clients about smart ways to handle their money, plan for the future of their business, and improve how they manage their financial resources.

Finding new opportunities is only the beginning. Companies need clear methods to effectively offer these services on a larger scale and truly make the most of them. This is why creating strong Client Advisory Services (CAS) is so important.

Building Recurring Revenue with Strategic CAS Development

Many firms looking to increase their recurring revenue often begin by considering CAS. However, they must make an important choice: What kind of CAS do they want to provide?

“Are you looking at being a fractional CFO and bookkeeper? Or are you aiming for a high-margin, value-add CAS practice where you guide business owners through strategic planning exercises?” Dave asks. These are completely different ways of running a business, and each one needs unique strategies for hiring people, using technology, and providing services.

To build a successful CAS practice, Dave recommends a four-step approach:

Define Your Scope: Determine whether you’re pursuing a high-volume bookkeeping model (starting around $500 monthly per client) or a high-margin advisory practice focused on strategic guidance.
Validate the Market: Test your proposed offering with existing clients, understand what competitors charge, and ensure your pricing aligns with market expectations and cost structure.
Build the Processes: Develop standardized workflows and procedures to ensure consistent delivery and scalability.
Assemble the Team: Hire and train professionals suited to your chosen model—process-driven staff for bookkeeping or experienced advisors for strategic guidance.

Creating Scalable Operations

The foundation of a valuable, scalable firm lies in well-documented processes. Yet many firms make the costly mistake of implementing technology solutions before mapping out their core business processes.

“Map those things out—current state. Identify the gaps. Build the process the way you want it. Then identify where technology can fit,” Dave advises.

Start by documenting your key business cycles:

New Business to Cash Collection: From acquiring a client to receiving payment.
Resource Allocation and Delivery: Managing how work is assigned and completed.
Talent Lifecycle Management: Recruiting, training, and retaining staff.

This documentation is important for several reasons: it helps maintain stability when employees leave, ensures that services are provided in a consistent way, and shows potential buyers that the company operates at a high level of professionalism and readiness.

Think about the issue of employee turnover. Firms often invest a lot of time helping new employees learn their roles without having clear instructions or guidelines to follow. By creating standardized processes and having everything documented, the onboarding experience for new team members becomes smoother and quicker. This not only helps maintain a high level of service but also boosts the firm’s overall efficiency and profitability. Additionally, a well-organized business is more appealing to potential buyers.

Only after mapping these processes should you evaluate technology solutions. By mapping out how things work and noticing where there are gaps or inefficiencies, you can make better choices about which digital tools and automation will truly help your business succeed.

Positioning Your Firm for Success

Changing a traditional compliance-focused accounting practice into a more scalable business takes careful planning and a step-by-step approach. By moving beyond compliance tasks, firms can develop regular income sources and create clear, documented processes, which can lead to both immediate profits and lasting success.

Whether you choose to seek investment from private equity firms or decide to stay independent, making these changes can help your firm thrive in a competitive marketplace. Successful firms will focus on building efficient operations and offering valuable services.

Anyone looking to build an accounting firm that’s ready for the future should consider watching the full webinar recording. You’ll get practical strategies, pricing ideas, and tips based on Dave Bunce’s wide-ranging experience in both public accounting and private equity.

Boost Efficiency in Accounting with AI—No Coding Required

Earmark Team · November 15, 2024 ·

In today’s rapidly evolving accounting landscape, artificial intelligence (AI) is becoming an indispensable tool. Yet, many professionals hesitate to embrace it, believing that coding expertise is required. AI expert and accounting professor Dr. Mfon Akpan dispels this myth, emphasizing that strategic thinking—not technical skills—is the key to unlocking AI’s potential in accounting.

In a recent Earmark webinar, Dr. Akpan addressed common misconceptions about using AI in accounting. “Success in AI doesn’t require coding skills,” he asserts. “In fact, I’m good at prompting but terrible at writing prompts.”

In other words, mastering AI is less about technical expertise and more about leveraging practical problem-solving skills that accountants already possess.

