The 10 Things the Most Successful Bookkeepers will be Doing in 2020
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Get the free checklist and playlist: https://thesuccessfulbookkeepercommunity.com/the-10-things-the-most-successful-bookkeepers-will-be-doing-in-2020/ With changes in technology, and increased competition, how will you maintain a successful bookkeeping practice? In this session, Successful Bookkeeper podcast host and CEO of Pure Bookkeeping Michael Palmer will breakdown the vital activities, strategies and resources you'll need to be profitable and valuable in the years to come. This was presented at Quickbooks Connect 2019 in San Jose, California.
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The 10 Things the Most Successful Bookkeepers will be Doing in 2020
- 1. 10 Things the most successful bookkeepers will be doing in 2020 Michael Palmer #QBConnect | WiFi: QBConnect
- 2. 2#QBConnect @bookkeepercoach Host of the Successful Bookkeeper Podcast CEO of Pure Bookkeeping Proud Papa Twitter: @bookkeepercoach Instagram: @thesuccessfulbookkeeper About today’s speaker Michael Palmer
- 5. Icebreaker… What’s your favorite podcast? Share with your neighbor. #QBConnect | WiFi: QBConnect
- 6. 6#QBConnect @bookkeepercoach How To Own The Future By Predicting The Future The Power Of Focus 10 Things The Most Successful Bookkeepers Will Be Doing In 2020 Making It Happen Agenda
- 7. 7#QBConnect @bookkeepercoach In order to receive CPE credit – Be sure to sign in or scan your badge for this session – You must stay in the session for the duration of the training – This session is eligible for 1 hour of CPE – CPE certificates are emailed directly to you within 4 weeks of the conference date to the same email address you used to register CPE Process CPE credit administered in coordination with
- 8. What if you could predict the future?
- 9. 9 The best way to predict the future is to create it. Abraham Lincoln
- 10. #QBConnect | WiFi: QBConnect 10 Things you can do in 2020 to… OWN THE FUTURE
- 11. #QBConnect | WiFi: QBConnect Please don’t do them all at once!
- 12. You can’t do EVERYTHING But you can do ANYTHING
- 13. 13#QBConnect @bookkeepercoach Big Questions… • Can you do everything? • Should you drop everything? • Do you need more discipline? • Is Multitasking the answer? • What if you don’t have time? The One Thing By Gary Keller The Simple Truth Behind Extraordinary Results
- 14. Extraordinary Results Are determined by how narrow you make your focus.
- 15. Don’t Drop Anything Just start focusing on ONE thing.
- 16. Discipline You need just enough to build a habit.
- 17. Multitasking Is like your brain on drugs. Just say no.
- 18. No Time? Time blocking is the secret to success.
- 19. What will you focus on in 2020?
- 20. #QBConnect | WiFi: QBConnect #1 Mastering the Art of Pricing
- 22. 22#QBConnect @bookkeepercoach Hector Garcia • Geek squad – Fixed Pricing • Started Bookkeeping 2009 with Fixed Pricing • Went back to hourly • Returned to Fixed • Now Successful in Value Pricing
- 23. 23#QBConnect @bookkeepercoach Mastering pricing is A journey Value Yourself Educate Value What You Do Plan Do Review Repeat
- 24. #QBConnect | WiFi: QBConnect #1 Mastering the Art of Pricing 1. Read books and consume free content 2. Start implementing 3. Work with a mentor 3 Actions
- 25. 25#QBConnect @bookkeepercoach 3 Books for your journey
- 26. 26#QBConnect @bookkeepercoach Value Pricing: Understanding the Art, Science, and Implementation Download the Power Panel documentation...
- 27. #QBConnect | WiFi: QBConnect #2 Build A Business You Love
- 28. Why did you get into business?
