MY STORY. why rootworks?

Transcription

1 Darren Root

2 MY STORY why rootworks?

3 practice management multiple databases lack project management lack reporting technology no standard data-gathering system no standard check payment method no standard check stub delivery onboarding no standardize process no client training no client experience platform marketing web is online brochure no niche(s) no targeted prospect list no marketing plan TODAY'S FIRM tax too much tax volume treat all returns as equal lack digital end-to-end process client accounting multiple on-premise and cloud solutions lack standard processes lack digital document management no dashboard reporting team: focused on hours worked jobs not desirable lack vision and a bigger why payroll lacks data-gathering system no standard check payment method no standard check stub delivery

4 Complexity

5 Simplicity

6 CHOICES or technician entrepreneur

7 the right clients buying the right solutions

8 Pain Points = Friction Tax Season Business Model Clients

9 Next Generation Accounting Firm A business built on focused intention with unmitigated entrepreneurial spirit that enables you to have the life you want. It s a business model that supports an environment where you can be present in all aspects of your personal and professional lives to have the greatest impact on family, staff, clients, and community. It is a business that operates independent of you; creating a better working culture for your practice; offering security through recurring revenue; fostering creative thinking; evoking excitement with each new stage of evolution; inspiring the next generation of professionals; and built for transition to support the phases of your life.

10 How you spend your time matters

11 Dec Jan The Accounting Firm Owner s Annual Clock I m too busy to work on my business I ve gotta do something about my business Oct Sep Nov Feb Mar Apr Aug May Jul Jun

12 What should I be doing?

13 From First Things First, by Stephen R. Covey, A. Roger Merrill & Rebecca R. Merrill

14 Those activities that will have the biggest and best possible impact on your personal and professional lives.

15 Create firm strategy Research technology Create office procedures Attend client meetings Devise marketing strategies New client development Manage peer review Go to conferences Implement process improvements Conduct staff trainings

16 Delegate the rest

17 Goal: 80% of your time each week

18 The other stuff just consumes energy but yields little benefit

19 How you spend your time matters

20 BeIntentional

21 Implementing the Entrepreneurial Thinking Model

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23 The Future You Want

24 The Future You Want

25 Million Dollar Firm

26 Million Dollar Firm

27 Million Dollar Firm

28 Million Dollar Firm

29 Million Dollar Firm

30 Million Dollar Firm

31 Million Dollar Firm

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34 a unique time in history

35 consumer vendor workforce

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44 Requires a change of mindset

45 We are living through an era of historic upheaval. The pace of change, globally, has never been more rapid. It is unsettling to some, enticing to others. Either way, it is unavoidable. Robert Safian Editor, Fast Company

46 Generation Flux Robert Safian Editor, Fast Company

47 People who are embracing the velocity of change and finding ways to adapt to it... Robert Safian Editor, Fast Company

48 It s not about age

49 Business Model Who What How

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52 95% of firms do not have a clear vision

53 65% of firms are struggling to manage the day to day No single client database, project management or workflow management. 50% of firms are still billing by the hour They have not identified their products, their workflows or their business model their still fighting an outdated model. 90% of firms have no defined system for product delivery

54 50% of firms are not utilizing any form of digital document delivery, even fewer are using their website as a place to do business. 65% of firms have inadequate administrative help Partners and CPA s are doing E-filing, transmitting to portals, ing clients, follow-ups, etc. 95% of firms are printing financial statements for ALL clients Firms do not take the time to understand where value is created for their clients.

55 Partners are working hours per week during the summer months. Average time to get a 1040 completed is 4.5 hours. Firms take QB file, print the transaction register and rekey into trial balance software to prepare financial statements.

56 Top Rootworks firms generate $50,000 more per employee per year with little to no overtime worked.

57 Is your problem staffing or leadership?

58 Leadership Takes Vision

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61 Your Brand

62 Your people, culture, values, & spirit

63 What do your clients say?

64 What do your employees say?

65 Your Brand seamless thoughtful intentional

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67 Million Dollar Firm

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69 Vision changes the game