Measuring AI Success Through Efficiency

When discussing AI, many in the accounting field focus on its flaws—like making mistakes or producing imperfect outputs. Dr. Akpan encourages a shift in perspective. Instead of fixating on technical shortcomings, he suggests focusing on the efficiency and ease that AI brings to tasks.

An efficiency-first approach emphasizes finding ways to do less while saving time. “If you have 20 tasks to do in a workday and can eliminate five of them, that’s a win,” explains Dr. Akpan. “Or if something that used to take you 40 minutes now takes 20 minutes.” By simplifying tasks, accountants can become more productive and competitive.

He uses a compelling analogy: “It’s like having a Formula One race car but driving it at 15 miles per hour.” Many professionals are not utilizing AI to its full potential, often using it in basic ways rather than harnessing advanced methods that significantly enhance efficiency.

The Art of Effective Prompting

To illustrate how to unlock AI’s full potential, Dr. Akpan compares two approaches to the same task. A simple prompt like “Generate a monthly financial report comparing this month’s performance with the previous year” is straightforward but limited. The real power comes from sophisticated prompting methods like Chain-of-Thought and Tree-of-Thought prompting.

“I’m good at prompting but terrible at writing prompts,” Dr. Akpan admits. His secret? He asks the AI to write the complex prompts for him. By choosing the right prompting method and letting the AI handle the details, he achieves more comprehensive and accurate results.

Chain-of-Thought Prompting

Chain-of-Thought prompting guides the AI through a logical sequence of steps to solve a problem. This method involves breaking down a complex task into sequential steps, mirroring how accountants methodically approach financial analyses.

During the webinar, Dr. Akpan demonstrates transforming a simple prompt into a chain-of-thought prompt by asking the AI to write it:

Simple Prompt:

Generate a monthly financial report comparing this month’s performance with the previous year.

Chain-of-Thought Prompt:

1. Define key financial metrics to compare (e.g., revenue, expenses, net income).
2. Gather this month’s financial data for each metric.
3. Retrieve the same metrics from the previous year’s corresponding month.
4. Calculate the differences and percentage changes.
5. Analyze the reasons behind significant changes.
6. Visualize the data using appropriate charts and graphs.
7. Provide insights and actionable recommendations based on the analysis.

By guiding the AI through these steps, Dr. Akpan ensures a more comprehensive and accurate report. He emphasizes, “I could not sit and write all of this, but you can ask the language model to do it for you, and it’ll do it for you within seconds.”

Tree-of-Thought Prompting

Tree-of-Thought prompting aids in problem-solving by breaking down complex decisions into branches. This allows the AI to explore different options and choose the best one, much like how accountants consider various scenarios when making financial decisions.

Dr. Akpan provides an example:

Tree-of-Thought Prompt:

Root Thought: Generate a monthly financial report comparing this month’s performance with the previous year.

Branch 1: Define key metrics.
– What financial metrics should we focus on? (e.g., gross margin, net income, revenue, expenses)
– How do these impact the overall financial health of the company?

Branch 2: Gather data.
  – Obtain this month’s financial data points.
  – Retrieve the same data points from the same month in the previous year.
  – Check for any missing data or adjustments needed.

Branch 3: Calculate and compare.
– Should we focus on absolute values or relative percentage changes?
– How do both perspectives provide insights?

Branch 4: Analyze positive and negative trends.
– Are there positive changes? Negative changes?
– What factors are impacting these changes? (e.g., internal operational changes, market fluctuations)

Branch 5: Visualize and report.
– What graphs or charts would make the comparisons clear and easy to understand?
– Should the report include line graphs, bar charts, etc.?

Branch 6: Provide insights and recommendations.
– Offer specific recommendations for operational improvements or strategic decisions.

By considering different branches and evaluating the best approaches, the AI produces a more detailed and insightful report. “With Tree-of-Thought prompting, you’re asking the AI to look at different options and approaches to the particular task, and then it will choose the best one,” Dr. Akpan notes.

Practical Application in Accounting Workflows

Dr. Akpan demonstrates how these prompting techniques can be applied in real-world accounting tasks.