- 29. 29#QBConnect @bookkeepercoach Siobhan Harrop-Scott • Focused on growth • 600k – Burnt out • Decided to go smaller, higher value • Listened to Joe Woodard, Increase capacity by 20% every 90 days • Optimization strategy implemented • Increased her capacity • Pathway to quality of life and falling back in love with her business
- 30. #QBConnect | WiFi: QBConnect #2 Build A Business You Love 1. Get clear on what a business you’d love look like 2. Develop a plan to build this business 3. Get below 80% capacity and execute on the plan 3 Actions
- 31. 31#QBConnect @bookkeepercoach Tomorrow at 1pm From $100k to $1m The Low-Stress Way to Grow Your Practice
- 32. #QBConnect | WiFi: QBConnect #3 Embrace Change
- 34. 34#QBConnect @bookkeepercoach Nancy Gwynne-Vaughn • Works only with Law Firms • PC Law Only • Kept hearing about automation • Attends conferences, as many as she can. • Talks to vendors and assess new apps • Implemented QuickBooks Online has a new solution for clients to embrace the cloud and automation apps • Looks for how these apps can improve her business and her clients business
- 35. #QBConnect | WiFi: QBConnect #3 Embrace Change 1. Observe, document and prioritize change 2. Identify pro’s and con’s 3. Be the first to adopt 3 Actions
- 37. #QBConnect | WiFi: QBConnect #4 End Chaos with Systems
- 38. 38 94% of problems in business are systems driven and only 6% are people driven. W. Edwards Deming
- 39. 39#QBConnect @bookkeepercoach Debbie Roberts • 20 Years of Bookkeeping Experience • Had an entrepreneurial seizure • Fast path to chaos • Hired a coach and read E-Myth • Solved every problem with a system • 6 Years and 12 staff later • Business ran independently of her
- 40. #QBConnect | WiFi: QBConnect #4 End Chaos with Systems 1. Solve a problem with a system 2. Document the solution to a level of granularity that enables another person to learn and replicate 3. Repeat. 3 Actions
- 41. 41#QBConnect @bookkeepercoach 3 Books for your journey
- 42. #QBConnect | WiFi: QBConnect Develop a Clear Marketing Message #5
- 43. Does your message pass the 3 second grunt test?
- 44. 44#QBConnect @bookkeepercoach 3 Questions you need to pass the test What is it that you offer? What do I need to do to buy it? How will it make my life better?
- 46. 46#QBConnect @bookkeepercoach HELPING CONTRACTORS INCREASE PROJECT PROFITABILITY You work hard for the money. Let me help you keep more of it. Book A Profit Consultation Today
- 47. #QBConnect | WiFi: QBConnect #5 Develop a Clear Marketing Message 1. Get clear about who your ideal client it 2. Speak in outcomes they want 3. Update LinkedIn, Website, Business Card 3 Actions
- 49. #QBConnect | WiFi: QBConnect Only Work with Clients You Love #6
- 50. 50#QBConnect @bookkeepercoach What if you LOVED every client you worked with?
- 51. 51#QBConnect @bookkeepercoach Mira Salter • Small community Pop. 3500 • Struggled to find new clients • Looked at the clients she worked with already • Saw an opportunity with parishes and non profits • Went to all parishes and non-profits in her area • Business grew rapidly • She loves her clients and her clients love her • Now has 2 staff
- 52. 52#QBConnect @bookkeepercoach Create a spreadsheet of your clients…
- 53. 53#QBConnect @bookkeepercoach Where have you had the greatest… Impact Income Joy
- 54. 54#QBConnect @bookkeepercoach Add to the spreadsheet Impact Income Joy Gross Revenue Net Profit # of Vendors # of Employees # of clients Industry Office location Services offered Products offered Etc.
