Episode 18: Accounting firms can successfully migrate to advisory with Profitable Partners

Rob needs little introduction to the accounting firms of Australia, as he has been working to help improve the profit of accounting firms for nearly 30 years. Rob is passionate about accounting firms, and as the one trusted adviser every business needs, they are leaving profit on the table. Rob talks about the simple things rock star accounting firms do differently from the others that deliver them real wealth creation and very happy sticky clients. We talk about the double edge sword of increasing automation technology in the accounting profession, how it is driving up productivity and lowering firm costs, yet it could result in a race to the bottom as it risks lowering an accountant’s understanding of their client’s business and therefore their real needs. Rob says: 87% of the revenue of firms is all about historical services – or writing up history. Only 13% of accounting firms’ revenue comes from proactive advisory services. Rob shares with us practical ways that you as a firm can start the journey from reactive tax & audit-dominated services to proactive services like cash flow, profit & management accounting, providing increased client value and firm profit. This is a must-listen for any accounting firm, with a high level of wisdom and advice per minute. To quote Rob: “If you are part of their cost, they can easily get rid of you, but If you are part of their profit, then they can’t get enough of you” This is the link to Profitable Farmers Free Resources.   Disclaimer The information provided in this podcast is general in nature and does not in any way constitute financial, investment, accounting, tax, or legal advice. You should always consult with relevantly qualified and licensed professionals for advice tailored to your specific situation and requirements. The opinions expressed are our own and do not reflect those of our sponsors or any third parties.

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