Creating Presentations

He explains how he used AI to create a PowerPoint presentation for the webinar:

He provided the webinar description and learning objectives to ChatGPT.
Asked ChatGPT to create an outline and generate PowerPoint slides with questions.
ChatGPT produced draft slides, including a title slide and content slides with key questions.

“I didn’t have to open PowerPoint or start making the slides from scratch,” Dr. Akpan explains. “Something that might have taken me 40–50 minutes took me about 15 minutes.”

Generating QR Codes

He also demonstrated using ChatGPT to create QR codes for his LinkedIn profile and his book:

Provided his LinkedIn profile URL to ChatGPT.
Asked it to generate a QR code linking to his profile.
Within seconds, ChatGPT produced the QR code, which he added to his presentation.

Simplifying Client Communication

Dr. Akpan shares a story about a former student who uses AI to simplify complex accounting jargon for clients:

“One of my former students who recently graduated… she said, ‘Yes, we use ChatGPT to help with client meetings.’ She uses AI to explain potentially complex accounting jargon to clients, finding better ways to express or explain concepts to someone who may not be well-versed in financial information.”

These practical applications showcase how AI can save time, improve output quality, and enhance client communication without requiring coding skills.

Embracing AI Without Coding

The same methodical approach that makes great accountants can make effective AI users. By focusing on efficiency, learning how to ask the right questions, and applying systematic review processes, accountants can turn AI into a powerful tool.

Dr. Akpan emphasizes the importance of using AI to discover its capabilities: “The more you use it, the more you can see how far you can push it and what it can do. If you’re not using it, you don’t know what it can do.”

He encourages accountants to shift their perspective on AI, viewing it as a means to reduce tasks and save time rather than expecting perfection.

Key Takeaways

Efficiency is Key: Use AI to reduce tasks and save time, increasing productivity.
Master Prompting Techniques: Utilize methods like Chain-of-Thought and Tree-of-Thought prompting to enhance AI outputs.
Leverage AI in Workflows: Incorporate AI into daily tasks to automate routine work and focus on higher-level analysis.
Continuous Learning: Regular use of AI tools leads to greater understanding and more effective application.

Embracing AI doesn’t require coding but a shift in mindset. By adopting strategic prompting techniques, accountants can unlock new levels of efficiency and effectiveness in their practice. As Dr. Akpan advises, start using AI tools to explore their capabilities and find out how they can transform your workflows.

Ready to transform your accounting practice with AI? Watch the full Earmark webinar to learn more practical implementation strategies and real-world examples of AI excellence in accounting.

Why Traditional Tools Fail Under ASC 842—and What CPAs Can Do About It

Earmark Team · November 13, 2024 ·

Are your lease accounting tools holding you back? Here’s how to bridge the gap and streamline your financial close process.

CFOs, Certified Public Accountants (CPAs) and finance teams are facing unprecedented challenges in lease accounting, especially with the complexities introduced by ASC 842 and IFRS 16. Traditional tools like spreadsheets are no longer sufficient for managing the intricate details of modern leases. Imagine trying to generate a journal entry report for 2,000 leases and it takes five hours—every single month! This is not just an inconvenience; it’s a crisis that threatens the efficiency and accuracy of financial reporting.

To help CPAs navigate these complexities, Greg Kautz shared his insights on an Earmark webinar. Here is a summary of the key takeaways:

Recognizing the Limitations of Traditional Tools

Before 2019, lease accounting was straightforward—track the general ledger coding, payment amount, and vendor. However, with the implementation of ASC 842, CPAs now have to manage an expanded scope of data, transforming lease accounting into complex asset management.

“Now, you’ve got to start tracking the lease name, commencement date, date of return, classifications, and payment schedules,” says Greg. Each lease requires meticulous tracking of multiple data points to ensure compliance and maintain audit-ready documentation.

Spreadsheets and basic software can’t keep up with:

Complex Payment Structures: Leases may have multiple payment components requiring different accounting treatments.
International Operations: Multi-currency leases introduce foreign exchange complexities.
Consistent Application of Key Inputs: Inconsistent incremental borrowing rates across leases can compromise financial statement accuracy.