- 55. #QBConnect | WiFi: QBConnect #6 Only Work with Clients You Love 1. Do the analysis and make the choice 2. Deliver what they want 3. Focus on attracting only these clients 3 Actions
- 56. #QBConnect | WiFi: QBConnect Transition from Technician to Strategist #7
- 57. 57#QBConnect @bookkeepercoach A typical year in accounting Last Month Bookkeeper is working on last month’s transactions Tomorrow What’s happening tomorrow? Last Year Accountant is working on last year’s transactions Today Business owner is looking at today
- 58. 58#QBConnect @bookkeepercoach What if you helped business owners…
- 59. 59#QBConnect @bookkeepercoach Lisa Campbell • Got clear about what she wanted • Implemented systems & processes • Moved to value pricing • Added workflow automation • Hired & trained great people • Delegated the work • Deliver high value strategic consulting to help business owners OWN their future
- 60. #QBConnect | WiFi: QBConnect #7 Transition from Technician to Strategist 1. Choose: Technician or Strategist 2. Get off the books 3. Help business owners achieve their vision 3 Actions
- 61. 61#QBConnect @bookkeepercoach Resources to help you get there
- 62. #QBConnect | WiFi: QBConnect Become Known for Knowing Something #8
- 63. 63 An expert knows something, a thought leader is known for knowing something. Matt Church, Thought Leaders Global
- 64. 64#QBConnect @bookkeepercoach Jessica Fox • Noticed that clients needed better education around bookkeeping • Wrote a short guide • Guide turned into a book • Put the book up on Amazon • Now this is one of her best lead sources
- 66. 66 Start sharing what you know with the people that want to learn what you know and you will find your expertise. Hector Garcia
- 67. #QBConnect | WiFi: QBConnect #8 Become Known for Knowing Something 1. Determine the change you want to make in the world 2. Who you want to make it for 3. Start making that change happen today 3 Actions
- 68. 68 Don’t compare yourself to others, just start. Hector Garcia
- 69. 69#QBConnect @bookkeepercoach Resources to help you get there
- 70. #QBConnect | WiFi: QBConnect Helping Clients Own the Future #9
- 72. 72#QBConnect @bookkeepercoach Angela Meharg • Owner of Datisfy • What are the questions you’re clients are trying to answer? • Maybe they don’t know the questions they should be asking? • How do you get the data and present it in a meaningful and powerful way • If you’re spending a log of time in manipulating data in excel you need a better tool
- 73. #QBConnect | WiFi: QBConnect #9 Helping Clients Own the Future 1. What are the questions? 2. How can you help to get them answered? 3. Find the tools that will help answer them quickly 3 Actions
- 74. 74#QBConnect @bookkeepercoach Learn about these app partners here at QB Connect
- 75. #QBConnect | WiFi: QBConnect Don’t Do It Alone #10
- 81. 81#QBConnect @bookkeepercoach You’re not alone…
- 83. #QBConnect | WiFi: QBConnect #10 Don’t Do It Alone 1. Reach out and get connected 2. Be courageous in asking for help 3. Be generous in helping others 3 Actions
- 84. #QBConnect | WiFi: QBConnect May 2020 Be Your Most Successful Year
- 85. 85#QBConnect @bookkeepercoach Get The Checklist & Playlist TEXT FUTURE to 951-494-4446
- 86. #QBConnect | WiFi: QBConnect Questions
- 87. 87#QBConnect @bookkeepercoach Rate this Session on the QuickBooks Connect Mobile App 1. Select Sessions 2. Select Session Title 3. Select Survey Provide feedback to help us design content for future events 4. Add Ratings
- 88. 88#QBConnect @bookkeepercoach 1. Find the session on the agenda 2. Select + for more information 3. Download PDF of slides and/or supplemental material https://quickbooksconnect.com/agenda/ Material Download
Editor's Notes
- Michael Palmer Host of the Successful Bookkeeper Podcast Listeners in 87 countries 160 episodes and nearly 300,000 downloads Interviewed Bookkeepers from the UK, Canada, United States and Australia Guests include industry Thought Leaders like Value Pricing Expert, Ron Baker & New York Times Bestselling Author, Michael E. Gerber CEO of Pure Bookkeeping Coached and mentored hundreds of bookkeeping business owners Proud Papa
- Today I’m going to share with you what I’ve learned working with and interviewing some of the most successful bookkeepers, industry thought leaders and experts.
- Before we get started.
- This is a sample AGENDA using the Agenda layout. Placeholder text boxes that appear as part of the selected layout have predefined fonts, sizes and colors. To change the appearance of any line of text, on the Home tab, in the Paragraph group, click Increase Indent or Decrease Indent. The selected text will reformat to the predefined size according to its indent level. Note: Any changes to the color, size, spacing or font in the placeholder text box will break its connection to the Master style. It will no longer automatically conform when switching between layouts or when imported into another presentation.
- Don’t forget…. For those that may have come in late. Make sure you scan in.
