Building Your Multi-Million-Dollar Practice: a podcast with Peter M Vessenes

Welcome to another episode of “Building your Multi-Million Dollar Business.” James Tobin, the Director of ProfitSee Operations in Australia, joins us today to discuss “Who’s answering your phone?” After calling multiple accounting firms and seeing their general phone protocols, James shares some of the opportunities that were missed, which ultimately could have brought on new clients.

We had such an energized response to the last episode that was filled with coffee puns, so we wanted to bring you another episode that talks about how to make your practice brew-tiful. Let's dive into how to pick a beta client, the length of the trial period with this client, and how to introduce the price. We want you to have confidence in charging for your services.    To learn more, go to www.myprofitsee.com   

This special episode will be bringing you a new flavor on advisory, brought to you by Brooke from ProfitSee. We're going to be discussing how fiscal management and advisory services go hand in hand and how you can leverage this information to solve the money problem for your SME clients.    To learn more, go to www.myprofitsee.com 

On this episode of Building Your Multi-Million Dollar Practice we’re discussing how to charge for your services, how retainer based billing increases the value of your services to your clients, and why hourly billing should be a thing of the past. Learn more at www.myprofitsee.com

On this episode of BYMMDP we're going to tackle the question, "How do you get over the fear of the sale," when it comes to talking to your clients about the services you provide.  Accountants and bookkeepers are not usually in a traditional sales role, but what's unique about this situation is that you already have the most important aspect of the sale: the business owner's trust.  Learn more at www.myprofitsee.com

Welcome to another episode of Building Your Multi Million Dollar Practice. Last time we discussed why your business clients absolutely need advice. In this session we’re diving deeper into what it Moving to Advisory means for you and your firm., and how you can leverage tools to create value for your clients. Learn more at www.myprofitsee.com  

On this episode of Building Your Multi-Million Dollar Practice we talk about why your clients need advice, what types of information matters most to them, and how you are the right person for the job.   Learn more about leveraging the cloud to provide advisory services that make a real difference at www.myprofitsee.com

On this episode of Building Your Multi Million Dollar Practice you’ll hear from ProfitSee’s CEO and Founder, Peter M. Vessenes. As we continue to dive into defining Fiscal Management, we will be discussing the three key components and how real-time data makes it easier for you to provide your small and mid-sized business clients with services that will help them reach their objectives.   Learn more at www.myprofitsee.com

In this segment, part three of “What is Fiscal Management” we’re going to look further into what the fundamental objectives of fiscal management are, and why this is important to businesses. If you have any questions, please don’t hesitate to reach out to us at support@myprofitsee.com or find us on the web at www.myprofitsee.com

Last time we learned that Fiscal Management is always future driven and the goal is to increase the rate of return for the businesses through leveraging assets, strategic planning, and increasing efficiency. While traditional services tend to look at historical reports, like last month’s P&L and Balance Sheet, now, thanks to advances in the industry, accountants and bookkeepers are now able to build the future for their clients through providing additional services.     Fiscal management is building the future by effectively planning for change, budgeting for growth, reinvesting capital, and reducing risk.   Plan for Change A change in a company could involve new markets, new products and services, or shifts in existing plans. Planning for change involves thinking outside the box and Fiscal Management is truly planning for change. Budgeting for growth It takes money to make money! You have to include the capital needed to create the opportunity in your plans, otherwise there is no room to move towards growth. Reinvest Capital It’s not enough to just have the money; you need to know what is next. You need to know how to spend the money and when to spend the money. Does the business need to create a test market to validate the changes? Do they need to start on a small scale and then roll out to the full market? Reduce Risk Even for exciting opportunities, you need to make sure you’re avoiding risk. Planning for change and opportunities in a way that mitigates risk means that the money needs to be set aside in such a way that even if the opportunity fails, the company will survive.   Learn more at www.myprofitsee.com

There is an understanding that bookkeeping and accounting firms need to move towards providing and growing the value-added services they offer their business clients. But what are value-added services, really? Businesses will always need tax, audit, and compliance work, but there is much more to be offered. Fiscal Management is always future driven and the goal is to increase the rate of return for the business through leveraging assets, strategic planning, and increasing efficiency. Traditional services tend to look at historical reports, like last month’s P&L and Balance Sheet. These do give us a good idea of what has been going on, but now with cloud technology we have access to real-time data to understand what is happening now. We can use that information to plan for future growth, risk, and opportunities.

