The Revolutionary Firm - The Voice of the Revolution

In this podcast, Simon Dennis, George Beddoes and Chris Staines of MYOB join us from the MYOB Partner Connect conference in Melbourne.

Simon is Head of Partnerships which means he looks after the bookkeeper and Certified Consultant channel and also the large franchise and corporate channel as well.

Chris is the National Manager for the field team. His team helps accountants handle the change that is coming in the next few years. It's all about being client focused.

George explains his role in managing the phone and field teams. They're really passionate about being focused on helping partners, they're really excited about helping smaller practices transform.

MYOB's investment in the Partner Channel

MYOB understands that clients are more successful when they work with an advisor, they see partners as a really important part of the growth. MYOB are investing a lot in their staff, they understand that clients need

MYOB are making customer and client facing investments, but also a lot behind the scenes in the infrastructure, the people, the training and the tools.

MYOB have a comprehensive training and immersion program for the MYOB staff, so that the moment they start they feel a part of the team and they understand why MYOB is great.

Challenges and Opportunities

Small practices - there are a lot of legacy and history, they have a lot of systems they are using, making changes through technology they see it as a hard pill to swallow (they're busy, it's expensive)

Make the investment today so you can be more efficient tomorrow.

Chris talks about how change is scary. Accountants he finds are ready to take the leap but it is really difficult (or perceived to me). The biggest challenge they see is that it is a big leap of faith for practices to take. MYOB is dedicated to providing the tools, skillsets and support to make sure it's painless.

Looking out 5 years

MYOB is working hard to release things that are delivered in house to allow for a seamless workflow.

Practice online solutions strategy - to work seamlessly end to end, so that timely information can unlock opportunities for practices.

While it is taking time to build all those modules.

Moving practices online (especially big practices) is not an easy task. MYOB are taking it steady to make sure that they get it right.

Automation

It's a scary time, automation to many people means software taking us out of our job. MYOB is trying to use automation and technology to scale and shift time that's being done on time-consuming staff onto stuff they actually want to do.

70% of clients want more advice from their advisors

70% of accountants and bookkeepers want to spend time on the work they like (e.g. advisory)

Technology + Clients + Partners = A Perfect Match

Technology and automation will enhance what people do. People will always be at the centre.

MYOB are passionate about the small businesses of Australia.

They talk about Rob Marshall, who shared his inspiring story on stage at #myobpc, who has used technology and MYOB to work less hours every week,

The relationship is key.

At the end of the day, no matter what tool you're using, it's the relationship that's at the centre. No matter how much you can improve the efficiencies

It's evident even at Partner Connect today, as George shares.

Tech support has grown by 40% over the past 6 months.

Simon's priority for bookkeepers

Simon talks about the Practice online suite (one solution for both accountants and bookkeepers) and encourages bookkeepers to have a look and play around with it.

Chris' message

Embrace change. Yes, it's scary,

The fantastic Tara McGowan of 5 Star Admin joins Mel Power on the podcast this week. We recorded this session at ICNZB's #bookkeepcon18 in Hamilton, New Zealand.

About Tara

Tara has been doing administration and bookkeeping for over 10 years and says no one day has been the same!

Tara loves what she does because it allows her to be free, allows her to spend time with her kids and grow the business she wants.

Going into business is hard, but giving back to others isn't, make sure you're always doing that.

Giving back

There are so many amazing businesses out there that just can't afford a bookkeeper or they can't do it all themselves.

It's so rewarding because it has such a big impact on their business.

Tara's Business Journey

Tara met Mel through Xero's Grow Your Practice series.

Tara took the information she was given and went and put it into place.

Tara's lightbulb moment was you don't just have to focus on bookkeeping. There are so many apps and so much technology out there. The next move for bookkeepers could be specialising in the apps they love.

Bookkeepers take their ability to understand technology for granted, they don't value that as much as they should.

Success story

There was a builder who knew what he wanted but didn't how to do it. Tara went to him with a few different technology options and implemented it. This meant he could sleep at night, gave him back time to spend with his family and meant he could spend time on the couch with his wife, rather than worrying about the business.