- Photo from my iStock Account What if you could predict the future? It’s New Year’s Eve 2020 and You’ve had an Amazing Year. What does that look like for you? What have you achieved? Photo: New Years iStock-529356833 Paid for with my own iStock account.
- I’m going to give you 10 things that you can do to own the future
- Please don’t do them all at once.
- Photo from my iStock Account Please don’t do them all at once.
- Photo from my iStock Account If you chase 2 rabbits you capture none Extraordinary Results Are Determined By How Narrow You Make Your Focus Do less and you’ll increase your success
- Photo from my iStock Account Rather than drop anything just focus on one thing
- Photo from my iStock Account Myth of a successful person is that they lead a discipline life. Not true. They have just enough discipline to create a habit.
- Photo from my iStock Account Multitasking is like your brain on drugs. Just Say No
- Photo from my iStock Account Time Blocking is the secret to success.
- Photo from my iStock Account What will you focus on in 2020? Here are 10 that the most successful bookkeepers and accountants will be focused on growing their bookkeeping businesses.
- Photo from my iStock Account Pricing is a Journey Pricing is both a science and art. Pricing is a complex conversation I can tell you to put up your prices and for some that works There is no 1 magic step that is going to solve this The only thing I know for cetain success is to be on the journey.
- The bookkeepers who’ve been successful mastering pricing have gone through a journey of learning The key is building your own foundation of learning This is more about understanding you than a strategy
- And all three authors are at QuickBooks Connect San Jose!
- Yesterdays Powerpanel..... This is one you’re going to want to consume and it’s free – for the Power Panels at QuickBooks Connect, there is a Supplemental Guide with everyone' thought leadership in it. Be sure to download it. Additionally check out the Recorded Webinars from CPAacademy after the Conference – just go to their website and search on QuickBooks Connect anytime AFTER the conference. Mark Wickersham did of the 10 recorded webinars! In the last 5 years, the subscription market has grown 100% annually. Subscription companies are now growing 5X faster than US retail sales (17.6% vs. 3.6%). There are different business models you can adopt with Value Pricing, including charging your clients using the subscription model. Your peers will share key tips and strategies to implement and drive predictive revenue with Value Pricing.
- Why did you get into business? Be careful or what you ask for. Big doesn’t always mean better. Siobhan Harrop-Scott – How she did it. She had a big business and was trying to help to many types of business Just burnt out and maybe the answer was to just sell it and start again. Wanted to get smaller and more focused and focus on higher value services Listened to Joe Woodard, Increase capacity by 20% every 90 days Identified Ideal clients. Began to sell off portion of her clients to bookkeepers that specialized in those types of clients. Increased her capacity to improve the ideal business and give her what she wanted, quality of life. Recommend Shout out Mention: Tomorrow: Heather Townsend – The accountants millionaire club.
- Photo from my iStock Account Why did you get into business? Be careful or what you ask for. Big doesn’t always mean better.
- She had a big business and was trying to help to many types of business Just burnt out and maybe the answer was to just sell it and start again. Wanted to get smaller and more focused and focus on higher value services Listened to Joe Woodard, Increase capacity by 20% every 90 days Identified Ideal clients. Began to sell off portion of her clients to bookkeepers that specialized in those types of clients. Increased her capacity to improve the ideal business and give her what she wanted, quality of life.
- The rate of change is rapid Many complain about this The ones who are embracing change and see it as opportunity are being rewarded. CAN I ADD NEW BUSINESS MODELS and Make Quickbooks Live the key example of change and opportunity. You get them back when (Alison to send the talk track) How they’re doing it: Amanda Birch Nancy Gwynne Vaughn Attends conferences, as many as she can. Talks to vendors Assess new apps Looks for how these apps can improve her business and her clients business Kellie Parks Using change as a unique differentiator for winning clients and doing work she loves.
- Photo from my iStock Account The rate of change is rapid Many complain about this The ones who are embracing change and see it as opportunity are being rewarded. How they’re doing it: Amanda Birch Nancy Gwynne Vaughn Attends conferences, as many as she can. Talks to vendors Assess new apps Looks for how these apps can improve her business and her clients business Kellie Parks Using change as a unique differentiator for winning clients and doing work she loves.
