Accountants Obsessed with Themselves

With the explosion of social media over the last decade, accountants (like a large percentage of the population), have become obsessed with themselves. A quick look at a typical accountant’s website, shows it is all about the accountant. How wonderful they are, how smart, how they have certain qualifications, their often boring and lack lustre achievements etc. Usually a lot of very big claims and sweeping statements and content that means nothing to the client at all. In contrast, the Read More…

The 3 Most Famous Accountants Throughout History

Luca Pacioli – the ‘Father of Accounting’ Luca was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician and Franciscan friar who also collaborated with his friend Leonardo da Vinci (who also took maths lessons from Pacioli). It is said that Luca Pacioli published works for the double entry accounting system based on procedures in use by Venetian merchants during the Italian Renaissance. Most of the accounting principles and cycles described Read More…

Funding New Accounting Practices

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a new practice, established practice or an expanding practice. The practice funding can be provided by the practice owners from their personal savings and assets, through debt financing, or a combination of the two. With new practices funding is required to cover the initial practice set-up costs. These costs include the office fitout, office signage, furniture, equipment, Read More…

Introducing New Services to Existing Clients

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit strategy, but involves more work.  The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…

Sturgeon’s 10% of Practices

If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would be financially rewarding of course with annual principal profits of $1m plus. If you are already achieving this, well done. If you are not, how do you get there? Firstly, you need to start with your strategy. If you currently have a stuck-in-the-middle strategy, you need to take Michael E Porter’s advice and chose one out Read More…