The difference technology can make to the entire family unit is amazing!

Tara's tips for bookkeepers

Find apps that fit within your niche, learn them well, learn them inside out. Become specialised in certain software so you can answer questions that business owners ask. Have confidence in yourself that you can do it.

Create your dream client and get to know them. That way you can talk to them confidently.

Reassurance. Make sure you're confident in it and then pass on that reassurance to other staff in the business. Make sure everyone has the buy in.

You won't lose work by implementing apps, you'll actually gain more work over time...the magic work!

You don't need to be a tech genius to operate this software.

This podcast with Jo McLeay of Balance Up was recorded live at ICNZB's #bookkeepcon18 in Hamilton, New Zealand.

About Jo

Jo started her bookkeeping business because she wanted to be her own boss, wanted to keep her family as her first priority.

Working 9-3

Jo chose this because she wanted to put her family first.

She tells her clients in her upfront that she is a mum first and foremost so she only works 9-3. She hasn't had anyone who did

Jo has been careful which clients she works with and she doesn't have high-maintenance clients.

If a client calls her after 3pm she will usually just let it go to voicemail and return the call 9am next morning.

Client process

Jo holds an interview where she gets a feel for them and sees if they are a good fit for them (it goes both ways).

She's learnt to listen to her gut throughout the process.

Ideal client

Jo has taken the time to narrow down her ideal client to small family business and particularly loves professional services like architects.

Structuring your business around your lifestyle

Jo has built up a business network around her, but she had to rebuild it once she started again.

Getting new clients is a struggle for many accountants and bookkeepers out there.

Tips for bookkeepers getting re-established

Join a networking group. Make sure you get out there and network. Jo just went and talked to local accountants she trusted, took them out for coffee and it just went from there.

Contacting accountants

Jo did it through networking channels like Chamber of Commerce and Women's Venus Group. Followed up from networking meetings and took it from there.

She lets them know the type of clients she likes to work with.

Move through the fear and do it anyway. Put your big girl pants on and go and do it.

What's next for Balance Up?

Jo wants to make a difference for her clients. She is also considering bringing on some local bookkeepers who see knows are looking to learn and

Jo's tips

Write down your business values from the beginning. Every business decision you make, look back at your business values and see if they align.

Quote from Steve Major "if you don't stand for something then you don't stand for anything."

This podcast with Kerry Brady of KBR Bookkeeping was recorded live at ICNZB's #bookkeepcon18 in Hamilton, New Zealand.

About Kerry

Kerry started business in January 2017 because he needed some direction, did a course through The Career Academy and just went with it!

Kerry really values the ICNZB because of the credibility, community and support it provides.

Kerry's passion

Kerry feels most comfortable being able to help people along with their businesses. He talks about a few rescue jobs and also helping people start a business from scratch that have been successful.

Kerry's tips for new bookkeepers

Don't be afraid to ask questions from whatever source it may be (fellow bookkeepers, accountants, Inland Revenue, other organisations that want businesses in NZ succeed).

Education

A lot of bookkeepers feel they aren't qualified enough to have those conversations with clients, so what does Kerry suggest?

Firstly, get skilled up in the knowledge before anything else. That will give you the confidence to actually go ahead.

Get the knowledge first and then apply the knowledge.

It's important to be able to adapt.

Clients

Kerry is open to clients who can trust him, which comes down to his adaptability.

What you learn from a cafe owner is very different to what you go through with an architect.

Technology

Technology has put Kerry on a steep learning curve. But for Kerry it has translated into time savings.

Kerry's Tips for taking those first steps

Take one step at a time, one day at a time. Kerry didn't rush into it because he knew he would be up for some challenges if he did.

This podcast with Eleanor Becker of Elite Business was recorded live from ICNZB's #bookkeepcon18

How Eleanor came to bookkeeping

Originally Eleanor actually studied chemistry! She's had a varied career to date and has been involved with video rentals, a cafe and even online marketing. Then she started doing the books for her husband's business coaching business, realised she loved the work and thought about doing that for other people.

