Become A Top 100 Accountant

by Andrew Argue in Becoming An Accountant Comments (0)

You only have to do in the US right now $40 million a year in sales to be a top 100 accounting firm.

$40 million a year in sales to be a top 100 accounting firm.

He’s going to be on the top 100 in a few years.

He’s already passed this level.

He’s at $1.6 million a month, right?

Or no, he did more than that…$2.4 million a month.

So, what is he doing?

He’s selling a form of financial consulting coaching.

He’s actually doing $20,000 IT audits plus cyber security consulting.

But all from the IT audit, the SSAE 16, SOC 1, or whatever.

But he started out as a normal dude just working at an accounting firm.

He liked to do the IT stuff.

Got into that and started a business. They did $20 million last year and he is going to do $30 million this year.

I talked to this guy…he is unbelievable.

He’s got 12 people that are effective salespeople at his company.

It’s an accounting firm.

12 effective people doing sales.

2 people that are doing full-time marketing.

They spend $250,000 a month on advertising.

Amazing.

So there’s a lot of firms out there that are big.

There are a lot of people out there that have been big.

There’s no reason why somebody in here shouldn’t be able to do it.

$840,000 a month.

If we look at it, that’s probably divided by $5,000.

What is that? 170?

I don’t know. I don’t have the number on me here. 168. 840,000

divided by 5,000. 168.

168 divided by 31 days in a month is 5.4 sales per day, right?

If you’re doing that type of a business.

5 sales a day.

Dude, we just got 5 sales a day.

We just had the collective energy of more people.

It’s already been done.

I’ll get more than five sales today.

You know, they’re out there.

The people are out there.

But the only reason why we generated 55 appointments is because we did the freaking work.

We reached out to a shit load of people.

Most people that you reached out to in the room didn’t get back to you yet.

So to get 50 appointments we probably had people reach out to 150 people in here.

150 people in here.

These numbers are totally doable and I know with the group in here that somebody in here is going to do this.

And there will probably be more than one.

But somebody in here is going to do this.

And you have to do the math on it.

Now, if we’re doing $840,000 a month divided by let’s say 1500.

That’s 560 monthly accounting clients.

Dude, that’s a real number.

That can be done.

What you got to think about is this…how many clients can I onboard in a monthly basis?

This is the biggest question for everybody in this room.

How many clients can I onboard in a monthly basis?

What is my capacity? 560? Sounds like a big number, right?

But if you can get to where you can onboard 2 clients per week…

…by the way, I talked to this guy doing $20,000 IT audits, he gets 50 clients a month.

He on-boards 50 people a month for $20,000 IT audits.

He’s got a 130 people staff.

It’s a big business.

I mean think about it.

If you want to have a big company…

…that’s why I got my office…

That’s why I’m going to stick 100 warm bodies in there and get them working.

If you want to go big, you have to actually have some muscle behind the damn thing, right?

So, if you can get 2 clients a week, that’s 8 clients a month, right?

That’s 8 clients a month.

540 clients are needed at that level, if it’s the monthly accounting.

540 divided by 8 is 67 months, that’s 5 years.

In 5 years can someone go there?

And if you build a monthly recurring business with that much revenue, dude, that is a very valuable freaking company.

But that also doesn’t take into account tax, tax planning, individual tax, business tax, you know, clean up services.

So it’s even shorter, right?

It’s even shorter.

But how many clients can you do a month if it’s accounting, right?

Can you do 2?

And then if it’s tax planning, how many clients can you do a week?

Can you do one a day?

Can you do one tax plan a day?

But here’s the biggest thing guys.

You as the entrepreneur, it is your responsibility and your duty to generate the revenue.

Other people’s job is to work for you to help you deliver the services.

But if you sell shitty deals and you never try to push hard enough, you’re never going to have enough money to hire people.

I’m hiring all these people right now and I’m not stressing in the slightest because I have the money to do it.

Because I’ve saved.

I know I can get money myself. I know my team can get money.

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You don’t need a CPA license

by Andrew Argue in Becoming An Accountant Comments (0)

There was a time when people were going to college and getting a CPA license and it was like the smartest thing that you can do.

But now doing the opposite is the smartest thing you can do.

You have to play against the crowd.

And so the truth is that for them, going against the crowd, dedicating their life to this, or something like this, and doing this, would be better for them.

(Audience question): I don’t know if I should have the confidence to say like, how do you address that?

So, we’ll talk about this when we get to objections too.

But it’s a great question and we’ll definitely hit that.

It’s kind of like kids.

