Two-and-a-half years ago, Paul Meissner of Five Ways Accounting came to a crossroads that many accountants face: Do you continue working for corporate? Or do you go out on your own? Dennis sat down with Paul to find out how that crossroads led to the founding of Five Ways Accounting.
Without a single client, Paul started his own business. He implemented up-front, fixed-fee billing that helped him stay cash-flow positive from day one. By relying on a cloud-based solution, Paul believes that he’s removed a barrier – with both clients and financial advisors — as to who holds the data and information. The result is a powerful form of increased communication that helps him grow a lot closer to his clients, and grow his business quickly.
Paul has numbers to back up his model. Example: getting rid of timesheets gave his firm 25% efficiency. Paul figured he was wasting about 3 months of a year doing timesheets. Then, using cloud solutions on top of that has probably given him 30-40% increased efficiency. Translation: get more work done in less time. Paul also reports that he uses a lot of social media and that 80% of his new clients have come from Twitter. Not a bad way to start.
:22 Paul’s dilemma: continue corporate life, or go out on his own?
1:32 Paul switched to the cloud – without having a single client first
3:19 Collaborating online removes the data barrier between accountant and client
4:06 80% of Paul’s new clients have come from Twitter
5:31 Cloud solution adds 30-40% efficiency