The Practicing Accountant

In this episode of The Practicing Accountant , Doug and Dan tackle the importance of niche specialization and partnering with other firms. They discuss insights from Barry Melancon’s recent remarks about small firms needing to define their business models, identify their ideal clients, and excel in a specific niche rather than trying to be all things to all clients. Doug highlights the pitfalls of...

In this episode of The Practicing Accountant, Doug and Dan discuss the value of networking with other accountants. They emphasize how building relationships with fellow professionals can combat the isolation of running a firm, open doors for collaboration, and even generate referrals. Doug highlights the benefits of co-firming—working with complementary firms to share clients and expertise—and how...

In this episode of The Practicing Accountant, Doug and Dan dive into preparing for busy season, emphasizing the importance of intentional planning to avoid burnout and chaos. They discuss how most accountants take on work without assessing their firm's capacity, leading to overcommitment and stress. Doug shares a simple capacity planning method: estimate hours needed for client work, compare with...

In this episode of The Practicing Accountant, Doug and Dan share a client success story: reaching a $1 million revenue goal two years early. The secret? Embracing a niche and intentional networking. Doug explains how the client overcame hesitation to define their niche, attended industry events, and built key connections. This focus not only drove rapid growth but also allowed the client to offloa...

In this The Practicing Accountant episode, Doug and Dan emphasize the importance of intention. Doug shares how a purposeful weekend set him up for success, contrasting it with the results of aimless time. They stress that intention is more than just setting goals—it’s about taking specific actions toward them. They add that clarity is crucial; vague goals like “networking more” lack the structure...

In this episode of The Practicing Accountant, Doug and Dan discuss how accounting firms can strengthen client relationships and boost pricing power by focusing on a few core services instead of trying to offer everything. They argue that specialization allows firms to deliver higher-quality work, charge premium prices, and avoid the pitfalls of overextending. Key takeaway: Focus on what your firm...

In this episode of The Practicing Accountant, Doug and Dan talk about the challenges of starting out as a solopreneur. Doug recalls focusing on non-revenue tasks like tweaking his website and designing business cards, instead of going after clients. They stress that the top priority for any new business is getting clients—even if they aren’t ideal—just to start generating income. They highlight th...

In this episode of The Practicing Accountant, Doug shares how he recently said “no” to new work, even with available capacity, emphasizing the importance of staying true to your niche. Doug and Dan discuss "niche working," a focused approach to networking that targets specific industries and relationships, leading to better results than traditional networking. They share examples of how narrowing...

In this episode of The Practicing Accountant, Doug and Dan dive into why losing clients can be the best thing for your business. Doug shares a story of a client who was overwhelmed with too many low-paying, non-ideal clients. By firing a portion of them, the client freed up space, brought on better clients, and increased revenue, ultimately transforming his business. They emphasize the importance...

In this episode of The Practicing Accountant podcast, Doug and Dan discuss how raising prices can lead to happier clients and a more rewarding firm experience. By offering different service tiers—ranging from low-touch to highly customized high-touch packages—accountants can provide more value, strengthen client relationships, and increase revenue. They emphasize the importance of having a clear,...

In this episode of The Practicing Accountant podcast, Doug and Dan discuss how reducing the number of clients can lead to a better experience for both accountants and their clients. They explore how overloading on clients diminishes the quality of service, leading to transactional relationships and missed opportunities. Drawing parallels to the iconic "Jerry Maguire" moment of prioritizi...

In this episode of The Practicing Accountant podcast, Doug and Dan dive into the importance of networking strategically rather than just networking more. Doug shares his journey of realizing that simply attending more meetings wasn’t productive and highlights the need for a focused approach. He introduces a three-question filter to ensure networking efforts are worthwhile: is the person a prospect...

In this episode of The Practicing Accountant podcast, Doug and Dan explore how focusing on your service offerings can significantly increase your firm’s capacity, revenue, and overall efficiency. They discuss the importance of intentionally designing your business model, much like drafting a fantasy football team, to ensure you’re leveraging the right resources and staff in the most effective way...

In this episode of The Practicing Accountant podcast, Dan and Doug explore the concept of building a better business model for accounting firms. They discuss the importance of being intentional about how your firm operates, including client selection, service offerings, and overall business structure. The conversation highlights the risks of maintaining an unintentional or reactionary business mod...

In this episode of The Practicing Accountant podcast, Dan and Doug discuss essential strategies for surviving the busy season. They focus on the importance of setting personal minimums, such as maintaining health routines and prioritizing family time, even during the busiest times. They also emphasize starting and ending each day with intentional practices like gratitude and focusing on a single i...

In this episode of The Practicing Accountant podcast, Doug and Dan discuss the key difference between capacity and utilization in accounting firms. They highlight how traditional focus on utilization can make accountants feel like mere tools, while embracing capacity opens up opportunities for growth, efficiency, and personal fulfillment. They emphasize the importance of celebrating and intentiona...

In this episode of The Practicing Accountant podcast, Doug and Dan dive into the importance of intentional growth in accounting firms, emphasizing the mantra "growing slow is the fast track to success." They explore the difference between rapid, unintentional growth and the benefits of slowing down to build a more sustainable, profitable practice. They share insights on how being selecti...

In this episode of The Practicing Accountant podcast, Doug and Dan dive into the chaos of the extension season, focusing on the challenges and lessons to be learned from the upcoming September 15th deadline. They discuss the importance of capturing the current experience—whether it’s workload, client readiness, or personal stress levels—to improve the process for the following year. They emphasize...

In this episode of The Practicing Accountant podcast, Doug and Dan discuss the importance of creating a vision for your firm rather than simply setting goals. They highlight how goals, without a clear vision, can trap you in a never-ending cycle of busy work without meaningful progress. The conversation covers how a strong vision should guide your goals, tactics, and daily tasks, ensuring that eve...

In this episode of The Practicing Accountant podcast, Doug and Dan discuss the crucial but challenging task of firing your worst clients to improve your business. They highlight how difficult clients can drain your energy, reduce profitability, and negatively impact your overall practice. The hosts share a straightforward method to identify these problematic clients and offer tips on how to let th...

In this episode of The Practicing Accountant podcast, Doug and Dan dive into the counterintuitive idea that saying "no" can actually lead to more profitable clients and a better business model. They discuss the importance of niching and how it can help you focus on the most lucrative and enjoyable work. Doug and Dan break down the concept of identifying your ideal client and the benefits...

In this episode of the Practicing Accountant podcast, Doug and Dan dive into the fall roadmap for accountants, focusing on how to navigate the busy extension season while preparing for the next tax season. They discuss the importance of managing the "people pleaser" tendency to avoid overcommitting, putting self-care first, and strategizing effectively. The conversation highlights the ne...

In this episode of The Practicing Accountant podcast, Doug and Dan explore effective strategies for attracting new clients. They begin with a light-hearted discussion about movies and the unique experience at Alamo Drafthouse, then delve into three main client acquisition methods: networking, creating an audience, and delivering exceptional client service. They emphasize the importance of choosing...

In this episode of the Practicing Accountant podcast, Doug and Dan discuss how to enhance client retention by creating memorable experiences that encourage clients to brag about your services. They emphasize the importance of intentionality in customer service, sharing personal examples, including standout experiences with Disney and a Disney travel agent, to illustrate how exceptional service can...

In this episode of the Practicing Accountant podcast, Doug and Dan discuss the importance of mindset and vision in accounting firms. They explore how generational mindsets influence work habits and productivity. Through the story "A Message to Garcia," they emphasize the value of having a clear objective and the determination to achieve it without unnecessary complications. Doug and Dan...