rewards go far beyond money

four businesspeople smiling and applaudingwhat kind of experience do you provide?

by rob nixon

i have a view that for a fair day’s work a fair day’s salary should be given.

more on strategy: 8 ways to build team engagement | why a virtual team makes sense | 14 ways to leverage client data for new billings | what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas?
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i do not believe you should overpay people (base salary) just to keep them or get them in the first place. if you create a great culture where people are challenged, they are learning a lot and they are having fun, then they will stay with you regardless (within reason) of the base salary.
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8 ways to build team engagement

underview of 6 businesspeople in a circle with hands in center in teamwork gesturechange management requires everyone to get on board.

by rob nixon

it’s hard to grow and develop an accounting firm on your own. you need the support of your team.

more on strategy: why a virtual team makes sense | people still needed, but in different ways | don’t let technology make you dumber | are your goals big enough? | finding new opportunity in compliance services | how offshoring is shaking up accounting
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you may want to implement a lot of new ideas; however, your team may have other ideas. unless you have a super-flexible team who is used to change then the reality is you may struggle with team engagement or buy-in. you may struggle to get the change you’re looking for.
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when a virtual team makes sense

four businessmen standing on world mapyour competitors are doing it.

by rob nixon

in 2014 there were approximately 50,000 australian office jobs sent to the philippines alone. according to experts this number is set to double this year and continue growing each year.

more on strategy: how to create 4 new billable hours per day | do you know what clients want? | is your business by design or default? | the world is flat | the profession disrupted: compliance commoditized
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it can be a touchy subject with some people but it’s not going to go away. clothing has been manufactured overseas for years and now it’s office jobs.
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people still needed, but in different ways

robot with penthe current team may be short-lived.

by rob nixon

around the world, technology is disrupting many jobs in many industries.

more on strategy: how to create 4 new billable hours per day | 14 ways to leverage client data for new billings | what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas?
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among jobs in the firing line include those that involve repetition, problem solving, information dissemination and data processing:

  • if there is any type of human algorithm involved it can now be done by a computer or a robot.
  • if there is manual data entry then much of that can be done by supercomputers with barcoding.
  • if there is consistent repetition in the job in the future it can be done by software and supercomputers.
  • if there is information dissemination involved then that can be done by the internet and clever algorithms.

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how to create 4 new billable hours per day

you have more capacity than you think.

by rob nixon
panalitix

i am going to show you how to free up to 4 hours per accountant per day of new capacity – without hiring any more accountants. 

more on strategy:  don’t let technology make you dumber  |  do you know what clients want?  |  what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas? | the profession disrupted: compliance commoditized
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catch rob live and in-person: 卡塔尔世界杯常规比赛时间 readers can save $50 on firm of now events with the discount code “trends” at firmofnow.com.

i’ll use the example of a sole practitioner with accountants. you can multiply the math out for your size firm. you’ll see that by implementing just three strategies you can free up to 4 hours per accountant per day – maybe more. with five accountants that’s 100 hours per week, or 4,500 hours+ per year.

if you have an average hourly rate of just $150 that’s $675,000 of new capacity. you could re-fill the capacity or downsize your team. have i got your attention yet?

let’s get to work. read more →

14 ways to leverage client data for new billings

chart of client interest in kpitop of the list? cash flow forecasting.

by rob nixon

as you become a real-time accountant, one of the key steps is to strongly recommend that your clients migrate across to a cloud accounting solution. that’ll take 12 to 36 months to systematically help your clients change.

more on strategy: don’t let technology make you dumber | do you know what clients want?  | what it means to be a real-time accountant | are your goals big enough? | is your business by design or default? | 12 predictions on the future of accounting | finding new opportunity in compliance services | the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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let’s assume you have done that. you have spent the time training them. you have helped them to get good data in, so good data can come out.
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don’t let technology make you dumber

courier on scooter delivering envelopeit’s a tool, not a substitute for you.