Episode 7 of Building Your Multi Million Dollar Practice is our last session that digs into each KPI specifically. It is split into three parts and covers Debt to Equity, Interest Coverage, and Fixed Asset Turnover ratios. This ratio looks at the net value of the fixed assets and how many sales can be generated through the fixed assets. This is most valuable for a company like a manufacturing plant that owns the equipment. When there’s a higher ratio, there tends to be a higher efficiency, but you have to understand how depreciated the fixed assets are and how efficient a sale is that comes from using those assets. The Formula: Total Assets / Fixed Assets

Episode 7 of Building Your Multi Million Dollar Practice is our last session that digs into each KPI specifically. It is split into three parts and covers Debt to Equity, Interest Coverage, and Fixed Asset Turnover ratios. This determines how easily a company can pay the interest expenses on outstanding debt. For this calculation, you look at the earnings before interest and taxes divided by the interest expenses. The lower the ratio, the more the company is burdened by debt expenses. This is important because for certain types of businesses where you have to pay for the raw materials, like a butcher shop or grocery store, there can be a lag between when they have to pay and when they get paid. These businesses can often run into trouble with making payroll during these periods. Knowing the interest coverage ratio for these companies helps you to advise your clients in these situations on creating cash reserves. The Formula: Ebit / Interest Expense

Episode 7 of Building Your Multi Million Dollar Practice is our last session that digs into each KPI specifically. It is split into three parts and covers Debt to Equity, Interest Coverage, and Fixed Asset Turnover ratios. The Debt to Equity Ratio is typically used as a way of measuring how much the company is using debt to finance growth or new strategies against the total equity value of the company. The Formula: Total Liabilities / Shareholders Equity

On this episode of Building Your Multi Million Dollar Practice, our Director of Australian Operations, James Tobin, sat down with Aaron Lane and Kyle Jenkins from Nav CFO in Sydney to talk about the real impact of providing their clients advisory services and how ProfitSee has helped them improve their processes and grow the value they provide. “What ProfitSee brings is a real time reporting that can look backwards and forwards. A lot of the software solutions we looked at previously basically just looked backwards, and if they look forwards it’s in a really rudimentary way,” explains Aaron Lane. Don’t just take our word for it; Listen to this episode to learn how Navigate Virtual CFOs are truly succeeding at becoming their clients’ personal CFO, and how cloud accounting and tools like ProfitSee make it easier.  Learn more about their practice, or contact them at https://www.navcfo.com

Episode 5 of Building Your Multi-Million Dollar Practice focuses on digging into KPIs that measure Profitability and how they impact your clients and your advisory services. We already went over a few of these, so now we’re going to focus on Revenue Per Employee, Cost of Goods Margin, Expense Margin, Net Worth, and Gross Margin. This is one of the top five KPIs for advisers to be monitoring because gross margin indicates the percentage of each dollar a business retains after expenses directly pertaining to the cost of the good or service sold. This is something you can monitor on a trending basis as well as periodical. The Formula: (Revenue + Cost of Sales) / Income

Episode 5 of Building Your Multi-Million Dollar Practice focuses on digging into KPIs that measure Profitability and how they impact your clients and your advisory services. We already went over a few of these, so now we’re going to focus on Revenue Per Employee, Cost of Goods Margin, Expense Margin, Net Worth, and Gross Margin. The Net Worth KPI is fairly easy to define, but what is important to understand is that this shows a lot about the state of a business at any given point. Advisers also understand that although Net Worth can play a factor in the Valuation of the company, it is not necessarily directly correlated.  The Formula: (Total Assets – Total Liabilities)

Episode 5 of Building Your Multi-Million Dollar Practice focuses on digging into KPIs that measure Profitability and how they impact your clients and your advisory services. We already went over a few of these, so now we’re going to focus on Revenue Per Employee, Cost of Goods Margin, Expense Margin, Net Worth, and Gross Margin. An Expense Margin is when you take all the expenses of the business and compare it to the business’ revenue. What is important to understand about this KPI is that a business with a higher expense margin is not doing as well as one with a lower expense margin. This metric becomes very valuable when you are able to compare it to similar businesses in the same sector. By benchmarking against others you can help them improve performance, grow profitability, and increase revenue.  The Formula: -1 * (Expenditure / Income)

Episode 5 of Building Your Multi-Million Dollar Practice focuses on digging into KPIs that measure Profitability and how they impact your clients and your advisory services. We already went over a few of these, so now we’re going to focus on Revenue Per Employee, Cost of Goods Margin, Expense Margin, Net Worth, and Gross Margin. Cost of Goods Margin measures what percentage of revenue will go to cover the cost of goods sold within a business. This calculation can be dependent on how the chart of accounts is structured and should take commissions and other factors into account. This impacts your advisory services because it is important to be able to determine what the actual cost is for a sale. The Formula: -1 * ( Cost of Sales / Income )

Episode 5 of Building Your Multi-Million Dollar Practice focuses on digging into KPIs that measure Profitability and how they impact your clients and your advisory services. We already went over a few of these, so now we’re going to focus on Revenue Per Employee, Cost of Goods Margin, Expense Margin, Net Worth, and Gross Margin. In some cases, the Revenue Per Employee KPI is really important. For businesses that depend a lot on labor, it is critical to understand how much revenue is being created per employee. This allows us to evaluate the cost associated with each employee against the amount of revenue that needs to be generated from them. The Formula: (Revenue / Employees)