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.

We went deep on this on the pod last week if you need some brain food Video | Audio

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🔮 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.

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