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Struggling with profitability? So was this 7-figure accounting firm. They looked for our help to increase their top line (without adding more labor). Listen to Gabrielle on what it's been like to work with us -- and the advice she has for firms owners like her. youtube.com/watch?v=CuG1FMd2…

2024 Roundup: Top 10 Noteworthy Accounting Firm Tech Releases xitter.cf/i/broadcasts/1YqGovjQy…

My plan to help this accounting firm grow from $1.5M to $2.5M -- without more labor. By using data and automation. 👇🏼 Last week, I met with a firm owner and her 6 senior managers. A lot of silence. Gulps. Tense conversation. But it marks the first milestone towards our plan to double profitability. Here's the 4-step strategy: 𝐆𝐞𝐭𝐭𝐢𝐧𝐠 𝐁𝐮𝐲-𝐈𝐧 𝐰𝐢𝐭𝐡 𝐃𝐚𝐭𝐚 No better tool to convince accountants than hard numbers. So we gathered, cleaned, and presented their list of 200 clients, from most to least profitable. Given they price with fixed fees and track time, the "effective hourly rate" was the metric of choice. It serves as a proxy for client margins. With clients as high as $680/hr -- and as low as $30 -- this report was insightful to say the least. The feedback? "We have not had metrics like this before, so it was not easy to see where we stand financially.... Now comes the hard work on getting them all in the green." In 1 week, we've seen more buy-in than we've had in the last 6 months. Step 1: Check. ✅ 𝐅𝐫𝐞𝐞𝐢𝐧𝐠 𝐔𝐩 𝐂𝐚𝐩𝐚𝐜𝐢𝐭𝐲, 𝐎𝐧𝐞 𝐖𝐨𝐫𝐤𝐟𝐥𝐨𝐰 𝐀𝐭 𝐚 𝐓𝐢𝐦𝐞 With data on what activities are consuming the most time, I get to confidently prioritize which workflows to improve and automate next. We first aim to find improvements at the workflow level (payroll and tax prep are great candidates). And later at the client-specific level when time savings can be justified. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞, 𝐑𝐞𝐩𝐥𝐚𝐜𝐞, 𝐑𝐞𝐟𝐞𝐫: 𝐏𝐫𝐮𝐧𝐢𝐧𝐠 𝐓𝐡𝐞 𝐂𝐥𝐢𝐞𝐧𝐭 𝐋𝐢𝐬𝐭 Simultaneously, the least profitable clients will be pruned over time. Firing clients is not fun. Especially if you like them. The plan is not fire them -- but raise prices and allow them to self-select. Those that can't afford it will be referred out. And who knows? We may be surprised that some might stay, even at the price points we need to be profitable. 𝐖𝐡𝐚𝐭 𝐍𝐞𝐱𝐭? 𝐑𝐞𝐩𝐞𝐚𝐭 At Opzer, this is our profit-driven, process improvement strategy moving forward. (For the firms that do or want to track time.) 1 - Look at the data 2 - Cut on time-consuming workflows. 3 - Increase prices. Replace and refer the least profitable clients. 4 - Back to step 1 The data says $2.5M is achievable for this firm with 11 FTEs. Time will tell if we'll pull it off. I'm excited to find out. *** Interesting? Helpful? ♻️ Retweet. Your fellow colleagues will thank you.   ~~~   Hey, I'm Isaac Perdomo.   I help accounting firms unlock capacity from their existing team through better processes, data, and automations.   Follow ➕  👤 DM for customized help.

What if the "shortage" is 𝐧𝐨𝐭 of accounting talent -- but of proper incentives? I had a conversation with a leader of a Top 50 Public Accounting Firm. He suggested that there IS enough accounting talent... but we just have the wrong incentives in place. When individual contributors are efficient with their time... Partners give them more work.  For no extra pay. Instead of giving them : ⏰ - More personal time 📝 - The task to teach others to be more efficient 💼 - The chance to develop skills that interest them 💵 - Or yeah, more work (but fairly compensated) Worse yet, the additional work they're given might not even require accounting credentials. We're asking accountants be great project managers and tech consultants. While partners have to become great marketers and salespeople. Tasks that non-accountants might be better suited for. He firmly believed a good chunk of the shortage can be solved by: 1 - Incentivizing efficiency 2 - Dumping the traditional "partners" structure (where each partner is the rainmaker of its own book of business) in favor of a modern leadership structure (with CEO, Marketing & Sales staff, Operations Leaders, etc.) I couldn't agree more. What do you think? Agree/disagree?

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Upcoming Webinar for Tax Firms 🚨 Never Chase Clients Again: How I Streamline Document Collection. Tune in to finally get client documents on time. We'll share the scripts, software tools, templates, and automations you need to start executing today. Sept 24, 6PM EST, 3PM PST linkedin.com/events/stopchas…

😍📷 Honored to have this article published on @karbonhq Magazine (and soon featured as this week's hero piece on their newsletter). If you're an accounting firm curious to know what's possible with AI & OpenAI's Custom GPTs, Don't miss out. Read more below. karbonhq.com/resources/accou…

Curious to see how your accounting firm can save 100's of hours a year? Tune in to watch 7 real-life examples examples you can use Zapier for in your firm. And don't forget to subscribe to our channel for more! youtu.be/oHeMEO_ztTk

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