Category : Career Planning & Job Hunting

How to Effectively Market and Manage an Accounting Firm

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Dear Friend,In 2008, my business ran into trouble. Staring at the abyss, just one payment away from bankruptcy, I contacted my accountant.I remember being sat at his reception, scared and completely despondent as I waited for him to call me in.I resembled the guys about to face the electric chair in the movies.When I explained situation, he shook his head as if to say you are toast.He advised that I closed shop and start afresh.For me the idea of closing down my business without a fight was something I was unwilling to accept.I went to my two closest friends for advice…one a professor and the other an entrepreneur.My professor friend advised that I followed the advice of my accountant, while my entrepreneur friend told me to not even give it a thought.I still remember my entrepreneur friend telling me: “Romeo accountants are really great with figures, but when it comes to business, they leave a lot to be desired”.“How many successful accounting firms do you know”?“You see Romeo, if you want to calculate your expenditures, you can go to your accountant. However, when it comes to management and business growth, you want to be contacting a business consultant”.He was the one who exposed me to the difference between professionalism and business.There is a different between the profession of accounting and the business of accounting.The profession of accounting is the deliverables: creating profit and loss statement, completing end of year account or performing audit on behalf of your client.The business of accounting on the other hand is about three functions:- Operations: the deliverables- Marketing: attracting and retaining clients- Finance: knowing your numbersBecause most accountants are trained in the profession of accounting, even when they establish their own accounting firms, they tend to ignore the other aspects of running their firms.Like accounting, business is a profession. Obtaining a CPA does not automatically qualify you to run an accounting business.Just

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