407 How I’D Run My Accounting Firm on Production Pay

[@RomeoHatesShrimp]

This mid-game boss origin story 18:26

[@RomeoHatesShrimp]

I can't explain it, but the nuggets of personal stories about his old firm life are what make this podcast, he always speaks about it from a top down view, I really enjoy these episodes where he brings stories into it. Maybe I am just craving a good auto-biography book.

[@JasonOnFirmsPodcast]

@ I wish I could do it more but those people still have jobs, many of them still work for the same firm etc

[@jonathanjraj]

Thanks Jason! Super helpful. In general, it sounds like a decent amount of admin work that always needs revisions. I'm wondering if a more structured performance/KPI based bonus would require less mental capacity in the long run and would allow for a set allocation amount for folks with less MRR.

[@JasonOnFirmsPodcast]

Yeah potentially, as long as your incentives are aligned with theirs. Even most the folks paying directly from production have other perks/modifiers, so they're doing that too to some degree

[@jerrygreen4361]

Hey Jason- Accounting undergrad here currently in my junior year, doing a minor in entrepreneurship as well with plans to earn my CPA (for which I’ll need 150 credits). Ultimately I see myself running my own firm but I think I would like to get some experience first in public accounting. A few questions- Is it worth it to pursue an MBA or MS in Accounting/Taxation, or just get to 150 credits so I can earn my CPA cheaper/quicker? And what type of firm would be best fit for me? Big 4, mid market, smaller/local, etc. I’m wondering how transferable the Big 4 would be to entrepreneurship because I figure the client base would be completely different from when I start my own firm. Love the channel, thanks!

[@JasonOnFirmsPodcast]

Hey! 1. Eh people will say different things, but even a CPA isn't necessary to run a successful firm assuming you won't do attest work. So I'd say follow your passion there, being mindful not to make it any harder than it needs to be. 2. True going from big 4 to running a small shop is a major adjustment. In a perfect world you'd want some experience managing clients yourself. There are upsides and downsides to each, I'd just say be mindful the further away you get both in firm size and service mix from the firm you think you want to run, the less relevant that experience will be. Also no need to rush into it. Getting to see different things is a great way to learn what you enjoy 🙂

[@FirelandsAccounting]

​@@JasonOnFirmsPodcast I'm not going to post details here but... 1. You don't need a CPA to run a firm, you don't need a degree. College won't necessarily prepare you. 2. I wouldn't know. I started my business 12 years ago and never worked at a big firm. 😂

[@FirelandsAccounting]

A lot to unpack here but I've always had the thought; Why wouldn't someone just do it (run a business) on their own? Like it didn't occur to me that a lot of people don't want to own a business. It still seems weird to me. But seriously. What are the various options about percent ownership? Profit percentage vs equity or both and how any of that would work? Or where to even start? I'm not a savvy business person and don't want to get taken advantage of. Not everyone has the same hippy dippy thinking we do. Lol! 😂 🤓 I haven't watched Brandon Hall's thing on it yet. If anyone could link it here that'd be great.