Successful Accountants’ Blog
A dozen fallacies accountants should not accept at face value
Not all accountants believe all of these fallacies. And some have been part of our psyche for so long we think they must be true. Others are repeated by salespeople and consultants who want you to believe stuff so that you'll buy what they're selling. But a
Your current clients are the least of your problems when you look into the future
You're not alone if you're fed up of hearing commentators, software vendors and app developers tell you about your existing clients. I'm not in practice any more and I'm certainly fed up of it - as what they are saying makes no sense. Whatever new developments, new
If it’s not a lack of technical skills that is holding you back…..
Most accountants are justly proud of their technical skills. It is also common to find that some accountants undervalue the importance of ensuring that they have all the business skills they require to be profitable in the short-term and successful in the longer-term. What’s your position? Are you
Your (current) clients are only part of the story
When I am invited to speak at a firm’s away day the organisers often want me to influence the older partners whom the management team consider to be complacent. They tell me that some of these partners, with their well established client portfolios, are resistant to change
5 ways to get more referrals
If you’re like most established accountants you probably believe that most of your new clients come from word of mouth and client referrals. Whether or not that’s really the case for you I doubt you have thought about how you could make it easier for your contacts
Nothing much will change for accountants in two years, but what about ten?
An increasing number of journalists and podcasters want to interview me about my views of the future for accountants. On reflection though I suspect I am sometimes a disappointing interviewee. This is not due to excess modesty as regards my conversational skills or my ability to explain
Could your complacency cost you your future?
My conversations with sole practitioner accountants over the years suggest that many are happy enough once their practice is generating sufficient income for them. They have reached the stage where they feel comfortable, some might say, complacent. To the outsider the practice, the business, has plateaued. 'Happy
Are you undermining your credibility by being too modest?
Some accountants I know are proud of how efficiently they look after their own business affairs. Others though are embarrassed at their inefficiencies. And there are some who do not appear to give any thought as to how they are perceived. We all know the old adage
Being Known, Liked and Trusted is not sufficient. There are 5 steps in the chain.
You have probably heard the old networking idea that it's important to help people get to know, like and trust you. Only then will they buy from you. Only then will they even consider becoming your client. This idea originated in the book ‘Endless Referrals', written by Bob
Will accountants be affected by AI in the same way as doctors?
Have you ever thought about the similarities between accountants and doctors? And what we can learn from this? Let's leave aside the fact that many accountants have historically been described as general practitioners (GPs) - which is a direct take from the medical world. When we go
To what extent might you be Unconsciously Incompetent?
A little knowledge is a dangerous thing. Increased knowledge can be worrying and a lot of knowledge is empowering. This is something it took me years to learn when I was in practice. Think about your own knowledge of how a specific tax rule works. One you
The fallacies of focusing on technical skills
Throughout my career it was the case that trainee accountants studied a wide range of technical topics. We were tested on what we had learned and on how we would apply our accumulated knowledge in practice. Then, typically after qualifying, we found out from our managers and
How to do better than simply say that your business grows through referrals
Most of the accountants I meet claim that most of their best new clients come through referrals. When I dig deeper I find this is typically for one of the following reasons: They remember that their most recent new clients were initially generated by referrals; They don't get
What will be the canary in the accountancy coal mine?
For 75 years, from 1911 until 1986, miners carried caged canaries while at work. If there was any methane or carbon monoxide in the mine, the canary would die before the concentration of gas reached levels that are hazardous to humans. This is the origin of the
What are the threats and opportunities of increased automation in accountancy?
After I recently delivered a talk about the future for accountants I was asked a popular question: Do you see increased automation as a threat or an opportunity for accountants? I explained that I don't like giving a simplistic answer - although, if forced, I would have to