- Works only with Law Firms PC Law Only Kept hearing about automation Attends conferences, as many as she can. Talks to vendors and Assess new apps Implemented QBO has a new solution for clients to embrace the cloud and automation apps Looks for how these apps can improve her business and her clients business
- When you see it. Write it down Give it a priority What are the pro’s and con’s. Try it out, learn about it, be a leader in the space.
- “Let’s say you’re a hyper-niched bookkeeper. You’re already successful and only take clients that are ready, and right for you, and you charge a premium because of the service and advice and industry knowledge I bring to the table. QB Live gives you a place to refer clients that are not ready for you. You can still keep in touch with them, and when they ARE ready for you, you’ll get a client who comes with clean books, an understanding of the value that regular bookkeeping help brings, AND they will immediately appreciate the value you bring with your additional advice and industry knowledge. They won’t mind paying more for you, because you bring more to the table” This is capacity This is improving the industry
- Many businesses are operate in chaos, bookkeeping businesses are no exception. Business starts innocently. Owner is a technition, good at what they bookkeeping. Start with a couple of clients everything is fine. As the business grows most of what is done remains in the head of the owner. They get to capacity. The answer is to hire someone. That is when the chaos really kicks in. How do you clone yourself. Story of Debbie Roberts How they Did it. Solve a problem with a system Document the solution to a level of granularity that enables another person to learn and repeat Incredibly time consuming but the only way to truly achieve freedom from the business.
- Many businesses are operate in chaos, bookkeeping businesses are no exception. Business starts innocently. Owner is a technician, good at what they bookkeeping. Start with a couple of clients everything is fine. As the business grows most of what is done remains in the head of the owner. They get to capacity. The answer is to hire someone. That is when the chaos really kicks in. How do you clone yourself.
- Story of Debbie Roberts Solve a problem with a system Document the solution to a level of granularity that enables another person to learn and repeat Incredibly time consuming but the only way to truly achieve freedom from the business.
- Solve a problem with a system Document the solution to a level of granularity that enables another person to learn and repeat Incredibly time consuming but the only way to truly achieve freedom from the business.
- If I went to your website would it pass the 3 second grunt test? Donald Miller, 5 Minute Marketing Makeover To pass the 3 second grunt test you need to answer these 3 questions What is it that you offer? How will it make my life better? What do I need to do to buy? How are they doing this. Lisa Campbell Get clear about your ideal client so you can effectively answer those questions. Example of Sell the Shoot and Bookkeeping for Construction
- Photo from my iStock Account Donald Miller, 5 Minute Marketing Make Over
- Photo from my iStock Account
- Solve a problem with a system Document the solution to a level of granularity that enables another person to learn and repeat Incredibly time consuming but the only way to truly achieve freedom from the business.
- Let me take you on a journey. Imagine waking up tomorrow and as you’re thinking about your day you realize that you absolutely love ever client you work with and that is a complete joy to serve them. What it would take to have this happen is saying a lot more no’s to prospective clients. To do this you must know your ideal client, one you would love to work with and would love working with you. Here’s how you do it Take inventory of your clients and where have you… Made the greatest impact Made the highest income Experience the greatest joy Document industry Size Character Any attribute you can in the list Look for patterns Document what you believe your ideal client is. Start saying no to anyone that does not meet this criteria. Make it part of your guiding principles. Mira Salter loves her clients. Perishes and Non Profits
- Photo from my iStock Account Let me take you on a journey. Imagine waking up tomorrow and as you’re thinking about your day you realize that you absolutely love ever client you work with and that is a complete joy to serve them. What it would take to have this happen is saying a lot more no’s to prospective clients. To do this you must know your ideal client, one you would love to work with and would love working with you. Here’s how you do it Take inventory of your clients and where have you… Made the greatest impact Made the highest income Experience the greatest joy Document industry Size Character Any attribute you can in the list Look for patterns Document what you believe your ideal client is. Start saying no to anyone that does not meet this criteria. Make it part of your guiding principles. Mira Salter loves her clients. Perishes and Non Profits
- Small community Pop. 3500 Struggled to find new clients Looked at the clients she worked with already Saw an opportunity with parishes and non profits Went to all parishes and non-profits in her area Business grew rapidly She loves her clients and her clients love her Now has 2 staff
- If you’re just getting started then this will be a short list.
