Great video, LinkedIn is an absolute nightmare now. I’m done with trying but still need clients - what else can I do? Cold outreach?

I have a computer science degree from UC Berkeley and interned in AI at ICSI while a student ("International Computer Science Institute"). Training neural nets cannot lead to an 'entity' willing to take full responsibility for ANY data set, including data from an accounting/bookkeeping/finance effort. Because there are legal issues regarding accuracy, an AI-produced data set of an accounting nature must be examined by an 'entity' able to validate then take responsibility for accuracy. They're never going to hold an LLM responsible for a data set that was represented as "Accurate and Complete" They are going to hold responsible the person(s) who relied on the LLM. There will be no shirking of responsibility when an accounting data set is presented as "Accurate and Complete' - it will have to be a human. Why? Because LLMs do not fear legal consequences, loss of freedom/jail time for fraudulently submitted data. There is absolutely NO WAY our business will ever submit LLM-produced accounting data as "Accurate and Complete" - we're going to rely on: - human bookkeeper - human accountant - human finance expert Can LLMs prepare accounting data sets to be reviewed by humans? Sure. But the human professionals will decide if they accept the liability of submitting data to civil authorities that came solely from an LLM. I would not want my livelihood and possibly my freedom "in play" due to relying on an LLM. I wouldn't do it. Marketing data? fine. Journalism output? Sure. Any data set where I'm liable for "Accurate and Complete" ? NO WAY. It's the same problem for attorneys and physicians. Too much to lose, to rely on an LLM.

I like the part where they talk about how to earn 250k per year

Great interview. Very helpful in my research process.

A wealth of information!

What was the book Reset..?

Like the CFO/Ops management in this one

I L❤VE a Countess!!! This was an expansive conversation; thank you!

Great interview - all the best for the next phase of growth Luke

great video - i was curious how many clients can one overseas bookkeeper handle on their own ?

Thank you for this conversation - just finished the book and listening to reinforce the concepts in my mind now. John is great.

Proud of you buddy - Barrett

John made some very good points but missed some really key important ones. Having sold over 1000 accounting firms nationwide here are a few points I’d like to make. First private equity is already in the market and spending huge sums of cash. I know having personally sold numerous firms to several different PE firms over the last three years. Next I didn’t hear much about the importance of profit margins which is one of the main drivers for valuing a firm. And lastly the importance of profits cannot be understated. If one firm putting 50% to the bottom line and another similar type firm is only making 30% clearly the one making 50% is worth more money. Most of the sales I’ve been involved with over the past 5 yrs have sold for between 1.2 to 1.4 times GAB. My PE buyers are paying 3 to 5times EBITDA. And I just sold one firm in Brooklyn NY that’s was netting 65% for 250% cash at closing. That’s 9mm dollars!! Bruce Clark CEO New Clients Inc

Is Jetpack Workflow supposed to be niched towards CPA firms? I noticed mostly CPA firm owners on these interviews

This software is terrible and inferior to a simple application like Drop Box. Their customer service is horrible. The delay in a response is 2 weeks. This purchase was a giant waste of time and money. I will make a video detailing my experience with them and their lousy customer service this summer. I saved zero time compared to using Drop Box. One example is that when a client uploads a source document, I was unable to edit that document. Like rotate the page, separate combinded pages, etc. Just basic stuff was a chore. Each new client had to be edited and if you have a problem then you can click on the little chat box which is an exercise in futility. I paid for Docusign which didn't work. And even if it did, I'd have to wait 2 weeks for customer service to help me. I paid for the migration which was terrible. Most of the items were not moved successfully from drop box. Some folders in the migration are completely empty including my personal folder, lol. You'd think they would get that right. It's been and continues to be a terrible experience. They're are automated emails explaining what a good job you are doing are a joy as well, Hope this helps anyone considering purchasing this crappy software. Oh and you have to buy a Microsoft subscription if you want to edit docs. You can't just use a web document version like with google sheets or drop box.

Terrible company .How does it work? How do you delete a uploaded file? Where the hell is the trash option?

Hey man, Why don't accounting firms leverage cold emails, linkedin outbound etc? Automated systems to reach out to thousands of prospects a month.

I wish he was on the podcast longer. He definitely needs another episode 💯

Hi,I hope to join a bookkeeping/Accounting firm as an virtual employee. I like to work for US,UK,Australian or New Zealand bookkeeping firms. I live in Sri Lanka(My country-It is south Asian country).How can find a job?

1:30 She said she started in 2010; Then at 14:08 she said some of them have been with her for "20-something years" Hmmm.....maybe I'm missing something there?!

I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.

This is hilarious as someone just re-embarking on my accounting education. 😂😂 Clearly a lot to look forward to!

I do 1040s and make a 7-figure profit. It's a great business when priced correctly.

Trina, you are absolutely speaking my language! Thank you for this great video. I am also a sole practitioner, and 85% of my work is tax prep. My niche is cross-border taxation, which works out perfectly as I am in Canada in a town very close to the US border. You made perfect sense explaining how you don't burn yourself out by sticking to working 50 hours a week during the busy season, having a client chopping block (mine is called the Buh-bye Client List), and having a superstar office manager. You sound fun, friendly, organized, and have respectful but firm boundaries with all of your clients. Thanks again! ~ Lisa

David, great questions! Thanks for the opportunity. So sorry my laptop screen was broken & I didn't realize it was bouncing so much.

6:30 Great question! Still waiting to hear the real answer.

Nice to hear about the pods and structure

Fantastic interview! You ask all the nitty gritty questions beginners want and need to know - those that it seems every other KZbinr/Podcaster/Marketer glosses over. Cheers. subbed and alerts turned on 👌

Fantastic interview guys. Great questions and follow up questions and really thorough answers that have given me a huge wealth of knowledge of ‘what to do next’

“Some old, white male teaching accounting 101”….yeeesh, terribly cringy take guys, on top of some other questionable opinions - but there were a few positive takeaways. This is someone delivering opinions on our industry who hasn’t done substantial work in our industry to have deep experience. Just like how academia has no pulse on day-to-day of PA.

$1200 a business tax return, I donno that's more like price for an individual return...Not sure how you can hire any good talents starting at $100k a year charging $1200

Promo'SM

Perfect example of playing to your strengths. She has those small town relationships, which are hard inroads for “outsiders”, and services them very well.

Louie, why do you need to open offices in other states if you don't see clients in person?

13:55 where’s all the talent? Just from her answer I can almost guarantee that she’s only looking for women to hire.

Thanks for the subtitles.

Good job

I always watch this the day after Tax Day!!! It brings the biggest smile to my face every time!

Great podcast!

This interview was so helpful for me. I just joined the Facebook group she mentioned. Thank you for sharing!

Thanks Tom another excellent job

I personally think going up-stream is way to go but it needs to be within a complex accounting/bookkeeping industry. The down-stream model likely puts you in the sphere of struggling business who may be frustrated (and directed at you) and more likely to question/dispute fees (even if they are cheap).

Great Video👍! I’m in the IT industry I wanted to ask can you buy IT companies in M&A. the same way you buy Accountancy Firms?

Thank you for the shout out Shanita! So proud of you and what you've been able to accomplish. What an awesome niche =)

I so agree with the broad-brush marketing 😆. In the beginning, I actually think it's necessary; at least it will help you get your footing, before niching, before hiring, etc. When there's some cushion, niches will come organically.

#discoverycall

Fantastic interview David. Really appreciate how you dug deep to get the answers viewers would be asking.

Great video!!!

Keep posting. Learning so much from your channel. Thanks.