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- What's Next For Accounting? - Issue #130
What's Next For Accounting? - Issue #130
🫠 11 Lies You've Been Told About Being An Accountant:
1️⃣ Your manager is a genius
Truth: Your manager isn't as smart as you think. Don't put them on a pedestal.
Solution: Utilize peer review early on to help juniors overcome this notion.
2️⃣ Firm owners have it all figured out
Truth: They're making it up as they go, just like you are. But they have the confidence in themselves to believe they'll get there.
Solution: Build confidence. I did this by connecting with other firm owners to learn how they ran their firms.
3️⃣ Successful firms have it all together behind the scenes
Truth: Most firms are dysfunctional, including those of thought leaders.
Solution: Avoid comparison, and simply share your own journey rather than presenting yourself as an ultimate authority.
4️⃣ Credentials are everything
Truth: Credentials matter less than you think. Expertise & personal brand matter more.
Solution: If a client comes looking for your credential you've already lost the battle. Demonstrate your expertise through speaking & content creation.
5️⃣ You look awful on camera
Truth: Despite your insecurities, you look great on video.
Solution: Focus on the value you're providing the viewer rather than trivial imperfections.
6️⃣ Your voice is annoying
Truth: Everyone thinks their voice sounds annoying the first time they hear it. That's how you sound, accept it.
Solution: Focus on helping people with your message rather than your perceived flaws.
7️⃣ You're replaceable
Truth: You're more valuable than you realize. Employers try to make you feel replaceable to maintain leverage, but you aren't.
Solution: Recognize your worth and don't let employers diminish your value.
8️⃣ Achieving goals will make you happy
Truth: Goal fixation can lead to unhealthy sacrifices.
Solution: Focus on the daily process and find joy in the journey rather than reaching the destination at all costs.
9️⃣ More money equals more happiness
Truth: Beyond a certain threshold, money won't make you as happy as you expect.
Solution: Optimize for time & freedom over purely financial gain.
🔟 Wisdom comes with age
Truth: It certainly can, but it's far from a guarantee.
Solution: Be intentional about how your spend your days, otherwise years will pass you by on autopilot.
1️⃣1️⃣ You're stuck
Truth: Despite artificial barriers others create, you're in complete control of what you do next.
Solution: Make decisions your future self will be proud of, even if it confuses others.
Nothing old is too big to kill, and nothing new is too big to start.
💎 This Week's Sponsor
Rightworks
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📅 This Week
Instead of being a victim of scarcity, we explored how simply reframing scarcity as selling out can make you more in-demand
16 tools for accounting firms that you may not have on your radar
I’m at DAS in London next week - if you’re in the UK I hope to see you there!
If you’re considering a new practice management system, swipe this report we put out a few months back comparing 200+ features across 14 cloud practice management systems
Vidyo simplifies making short clips of long videos for social
A “majorly improved” version of GPT-4 is rolling out to ChatGPT
On the pod we discussed including recurring SAAS spend in your client reporting
🔮 Q&A
Can you really delegate client communications in an accounting firm? Link
Yes! The key is setting clear expectations & systematizing your communications process. Not every conversation requires the head honcho's involvement. With solid protocols and the support of your team, you can maintain a personal touch while freeing up time to focus on the big picture.
Does this make it harder for solo firm owners manage client communications? Link
Running solo makes this a bit more challenging but the solutions remain the same. Setting clear expectations with clients from the start about how often they'll hear from you, and using tools that automate some communication can be a lifesaver. Also, keep an open mind to hiring a VA. An extra pair of hands to filter out the noise can be a game-changer.
Is it viable to run a 1040-only business (or any business focused on cyclical work)? Link
While firms are generally trending away from seasonal work, it's still possible to build a wildly profitable business around services like 1040s that are concentrated in a few months of the year. Think about other services you can offer during slower times, and ensure you’re pricing appropriately. But know people are still building great seasonal business, making solid money, and controlling their schedule.
Each Friday on the pod we run through small firm questions. Tune in tomorrow (Audio | Video) as we cover the dreaded client who no longer appreciates you 🫠
😍 From The Community
My private peer networking community Realize for firm leaders, now capped at 500 members.
04/16 📃 Mastermind Group Signups Open
04/18 🌴 Take A Step Back with Geraldine Carter
04/23 📖 Bookkeepers Only with Rebecca Driscoll
04/24 🛠️ Building Slide Decks To Craft Communications with Kellie Parks
04/24 🧠 AMA - Talking Keeper, Karbon, Canopy, Financial Cents and TaxDome with Jason Staats
04/25 🎉 April 2024 Realizer Mixer 🥳 with Dymond
04/29 🕸️ Into The Chadiverse with Chad Davis
04/30 👉 Show & Tell - Keeper with Dwight Dettloff
04/30 📃 Mastermind Group Signups Close
▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮▯▯▯▯ 397/500 members