Thursday, 13 December 2018
Sunday, 2 December 2018
Sunday, 28 October 2018
Thursday, 18 October 2018
Thursday, 11 October 2018
Monday, 24 September 2018
The Bulletproof Engagement Letter
I have seen some terrible Engagement Letters prepared by accountants, and to my horror, I've even seen many accounting firms not using Engagement Letters at all! So let’s clear this up straight away:
“If you are providing professional accounting services to the public, you MUST communicate to your client the terms of the engagement. It is an ethical and professional requirement. You will lose your membership and practising certificate if you breach this requirement.”
So here’s the boring legal stuff: If you are in public practice (sole practitioners included) and you don’t believe you need to prepare a document to communicate to your client the terms of engagement, then I refer you to APS305 – Terms of Engagement. This document clearly states that if you are providing professional accounting services to the public, then it is mandatory that you follow APS305, in that you must provide some form of written document outlining your Terms of Engagement to your clients. I am still surprised today the number of accounting firms, especially sole practitioners, and even multi-partner firms, who do not think they need to prepare some form of written communication, AND get their clients’ to sign off on it before they start any work.
BUT here’s the problem – You can’t be bothered because it is a legal, boring and onerous task that you would rather not do. Maybe it’s up there with things you want to avoid like going to confession or visiting the dentist.
So let me make it easy for you.
So here’s the good “What’s in it for me?” stuff: In my 20 years in public practice, my “Bulletproof” Engagement Letter has made me money and saved me money. A lot of money! You need to switch your mindset and think that by having a solid, well worded, plain English, often reviewed and regularly revised Engagement Letter as a critical tool in your arsenal, you are protecting your hard earned accounting fees and your business.
The Engagement Letter, in my opinion has only two purposes and they are very selfish purposes that all accountants must embrace:
1. To make you Money
2. To save you Money
You’re in business aren’t you? So the above 2 points are vital aren’t they? Good, if they aren’t then you shouldn’t be in business.
So, if you want to know more, then get my FREE TIP SHEET that will give you the specific wording and paragraphs to use so you too can create a Bulletproof Engagement Letter.
Tuesday, 28 August 2018
Welcome aboard Fusion Financial Group! Tim and Paul have a great firm and a great team of people. They are (and I am too) really excited about the future and the huge organic growth we are going to create in the next 2-3 years without a single $ spent on marketing. That's what you want and that's what I teach.
I've just finished running my 1-Day Intensive Workshop "How to Build a Value-Based Accounting Firm" with this great accounting firm in Ipswich. One outcome (of many) was their first project that will create at least $150,000 worth of new accounting fees straight away with ZERO spent on marketing etc. This is the picture of the whiteboard from the afternoon session of my workshop and there, slap bang in the middle is the "conservative" amount that I wrote that is just what this one project will generate in fees for them. We have a good 2-3 years worth of organic growth to delve into and this is just the beginning.
Imagine what I could do for your accounting firm? The investment is minimal. The long term organic growth is huge. I love doing this stuff for accountants.