If you want your kid to take out the garbage, you can’t just tell them to take out the garbage.

You have to do something else to inspire them.

So you have to kind of do a misdirected action to get them to go there.

That’s why we use silence and we don’t sell them and then they buy.

So you have to do something else to get that result.

We’ll talk about how to specifically address that depending on the situations and the stories you’re getting.

But you never want to try to sell them and tell them how good something is.

You want to really misdirect the focus on how they really don’t need that.

So for example, in that situation, I would say something like, “Yeah, well what do you really want to do?”

And they’d be like, “Well, I really just want to have an accounting practice doing $250,000 a year.”

You’re like, “Okay, do you want to do audit or tax resolution?

And they’re like, “No, I just want to do accounting, bookkeeping and tax preparation.” Okay. So you don’t need a CPA license.

And they’re like, “Well I guess not.”

You have to go over to this other thing and remind them that for their intended goal, they don’t need that and get them to admit it to you.

Because if someone really wants to do tax resolution and really wants to do audit, they need to get a CPA. So, for them, they have to do it.

For them, that is the best course.

But for like 95% of people, it’s not the best course.

Because people are so busy just doing things that are distracting rather than doing what they need to do.

I did it for years. I got a degree and all this stuff. And it really was way too much.

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What advice I would give someone who’s just getting started in accounting…

by Andrew Argue in Becoming An Accountant Comments (0)

Q: My current clients 50% of them are low volume; another 25% either non-paying or making delayed payments. 10% client’s monthly volume is reducing due to their business situations. Due to these I am not meeting my monthly expenses and not taking any withdrawals from Business.

This is the reason I took up your training and already know going through and implementing your training will transform my situation completely. I have also signed up for the Sales Bootcamp Aug 8-10th.

Completing the training and putting your ideas into practice and changing to Niche specific clients all going to take some time (few months), any encouragement/advise you can provide to go through this transition joyfully – from loss making to profit and from non-niche, non-paying to clients paying upfront!

I was writing about this today about…

What advice I would give someone who’s just getting started in accounting…

So someone that I don’t remember if they said a student or someone that’s at the beginning of their accounting career or something like that…

And I said a number of different things in there…

But one thing I said…

Which I think is huge…

I went through university, I went through and worked a job in accounting.

I got a CPA license, all that crap…

And still I really did not understand…

I really did not actually understand the way that money sort of works…

And the way that debits and credits work…

The way that the income statement works…

The way the income statement flows into the balance sheet…

The way the balance sheet works…

Like I didn’t really understand that until I actually did my personal finances…

So if you’re ever like…

People don’t understand that the personal situation…

The personal income statement…

And the personal net worth statement…

Is exactly the same in principle as the business income statement and the business balance sheet.

I actually think about it like…

I remember when I was in school, I always learned like…

Assets equals liabilities plus equity.

And I always thought that was weird.

Assets equals liabilities plus equity, right?

But I never, I never think about it like that.

I always think assets minus liabilities equals equity…

Really that’s kind of from a business perspective.

But then also, you know, I also think about like…

Assets minus debts equals net worth.

So I mean, and honestly it’s the same.

It’s all the same thing, right?

This is just a way to say it for business, right?

These are using the business terms, assets, liabilities and equity…

Assets and people do kind of say assets and personal life or they might say money…

Really assets I think still works for personal life…

And then average person calls a debt…

Money that they owe other people which gets them to their net worth.

And that’s really personal.

But I mean like when you look at your business…

Like in your example, you’re like, I’ve got a lot of clients but some of them are low paying, some of them are here…

I’ve also got contractors, like you’ve got all these levers, right?

So if you don’t actually go through and do this in your personal life…

This is where I actually learned how to do accounting…

And this is where I actually learned what it meant and how, like what things in reality affect these numbers.

Because that’s the big problem is…

Sometimes accountants want to manage the numbers, they don’t realize that the numbers are just a reflection of actions in reality…

And the best place where you can learn this sort of exercise is just your personal situation because if you go through…

You look at your assets, you look at your debts, you look at your net worth and then you think, okay, what kind of behaviors increased my assets…

Lower my debts and increase my net worth…

And so that’s kind of on the balance sheet, net worth statement side.

But then you’ve also got the income statement…

So you’ve got income and we’re going to just simplify it…

And then we’ve got basically profit…

And this is kind of on the business side, right?

So the business side, like I said…

And then on the personal side…

And this is huge for clients too…

But honestly like this is just until I really understood this…

I didn’t know anything about accounting.

