Launch by Practice Ignition

A blog about building your accounting practice in the cloud.

Conference Madness Roundup

October and November where the months of conferences for Practice Ignition in the Northern Hemisphere. From ICB in London to QB Connect in San Jose, learn about our adventures over the last 2 months.

Australian based Digital First, the brain-child of tech-savvy journalist Sholto Macpherson has just released their latest in a series of Macpherson reports. If you haven’t heard of Digital First in a nutshell it is a news, reviews and advice website about digital technologies for small business, including cloud computing. They are unabashedly pro-cloud and the mission is to be rid of the office based server forever (something I can get behind!).

The report - an independently researched white paper that gives accountants unbiased advice on the best way to run their business - is the ticket to being a fly on the wall of some of Australia’s most successful cloud firms whom have made QBO central to their business model. The latest report tells the story of how an accounting firm can be built with a focus on employing cloud technologies to do the heavy lifting, all of which are centred around QuickBooks Online as the core accounting app.

This is a guest post from Laura Redmond, founder of Aero Workflow. To learn more about scaling your firm check out or webinar with Aero, Monday October 26th at 10:30 AM PST.

Creating a firm that is scalable and ready for growth is not an easy task. However, doing so is a proactive approach to success now and in the future.

Define

The first step in making sure that your practice is ready for growth is to define what you do. Define the services you provide, what sort of clients you provide them for, what apps and other tools you use to provide them, and how everything fits together.

Defining your services is essential for scalability. Document procedures that detail the best practices that you have developed over the countless hours of serving your clients. Each service you provide should have a detailed procedure that outlines exactly what apps to use, what steps need to be performed, and in what order to do them. Make sure you include all the tricks and techniques you’ve developed over the years. These procedures are your secret sauce – how your firm is able to outperform expectations every time.

When your services are clearly defined, work can be performed consistently, efficiently and effectively. Having procedures in place when you need to add new staff or onboard new clients ensures that the process will go as smoothly as possible. Defining what you do and how you do it is core to running a business. It is a firm’s knowledge capital and it’s what the firm will convert into revenue.

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Now that a week has passed since I’ve arrived back home from the IPBC conference, I’ve had some time (not much, but some) to reflect on what I learned at the conference.

For those of you who aren’t sure what I am talking about, the IPBC is the Institute of Professional Bookkeepers of Canada; A leading professional association in the accounting and bookkeeping industry here in the great white North. Its membership base is in the thousands and growing. They host an annual conference to deliver continuing education and an opportunity to learn about some of the leading technology available to them.

I had the opportunity to travel there as a vendor in the trade show. My role, of course, was to educate the IPBC members on the benefits of using Practice Ignition. However, the advantage of participating in that capacity meant that I was able to quietly observe (almost) everything that was happening around me. Here are some of the observations I made.

Intuit-Firm-of-the-Future-header

Intuit means business in Australia and assisting it's partners to move both their clients and their own practices to the cloud. One of the big challenges in doing so is moving to a monthly revenue stream for your practice to line up the costs with on-selling cloud software to your client base.

Mike-Michalowicz-Interview

Have you read Profit First, currently the #5 book in the Accounting category on Amazon?

Today we have a chance to talk to Mike Michalowicz, the author of Profit First and several other successful books with 5-stars rating. In this interview Mike shares his view on success, business, entrepreneurship and the future of accounting.

We are thrilled to share Mike's story with you, let's roll!

Also, we are giving away first 5 chapters of Profit First to all our readers. Grab the link at the end of the interview.

3xmore-London-Event

You know that technology is great and it's everywhere.

What do you do with it?

It's time to apply it to your practice to automate and grow your business.

Join us for Three Times More event on Tuesday, July 21st at the The Royal Institution Venue, 21 Albemarle Street, London W1S 4BS hosted by Receipt-Bank.

Three Times More is all about learning from those companies that have already taken advantage of the cloud apps and the lessons they learnt on their journey. You'll gain insights from leaders in the ecosystem and will have an opportunity to ask them the questions that will help you make your firm three times more valuable.

Exciting, isn't it?

Don't miss this great opportunity to streamline your practice and learn about the latest trends in the accounting industry. You can register for the event here.

We hope to see you soon!

Make More Money by Turning Away Business

Clients, just like investments, need to be considered carefully, and relationships with them never rushed. Statistically speaking, every business has had at least one client from hell that expected more than they were due. There could be an entire bookshelf dedicated to listing the different types or the assorted ways that these little "gems" can make you rethink your career choices.

That being said, there are certain factors that you should consider before agreeing to either retain difficult clients or take on potentially difficult clients.

How small firms can increase their productivity by leveraging technology

Whether you’re a small or mid-sized accounting firm, your competition is determined by how efficient you are, how well you differentiate your firm from your competitors and how effectively you recruit and retain talent. Leverage today is no longer dependent on staffing. With today’s technology, small to mid-size firms can increase productivity without losing money. Accountants of a small to medium sized firms can move up in the compensation scale without moving up in firm size. This article will focus on how accounting firms can leverage technology to increase productivity and profits.

Top 10 Myths About Millennials in the Accounting Industry

Entitled and lazy. Idealistic and uncompromising. At this point, we’ve all heard generalizations about Millennials. And it’s pretty apparent that they get a bad reputation in the accounting industry.

However, a recent IBM study found that rumors surrounding Millenials — individuals born between 1980 and 1993 — are largely unfounded and unjust. It turns out that their career goals and expectations are not all that different from their Gen X (born between 1965-1979) and Baby Boomer (born between 1954-1964) peers.

While tapping into the minds of future CPAs may be a tough task, dispelling common myths about Millenials will help illustrate the undeniable influence of the accounting industry’s emerging workforce.

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