Buying an existing bookkeeping business

There are pros and cons of buying a bookkeeping business. Eleanor had a good handover which made it much easier. The negative was that she didn't have a relationship with the clients, she didn't understand their businesses yet and needed to build that.

Bookkeeping isn't just putting things into software and reconciling, you need to actually understand their business.

Changing lives!

Eleanor loves creating order from the chaos and just helping people transform their business. One client (who Eleanor just thought was a small client) has said that her life has been changed since she doesn't need to worry about the books anymore. Eleanor helped her understand how to use the accounting software better and gave her peace of mind.

Transforming small businesses

What's the unique value of bookkeepers? Bookkeepers see the accounts just about every day so we see the trends, we can look ahead and see what's coming. We can measure the pulse everyday and help them see opportunities.

What's next for Eleanor?

She'd love to get off the tools and do less of the bookkeeping. She'd love to work with business owners to transform their business, make the most of their finances and help them move forward. Their business is a vehicle to help them reach their goals so she wants to help them get there.

Too often the business is a liability for them, instead of being an asset.

Back yourself, dream bigger, you can do it bookkeepers!

Eleanor's Tips

Know your value! Appreciate how much you do know and how much you can offer to other businesses. Charge what you're worth! That's #Revolutionary!

Eleanor's Details

elitebusiness.co.nz

Find out more about The Revolutionary Firm Program therevolutionaryfirm.com/program

In this episode, Mel Power speaks with Kim Hamill of Your Office Admin live from ICNZB's #bookkeepcon18.

Work life integration

Kim is passionate about enjoying life and finding the right work life balance.

When Kim first went into business she was like a lot of business owners, not just bookkeepers, and felt she had to totally divulge her life into her business. As a result she became quite tired, started to resent her job and probably annoyed her family.

Kim found over her 10 years in business is that she needs to focus on her family and make time for them.

Two most important things are her family and exercise. Kim is a competitive rower, she's in a double and quad and is looking at single and eight rowing this year as well. She talks about starting rowing at 48, which has helped her to focus and gives her room to breathe.

Benefits of exercise

If Kim doesn't exercise she feels she becomes "self-destructive", doesn't sleep well, gets a little cranky, gets anxious and it probably affects work as well. The less we exercise and take care of ourselves, the negativity will just snowball.

Other self care

Kim has also joined a bootcamp type gym which was motivated by winning a gold medal at the Masters competition...which they did!

What is it that makes us put the things we love to do on hold?

As bookkeepers, we're helpers by nature, we feel obligated to put things aside and put ourselves last.

We can only do that for so long before the wheels fall off.

If we don't look after ourselves then we can't look after others.

How do we say no?

Kim suggests sandwiching the no. Instead of just saying no, start off with how much you'd like to help, provide another option, refer another bookkeeper maybe.

Dealing with clients

Kim is quite strict with her phone calls, doesn't always answer calls and not really outside of office hours. Her clients just know how she works and she's set those expectations upfront. She's also set up an email autoresponder to let them know she'll get back to them in 24 hours. Means she can relax when she needs to and even lets her enjoy the ICNZB #bookkeepcon18 conference!

You're not just a bookkeeper, you're also counsellor. We would give them the tools to streamline their business, take workload off them and tell them how much work we can do when we take time out.

We're not just bookkeepers!

Bookkeepers don't stop to enough to recognise how valuable they are.

Next steps

Kim has just taken on a marketing coach and is looking to niche maybe in Not for Profits and Farming, looking at going vertical.

Being a GP style advisor is hard work. Better to get focused and specialise.

Kim's tips

Block out time, even just a small bit of time, to give yourself time to think. Put solid boundaries around what's important in your personal life and make time for that. Put it in your diary, just as you would a work appointment. Leave the phone in the bag, leave the laptop at home!

Credit: Leanne Berry for the title of this podcast

In this episode, Mel Power interviews Sylvia Kavanagh of Coastal Bookkeeping at ICNZB's #bookkeepcon18 in Hamilton, NZ.

Sylvia lives on the Wild West Coast of NZ but uses technology to service clients right across NZ.