I can read a 10K and I could do journal entries and stuff…

But I didn’t ever feel it because it was never really real…

And I never knew how it worked…

What do I change to actually get these numbers to change?

It just didn’t make as much sense.

And then here we’ve got income expenses and then I mean maybe you could call it discretionary income…

Or you could call it savings…

If you actually actually save it…

But if you’re having problem in your business…

And you’re having problems getting the numbers to work…

Getting your income statement to work your costs…

Because I had this problem too, when I look at my business last year…

Last year we grew the business huge, but we didn’t have a good profit margin.

We just focused on growth, growth, growth, growth, growth, but we didn’t make good profit margin.

Now I’ve restructured the business.

I’ve totally restructured the way we are doing sales, the way we are doing marketing.

I’ve also restructured the way that we’re hiring and even though we had probably five times as many people this year as last year…

Our profit margins have tripled from what they were in the past.

So I figured out how to do that in my personal life when I was first getting out of debt…

And then I figured out how to get sales and then I took everything I learned before about cost cutting and everything like that.

Put it into my business and also started to hire people the right way.

Started to restructure the way we did marketing…

And started restructuring.

We did sales and so…

But I take the principles that I learned in my personal life and I applied them to business…

As opposed to like trying to help people with business…

So whenever someone’s an accountant and I want to help somebody with their finances…

I want to be a financial coach, and I find out they’re broke.

I’m like, dude, take your own medicine. Take your own freaking medicine.

So in your situation, I would really sit down and go through all four of these financial statements.

One, two, three, four.

Go through all of them and then start to make a plan on each of them.

What do I need to do to in my actual personal?

I pay myself more and spend less money and have a higher over overall income and higher savings.

What do I need to do in the business?

Do I need to get rid of some contractors?

Do I need to restructure some of these client accounts?

Do I need to get more clients?

Do I need a higher quality of revenue, higher pricing for the work that I’m doing, am I just lumping everything in together and I’m not splitting out sub account management with monthly accounting and outsource CFO or controller work?

Am I not splitting out tax planning and tax prep and I’m just lumping it all in with low end prep fees?

Like we can dig into all this, but what is the problem on the income side and then on the expensive side?

Is it the contractors?

I think in your case you have an office.

Is the office too expensive?

Is it needed at this point?

What are the other things that we’re spending our money on where it’s not…

It’s not contributing to income growth and profit growth…

Because as you increase expenses guys, I’m always looking increased expenses.

I’m always looking to increase expenses but they got to be on things that are growing income and growing profit.

So when we look at that, that’s what I’m thinking about is…

Make a plan on each of these…

And then going up into here, same thing, assets, debt, net worth.

How long is it going to take us to pay off any debt that we have?

Student loans, house, like what’s the timeline specifically?

And then, you know, in the business as well…

If we have debt, what kind is it, how long can we pay it off?

What are we doing to grow assets other than just the…

Is it just really like the net that we’re bringing in from the business?

Is there anything else?

Also, can we turn some of this more into cash if we’ve got AR or something like that.

Can we start billing upfront instead of billing at the end?

I think we talked a little bit about that.

I would go down and list out for each.

I would list, go through each of these financial statements.

And then for each of these financial statements, I would list out the key problems with each…

What is the problem that we’re having here?

List out the problem that we’re having here…

List them out.

And then if you go through in week one, that new way of thinking training…

And you start actually prioritizing them for each of these financial statements…

You should have key problems that you need to focus on fixing…

That are gonna make the biggest impact on doubling your income…

Doubling your revenue…

And that’s how I would think about it…

Because to be honest, everything that you’re dealing with right now…

And we’ll go into this more when you come down to the bootcamp…

I’m happy to walk through some of the stuff with you as well.

Everything that you’re dealing with right now has a simple answer…

Because I know you’re doing enough in sales, right?

To be able to make a good net.

But you’ve misorganized that.

You’ve hired too many contractors.

You’re overpaying people.

People think that contractors are so great and they are, if you’re looking to stay small…

But they’re not…

It doesn’t make as much sense as hiring people on full time, on a W-2 basis.

And then you actually will get a much fairer deal and much more committed people if you do that.

But in the beginning it’s great to do it…

It seems like we’re probably overpaying with what I know you’re doing in sales…

And then the quality of revenue is too low and we need to work on redoing that.

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What’s it like working with Andrew Argue?

by Andrew Argue in Becoming An Accountant Comments (0)

So my answer of what it’s like working with Andrew…

Is like grabbing onto a rocket and trying to hold on.

Working with Andrew has been…

I mean, it’s changed my whole life.

