Lately in the accounting world, terms like “machine learning” and “automation” get thrown around a lot, yet while AI is a potential threat to some aspects of our business, the bigger worry is accountants themselves.
Many accountants fall into the trap of working with clients in every industry under the sun, inheriting their clients’ myriad of (often antiquated) processes and software. They don’t notice that their workflow is spinning slowly out of control until they are neck deep in work, deadlines are looming, and they can’t see a way out.
It starts small; saying ‘yes’ to projects because of a need to bring in revenue or feeling a connection with a client and wanting to work with them. If the work started piling up the moment you signed a client, it would be easy to see any issues instantly and do something to change course. Instead, it invisibly creeps in, slowly suffocating productivity and profitability.
One way to escape this cycle is to get clear on what you want your practice to look like. As a firm owner, you get to decide the direction of your firm – so why build a practice full of frustration?
In order to build a stress-free, scalable practice it is important to really nail down who you love to work with and how you love to work with them. If you have a team of accountants in your firm, ask them what they want. You may be surprised to find that they share your frustration and may welcome a shift in the direction of the practice.
Specialization is Key