As an accountant (or bookkeeper, enrolled agent, controller, etc.) you have a very important job.
You make sure the books are accurate and the taxes are filed. In short, you make sure that what happened in the past is accurate.
But here's the problem: your business owner clients don't care.
And, hence, this is why you struggle.
This is why accountants are working 80+ hour weeks leading up to April 15.
This is why accountants are making only $74k per year on average.
This is why accountants are constantly stressed and feel they don't have an appropriate work-life balance.
Not convinced yet? Ok, let me explain. Here's the reason accountants struggle:
Your client needs an accountant - they don't want one.
Most business owners think of accountants as a necessary evil. Something that must have.
Why? Because they know they can't do the job themselves.
They think accounting is confusing. They think accounting is boring. But they know the taxes need to be filed. They know payroll must be processed. They know that the books must be closed (whatever that means). They simply can't do it (or don't want to do it themselves).
They need you. But they don't necessary want you.
And so, they're not going to pay top dollar. Why would they? If all accountants do is provide a commodity (ensuring the past is correct) why would they pay you more than the next accountant?
They're not going to view you as an indispensable member of their team. They'll simply just get another accountant if something happens to you (or if you start raising your prices).
In order to make more money, you have to take on more high-demanding and low-paying clients. You have to work more. Saturdays are your clients. Vacations are reduced to two-day stressful getaways.
Therefore, accountants struggle.
Yes, if something goes wrong (like if they get audited) they'll turn to you. Much like if you have a horrible tooth pain, you'll call up your dentist.
But when was the last time you got so excited about your upcoming dental appointment?
Dentists are needed. They're not necessarily wanted.
So, what can you do to not struggle?
The answer: become someone that your client wants - not just needs.
If you can do that, you will be an indispensable member of their team.
Which means you can charge more.
Which means you can retain your clients longer.
Which means you will be able to make more money with less clients.
Which means...you'll struggle less.
How do you become someone that your client wants? By being thought of as their CFO - not their accountant.
A CFO is someone that your client can trust, to tell them what to do, to have a growing and more profitable business.
Your clients want to know how to grow their business.
Your clients want to be able to sleep soundly knowing they won't have cash flow issues.
Your clients want you to interpret all the data/reports for them and make it clear to them.
Your clients have big ideas for their business. They want you to help them make those ideas come true.
These are things that an outsourced CFO would do for their clients.
If you can do those things, you will not struggle. In fact, all you need are about 5 CFO clients to make more than the $75k average wage of an accountant.
Imagine how much less you'll struggle. Imagine how much more time you'll get back. Imagine how much less stress you'll have. Imagine how much more money you could make.
All because you're becoming someone that your client wants - not just needs.
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