How to Leverage Client Accounting Services to Build a Profitable Firm

Transcription

1 How to Leverage Client Accounting Services to Build a Profitable Firm Stephen King, CPA

2 How to Leverage Client Accounting Services to Build a Profitable Firm Agenda: Introduction / Overview What SSARS 21 Means to CAS Decisions to Make GrowthForce Model

3 Stephen King, CPA CGMA GrowthForce President & CEO CPA: Texas, New York Member: AIPCA, PCPS Texas Society of CPAs Board Houston Society of CPAs Board Houston Technology Center - Accounting Services Chair Intuit Premier Reseller Certified QB ProAdvisor Steve@growthforce.com

4 Who is in the room? Survey Says? Role CPA Accountant/Bookkeeper QuickBooks ProAdvisor Non-Qbooks consultant Other Doing CAS Now? Considering doing CAS Not doing CAS

5 What s changed? SSARS 21 Sales CPAs Doing CAS Now Source: Accounting Today

6 5 Steps To a Profitable Firm 1. Define Strategy 5. Recognize & Reward 2. Written Goals 4. Keep Score 3. Talent Management

7 Strategic Planning

8 Start With Why? THINK WHY are we in business? NOT WHAT should my client buy? People don t buy what you do, they buy why you do it! - Simon Sinek Simon Sinek, Author, Start With Why: How Great Leaders Inspire Everyone to Take Action

9 Where do you play?

10 Most important: culture and core values What kind of company do you want to be? What does an ideal day look like (Darren Root s program) What organizational capabilities do you need? What behaviors help you achieve those capabilities Why should someone come to work for you? Why should they stay?

11 The Riches Are in the Niches Who Benefits From Our Bundle? Service Businesses Engineers Energy Services Consulting Services Architects Advertising/Marketing/PR IT/Technology Services Information Business Telecommunications Financial Services Non Profits Social Services Religious Education Arts, Culture & Humanities Health & Human Services International Research & Public Policy Community Development Environment

12 How we sell to our niche: ANUM Authority - We sell to the Financial Decision Makers - CEOs and CFOs Need - Use QuickBooks, or willing to switch Employees are the primary product Payroll is largest expense Urgency - They have accounting/people pain now Staff turnover Fraud Late, inaccurate financial statements Rapid growth, need a scalable solution Money - They can afford us Average fee $3,500/mo.

13 Value Pricing has Biggest Impact Focus on pricing will have biggest impact on profits Once you define your strategy then you can define your value Lots of great workshops: Ron Baker: JofA Pricing on Purpose: Implement Value Pricing in Your Firm Mark Wickersham AICPA CAS Workshop

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15 Goal Setting 101 If its not in writing its hard to repeat and get alignment Cascade company goals to department to employee S Specific M Measureable A Achievable (negotiated) R Resources T Time based Insperity mad lib: I will <action verb> by <measure> with <deadline>

16 Talent Management

17 Value-Drivers in Today s Business Source CGMA Report Rebooting Business: Valuing the Human Dimension, 2012

18 Talent Management Attracting Developing Performance Management Engaging lead to loyal employees. Transitioning to next career stage

19 #1 Key = Recruitment Not an HR Function Behaviors not Skills Facebook: Life at GrowthForce Sr. Accountant for net based co. in Kingwood. Min 3 yrs. exp., Acct. Deg. Strong QuickBooks skills.

20 2. Developing Staff # 1 reason why People leave lack of career development What is the cost of turnover: 60+% of salary Lower quality of work Loss of Innovation Recruiting cost Productivity most small businesses run on tribal knowledge Lower customer satisfaction service business = relationships with people Development doesn t just mean promotions Primarily training.

21 3. Performance Management Not a trip to principal #1 ROI get company aligned Evaluate behaviors and skills Personal Development Stop / Start / Continue

22 4. Employee Engagement Engagement leads to loyal employees. What engages your staff? It took us three COO s found dancing / singing CPA to lead us Cares deeply about each person issues and goals MBWA - Daily coaching for success We match behaviors to core values (PerformSmart) Goal: ZERO unplanned turnover!!!

23 Keep Score

24 Connect The Dots

25 What management monitors gets done

26 Track actual vs. goals Company Dashboard

27 What KPIs help you make money

28 Cascade down to Team Performance

29 Pricing in a Project-Based Service Business Data Driven Pricing Decisions

30 Drive down to Their People

31 Recognize & Reward

32 Recognition first At home more important than at work Catch people doing something good Give out awards

33 Rewards Money must be competitive but its not #1 driver Growth Opportunities / Training is #1 Need line of sight between goal and action Do not let KPI s change culture

34 GrowthForce Tactics

35 Other Quick Tactical Lessons Scope document what don t you do? Centralize Onboarding your way every time Standardize and document EVERYTHING (e-myth) Select tools you support and go deep Use Traction process to help execute (Gino Wickman) Stay current with Balance Sheet work papers Find partners for everything you don t want to do

36 Summary 5 Keys to Success 1. Define GTM strategy 2. Create written goals 3. Retain right employees 4. Retain good money clients 5. Recognize and Reward

37 Thank You! Please to get handouts, blog and other questions.