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Scalable Accounting Practice

Spreadsheets and charts might have been sufficient when it is just you and 20 clients… but if your goals are to grow past soho practice, then you’ll need to leverage technology, not only for your clients’ but for yourself.<br><br>Explore the advantages, costs, challenges and options relating to practice management and business operations software.<br>

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Scalable Accounting Practice

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  1. Scalable Practice © 2019 Impact Management Group Pty Ltd All Rights Reserved. ©2019. Impact Management Group Pty Ltd. All Rights Reserved.

  2. About Me • BAS Agent since • Small Business Owner • Love Technology • Hate but Embraces Changes • Uses MYOB, XERO, Quickbooks, Reckon, Sage, …. • CRM, Wryke…and a whole lot more • Lives in Sydney and loving it! © 2019 Impact Management Group Pty Ltd All Rights Reserved. ©2019. Impact Management Group Pty Ltd. All Rights Reserved.

  3. Why Scale My Practice • Higher growth of revenues than operating expenditure growth • Increase clients without impact on operational cost • Sustainable and adaptable business expansion • Business growth in general © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  4. Let’s Get Started © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  5. Expand Your Horizon • Most of us start out with a narrow focus • Revisit our vision and dreams as we start to grow © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  6. As Your Practice Grows • High margin positive cashflow- profitable • Low margin positive cashflow – near profitable • Low margin negative cashflow – not profitable © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  7. How Much & How Fast to Scale • Depends on your vision and business model • Profitable practices can be killed with poor cashflow • Workflow process to be defined to control expanding operational expenses © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  8. To Scale or Not To Scale © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  9. Eyeing on your revenue goals © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  10. Hiring to cater for more clients © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  11. What’s the hidden myth? • Getting good staff is a hit a miss • Establish practical and workable process • Focus on execution • Revisit financial model for your changing needs © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  12. Where to Scale? • Clients – Selective and grading clients • Revenues • Technology • Hiring people • Processes • Services © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  13. What are your Limitations? • Technology • People • Opportunity • Market • Operational efficiencies • Cash • Execution © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  14. Analyse © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  15. Technology is a Key Driver of Growth! © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  16. Process • Define simple and all repeatable processes for all jobs and tasks in your service • Don’t make the process a bottle neck © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  17. Service Sales Model • Master your sales funnel • Set a defined and repeatable process for sales • Understand the economic model – client acquisition cost, margin with jobs or task performed.. • Churned rate © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  18. Use Tools to Grow • Spreadsheets • Practice Management • Digital Signature • Google Sheets • Reporting software • Management software © 2019 Impact Management Group Pty Ltd All Rights Reserved.

  19. Thank You ! © 2019 Impact Management Group Pty Ltd All Rights Reserved. ©2019. Impact Management Group Pty Ltd. All Rights Reserved.

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