It’s pretty personal for me working with Andrew.

I came in as an old school accountant trying to build an old school accounting firm…

And I wasn’t doing really well at it…

Working with Andrew changed my mindset.

It changed the way I do business.

It changed the way I approach my value…

And working with other people…

And respecting myself and my value…

And that’s helped me build a really valuable firm now.

It’s helped me increase the value of clients that I work with.

I work with better clients now.

I have a better business now.

I have a better life now after working with Andrew.

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What’s broken about the current way people become accountants?

by Andrew Argue in Becoming An Accountant Comments (0)

I think that what’s broken about the current way people become accountants are…

They believe that they need to have experience…

They need to have the CPA license…

They need to be an EA…

They need to go to college for years before they can actually be an accountant…

They think that they’re not qualified or they’re not good enough…

And they need this certificate and that certificate…

And they need to get this more experience before they can actually be successful in this industry…

And I think that it’s a real shame because most people have the opportunity to start their own firm immediately…

And go out there, start getting clients, start helping people start implementing, some of the tools and techniques…

And tactics that they may have learned immediately.

I think that there’s been such a barrier on what you can and cannot do…

And nobody has been real clear about that…

if you wanted to become an accountant tomorrow, guess what?

You can.

You can become that accountant.

You can become a bookkeeper.

You can become a CFO advisor…

You could do whatever you want to do.

And again, it goes back to having an end goal in mind…

What do I want to become?

Who do I want to change into?

What can I do to be able to get there the quickest and the fastest?

And that’s really what we’ve done in the AccountingTax.com educational programs is…

We’ve taken you from the idea that, “oh, I can’t do this…”

It’s too overwhelming to…

No, here are the tools, here are the tactics, here are the techniques, here’s the strategies, here’s the mindset help…

To be able to be successful as your own firm owner…

Without having all those other certificates behind you.

And instead what you’re doing is you’re going out to the small business world…

And you’re providing value and your value is then paid back to you in high fees…

Because it’s useful instead of just being sort of…

What’s Andrew usually call it…?

Like a parakeet paid to peck the keyboards.

Instead, you’re actually being a high value advisor…

And from there you can really, really change some lives…

And really help some people.

So I think that that’s such an opportunity there for accountants that people…

I’ve never been given the permission to succeed that way and that’s what we’re really trying to do here at AccountingTax.com…

Is we’re giving you the permission to be successful in this field without x, y, and z. Right?

Without those certificates, without that knowledge, without that background, without that experience…

We’re saying you could do it…

And we’ll show you how.

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My Story (I went broke…) | Andrew Argue, CPA

by Andrew Argue in Becoming An Accountant Comments (0)

For those of you that don’t know me or my background…

A little bit about my story…

I am a CPA in the state of Florida and I first started working at pwc when I started my career…

That’s where I kinda got really lucky.

I was really young and they threw me on a couple of client proposals…

I ended up working for a Fortune 1000 client and then also one for Perry Ellis, which was a major clothing brand.

We ended up winning that one and that was pretty cool for me.

I was a really young guy…

It was literally my first or second year at the firm and they threw me on these things…

and I got to see how people were selling accounting services and then I really sort of got interested in that.

But even after I sort of quit that job and I went out to go work for myself…

I tell this story a lot because it is kind of funny.

It’s a picture of me…

I was actually living in Orlando at the time…

I had quit my job…

Three months after I quit my job…

My wife and I got married…

Three months after that we went totally broke because I was such a wuss when it came to business.

I was pretty scared about actually selling something myself.

You know, when you’re in a sales relationship and you’re working with a company like pwc behind you…

It’s easy to be confident, but when it’s just like you, you’re like…

You just like clam up and you start freaking out.

Literally for the last six months before this moment, I was scared to even talk to other people.

And a lot of people say that, right?

Like how many people have heard that accounts suck at sales, right?

I definitely sucked at sales…

So I went totally broke.

I had 50, $60,000 in student loans.

My wife and I, even though we’d just been married for three months, we had like a thousand dollars left.

And you know, my business, I had no income. I had no job. Luckily my wife kept her job

I didn’t end up on the streets…

But I ended up pretty close to it.

The reason that I’m sitting on this ground right here is because we wanted to buy a couch…

We couldn’t scratch together at $250 that we could say yes, we want to buy this couch…

I refused to do it.

I don’t have $250 to spend on the couch.

So this is me taking a nap on the floor in the living room.

You can see my belly is hanging out there and everything…

I think what happens to a lot of people when I’ve worked with a ton of people that are just starting out in accounting.

