I recorded this the other day in the USA. I’m doing an awesome seminar program in late July / early August – 12 cities around Australia and New Zealand. How to Future Proof your accounting firm. Register here.
I filmed this short video in Las Vegas a couple of weeks back. Launching my upcoming seminar tour – Future Proof your Accounting Firm. I am doing 12 workshops around Australia & New Zealand – Find out more here.
Today marks 21 years to the day working exclusively with Accounting firms around the world. On May 20 1994 I presented a seminar to the small business clients of Ellis Ryan in Coonamble, NSW, Australia. It’s a small town of 3,000 people literally (for my USA readers) in the ‘outback’. Prior to meeting Ellis I was running a series of seminars for small businesses. I was using all sorts of marketing to get them into the room – TV, Radio, Newspaper ads, Mail, faxing etc. None of it was working and I was going broke a million miles an hour. Ellis attended my very large seminar (8 people only) the month prior and said ‘will you come to my town and do this seminar for my clients?’ Absolutely I said.
So I designed a direct mail marketing system that Ellis used to promote this seminar. His letterhead, my words and his signature. We had 56 people turn up to the Coonamble RSL Club (Returned serviceman’s club). 56 people! He only had a client base of 126. We were amazed. It was the biggest event I had ever done. I made a profit of $2,500 on the night and I thought – wow, these Accountants are really great at filling a room. So from that day I have worked exclusively with Accountants. It’s my birthday so here are some stats that I am proud of:
In the last 21 years…
- Around 150,000 people in live seminars
- Around 30,000 people on webinars
- Around 2,000 speaking engagements of some sort
- Product in 42 countries
- 1 job and 5 businesses (one of the businesses has had 3 brand makeovers)
- Spoken / interviewed or visited Accountants in 8 countries
- 2 books written and published
- Hundreds of articles, white papers & blog posts
- Dozens of media interviews
- Thousand and thousands of Accountants helped
- Around a hundred employees coming and going
- No idea how much new revenue & profit created for Accountants – but a LOT
- 1 brilliant piece of software which will shape the profession globally
I have stuck to Accountants because I believe in them. I believe they are the natural trusted adviser. I believe they can help their clients to run better businesses. I believe that when they have the real time data they can make a massive difference. Pumped!
Today is the day that my latest book goes on sale. You can pre-order as of today – shipped on march 27. It’s been 21 years in the making. I have piled all of my best ideas into a 198 page ‘manual’ that has rich content, loads of process visuals and practical help. Although for Accountants any business will get value from it. One Accountant already ordered 100 copies for his team. If you’re an Accountant buy it. If you’re not then why not buy a copy for your Accountant. I want to massively influence lives and create a wave of change with this book. You can pre-order here.
On January 17 2015 I posted (in part) the post below. This Thursday we are running a webinar on how you can make cash-flow (profit, loss, balance sheet and cash-flow) forecasting easy and seriously valuable for your clients.
Details of the cash-flow webinar
Thursday February 19th, 1100-1200 – Brisbane time, free of charge.
If you want to see how you can offer real time cash-flow forecasting and monitoring then register here.
January 17 blog post.
We all know that cashflow (lack thereof) is the main reason businesses fail. The number one issue in businesses around the world right now is cashflow management.
We all know it and the Accounting profession is uniquely placed to help improve it.
Your clients want it as well. Well, not all clients want it. In our survey 29% said they did not. However, 71% said that if the service was reasonably priced and they could see value in it then they would be interested in exploring the idea.
It’s a no brainer. I ask Accountants what’s the most valuable service they can offer to their business clients. No surprises. It is cashflow monitoring and forecasting. So if it’s the most valuable then how many of your business clients have a live, working, accurate and real time cashflow forecast? Very few is always the answer. Yet this is the most valuable thing you can do. Here’s what we (the business community) want when it comes to cashflow. We want to know how much free cash we have each month to spend on whatever we want to spend it on. We want to know how we are tracking and what we can do to improve it. Your clients are not financial analysts like you. You can help us in this area.
The service you provide is a cashflow forecasting and monitoring service. In your definition you call it a ‘3 way rolling cashflow.’ It covers the cash flow forecast, the profit & loss and the balance sheet. If your client is borrowing money from a bank then the bank wants it. Even if your client is not borrowing money then it is a good thing to have. The problem with ‘hard drive’ based systems (or heaven forbid spreadsheets) is that once they are created they are out of date. By using old technology you cannot monitor the cashflow unless it is manually entered.
With cloud accounting and ‘add on’ partners like PANALITIX you can do this automatically. You can prepare the forecast based on historical data plus some planning. You can ‘normalize’ the numbers month to month with the client. You can consolidate the data as it is transacted at the client’s end and because the accounting data is linked to the ‘bank feeds,’ the cashflow, the forecast and the balance sheet is kept up to date every single day. Now that’s Real Time Accounting!
If the bank needs an update then you can provide it quickly. If your client wants it then you can provide it quickly. If you have got your client on a monitoring service then you can be immensely valuable.