do you agree?
by hitendra patil
client accounting services: the definitive success guide
for years, i have been interacting with accounting firm owners and partners day in, day out from firms of all sizes, all over the country, and catering to a wide variety of industries and professions.
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some have been in practice for several years. some are just starting. but all of them are seeking success at the top of their agenda.
they define “success” differently, uniquely for every accountant and every firm. still, they all have one thing in common: they all want to make a positive impact on their clients’ lives. they naturally want to be their clients’ most trusted advisor.
what can be the key reasons some accountants are comparatively more successful?
i once believed that the quantum of resources was the determining factor for accounting firm success. but i was also getting signals that it is not necessarily true.
i started researching. i surveyed. i asked almost all accountants i spoke with what they were doing (or not doing) to grow their firms/profitability. without growth or reasonable profitability, achieving success can be pretty challenging.
i gathered insights that indicated something interesting. my findings confirmed that even for highly similar firms, the variance in success was significant. from that, i felt it might the way the accounting firm owners think about their practice that could be the key differentiator. i dug deeper into my analysis.
the analysis
personality types and analytics are debatable. many believe that it is not a perfect science because human behaviors are incredibly complex. the flaws of personality analytics methodologies apply more or less equally to people. the playing field is level, as they say. it was worth examining to find some success commonalities based on personality traits.
from my database of connections, i picked the top 200 firms of different firm sizes. but within the group of firm sizes, there was a similarity, based on their firm sizes, the number of clients, the number of staff members, and years in business. in other words, the sample included multiple firms of similar firm sizes. i included firms of different sizes, except for solo practitioners, and excluded the very largest firms.
for those inclined to analyze, i used the disc profile assessment method. it is used by over a million people every year and is a non-judgmental tool used for discussion of people’s behavioral differences. i then analyzed the results. the aim was to figure out if there are common “topmost personality traits” and “most common success drivers.” what i found surprised me.
predominant personality traits of successful accountants
the list below shows the most common personality traits of successful accountants.
top four key traits:
- assertive
- demanding
- outspoken
- outgoing
the next five top traits:
- confident
- decisive
- gut instinct
- intuitive
- sociable
the next three key traits:
- driven
- fast-paced
- friendly
least common traits:
- accommodating
- deliberate
- eager
- efficient
- humble
- innovative
- optimistic
- patient
- persistent
- practical
now compare yourself with these findings. do you find yourself to be similar to these findings, or different? if different, are you pleased with the level of success you have achieved so far? if other personality traits have made you successful, please share your thoughts/findings in the comments.
what drives successful accountants?
the list below shows the most common drivers of successful accountants.
top six key drivers:
- ambitious goals
- winning
- speed
- peer recognition
- competition
- excitement
the next four top drivers:
- challenges
- fun
- new relationships
- producing results
least common drivers:
- feeling accepted
- group cooperation
- peaceful environments
- stability
- exploration
now compare yourself with these findings. do you find yourself to be similar to these findings, or different? if different, please share.
what separates successful accountants?
owners and partners of successful firms commonly exhibited these personality factors. in all, 60 percent to 90 percent of successful accountants seemed to exhibit highly similar personality traits and drivers.
the question, therefore, is, “do personalities and thinking patterns of firm owners and partners ultimately define the success, or otherwise, of their firms?”
i know this is debatable, and the research sample size may not truly represent the accounting profession. but the accountants exhibiting these traits are more successful – per the most common definitions of success. it does not mean accountants who do not exhibit these traits are not, or may not, be successful. i have yet to do a more detailed analysis of not-so-successful firms to figure out if there is discernible contrast in personality traits.
do you believe your personality traits are the most critical factors that contributed to your success?
6 responses to “top 4 personality traits of successful accountants”
samreen sadiq
was your survey in a particular region? am wondering if the success traits were more pervasive lets say in the north east market than a midwest market? just an example but see meek accountants doing well in a not so competitive locale also.
hitendra r. patil
samreen, thanks for taking the time to share your thoughts! the survey included accountants from all over the country. the success of firms may be presumed to be driven more by personalities of owners of the firms but it is not as simple an equation as that. several other factors can come into play, e.g. demand-supply equation and hence the competitive forces or lack thereof in a given location, etc. but i guess having some common traits listed in this article may help to enhance the success even more.
charles strawbridge, cpa
perhaps exposure to marketing, salesmanship, personal presentation and public speaking should also be an integral part of firm leadership & training.
i find it interesting that collaboration is a lesser common trait. without buy-in from staff, managers, partners and engaged clients the global vision of relationships may be lacking. perhaps i’ve been too long in the private / internal consultant sphere.
hitendra r. patil
thanks, charles, for sharing your thoughts! i believe the major drivers of success also drive more successful accountants to be more collaborative than others. the other way round may be interesting to research/observe i.e. do accountants who do not have top personality traits and drives feel challenged to be social and collaborative.
michael chaffee
it appears that the traits of the most successful accountants describe “rainmakers.” on the other hand, the traits of the “less-successful” accountant conjures up the stereotypical picture of a meek and mild bookkeeper.
conclusion: to be more a more successful accountant, aim to be more of a “finder” than a “minder” or a “grinder.”
hitendra r. patil
thank you, michael, for taking the time to share your thoughts on this article. you summarized it in an interesting way. and i agree with your conclusion to a great extent. it does feel like those rainmakers at firms exhibit the top traits more than others at the firm. at the same time, without being a minder and grinder i.e. without producing excellent work to deliver to clients, it is almost impossible to express the value of such work. i find that successful accountants are great with both, numbers and words. without understanding the numbers as a professional accountant, it is challenging to tell the story behind those numbers. i also see that those who are passionate about helping clients, not just delivering regular reports, ultimately develop different personality traits. thanks again for taking the time to share your thoughts. appreciate it!