Are you really keeping your full promise to your clients and staff?

Are you a CPA / Accountant responsible for your firm's growth, profitability, client experience, or staff experience? If yes, the three most important questions you must answer, multiple times during your professional journey, are:

1. What really are you selling to your clients?

2. What real dream of their future are you selling to your staff?

3. Are you really keeping your full promise to your clients and staff?

Let us see why these three are THE most important questions for you.

What really are you selling to your clients?

Leading dictionaries define "Accountant" as:

And "Accounting" is defined as:

While "technically," these definitions can be considered literally "accurate", they are more of clinical/academic definitions. These do not fully reflect what an accountant does in today's world and/or what the impact of an accountant's work is.

Contrast these definitions with the Wikipedia description of an "accountant":

Is the Wikipedia definition comprehensive? It is debatable.

Contrast these descriptions to the dictionary definition of the word "lawyer":

Lawyers advise based on interpretation.

I strongly believe that "accountant" and "accounting" defined by many dictionaries and other reference materials do not reflect the modern-age work that accountants do.

Accountants, in today's world, advise clients on several very important aspects, but the dictionary definition does not cover that part. Advise emerges from interpreting several facts, laws, regulations, and business contexts. Only a trained accountant educated in accounting, business, finance, and technological aspects can create and provide reasonable advice.

I believe that the perceptions emerging from current definitions (not necessarily only from those in dictionaries) have a long-term, detrimental impact on the future of the accounting profession. It is because research, labor policies, etc., can be created based on such (non-contemporary) definitions. The future predicted based on such outdated definitions can scare away talent from the accounting profession. For example, a research study says there is a likelihood of automation/technology replacing 94% of accounting work. This prediction seems to be purely based on the current definitions.

Now, these definitions also create a belief and perception in the minds of accountants' clients. They (mostly) think accountant means financial statements, balance sheets, and tax returns. Accounting firms, therefore, mention on their websites services such as bookkeeping, accounting, tax preparation, bill payment, payroll, audit, etc., i.e., what they DO, but they (mostly) don't explain what happens because of what they do.

Do you really believe your clients buy what you DO? Aren't they buying what happens because of what you do for them? So, what exactly are you selling?

What real dream of their future are you selling to your staff?

Now, you need people, processes, and technology to be able to DO what you do as a firm. Processes and technology are factual things. People perceive what they will get from working for your firm. Again, it is not about what they will DO for your firm but what they will GET by doing what they will do while at your firm.

How do you hire staff at your firm? Do your job ads (mostly) describe what they will DO at your firm? And in the "benefits" section of your job ads, do you sell them a "dream" (that, hopefully, they would want to pursue to reach the future they want to reach)?

So, what real dream of their future are you selling to your staff? How do you know what you are selling is aligned with what people want to do in their lives?

Are you really keeping your full promise to your clients and staff?

Okay, let's say you are a step ahead of your competitors and can differentiate your firm for your clients and staff. You end up "promising" (yes, those who buy into your narrative feel you are giving them a promise of a better future).

But are you really keeping your full promise to your clients and staff?

If yes, both clients and staff will be happy.

If not, you will have unhappy clients (not many will leave even if they are somewhat unhappy) and disillusioned staff (they will surely leave). You will find it difficult to hire new staff.

Is that the case with your firm, or will you face this situation sometime soon? If yes....

Believe it or not, your firm's business model could be the culprit

Ron Baker and I recently had a long, deep discussion about the talent shortage in the accounting profession.

We had a significant breakthrough.

There is no doubt that there is a huge talent crisis in the accounting profession. But it is not just the market problem.

What’s the connection?

We discussed, debated, and de-layered the complexities of the cause-effect fundamentals of talent shortage.

In an upcoming special webinar, Ron and I will share crucial insights to uncover the direct impact your firm’s business model can have on your ability to beat your competitors in staying ahead in the talent game. Click here to register for this special webinar.

P.S.: Know anyone who might benefit from these insights? Please share the link with them.