All the things we do in bookkeeping are generally historical, but where we want to take it is in interpreting the data so that you can actually give your clients advice.
[1:55] Before starting with advisory services, you need to be able to produce financial statements in a consistent, timely, and accurate manner. If your client isn’t getting you the info you need, that’s going to be a problem. A good rule of thumb is to not work with people who drag their feet.
[2:50] Financial statements include a balance sheet, an income statement, and a statement of cash flows.
[3:30] The second thing you need to have before you start with financial services is an eager client, someone who is interested in improving their business, making more money, and who is willing to pay for the advice.
[4:05] If you’re making your client money that is true value building, which is something you should be paid for. Getting paid $1200 a month to prepare financial statements is not value-building, that’s a fixed price. Make sure you know what you’re providing your client.
[4:45] You need to have a receptive client that is willing to pay and can provide you the financial statements on time, but you also need to work with businesses that have the ability to pay you. That means 7-figure-plus businesses. Your marketing should be targeting those clients because they are the ones that need your help the most.
[5:50] You can price these services in many ways but whatever way you choose, you should not think in terms of how much money you can make. We want to think in terms of how much help or value can we provide to the client.
[6:40] You have to separate the preparation of the financial statements from the provision of advisory services. We have our minds in one mode when we are preparing statements and another when we are advising. Don’t go straight from preparing the statements into the analysis, do them at separate times.
[7:55] Advisory services can take a little bit of brain power to get right. Think about when you are at your best during the day, that’s the time you should be setting aside to do those advisory services. This also applies to everything else in your business.
[9:35] Advisory services are the key to our future. We are 21st-century bookkeeping professionals and advisory services are going to be crucial to our long term success. This is one of the critical things you can do to differentiate yourself from artificial intelligence and automation.
What to Do With Shady Clients (How to Fire Them With Tact) - Encore Presentation
How to Get Great Online Reviews - Encore Presentation
How to Get Quality Bookkeeping Clients - Encore Presentation
Bookkeeping Niches: Deep Dive - Encore Presentation
How to Research Your Niche with Heather Phillips - Encore Presentation
Overcoming Difficulty in Business - Encore Presentation
How to Create More Time for Yourself with Kelly Moreland - Encore Presentation
How to Protect Yourself from AI + Automation - Encore Presentation
How to Avoid Growing Your Bookkeeping Business TOO Fast with Erin Bardsley - Encore Presentation
How to Fight Back on Scope Creep - Encore Presentation
Turn your Practice into a Business with David Cristello - Encore Presentation
You're Doing Too Much in Your Bookkeeping Business with Randy Ballen - Encore Presentation
How To Get More Done In Half The Time - Process Optimization - Encore Presentation
How to Effectively Document Processes - Encore Presentation
The Pros and Cons of Working with Startups with Jessie White - Encore Presentation
How to Double Your Revenue with Brooke Swan - Encore Presentation
How to Create Consistent Systems with Simplicity: Dave Rice - Encore Presentation
How to Document & Offload Processes with Kevin Schmidt - Encore Presentation
Creating a Vision for Your Bookkeeping Business with Kevin Sterling - Encore Presentation
How to Work with High Quality Clients with Annette Woods - Encore Presentation
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
The Commercial Edge: Unleash the Power of People
Reaching your Goals
Insights@work
Think Fast, Talk Smart: Communication Techniques
Second Life
The Cardone Zone