The document outlines the journey of building a successful accounting practice, emphasizing the importance of defining a unique selling proposition (USP) and client relationship management. It also discusses key operational strategies for scalability, technology integration, and the significance of creating a sustainable business model. The author encourages accountants to share knowledge, focus on client satisfaction, and strive for obsolescence by empowering their teams.

1. Building An Accounting Practice
You Can Be Proud Of

2. • Chartered Accountant (Aussie CPA) - 10 years in
practice
• 3 x Xero award winner in first 3 years of practice being
opened(most awards globally)
• 30 under 30 entrepreneur in Australia
• 5 startups in 5 years (1 failed, 3 running, 1 dormant)
• Obsessed with Accounting + Technology and
delivering better information to small business owners
to make better decisions and change the world.
• CEO / Chief Ignitioneer at Practice Ignition.
A bit about me

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
Let’s talk accounting

4. • What is your USP?
• Business Model for your practice.
• Your Clients. Your lifeblood.
• Can you scale?
• Make yourself obsolete.
• Key Technology
• Do something that matters to you.
• Takeaways.
• Q+A.
Agenda

5. What is a USP Unique Selling Proposition. It’s what makes you stand out from the crowd.
Example In the cloud accounting field in America, there is one stand out for having picked a niche. Chaney +
Associates
This firm focuses 100% on non-profit religious and faith based organizations around the USA.
Picking one Usually you will have one area that you are great at in your business. It could be anything, but, you need
to be “the best” at this and identifiable by your USP.
Remember being a “proactive accountant, trustworthy, thoughtful” CPA is not a USP. It’s expected.
1. List the common services you provide by industry, demographic, size of business and stage of
business; 2. List any particular software you focus on or specialize in; 3. What value add work are you capable of?
NB: the sooner you get this defined, the easier is your path to market.
Defining your USP

6. Your USP will affect your business model.
Who are you? Are you a surgeon, a local coffee shop or a McDonald’s?
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 Personalized service to your local area, region, market , but a jack of all trades to everyone.
Your business model

7. 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.)
Your clients

8. 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?
Can you scale?

9. As a practice owner, this should be your ultimate goal. To be an owner, not a worker.
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, incentivize 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. The result: I became an owner
only after 3.5 years of a multi-million dollar turnover CPA firm.
Make yourself obsolete

10. 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

11. 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

12. 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).
Pick something you want to tell your grandkids about
It’s not all about money. What did you
do to change “the world you live in”?
Be Proud. Be a trusted advisor.
Make a difference.

13. What legacy
will you leave
behind?

14. 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

15. 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?

16. Thank you