Guy Pearson is the founder and CEO of Practice Ignition, an accounting firm focused on technology and client service. He has over 10 years of experience in accounting and has built Practice Ignition from the ground up while also bartending at nights. The key aspects of building a successful accounting practice that he discusses are defining a unique selling proposition, focusing on client needs, implementing scalable systems and technology, and making oneself obsolete by empowering staff. The presentation provides advice on topics like business models, pricing, growth strategies, and ensuring the practice can run without the owner.

1. Building a modern accounting
practice… (and not going bust
in the process)
#launchpad

2. • Chartered Accountant - 10 years in practice
• 3 x Xero award winner in first 3 years of practice being
opened (most awards globally)
• Winner of Anthill’s 30 under 30 in 2014
• 5 startups in 5 years (1 failed, 3 running, 1 dormant)
• Obsessed with Accounting + Technology
• Founder + CEO at Practice Ignition.
A bit about me
“I want to deliver better
information to small
business owners to
make better decisions
and change the world.”
@guy_pearson

3. Interactive Accounting interactive by name and nature
• Self funded + bootstrapped from the ground up (whilst I bartended at nights)
• 5 years old (2010 start date)
• 3 offices around Australia
• 20 amazing people onboard
• 100% cloud from day 1
• Model built on the back of studying startups
• Clients in 8 countries
• Services high growth companies, High Net Worth Individuals and 100%
cloud businesses.
• Helped companies raise $100m in funding and exits
Let’s talk accounting

4. • Define your USP
• Pick a business model
• Focus on your clients
• Build for scale
• Make yourself obsolete.
• Key Technology
• Passion
• Takeaways.
• Q+A.
Agenda

5. It’s what makes you
stand out from the crowd!
Unique Selling Proposition (“USP”)

6. Define your USP

7. The Surgeon
You’re a specialist at what you do.
Everything in the firm is designed to have you at the top, to do the delicate work, the sign off and
you only generate revenue when you work.
Local Coffee Shop Personalised service to your local area, region, market , but a jack of all trades to everyone.
McDonalds The goal is volume and repeatable service over and over again. Would you like fries with that?
Your business model

8. You can pick
more then one.
Make sure if you want to operate more then one model that they play nicely
with each other.
e.g. Compliance is usually a McDonald style model that feeds into local
coffee shops for industry specific + surgeons for high niche.

9. It doesn’t matter what any expert says. These people are the most important people at your
practice. Without exception.
Money talks Your clients are the reason that you have a practice, they fund every decision you make.
Bullshit walks They will stay with you whilst there is trust. Don’t bullshit them. Don’t over promise and own up
when you stuff up with a plan to fix the issue.
What do they want? As an industry, we are afraid to ask this questions. Make sure you ask your clients if they’re happy
with your service and ask them if they would refer you (net
promoter
score is built into Zendesk etc.)
Always on your mind The best referral driven practices have one thing in common. They communicate with their clients
with relevant information as and when they read it. You watch. The referrals just flow in (their
connections just don’t get serviced and will be impressed).
Your clients

10. Have you considered the limitations of your practice?
Don’t be a bottleneck for your practice, make sure it can run without you signing every little detail
off.
Systems How hard is it for your way of doing things to add 1 more client?
People Have you got the right people on board, what’s the average time required to do the next job?
Clients Is there only 1 point of contact for your clients, do they have an easy way to interact with you?
Goals for your practice
How fast, how big… it’s up to you. Why not >25% p.a.? 100%? Or you may want to keep it small,
it’s completely up to you.
Can you scale?

11. As a practice owner, this should be your ultimate goal. To be an owner, not a manager.
Practice what you preach The #1 reason to work towards your obsolescence is to be able to share with your clients
how you became obsolete, no matter what model you chose or clients you chose to
serve.
Remember entrepreneurs want to be owners and work on the business not in it.
Knowledge Share your knowledge with your team, don’t be a bottleneck, don’t protect your
knowledge, incentivise this sharing at your practice.
People I started my own accounting practice because I believed that I could do a better job of
running an accounting practice and then trusted people.
Make yourself obsolete

12. TAKE YOUR
NAME OFF
THE F^%$’NG
DOOR!

13. There are certain key technologies that you’ll need to have in place to really build value in
your practice.
Internal/back office
Practice Management, Tax and Document
Communication (chat, email etc.)
Data management Payables
Accounting/ledger
Debtors
Payroll
Client facing
Communications
Reporting
Website, social etc.
Key Technology

14. utilism – the greatest good, for the greatest number.
Help Help your fellow man, woman and child. Help your family. All your goals should be
aligned.
Grow Grow your practice, grow your clients business, grow your influence to achieve great
things.
Access Access to information is one of the key problems you are here to solve.
Better information = better decisions.
Teach Once again, share your knowledge and pay it forward. This is what entrepreneurship was
built on.
Do something that matters

15. Remember, what you do is important.
Don’t downplay your role in the world.
Accountants have the ability to be a huge difference maker, to help entrepreneurs paint
the future and help families increase their take home pay, their ability to give to others and
their overall happiness (taxes are a huge stress).
What do you want to tell your grandkids?
Be Proud. Be a trusted advisor.
Make a difference.

16. Review, revise
and iterate.
You are not
done.

17. This can happen..
0M
0.5M
1M
1.5M
2M
2010 2011 2012 2013 2014 2015

18. Or, even this

19. Decisions to make
• Who are your clients?
• How big do you want to grow?
• How will you charge?
• Are your clients happy?
• What can you do to make them happier?
• Can you scale?
• How far are you from being obsolete?
• How do you get there from here and when?

20. Stand out from the crowd Whatever you choose, make sure you stand out in the crowd and make sure you have an
easy way to explain what you do and for whom you do it. (e.g. video that changed the game for interactive accounting)
Business model Work through your path to clients and define what you are about. I recommend you start
with the lean canvas model to define your services, your market and your path to growth.
Pricing
Pricing models for fixed fee models are available here, pick the right model that enables
ease of sale to your chosen clients or a hybrid, fixed fee for low value and value based for
high end work. • Looking At Pricing Models
• How To Price Your Practice
• Worksheets To Build Your Practice
Takeaways

21. Q+A
please…. don’t leave me up here looking
awkward…..

22. Thank you
practiceignition.com
@ignitionapp