In 2018, the American Institute of Certified Public Accountants (AICPA) did a survey* showing the average growth rate of CPA firms in the industry. We knew the members of 7 Figure Firms were growing well beyond that as successful accountants. However, we didn’t know by how much. So we started asking all of them to report their cash sales on a monthly basis, straight from their QuickBooks file. The results are astounding. To the left, you’ll see the difference in 7 Figure Firms members versus the rest of the accounting industry, and a Methodology Memo detailing how we determine our growth rates.
While most companies try to just teach you a new way of marketing tax services or pricing, we look at redefining every single part of your tax and accounting firm—in other words, holistically growing your accounting practice. We know that big change requires that you reassess everything you do—even if you’ve done it for decades.
|Old Way||New Way|
|Bookkeeping||Chief Financial Officer|
|Low Price||High Value|
|Once I …||Growth|
At each stage of the firm growth lifecycle, we see similar but very different challenges. Marketing tax services, pricing, packaging, handling objections, knowing what technology to use and hiring technical tax and accounting staff, managers, sales and marketing professionals and more.
Most companies provide vague advice when it comes to picking an accounting niche for your firm. We focus on the math. We look at the revenue, income, cost to acquire, willingness to pay and lifetime value in each accounting niche.
You may choose to focus on a specific industry (doctors, dentists, lawyers, etc.) nationwide or be a generalist provider in a locality. We’ll help you become a successful accountant, pick an accounting niche that will allow you to grow your revenue with the fewest number of clients possible, while still maintaining profit margins.
Once you’ve selected the accounting niche to focus on to grow your accounting practice, it’s important to pick the service you’re going to offer first. Some choose to focus on tax planning.
Others focus on CFO services where they immediately look at the total financial picture of the client. As a result, their messaging focuses on:
↑ Revenue (volume, price)
↓ Cost of sales (variable, fixed)
↑ Gross profit
↓ Operating expenses
↑ Net profit
↑ Post tax net profit
↑ Business valuation
We have dozens of templated Facebook ads, LinkedIn campaigns and email marketing templates to get the attention of your ideal client.
Once you understand your biggest problems, accounting niche market, service and messaging, we set goals together. These include:
And we consider all the time frames:
One of the biggest impediments on how to grow an accounting firm is a lack of willingness to reassess your pricing and terms with existing clients. When we get started, one of the first things we do is to look at your existing client base and:
We’ll help you set up 1-8 LinkedIn profiles to start generating 2-5 appointments per week per profile, targeting either business owners in an industry niche or general businesses locally. We’ll provide you all the tools, resources and guidance needed to become a successful accountant and set up proven systems that have resulted in our predictable growth over the last four years.
We help you with one of the biggest challenges facing firms: lead generation for accountants. But once you get them, you need to nurture them with email newsletters that you send out as infrequently as 3-5 times per week or as often as 1-2 times per day. We’ll give you dozens of email newsletter templates for CFO services, tax planning and other advisory service offers. Each template can be copied and pasted for use by your firm to generate appointments.
Once you’ve mastered upselling existing clients, LinkedIn marketing and email newsletters, you’re ready to add fuel to the fire. Facebook advertising for accountants can produce hundreds of appointments with business owners per month. How to grow an accounting firm involves knowing the best social media for accountants, having the right ads, targeting and landing pages, and connecting all the tech to start generating appointments on auto-pilot, which we will help you with.
We give you website templates and landing page templates to help you describe the value you provide to clients, so your website turns passive pages into a 24/7 appointment-generating machine.
Most tax and accounting firms look to improve their systems and efficiency to improve profitability. We respect and understand that the most leverage firms get with margin has to do with high-quality revenues. We co-build pricing policies with your firm to keep your margins high and grow your accounting practice.
We have 30-150 slides of education-based sales presentations that allow you to show value to prospects and existing clients. You’ll have a video call, share your screen and start indoctrinating the prospect into the process of working with your firm. At the minimum, you’ll receive these materials for the following advisory products:
These decks also include sections on how to diagnose clients, set pricing and handle objections.
*licensed financial advisors only.
Identify and target your ideal next hire by utilizing a structured system that includes job ad templates for successful accountants. We also have culture cases, personality tests, interview tests and questionnaire templates.
Create an incredible culture to allow your “A” players to thrive and inspire all staff to push towards growing an accounting practice. We will walk you through how to foster a great culture that includes performance reviews, staff benefits, staff compensation and staff success metrics templates.
Learn how to automate from the time the client says “Yes, let's move forward” to sending the engagement letter, launching the client portal and capturing the first key details necessary to begin each engagement. We will walk you through where in your onboarding process you are getting stuck, and how to shorten the onboarding timeline to allow for a client to experience a seamless transition into your firm.
Once the client is successfully onboarded, it's critical to make sure the internal staff knows what steps to take to run an efficient and effective engagement. We will walk you through the recommended task management process, simplify training on how to execute a high-value advisory service and provide the necessary deliverables and templates to show your clients value.
Knowing which software for accountants to use can become challenging, especially as more and more continue to pop up. We will walk you through how to think about your system and identify the holes to be filled, and how to solve your firm's key problems with process, software and/or human capital.
For each of the advisory services below, we’ll give you all of the marketing, sales and delivery materials needed to be able to add these services to your tax and accounting firm—even if you’ve never delivered them before.
Save clients tens or hundreds of thousands of dollars through proactive tax planning in their business and personal life.
Help clients fight against the Internal Revenue Service (IRS) to eliminate or reduce their tax liability through a comprehensive review of their business and personal financial situation.
Look at a client’s entire business and advise them with proactive, forward-looking statements to help them increase revenue, gross profit margins, net profit margins and enterprise value.
Review a client's personal net worth, investments, insurance and estate planning strategy, and help them create a tax-advantaged wealth management plan.
Guide clients through the difficulties in managing their finances as a financial coach, where you teach them how to manage their business and personal finances.
Help clients with the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) or the Main Street Lending (MSL) products, and CARES Act tax planning as a result of the 2020 pandemic.
Our team will meet with you on an ongoing basis to help you
and your team implement the key items above, such as marketing tax services, so you can consistently increase revenue while maintaining profit margins.
Each week, we hold 9+ hours’ worth of calls where you can join and ask instructors anything, from technical topics to how to grow an accounting firm to $1M and beyond.
There’s nothing better than meeting someone who is 2, 3, 5, 10 steps ahead of you, and learning exactly what mindset and tactics they implemented to grow an accounting practice. We hold events four to 12 times per year, both virtually and in locations like Miami, Fort Lauderdale, Phoenix, Lake Tahoe, San Diego, Cayman Islands and more.
We have a private community where you can receive answers from other members and expert coaches in minutes, so you can serve your clients with confidence.
We do so much in just one business day that we send a multi-page email every single weekday on what’s happening in the 7 Figure Firms community: who’s succeeding, any new materials that have been released and more.
Hear from other successful accountants who have grown their businesses with 7 Figure Firms.
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