The importance of family

We go into business to live our life in a certain way, and family often motivates us.

Sylvia's why

Sylvia was in office management positions on and off for about 20 years. About 10 years ago she first thought about going out on her own but it was really daunting.

She left office management and went and sold welding products for a while before starting Coastal Bookkeeping.

Sylvia's why is just that she loves helping people with their businesses.

Bookkeepers become part of the family, they become the go-to for the business owners.

Develop the relationship and connection. The term the "trusted advisor" has been thrown around for years but it is really real and it's what people actually value.

Challenges in growing her business

Behind the scenes, Sylvia recognised she needed some help.

It's a mindset shift when you've been working on your own to them moving to growing your business

She recognises what she doesn't like to do (websites and marketing) and knows you have to let some things go. Let go of the things you aren't good at and get back to what you really love doing.

Work out the business model that works for you.

Technology impacting small business owners

There are a lot of business owners out there that are scared of technology. They need someone behind the scenes to get them up and ready and trained in it. If they don't they'll just remain stagnant. It's a fear of the unknown, it's actually a lot easier than they think. Got to push past it and show them.

How we as bookkeepers can bridge the gap

Contacting people, calling into offices, if she gets a handwritten invoice she'll give them a ring and talk about how she can help. It is quite daunting but she knows we just have to do it.

At The Revolutionary Firm we call that a discovery meeting or a discovery call.

Small business success stories

She worked with a construction company with a lot of staff to refine the systems they already had a place. She's coming in as a separate person, trying to make it easier for them. It is a huge thing but it is rewarding.

Why do they not want to try?

Because it's how they've always done it. It's fear of change.

So you need to be there for them, sit down with them, make sure they're happy.

Client concierging

Sylvia loves the face-to-face side of meeting with clients, creating those real relationships with them. These regular meetings are how you get more insight and completely different understanding of that person. It's never

Client focus is the stickiness of the long term relationship.

A piece of advice for bookkeepers trying to grow

Just keep trying. Don't get disillusioned. It's so much more rewarding than a job. Keep upskilling.

https://www.coastalbookkeeping.co.nz/

In this episode, Mel Power interviews Rosey Tecklenburg of The Back Office Company. This podcast was recorded live at ICNZB's #bookkeepcon18 in Hamilton, New Zealand.

Rosey's light bulb moment

Rosey's 'why' was about bringing the bookkeeper into a profession in New Zealand. Rosey worked for other office administrators in NZ where bookkeepers were viewed as an overhead, their knowledge wasn't accepted and she had enough.

So she started out on her own, she got a few clients to keep the money coming in but she knew she wanted a team, and wanted to provide them with knowledge.

Bookkeepers know what's going on financially AND personally.

Taking the first step into getting staff, realising "it's more than me"

First step - make a decision and go for it. Go for your dream!

Her first contract was with Aran Finlayson who was setting up a similar business but needed a bookkeeper. Aran and Rosey realised they had similar dreams so they decided to partner together.

Find someone early on so that you can share the load. Rosey and Aran each have their own strengths. He's the business development manager, he's the recruiter, he has contacts in the accounting industry.

Rosey says if you don't have a business development manager, you need to look at getting one. Otherwise you'll be trying to juggle your time.

Lead generation, marketing, finding new clients...it doesn't always come naturally to those who are technically gifted. It takes time and constant learning.

Providing work to the contractors

This wasn't about Rosey doing the bookkeeping, it was about building a good, solid business. The staff love their model, they provide ongoing support and have a little bookkeeping community. The Back Office Company focuses on providing a great environment for their staff.

Technology

We have to be the drivers for change. Many business owners are reluctant to change, they aren't sure if they really need it and they see the economic impact of it. But if they don't take new technologies on board then they will be left behind.

If we don't have that knowledge of software and aren't training clients then we are just doing the bookkeeping.

How has technology changed the relationship?

Trust. The business owner needs to trust that the bookkeeper knows what they are doing.

How can bookkeepers give clients a really strong reason to believe to build that trust?