Navigating Modifications and Reassessments with Confidence

Modifications and reassessments under ASC 842 are particularly challenging. CPAs must maintain accurate audit trails and ensure that changes apply to the correct periods—all while meeting tight month-end deadlines.

“Some companies have deferred so many modifications they’re approaching materiality thresholds,” warns Greg. This situation is even more complicated for organizations dealing with both IFRS and US GAAP requirements.

Key challenges include:

Updating Incremental Borrowing Rates: Ensuring rates apply to the correct period without affecting past calculations.
Retroactive Adjustments: Making accurate entries for closed periods without reconstructing entire datasets.
Audit Scrutiny: Auditors are increasingly focusing on lease modification processes and documentation.

Embracing Scalable Lease Accounting Solutions

The limitations of outdated tools become glaringly apparent as organizations scale. Waiting hours for journal entries is not sustainable from legacy lease accounting systems.

“Companies recognize their systems are inadequate but hesitate to change due to perceived implementation complexity,” notes Greg. However, modern lease accounting solutions can be implemented quickly and efficiently.

Essential features of scalable solutions include:

Rapid Processing: Handle large lease portfolios without delays.
Accurate Retroactive Adjustments: Process changes affecting closed periods correctly.
Multi-Currency Support: Manage international leases seamlessly.
Robust Audit Trails: Maintain clear documentation for compliance.
Scalability: Grow with your organization’s expanding lease portfolio.

Practical Steps for CPAs to Overcome Lease Accounting Challenges

To effectively overcome these challenges and enhance your lease accounting practices, consider implementing the following strategies:

Centralize Your Lease Inventory: Maintain a centralized database accessible to all stakeholders.
Be Proactive with Modifications: Update lease changes as they occur, not just at month-end.
Leverage Automation: Utilize advanced software to reduce manual errors and save time.
Standardize Discount Rates: Ensure consistent application across all leases.
Plan for Reassessments: Regularly review leases for upcoming modifications or renewals.
Stay Audit-Ready: Keep documentation organized and accessible for auditors.
Invest in Training: Provide ongoing education for your team on lease accounting standards and tools.

Transform Your Lease Accounting Process Today

The technology gap in lease accounting is a significant risk to financial reporting accuracy and efficiency. CPAs can’t afford to rely on inadequate tools that jeopardize compliance and drain valuable time.

“There’s always a hard way and an easy way to do accounting,” says Greg. “Sometimes it’s achieved through technology, sometimes through better data, sometimes through better processes, and most times it’s a combination of all three.”

Don’t let outdated systems hold you back. By embracing modern solutions and proactive strategies, CPAs can bridge the technology gap and master the complexities of modern lease accounting.

Watch the full webinar featuring Greg Kautz’ expertise and practical demonstrations for more in-depth insights.

Is Your Expertise Holding Back Your Accounting Firm’s Growth?

Earmark Team · November 13, 2024 ·

What if the expertise that makes you a great accountant is actually what’s holding your firm back from reaching its full potential? It might seem surprising, but many owners discover that their strong technical knowledge can actually make it harder to grow their firms into successful, large-scale businesses.

In a recent webinar, Mark Ferris, Chairman and CEO of Panalitix, shared important tips on how owners can break away from being stuck in their own expertise to create more successful and scalable businesses. Drawing from his experience with many different firms, Ferris highlighted some surprising ways that being highly skilled can sometimes hold back growth.

Ferris offered simple strategies to help owners turn their practices from just a job into a valuable business. He challenged common ideas about what makes an accounting practice successful and provided a clear guide for firm owners who want to grow their businesses while also gaining more personal freedom.

The Hidden Barrier: When Expertise Limits Growth

Accountants are recognized for their strong knowledge, dedication to helping clients succeed, and commitment to doing their best work. These traits are crucial for building good relationships with clients. However, they can also create ways of working that make it harder for businesses to grow and expand.

Ferris, who has spent many years working with accountants, points out that the biggest challenge to growing an accounting firm isn’t a lack of technical skills or difficult market conditions. Instead, it’s the belief that being personally productive is the same as achieving success in business.

