CPA Practice Advisor

APR 2013

Today's Technology for Tomorrow's Firm.

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GREAT PRACTICES JAKE KEEN, CPA, CVA, MANAGING PARTNER Doing Business His Way I By Kristy Short, Ed.D n 2012, Jake Keen, CPA, CVA, and managing partner of Keen & Company, made the commitment to convert his frm���s tax sofware���moving to UltraTax CS. Litle did he know that his sales rep had more to ���sell��� him. With a litle coaxing, Keen was convinced to register for a Thomson Reuters Partner Summit. ���When my rep told me about it, honestly, I had little interest in attending. I was just too busy and didn���t think I could spare the time out of the ofce,��� Keen explained. ���But afer hearing Darren Root���s [CPA and fellow frm owner] presentation and geting a look at how he runs his frm, I was very glad that I went.��� Keen was so impressed with Root���s message and concept of the Next Generation Accounting Firm that he immediately joined RootWorks. RootWorks is a member-based education organization founded by Root that ofers its members a guided road map to transform their firms into highly efcient and proftable busine s se s ���i nc lud i ng de d ic ate d coaching on business model, technology, branding, marketing, and more. ���His [Root���s] frm was the kind of frm I wanted to operate,��� Keen said. ���I remember my drive home from the Partner Summit and feeling for the frst time in a long time very excited about the accounting profession.��� Action #1 ��� Implement a New Business Model A core part of the RootWorks message is that frms must frst have a sound business model in place. Too many frms operate under a whate ve r-m a k e s -t he - c l ie nt-h ap p y mindset. This leads to disparate services, fragmented processes, and lack of uniformity frm wide. Add it all up, and what you get is a lot of time wasted trying to accommodate every client���s unique needs. ���We were g uilt y of tr y ing to please each client, always customizing our services and fees based on what a given client wanted. All that did was put the client in control of our processes,��� Keen explained. ���We learned that by defning our service oferings, and sticking to a standardized format, it put us back in the driver���s seat.��� Today, Keen & Company operates under a fi xed ser vices and fixed-fee model. One of the first tasks accomplished after joining RootWorks was defining a set of services based on the firm���s core competencies. Keen stated that he has not deviated from this model. ���We are no longer all over the board with our services and fees. And because we stuck to our guns, we were also able to standardize workfow processes. When all staf members follow the same process to complete a task, the efciency gains are immense.��� STATS AT A GLANCE Website: www.keenandcompany.com Year founded: 1990 Total employees: 11 F/T Home base: Springdale, Arkansas Firm description: Full-service tax and accounting frm Technology of Choice: Thomson Reuters, Bill.com, Right Networks, Hosted QuickBooks 14 April 2013 ��� www.CPAPracticeAdvisor.com Keen has also realized that by operating under a standardized model, the frm is atracting ideal clientele. ���We���ve found that most business clients love that we bundle our services and charge a fxed fee because it eliminates month ly billing surprises and allows them to easily budget for the year. Te new model is atracting the type of client we want and weeding out those we don���t.��� Action #2 ��� Implement an Advanced Delivery Mechanism ���I knew that we also needed a new website, a place for clients to do business as Darren [Root] described it during his presentation. Tis was a key element in our redevelopment eforts,��� Keen stated. Te RootWorks approach directs frms to provide clients with a dedicated on line space to per form work���the frm���s website. Te logic behind this approach is that a frm cannot control processes if clients have no way of working collaboratively with staf. ���Client portals offer the ideal delivery mechanism. Darren showed us how his frm���s website supports a WE���VE FOUND THAT MOST BUSINESS CLIENTS LOVE THAT WE BUNDLE OUR SERVICES AND CHARGE A FIXED FEE BECAUSE IT ELIMINATES MONTHLY BILLING SURPRISES AND ALLOWS THEM TO EASILY BUDGET FOR THE YEAR. THE NEW MODEL IS ATTRACTING THE TYPE OF CLIENT WE WANT AND WEEDING OUT THOSE WE DON���T.

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