by rob nixon

accountants have been in the pursuit of efficiency for as long as i can remember.

more on strategy: what it means to be a real-time accountant | 12 predictions on the future of accounting | will the internet replace cpas? | the profession disrupted: compliance commoditized
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you have electronic working papers, e-mail, document management, knowledge management, social media, two and three screens on every desk, intranets, portals, cloud accounting for your clients and superfast computers. the list goes on and on.
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survey results: what clients really want

rob nixon: we’re all busy and time allocation is a priority, not a resource.428 business owners surveyed: “what should your accountant do?”

by rob nixon

there are two schools of thought on finding out what a customer wants and what they are prepared to pay for.

more on strategy: what it means to be a real-time accountant | are your goals big enough? | finding new opportunity in compliance services | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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the first i’ll call the henry ford way. mr. ford (who founded the ford motor company) famously said that if he asked his customers what they wanted they would have said “a faster horse.” he didn’t ask his customers what they wanted – instead, he designed something that they needed. however, the customer didn’t know that they needed it yet.
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what it means to be a real-time accountant

chart10 behaviors that pinpoint the difference.

by rob nixon

the vast majority of accountants i meet are offering “redundant data” advice. they are offering up information based on old data.

more on strategy: what it means to be a real-time accountant | are your goals big enough? | finding new opportunity in compliance services | how offshoring is shaking up accounting
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clients don’t want services that are late. they want real-time services that are on time, relevant and pre-emptive.
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are your goals big enough?

climber standing atop mountain with another in distance“what pain do you want to fix and what pleasure do you want to achieve?”

by rob nixon

most accounting firms set no goals or at best they set small goals. if they do set any goals they set smags – small minded adequate goals.

more on strategy: is your business by design or default? | 12 predictions on the future of accounting | finding new opportunity in compliance services | the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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if you go back to my success formula (doing what you want, when you want, with whom you want, in a manner you want) then a smag may be appropriate for your style. at least it’s a goal – albeit a goal that doesn’t fill your potential.

in my opinion (and this entire approach is based on my opinion – plus a lot of research) we’re only here once so let’s do something purposeful. let’s do something grand. let’s do something that lives beyond us.

let’s set some bhags – big hairy audacious goals.
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is your business by design or default?

rob nixon: you shouldn't be a slave to your business – it should be a slave to you.5 key areas of focus when re-modeling your business.

by rob nixon

most accounting firms are operating their business by default – not operating their business by design.

more on strategy: 12 predictions on the future of accounting | finding new opportunity in compliance services | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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most accounting firms just seem to exist. they get through the years with a limited plan; they seem to “acquire” a bunch of clients who are a hodgepodge of make, model and size. they do not typically run the firm like a business, and worst of all the partners typically operate the firm based on learnings from the partners of the firms where they used to be employees.
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12 predictions on the future of accounting

business hand holding hot chart in crystal ballwhen the market changes, what will be left for you?

by rob nixon

the last time i made 12 predictions on the future of the accounting profession was in 2010. they were bold predictions and i am happy to report that 66 percent (eight) are done and the other four are a work in progress but happening.

more on strategy: finding new opportunity in compliance services | the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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the profession has changed a lot mainly due to the new threat and opportunity with cloud computing. so it’s time to make another 12 predictions…
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finding new opportunity in compliance services

a new recipe for the secret sauce of success.

by rob nixon

statutory compliance or “have to” annual accounting is mandated by the government as a task you need to do with your clients.

more on strategy: the world is flat | will the internet replace cpas? | how offshoring is shaking up accounting | the profession disrupted: compliance commoditized
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the main reason the government agencies want you to do this task is so you can accurately (or thereabouts) collect the right amount of money for them. the government agencies are not that interested in the accounting profession.

the secondary reason is to check that your clients are complying with their rules. the government is using you as an intermediary. they are outsourcing their job to you. read more →