“The promise of professional services was that you train yourself, gain unique skills, and enjoy a long, lucrative business life deriving good fees,” says Mark. “But would we say that today to young people entering the profession?”

The main issue is that while accounting education teaches valuable technical skills, it doesn’t really help future business owners understand how to grow and manage a company. As a result, many owners find themselves trying to expand their business by simply working longer hours, taking on more clients themselves, and keeping a tight grip on every part of their service. This approach can be overwhelming and may not lead to sustainable growth.

The result is that the profits of the business are constrained by the owner’s time and energy. Even though they deliver great value to their clients, they might feel unappreciated and overworked. Instead of pushing themselves harder within the same old way of doing things, it’s time to rethink how an accounting practice can work for everyone involved.

Shifting Mindsets: From Doing the Work to Building the Business

The main difference between a traditional accountant and a business builder is how they view their work. While traditional accountants focus mainly on managing numbers and financial records, business builders see their role as helping to grow and improve a business. A traditional accountant might say, “I work to complete tax returns,” whereas a business builder says, “I work to build a business that completes tax returns.” This small change has a big impact on business value and personal freedom.

Think about celebrity chef Gordon Ramsay. He began his career as a talented chef, but he found true success when he shifted his focus to creating restaurants and systems that ensure top-notch service, even when he wasn’t personally in charge. This kind of change can also happen in the field of accounting.

Business builders take a unique approach when it comes to planning and making decisions. Rather than just looking at short-term earnings and financial reports for the next year, they focus on creating long-term plans that span three to five years. This allows them to build valuable and successful companies that can thrive over time.

This involves creating systems, processes, and teams that reliably provide great service, whether or not the owner is directly involved.

“Successful businesses do not depend on the owners for much if anything,” Mark notes.

It’s not about choosing between being a great accountant or being a great business owner; it’s about gradually transitioning from handling all the tasks yourself to establishing a business that can operate effectively on its own. One CPA’s experience shows how this change can take place over time.

Case Study: A $550K Practice Transforms into a $10M Enterprise

Transitioning from a technical specialist to a business leader is possible with the right change in perspective. Take, for example, a certified public accountant (CPA) from Tampa. Over the span of ten years, he grew his small practice, which started at $550,000 in 2011, into a thriving business worth $10 million.

At first, he stuck to a conventional approach, putting in long hours and managing everything on his own. By 2015, he was working over 2,500 hours a year, taking care of all parts of the business while also trying to keep up with a growing number of clients. The big change happened in 2016 when he took a surprising step: he decided to spend $155,000 to hire a chief operating officer, even though it would hurt his profits in the short run.

“That was arguably a very bad decision if you’re focused on the short term and on the P&L,” Mark explains. “But he decided to invest in that and get a lot more things off his plate.”

The owner of the business made a choice to delegate responsibilities, which started a major change for the company. He slowly moved away from handling daily operations, production tasks, and finding new clients. Now, he acts as the chairman, concentrating only on providing valuable advice to six chosen clients, while the business continues to do well on its own.

The transformation wasn’t instant or easy—he “messed it up a couple of times”—but the result is what the business builder mindset promises: a valuable business that generates wealth without the owner’s constant involvement.

Your Path to Transformation

Transitioning from being a technical expert to becoming a business architect can be challenging, but the benefits of creating value for a business and gaining personal freedom make it a journey worth taking. The process starts with a change in how you think about your role. Instead of just viewing yourself as a talented accountant, start seeing yourself as someone who designs a system for the business. This system should be capable of achieving great results even when you’re not constantly overseeing everything.

The story of the Tampa CPA shows that it’s possible to change and improve how an accounting business operates. This change involves rethinking traditional ideas about what leads to success in this field. The outcome is a more valuable business, happier clients, a more satisfied team, and a sustainable work style that doesn’t rely on the owner being involved all the time.

Ready to Transform Your Practice?

Are you interested in turning your practice from a job into a valuable business? Check out the full webinar recording to learn about the changes in thinking and practical actions you can take to create a more sustainable accounting practice. Plus, by participating, you’ll earn free continuing education credits while discovering how to make your work better suit your life.