Don't overpromise and don't underdeliver. Do it within the timeline, constantly keep them updated and get to the end result in time.

It's easy to say "yes I can do that" but suddenly it gets too hard and it gets dropped.

Running a business partnership

Aran and Rosey had the same dream but they also had the same ethics and morals. They knew how to treat people and they knew how they wanted to be treated. It wasn't about money, it was about can we work together. You have to trust eachother to work hard.

What do you need in place for a successful business partnership?

Get your legal documents and your exit agreements in place before. Don't do it without going and seeing a lawyer and getting all that in place beforehand.

Rosey's Tips

Educate yourself. You may think you know everything but sometimes we need some advice.

Don't be afraid to reach out to get some coaching,

You want to try and reduce your stress levels and timelines.

When you're just about to give up, that's generally when things start to go right.

This links perfectly with what we do at The Revolutionary Firm, helping accountants and bookkeepers with these kinds of things. Find out more about our program.

Rosey's Details

http://www.tbo.nz/

https://www.facebook.com/tbonewzealand

https://www.

You might hear a little background noise on this podcast with Donna Carswell of Decryption, because we were recording live from ICNZB’s #bookkeepcon18!   How Donna got into bookkeeping Donna got into bookkeeping largely by accident. After starting her finance journey 25 years ago as...

This podcast with Sonia Connon of Office Assistants was recorded live from ICNZB #bookkeepcon18

How Sonia got into bookkeeping

Sonia started her journey as a sales consultant. She was then doing the books for her husband, was an active member of Plunket, and even a lifeguard!

Then she got an amazing compliment from a friend "your accounts are always immaculate, could you do bookkeeping for my clients?" So she went and did a bookkeeping course and got started, grew the business one client at a time.

She's still working with the friend that started it all which is a testament to the relationships she's built. It becomes a partnership, you become trusted.

Sonia's clients can go to bed at night knowing the things they aren't good at are being handled.

What's your why? What do you love most about business and bookkeeping?

Being able to take away the pain, the thorn in people's sides that is keeping their books. Although there are new fantastic new tools, online accounting programs, as clever as they are, they can't do everything.

Business owners need someone like me who is passionate and can do this in their sleep

Sonia's why is giving business owners peace of mind, helping them focus on their business, without having to worry about the books.

What do you do outside of the traditional

Make sure the information that's in the system is accurate, lately Sonia has been doing a lot of fix up work.

You can have a Lamborghini but if you don't know how to drive there is no point.

Not only is Sonia teaching them how to drive, she's teaching them how to get the info out of their accounting system to see what their business is doing. Set business targets, get management reporting

Look at what is coming out the other side, use the valuable insights that come from accounting software

Not just plugging in the numbers. Give them insights into their numbers, otherwise you're driving with a blindfold on!

Mel shares a great quote from Julie Russell - bookkeepers are putting the words behind the numbers

What value do bookkeepers provide?

We are so valuable!

Give them insight into how to make their businesses run their business more efficiently. There are plenty of programs out there

Advise their clients on the best software to use to drive their business further. Helping them make the transition.

With all these products and online accounting, the integration is seamless. They can jump the hurdles and clear them because they have the support of a bookkeeper who really cares about their business, we really embrace the business as our own. We are part of the business, we really want them to be successful, we are on the coal face with them, their business is important to us.

Confidence

We see very big issues out there with bookkeepers and confidence, typically they don't charge enough for the value they deliver.

Sonia says we all doubt ourselves. You just have to back yourself, even though it's really hard. You look around conferences like these and think you're not as good as everyone else. But you need to back yourself and have the confidence. Any doubts you have about how good you are, they are just in your head, the only person telling me those negative things is

The only thing holding us back is ourselves.

Techniques for going through that process

Don't be afraid to ask. Our profession are collaborators, not competitors. Come and ask someone else! People are really happy to share their insight.

You have to be confident in what you charge. Because if you're not you'll be second guessing your work.

Mel shares a quote from Steve Major - "If you don't stand for something then you don't stand for anything"

You need to have the confidence to be able to say no to clients.