The Practicing Accountant

In this episode of the Practicing Accountant podcast, Doug and Dan delve into the topic of lead generation for accounting firms. They discuss the pros and cons of hiring lead generators, share personal assumptions and experiences, and explore the challenges and benefits of growing a firm the right way. The conversation also touches on the importance of intentional growth, maintaining a balanced wo...

In this episode of "The Practicing Accountant," Dan and Doug discuss the impact of AI on accounting, particularly for smaller firms. They highlight a Thomson Reuters survey predicting AI will free up significant time for tax practitioners in the coming years. They emphasize the need to shift from hourly billing to value-based pricing to adapt. They see AI as both a risk and an opportunit...

In this episode of "The Practicing Accountant," Dan and Doug discuss the concept of creating capacity by focusing on fewer clients but providing more attention, drawing inspiration from the movie "Jerry Maguire." They highlight the importance of transitioning from the traditional model of acquiring as many clients as possible to a more sustainable and fulfilling approach. By em...

In this episode of "The Practicing Accountant," Dan and Doug discuss creating capacity, focusing on identifying and prioritizing the most impactful changes. They emphasize the importance of saying "no" to less ideal clients and tasks to make room for what truly matters. Doug shares a list of ways to create capacity, from delegating tasks to improving health and leveraging autom...

In this episode of "The Practicing Accountant," the guys introduce the RACI Matrix (Responsible, Accountable, Consulted, Informed), a tool to help accounting professionals delegate tasks and transition from client-facing roles to leadership positions. Doug discusses the common challenge of experienced professionals being unable to step back from client work and emphasizes the importance...

In this episode of "The Practicing Accountant," Dan and Doug discuss the challenges facing the accounting industry, focusing on the recently released draft strategy report by the AICPA's National Pipeline Advisory Group. They emphasize the importance of transforming employer cultures and business models to address the declining pipeline of new accountants entering the profession. Key...

In this episode of "The Practicing Accountant," Dan and Doug dive into the important topic of transitioning from a practitioner to an owner mindset. They discuss the distinctions between the two roles and emphasize the importance of intentionality in daily activities. Drawing insights from the E-Myth and practical strategies like time blocking, prioritizing big tasks, and reflecting on w...

In this episode of "The Practicing Accountant," Dan and Doug delve into the concept of creating personal capacity to enhance business capacity. They discuss the importance of managing personal time and priorities effectively to ensure business growth and efficiency. The conversation highlights several key strategies, including Eisenhower's Box for prioritizing tasks, the importance o...

In this episode of "The Practicing Accountant," Dan and Doug dive into current events, including the recent BF Borger's SEC fraud case, and discuss its implications for the accounting industry. They also touch on Jodi Pedar's new book on pricing strategies. The main focus of the episode is on the importance of niching in the accounting field. Doug shares insights on how to identi...

In this episode of "The Practicing Accountant," Dan and Doug discuss the power of niching in the accounting industry. Doug shares a recent email from a potential client who found him through a targeted Google search, highlighting the effectiveness of Search Engine Optimization (SEO) and the importance of a specialized niche. They emphasize that having a clear niche not only simplifies th...

In this episode of "The Practicing Accountant," Dan and Doug discuss how to attract new clients and enhance pricing power. They highlight the importance of being intentional in client acquisition and differentiate between marketing and advertising. Key strategies include leveraging personal passions, effective networking, and building strategic partnerships. Doug emphasizes the need for...

In this episode of "The Practicing Accountant," Dan and Doug discuss five essential practices that every firm owner should incorporate year-round to ensure success and sustainability. These practices include tracking data, serving clients as well as you could, getting your ideal clients, building succession, and creating the business you want. They highlight the importance of being inten...

In this episode of "The Practicing Accountant," Dan and Doug discuss the top five things every firm owner should do this summer to set themselves up for success in the coming year. The list includes establishing new behaviors, planning intentionally, going fishing for ideal clients, raising prices, and creating memorable experiences with clients. They also touch on the importance of firi...

In this episode of "The Practicing Accountant," Dan and Doug delve into the importance of shifting your mindset from that of a technician to that of an entrepreneur. They discuss how this change in perspective can significantly impact your practice, highlighting the difference between owning a job and owning a business. Key points include adopting an advisory mindset, focusing on relatio...

In this episode of "The Practicing Accountant," Dan and Doug explore why being busy shouldn't be a badge of honor. They discuss the pitfalls of equating busyness with productivity, the importance of valuing your time, and how to create a more fulfilling and efficient practice. Key points include shifting your perspective from hours worked to value provided, and implementing strategie...

In this episode of "The Practicing Accountant," Dan and Doug tackle the topic of defining and attracting your ideal client avatar. They discuss how to analyze your current client base, identify the traits of your best clients, and use this information to optimize your practice and enjoy your work more. Key points include the importance of intentionality, evolving your client list, and th...

In this episode of "The Practicing Accountant," Dan and Doug discuss overcoming the fear of firing clients and how it can hold accountants back from optimizing their practice. They explore why this fear persists and offer strategies for intentionally managing client relationships to foster growth and satisfaction. Key takeaways include the importance of identifying ideal clients, the ben...

In this episode of "The Practicing Accountant," Dan and Doug debrief the past tax season, focusing on strategies to improve next year. They discuss a case study on pricing and capacity adjustments, resulting in increased revenue and reduced work hours despite losing some clients. Key topics include evaluating client performance, improving communication and workflows, and the importance o...