People talk about fate and how it can change our lives through chance meetings, relationships and discussions.

Over the last few years fate has led me to become friends with a couple of guys who I have come to respect and admire for their efforts and what they have achieved in their cloud-based accounting firms.

Like meーand also based on what they learned with their own firms’ journey to the cloudーthey have seen other opportunities to help accounting firms create a more streamlined, efficient business model based on the Xero platform.

The two guys I speak of (well there’s one Guy and one Paul) are Guy Pearson of Interactive Accounting (Xero AU Partner of the year 2011 and now Practice Ignition) and Paul Bulpitt of Wow Company (Xero UK Accounting Partner of the year 2013 and now a UK Practice Studio Partner).

Here’s where ‘the power of three’ came into play…

Guy, Paul and I were discussing how I had been referred to a firm for some of our outsourcing services, but once we scoped the client’s needs it was obvious he was looking for help to change the way his whole business operated.

We see this often. Practices want to bring about change and efficiencies in their businesses, and they see that outsourcing can play a role in that, which is true. So can fantastic software. But often a bigger picture perspective is needed to look at a firm’s overall processes and business model.

In the case of this firm, as I discussed his business model with him we were able to identify four key areas of concern he had with his processes:

  1. Marketing and onboarding new clients
  2. Processing data from clients
  3. Reporting templates for his clients
  4. Providing the actual advice

It was clear he wanted to focus on building his business and providing advice to his clients.  After all, this is what he went into this profession for, to make a difference to his clients.

Once we identified these four areas together, he asked, “Ok, so how do we address these areas? What should I do?”

Here’s what I recommended:

  • Utilise Practice Ignition to streamline the onboarding of his clients
  • Engage Wow Company to help review and set up his Xero Practice Management suite
  • Utilise the Zerobooks services to help with his clients’ bookkeeping utilising Receipt Bank for their accounts payable and Chaser for any debtor management functions
  • Utilise Zerobooks to outsource some of his internal processes such as updating his Xero ledgers and preparing his Xero workpaper packs
  • Adopt a standard reporting template across his client base. In this case he adopted Crunchboards but each firm will have different preferences depending upon their requirements and may choose Spotlight / Fathom or any combination of the three to service their clients’ needs.

The end result? He was ecstatic that he was given specific, practical advice for the implementation of proven tools and processes, and he was rapt that as part of that he was receiving advice and support from three Xero Partners of the Year.

The combined experience of Interactive Accounting, Wow Company and Poole Group has given him a clear path for transforming the way his whole business operates.

You can tap into this power of three too, in upcoming events…

Look out for Paul and Guy at Xerocon UK on Feb 10/11 and I’ll be on the road doing the Xero Australia roadshows for most of February.

If you’re not able to connect with us at these events, feel free to contact any of us directly (Contact Us links below). We will share with you what we learned on our paths to becoming Xero Partners of the Year, and can have a chat about your ideal options for transforming your practice.

Contact Zerobooks

Contact Practice Ignition

Contact Wow Company