- Start with…
- Doesn’t mean you can’t work with others. Just focus on these to start.
- As I’ve mentioned most bookkeepers are technicians that go into business doing the technical work. But the technical work is only part of the over all solution. Being able to guide a business strategically is far more valuable. One can’t exist without the other but if you’re not helping them strategically someone else will How they're doing it Lisa Campbell New engagements are not about bookkeeping but rather about helping them get to what is important to the client which is profit in most cases. Build systems, leverage automation and hire well so that you can move off the technical work and focus on helping the clients strategically
- Photo from my iStock Account Helping business owners with tomorrow is what they will happily pay you for.
- An expert knows something a thought leader is knowing for knowing something - Matt Church, Thought Leaders Global If a prospect approaches because they believe you’re the expert at solving the problem they have. It’s not a sales call but rather a buying discussion. How they’re doing it Hector Garcia – You Tube Videos Jessica Fox – Book Nicole Teeter – Workshops Helping Entreprenuers Ingrid Edstrom – Ask the bookkeeper Start sharing what you know with the people that want to learn what you know and you will find your expertise. Don’t compare yourself to others, just start. Video, Blog, webinar, seminar.
- An expert knows something a thought leader is knowing for knowing something - Matt Church, Thought Leaders Global
- Start sharing what you know with the people that want to learn what you know and you will find your expertise.
- Start sharing what you know with the people that want to learn what you know and you will find your expertise.
- Your clients don't need a report. What they need is answers to their questions. The data to answer those questions is there but do the reports available answer the question or confuse and frustrate the client. Produce Powerful, Meaningful Reporting
- Photo from my iStock Account Your clients don't need a report. What they need is answers to their questions. The data to answer those questions is there but do the reports available answer the question or confuse and frustrate the client. Produce Powerful, Meaningful Reporting
- So you have 2 challenges to overcome. 1. What are the questions your clients are trying to answer that would transform your business? Do they even know what questions they should be asking. This is where their may be blindspots. 2. How do you get the data and present it in a meaningful and powerful way A construction firm wants to see their numbers very differently than a manufacturing company - or a restaurant! Clients get frustrated when they can't get exactly the reports they need - because they know the data is in there. Exporting to Excel and then cobbling things together in this day and age is a sin. Sometimes all that is missing is the right report to make a customer completely satisfied with their system! How are they doing this. Standard Reporting App Reporting Custom Reporting – Restaurant example First find out what are the questions the business owner needs to answer then determine the report needed. Angela Meharg Episode Quickbooks Advanced Reporting with Custom Fields If you’re spending a lot of time manipulating data in Excel. You need a better tool. Need to look at Quickbooks advanced comes with custom fields and Fathom.
- You’re here at the conference. Who are they How do they work? Talk to other attendees, what are they doing for reporting?
- How they’re doing it Story of Friday Calls Building a list of bookkeepers that are in their “Inner Circle” Teresa Slack, Siobhan HS. The Successful Bookkeeper Community Story of woman that wanted to give up, # of responses Takes courage to do it together Attend Conferences – YAY You can all check that off your list.
- Photo from my iStock Account Working independently has many perks but the downside is that you can be isolated. Story of looking over the shoulder of peers working in a corporation. Innovation is rapid because we’re able to crowd source a better way. Like using a software better How to approach a problem We don’t get as much of that in the home office or small office. Where do you go if you need help? Where do you go if you want to solve a problem? Where do you go if you want to vent?
- Congratulations, You did it you’re here. Attending conferences is one of the best ways to connect and learn.
- The Successful Bookkeeper podcast
- Ever Week, I bring your colleagues, experts, thought leaders, resources into your office.
- Facebook Group
- You’re here at the conference. Who are they How do they work? Talk to other attendees, what are they doing for reporting?
- You’re here at the conference. Who are they How do they work? Talk to other attendees, what are they doing for reporting?
- Hold up phone, picture of QB Connect App. Please review this presentation. Whether you loved it or hated it please just review this talk and all the talks you go to. It helps organizers of this event plan to make the event even more valuable for you next year heck if you like it I might actually get invited back