And the reason I tell this story is because it’s like you get so freaked out over something that’s just not even real.

But what was cool for me about this is this taught me a lot and I think throughout my life…

Every time I hit rock bottom, that’s really when I learned the best things…

And you know, right after that moment I started to just say like, I’m sick and tired of this crap.

I’m going to get out, I’m going to start making things happen.

I don’t care how embarrassing it is or how stupid I look.

And so this is literally 14 months after I tell this story because that’s really what changed my life in particular.

It was just the personal finance thing.

I was like, how am I an accountant? How am I CPA?

How am I flat broke?

Literally can’t even afford a couch…

You know, after I had a degree… I had a CPA license… I a master’s degree. I worked with these top firms.

And so really what it came down to for me was we were totally mismanaging personal finances

and um, you know, we had had two jobs.

We had relatively little savings even as a CPA.

A lot of CPAS are bad with their money.

I’ve worked with a lot of them and it’s pretty unfortunate.

But after that period…

It was about 14 months where we didn’t spend anything.

Like I said, I didn’t even spend $250 on a couch.

I think we spent $600 on food in restaurants every single month.

And we just batten down the hatches because we weren’t making any money.

But until I realized how to increase my income…

The only way that I could really get out of this pickle was to decrease my expenses.

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Reviews of AccountingTax.com

by Andrew Argue in Becoming An Accountant Comments (0)

Reviews of AccountingTax.com

I just wanted to tell you about my incredible experience with next-level firms and Andrew Argue. Since I have joined just a few months ago my revenue has doubled during tax season…

And I still have a couple of weeks left…

So I’m very excited about what the future holds.

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What Made You Interested In Accounting?

by Andrew Argue in Becoming An Accountant Comments (0)

What Made You Interested In Accounting?

I became interested in accounting in college…

and really enjoyed some high school classes I took in accounting, I felt like I was pretty good at them.

I went to college with a desire to travel the world, working with international business and a minor in Spanish…

The job market was really tight.

It was difficult to find a job and even more difficult to pay back the mountains of student loans that I had taken out going to a private university.

I decided to switch my major to accounting to guarantee that I had a job.

One of the things that I really like about accounting is that with the right skills and developing the right expertise, you can serve in a number of different ways.

You can be an accountant but still be good at sales and marketing.

You can be an accountant and still be able to work on in HR, or risk management, you can work in all other areas.

On the flip side though, people that specialize in other areas of business can’t necessarily understand and communicate the accounting and finance aspects.

Accounting is much more of a safety net when you just want to be in business, be an entrepreneur, or you want to help other entrepreneurs.

 

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James Rainwater: Coaching Areas

by Andrew Argue in Becoming An Accountant Comments (0)

James Rainwater: Coaching Areas

The areas I instruct on are coaching with some of the more technical aspects. I provide accounting, tax and outsource CFO services to my clients, so I coach this same subject

The areas I instruct on are coaching with some of the more technical aspects. I provide accounting, tax and outsource CFO services to my clients, so I coach this same subject

I can help out on the marketing and sales side..

But, what I really enjoy is tax.

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Want to learn more?

Visit: https://andrewargue.com/training

Website: https://www.andrewargue.com/

Facebook URL: https://www.facebook.com/andrewargueiv

Twitter URL: https://twitter.com/andrewargue

LinkedIn URL: https://www.linkedin.com/in/andrewargue/

 

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Facing Failure

by Andrew Argue in Becoming An Accountant Comments (0)

Failure is something that is always going to happen…

Failure is something that is always going to happen…

There’s always going to be ups and downs…

It’s not something that you can avoid…

You’re not going to be good at everything, and if you’re not facing failure, then you’re probably not doing anything that’s pushing yourself outside the comfort zone.

You’re probably not pursuing those goals or if you are pursuing these goals, your goals are set too low.

You want to be able to be pushing yourself…

You want to get outside that comfort zone…

You are in control of your life, nobody else is controlling your life.

Nobody else is telling you what to do, when to do it, how to do it.

It’s up to you to make the decision whether or not you want to do it.

It’s up to you to overcome barriers that come in your way and face that failure head on and be the one that’s going to be able to overcome that.

The responsibility lies with you and when you have the responsibility that lies with you, you can now do something about it.

A lot of times people push the responsibility on other people and then they feel helpless.

Be able to overcome whatever barrier or failure that gets thrown at you because you could just pick yourself back up and be back at it the next day.

So as long as you realize that it’s just up to you to be in control, then you have the real opportunity to see success because it’s yours.

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