Compliance Work vs Job Satisfaction

in Accountant to Coach,Compliance Work,Job Satisfaction,Your Business

ComplianceIs there a future in a “Compliance Based” Accounting Practice?

Anyone that preaches practice growth and profitability would say “No”. I have been hearing this story since 1981 when I first became a Partner in a six partner CPA firm, yet compliance based practices still exist.
 
More to the point, is there REAL job satisfaction in a “Compliance Based” Accounting Practice? Some will say “Yes”, and that’s fine. Most accountants have similar personality traits, which means they have a eye for detail and tend towards perfectionism. They get a warm feeling when they complete their client’s annual Financial Statements, bind them up, raise the invoice, neaten up the file, and put it away again. Another job well done.
 
People who are wired like this will always be buyers of compliance based practices, and that’s a GOOD thing. Let me explain.
 
My firm used to lodge 2,000 Tax Returns each year. I now lodge less than 100 each year, but I make considerably more money than I used to. Another local firm happily paid top dollar for the fees I no longer needed. They were geared up for compliance work and the extra fees were very attractive to their business model.
 
This gave me time to develop my ‘hand picked’ clients into true lifetime clients that continually ask, and pay for, more of the top end services that create TRUE job satisfaction for me.
 
Using the 80:20 rule, I discovered that I just needed a handful of clients to create my  Boutique Style Accounting Practice. By a careful selection process, and then really getting to understand these clients’ needs, I was able to grow the fees base by over 400%. And the clients couldn’t be happier!! They gladly pay for the things they really want from their most trusted advisor.
 
And what is it these clients really want? Coaching, Mentoring, Strategy, Accounting. In that order.
 
You already have the Skills

Your formal training and qualifications mean that you have a great foundation for providing these services. By utilising the Blueprint that I created for my practice, you will be able to provide all these services in the most professional way, just as your clients would expect. I still enjoy completing a set of accounts, but I get so much more satisfaction when I see a client achieve a goal that I have helped him set and given him the tools and strategies to achieve that goal.
 
By the way, I now work 30-40 hours LESS per week than I did running a compliance based practice.
 
If you would like to find out how this Blueprint can work for you, contact me here and I’ll arrange to catch up and have a chat about it.


 

 
 

 

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