Every day, we talk with accounting firms and their small business clients. And we hear about the challenges they face. Despite technological advancements, more access to educational resources and the desire to succeed, the accounting profession faces many obstacles. From attracting and hiring the best staff and protecting their current team from burnout to rapidly increasing cybersecurity threats and compliance regulations, running a firm or small business has never been more complex.
But we also hear the success stories. We’re spending time with the firms that have cracked the code and are thriving—the ones building and maintaining successful firms and businesses without sacrificing their sanity and work-life balance.
Today, as we introduce our new brand, Rightworks, to the profession, I want to share the common themes we see among those success stories and underscore why it has never been more important to do this together.
The No. 1 thing successful firms do? They don’t go it alone.
Technology is flooding the accounting profession, and firms are buried in the daunting task of choosing the right tools for their business. There are dozens of software options to choose from in almost every important category to a firm—think payroll, auditing, taxation, customer relationship management (CRM) and more.
Unless you have a dedicated team that does nothing but sleep, eat and breathe software, how do you know what’s right for your business? How do you continuously maintain software and get your team up and running? Successful firms don’t do it alone. They find the right partner who is well-versed in the accounting profession and give them a seat at their table. This frees up their resources to focus on what they’re good at: providing services to their clients.
Additionally, they lean into the cloud.
When firms first start talking with us, we find they have barely scratched the surface of uncovering the benefits that true cloud adoption can deliver. Yes, a lot of software enables firms and small businesses to interact with their clients in the cloud. But, many firms hardly leverage the superpowers the cloud can bring to their business.
For example, our most successful clients are leveraging data to determine the best, most profitable services to offer their clients. They curate their ideal client roster by using the cloud and the information they can garner to determine which clients are not the ideal match, negatively impacting their time and resources. They’re doing more than just working in the cloud—they’re making the cloud work for them.
The No. 2 thing successful firms do? They leverage their community.
We see it time and time again: There’s no greater teacher than a network of peer professionals. Accounting firms and professionals who join community networks, attend industry events and stay connected with each other are winning. Why? Because they’re gleaning the best practices of their peers and integrating those learnings into their own business operations. Running a firm is challenging—doing it well in these choppy waters can be extremely hard. Our most successful firms are plugged in and sharing their victories and failures with each other.
The No. 3 thing successful firms do? They never stop learning.
While it can feel impossible to lift your head up during tax season, our thriving firms and professionals are carving out time to listen. Whether they’re watching YouTube, listening to a podcast or subscribing to an AICPA or BDO publication, they continuously tune in to hear and learn what’s happening in the profession.
By staying connected to the thought leaders in our space, they can grab valuable information that better informs their business practices and helps them holistically serve their clients. They leverage the content the thought leaders in our profession generate to their own benefit.
The red thread that runs through it all? The word “together.”
Whether relying on a trusted technology advisor, diving into the community or listening to our industry thought leaders, our most successful accounting firms and professionals find success by working with partners, peers and community leaders. There’s just too much to get done—and it’s too complex to try and do this on an island. Firms and professionals that don’t reach out and don’t rely on partners? They’re struggling.
Rightworks is making it easier to find the red thread
Today, we’re unifying under one brand to make it easier for us to do it together. For the last 20 years, we have acquired several different industry-leading brands that share in our mission to advance the accounting profession. Under one brand—Rightworks—we are putting all our expertise, solutions and communities in one space, behind one front door. We’re excited about all the possibilities that lie ahead, and we look forward to taking the next steps with you and finding success—together.