prune your existing portfolio to create a revenue pipeline.
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accounting influencers
with rob brown
ed warren, a veteran sales executive in the accounting industry, shares expert insights on growing accounting firms through client advisory services and leveraging technology to stay ahead of the competition in this episode of the accounting influencers podcast with host rob brown.
warren shares his insights on how the accounting industry has been affected by the covid-19 pandemic and what the future may hold for it. he believes that while the accounting firm space is in a good place given the circumstances, there is also a bit of complacency, as they have weathered the storm reasonably well. however, staffing is a huge issue right now, and the industry will have to figure out how to adjust to players with values different from those of the legacy partner.
warren also discusses the importance of accountants’ trusted advisor relationships with clients. he shares tips on how firms can increase their revenue through client advisory services, including cross-selling other services to clients such as wealth management, family office, and retirement planning. he emphasizes the importance of making conscious decisions to go after higher volume, higher margin clients to provide a better client experience and where the team is treated with respect.
- staffing is a significant issue for accounting firms, as younger generations value work-life balance and giving back to their communities more than partnership and equity.
- to stay competitive, accounting firms must adapt to changing software technologies, such as cloud-based erp solutions and tax and compliance software.
- blockchain and other technologies in the venture stage could significantly impact the audit process in the next five to ten years.
- firms should focus on developing trusted advisor relationships with their clients and consider pruning their book of business to eliminate unprofitable relationships and replace them with clients who will pay their fees and treat their employees well.
- cross-selling other client services, such as wealth management, family office, and retirement planning, can create a multiplier effect and lead to multiple business streams.
- conducting a pipeline review and focusing on individuals expected to bring in new business is essential. still, it’s also crucial to have honest conversations with clients regarding the value of relationships and the lifetime value of a client.
- having tough conversations with clients regarding billing rates and ensuring that the billing is fair for the work done is essential for maintaining a successful practice.
more about ed warren
ed warren is an accomplished sales executive with over 25 years of professional services, sales, and marketing experience. he has worked in marketing and business development and has practiced growth roles in the top 100 and 200 cpa firms.
warren is a fractional chief growth officer for cloud accounting firms, helping them grow their outsourced accounting practice. he has been a board member, treasurer, and finance committee chair for the association for accounting marketing (aam). aside from his professional work, warren is an avid jogger, running three to four days weekly.
he completed a tough mudder with his former managing partner and enjoys cooking, grilling, photography, and beach vacations with his wife, marcia. warren is active on x (twitter), where he can be found at @edwarddwarren and on linkedin at http://linkedin.com/in/edwarddwarren.