Building the Premier Accounting Firm

Tech Stack Secrets to Build a Profitable Accounting Firm w/ Randy Johnston


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In this episode of Building the Premier Accounting Firm, host Roger Knecht interviews Randy Johnston, a leading figure in accounting technology, about tech stacks, AI, and the future of the accounting industry. Johnston shares his expertise on choosing the right technology, integrating AI seamlessly, and leveraging tools for optimal efficiency and client satisfaction. This episode provides actionable advice for accounting professionals looking to enhance their firms with cutting-edge technology and strategic service offerings.

Key Takeaways:
  • đź’ˇ Define Your Service Offerings: Determine the specific services your firm will provide (e.g., bookkeeping, tax planning, advisory) to guide your tech stack choices.

  • 🤖 Embrace Integrated AI: Look for platforms that incorporate AI seamlessly to enhance existing workflows and improve accuracy, rather than relying solely on prompt engineering.

  • ⚙️ Optimize Your Tech Stack: Choose a minimal set of tools that effectively address your firm’s needs, focusing on deep expertise and full utilization rather than accumulating numerous underused applications.

  • đź’° Invest Strategically in Technology: Allocate 3-7% of your top-line revenue to technology to leverage its potential for increased profitability and efficiency.

  • 🤝 Prioritize Client Experience: Select client-facing tools that are easy to use and require minimal extra effort from clients, aiming for a seamless and positive interaction.

Featured Quotes:
  • “You really need to decide what you’re going to deliver to your clients… What do you want the practice to be first? And that will determine the platform that you should choose.” - Randy Johnston

  • “Be quite cognizant of your offering. Choose the minimum number of tools to get the job done well, but do spend on technology… because it turns out that technology can be a lever for you.” - Randy

  • “Accountants change these types of platforms as often as they change physicians and major world religions. And unless you’re gonna change one of those anytime soon, you may not need to change your platform just to stay up with the times.” - Randy

Behind the Story:

Randy Johnston’s journey in accounting technology began in the 1970s, witnessing the evolution from paper-based systems to cloud-based solutions and now, AI-driven platforms. His experiences as a designer for major accounting software companies and his deep understanding of the profession’s needs have positioned him as a leading voice in technology adoption and strategic planning for accounting firms. In this episode, he draws on this extensive background to offer practical, forward-thinking advice.

Conclusion:

Thank you for joining us on another insightful episode of Building the Premier Accounting Firm with Roger Knecht. To implement some of the leading strategies that Randy shared in this episode, connect with Universal Accounting Center’s team at 435-344-2060.

Sponsors:

Universal Accounting Center

  • Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

 

Offers: Get access to One free CPE Course - https://www.cpetoday.com/

https://www.cpapracticeadvisor.com/resource/podcasts/

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Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant’s library to provide quality CFO & Advisory services as a Profit & Growth Expert today:

  • “Red to BLACK in 30 days – A small business accountant’s guide to QUICK turnarounds” – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses.

  • “in the BLACK, nine principles to make your business profitable” – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles.

  • “Your Strategic Accountant” - Understand the 3 Core Accounting Services you should offer as you run your business. help your clients understand which numbers they need to know to make more informed business decisions.

  • “Your Profit & Growth Expert” - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve.

Learn what it is you can do to become an author, leveraging your expertise to market your services effectively and get the clients you deserve.  This is a webinar you don’t want to miss.  Learn from Mike Capuzzi what a Shook is and how you can use it to position yourself as the Premier Accounting Firm in your area.  This is a must-see presentation so get ready to take some great notes.

 

In addition to becoming an author, see what you can do to follow the Turnkey Business plan for accounting professionals.  After more than 40 years we’ve identified the best practices of successful accountants and this is a presentation we are happy to share.  Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center.   It’s here you can become a:

 

  • Professional Bookkeeper, PB

  • Professional Tax Preparer, PTP

  • Profit & Growth Expert, PGE

 

Next, join a group of like-minded professionals within the accounting community.  Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business.

 

  • The Accounting & Bookkeeping Tips Facebook Group

  • The Universal Accounting Fanpage

  • Topical Newsletters:

    • Universal Accounting Success

    • The Universal Newsletter

 

Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company’s Value.

 

For Additional FREE Resources for accounting professionals check out this collection HERE!

 

Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don’t want to miss.

 

Remember this, Accounting Success IS Universal.

Listen to our next episode and be sure to subscribe.

 

Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback

 

For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777

 

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Building the Premier Accounting FirmBy Roger Knecht

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