The Practicing Accountant

18. Navigating Lead Generation and Strategic Firm Growth

In this episode of the Practicing Accountant podcast, Doug and Dan delve into the topic of lead generation for accounting firms. They discuss the pros and cons of hiring lead generators, share personal assumptions and experiences, and explore the challenges and benefits of growing a firm the right way. The conversation also touches on the importance of intentional growth, maintaining a balanced workload, and the value of referrals. Tune in to learn about the right and wrong ways to expand your accounting practice. For more insights and resources, visit The Practicing Accountant.

17. AI and the Future of Small Accounting Firms: Embracing Efficiency and Capacity

In this episode of "The Practicing Accountant," Dan and Doug discuss the impact of AI on accounting, particularly for smaller firms. They highlight a Thomson Reuters survey predicting AI will free up significant time for tax practitioners in the coming years. They emphasize the need to shift from hourly billing to value-based pricing to adapt. They see AI as both a risk and an opportunity, urging accountants to use it strategically to improve services and client relationships.
For more insights, visit thepracticingaccountant.com.

16. Reimagining Client Relationships: Fewer Clients, More Attention

In this episode of "The Practicing Accountant," Dan and Doug discuss the concept of creating capacity by focusing on fewer clients but providing more attention, drawing inspiration from the movie "Jerry Maguire." They highlight the importance of transitioning from the traditional model of acquiring as many clients as possible to a more sustainable and fulfilling approach. By emphasizing quality over quantity, accountants can enhance client relationships and find more satisfaction in their work. They also touch on the challenges of saying "no" to less ideal clients and the power of intentionality in building a better practice. For more insights and resources, visit thepracticingaccountant.com.

15. Strategies for Creating Capacity in Your Accounting Practice

In this episode of "The Practicing Accountant," Dan and Doug discuss creating capacity, focusing on identifying and prioritizing the most impactful changes. They emphasize the importance of saying "no" to less ideal clients and tasks to make room for what truly matters. Doug shares a list of ways to create capacity, from delegating tasks to improving health and leveraging automation. He highlights the significance of knowing what you want to say "yes" to, using the analogy of choosing your favorite ice cream flavor. This intentionality helps accountants build a firm that aligns with their goals and desired lifestyle. For more resources and support, visit thepracticingaccountant.com.

14. Transforming Leadership in Accounting with the RACI Matrix

In this episode of "The Practicing Accountant," the guys introduce the RACI Matrix (Responsible, Accountable, Consulted, Informed), a tool to help accounting professionals delegate tasks and transition from client-facing roles to leadership positions. Doug discusses the common challenge of experienced professionals being unable to step back from client work and emphasizes the importance of clear communication and training replacements. They explain how accountants can move from being "players" to "coaches" and eventually "spectators", allowing them to focus on higher-level tasks and strategic growth. For more resources, visit thepracticingaccountant.com.

13. Addressing the Accounting Pipeline Crisis

In this episode of "The Practicing Accountant," Dan and Doug discuss the challenges facing the accounting industry, focusing on the recently released draft strategy report by the AICPA's National Pipeline Advisory Group. They emphasize the importance of transforming employer cultures and business models to address the declining pipeline of new accountants entering the profession. Key strategies include creating a compelling story about accounting careers, improving college experiences for accounting majors, reducing education costs, supporting CPA exam candidates, expanding access for underrepresented groups, and transforming employer cultures.
Dan and Doug encourage listeners to sign the pledge at accountingpipeline.org and commit to taking two actions to support the pipeline. They also highlight the need for firms to create a better experience for their teams and clients by raising prices, firing unprofitable clients, and focusing on value-based pricing.
For more insights, or to join the membership, visit thepracticingaccountant.com.
Discussed in this episode: 
https://www.accountingpipeline.org/draft-report/
https://www.accountingpipeline.org/
https://www.youtube.com/watch?v=qEJ4hkpQW8E

12. Mindset Shift: From Practitioner to Owner

In this episode of "The Practicing Accountant," Dan and Doug dive into the important topic of transitioning from a practitioner to an owner mindset. They discuss the distinctions between the two roles and emphasize the importance of intentionality in daily activities. Drawing insights from the E-Myth and practical strategies like time blocking, prioritizing big tasks, and reflecting on weekly activities, they offer actionable advice for accountants to shift their focus towards business growth and strategic development. For more valuable resources and insights, visit thepracticingaccountant.com.

11. Maximizing Personal Capacity for Business Growth

In this episode of "The Practicing Accountant," Dan and Doug delve into the concept of creating personal capacity to enhance business capacity. They discuss the importance of managing personal time and priorities effectively to ensure business growth and efficiency. The conversation highlights several key strategies, including Eisenhower's Box for prioritizing tasks, the importance of morning routines, and the performance equation to identify and reduce interference in achieving potential. They also touch on practical tips like the three questions to ask each morning to set a productive tone for the day. For more insights and resources, visit thepracticingaccountant.com.

10. Fraud Cases, Radical Pricing, and the Power of Niching

In this episode of "The Practicing Accountant," Dan and Doug dive into current events, including the recent BF Borger's SEC fraud case, and discuss its implications for the accounting industry. They also touch on Jodi Pedar's new book on pricing strategies. The main focus of the episode is on the importance of niching in the accounting field. Doug shares insights on how to identify and establish a niche, emphasizing the benefits such as increased pricing power, easier marketing, and stronger client relationships. The conversation highlights different methods for choosing a niche, including following passions, market trends, existing client bases, and personal expertise. For more insights and strategies, visit thepracticingaccountant.com.

9. The Power of Niching: How to Attract the Right Clients

In this episode of "The Practicing Accountant," Dan and Doug discuss the power of niching in the accounting industry. Doug shares a recent email from a potential client who found him through a targeted Google search, highlighting the effectiveness of Search Engine Optimization (SEO) and the importance of a specialized niche. They emphasize that having a clear niche not only simplifies the client acquisition process but also enhances credibility and allows for premium pricing without resistance. The conversation covers the benefits of owning your niche, attending industry conferences, and the value of building a strong online presence tailored to specific client needs. For more insights and strategies, visit thepracticingaccountant.com