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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间
any accountant who has ever met hector garcia will likely use the adjective “generous” to describe him. since 2011, he’s been sharing his encyclopedic knowledge of quickbooks on a youtube channel that has generated millions of views.
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because of that youtube channel, he hasn’t printed business cards for two years.
in this discussion, he shares tips for transitioning to value pricing, provides a step-by-step blueprint for offering additional advisory services to clients, as well as discussing two strategies for finding new clients. instead of hoarding our specialized knowledge as a means to give us job security, hector believes we should share that knowledge widely to help reduce the misinformation around taxes and accounting.
garcia says accounting does not require the worker’s physical presence, so finding ways to stay productive while maintaining team culture and camaraderie will be key when people opt for fully remote, hybrid, or fully in-office schedules. he offers an “education allowance” for his own team, which encourages his staff to seek further learning.
“a lot of my colleagues complain about investing in education,” garcia explained, saying many express advanced learning or training could wind up backfiring if that employee leaves. however, garcia added, the alternative of doing nothing is not an attractive option, either. “we want all our employees to behave like business owners. we want them to take ownership over the account. we want them to work in a way that is profitable.” the key to retaining people, garcia says, is to ensure that what you offer in terms of learning and interesting work is always better than any alternatives. additionally, the key to retaining clients is to create something only available at your firm.
more takeaways from hector garcia:
- successful value pricing requires deep conversations about what services will be covered and which services are out of scope. transitioning to value pricing also requires investing in additional capacity so that your firm is operating at all times at 70-80% capacity.
- a step towards offering advisory services is first to define what you’re currently doing for each customer, then look at each customer’s income statement and balance sheet to identify trends that can serve as a conversation starter.
- by coming from a place of wanting to help your customer, they will be more open to receiving additional services from your firm.
- one approach to finding new clients is to market broadly as a small business accountant, which can be expensive and may result in wasted time and a race to the bottom in fees.
- another approach is to invest time and effort to become a specialist in a particular area and create content to broadcast that knowledge so that your ideal clients find you. this can eliminate pricing pressure and allow you to serve clients at a higher level.
- find ways to communicate your ideas so that your clients think the best ideas come from themselves. this is the best way to get people to follow your advice.
- robotics and ai will ultimately make many of accountants’ current tasks invisible. at that point, accounting will all be about data management.
garcia - if we do a better job in educating the public about taxes and accounting, people will work with us because they trust us to act with integrity, not because we are the only ones with this specialized knowledge. it will help prevent the alternative narratives we see on the internet about what is deductible and what is taxable.
- our success as accountants keeps us from innovating.
about hector garcia
hector garcia spent his childhood in venezuela but has lived in south florida most of his life. before joining public accounting in 2008, garcia worked as a small business loan officer for wells fargo and bank of america. frustrated at the poor quality of financial statements presented by small business owners, he went back to school for a masters in taxation from florida international university, where he also earned a masters in finance. his firm has nine employees, manages about 100 bookkeeping/accounting clients, and prepares about 500 tax returns annually.
but his claim to fame is his youtube channel, with over 150,000 subscribers and over 1 million views on his videos.
he can be reached at: garciacpa.com.