Here, Tiffany Davis, who is the President and CEO of Washington Accounting Services Inc and an Ignition Ambassador, shares her exclusive insights for accounting and tax professionals looking to transform their firms this tax season.
In just three short years, Tiffany W. Davis, P.A., MSM, has transformed her Washington accounting firm. She’s increased revenue by 36% since shifting to advisory and, since using Ignition, also reduced accounts receivable by a whopping 100% by taking upfront payments.
Here, Tiffany Davis, who is the President and CEO of Washington Accounting Services Inc and an Ignition Ambassador, shares her exclusive insights for accounting and tax professionals looking to transform their firms this tax season.
The biggest challenge accountants face is not necessarily what they're doing, “It's how they think about doing it,” Tiffany Davis says. “Sometimes they need to be able to see, as an example, ‘Oh my God! Somebody's actually charging first’.” Basically, she says, these professionals are looking to something so they know it's okay.
“Yes, they will,” says Tiffany Davis. “We [accountants] are like oxygen. We all need oxygen to breathe and if you are going to be a successful business owner, then you need an accountant. You've got to come to us to get your tax done. Come to us or risk the possibility of being audited,” she says.
“I think the choice is easy... If we have done things correctly, and they're happy with our services, nine times out of 10, they're going to come back.”
“We all need oxygen to breathe and if you are going to be a successful business owner, then you need an accountant.”
Further to this, she says clients will move how you tell them to move. “So, if you say that on December 1 or 15, or even January 1, ‘Our fees are going to increase; this is what it's going to be’. You have to put the value of your services first. Offer your clients a one-time courtesy credit so their fees are not more than 150% of what they were originally paying, and start receiving your payments upfront. You might even add an additional fee for expediting the preparation of the tax return and ensuring that it is completed by the filing deadline,” she says.
“It's about standing up and owning who we [accountants] are in the profession... and just really having that confidence in making that change,” Tiffany Davis says.
As a business leader, Tiffany Davis highlights that it’s important to look at learnings from the current year as well as think about service optimizations heading into the busy season. “I set up planning sessions and get all my staff together to make and set goals for the coming year,” says Tiffany Davis. “From these planning sessions, I’ll then make decisions about the services or processes we need to optimize, or what we need to implement from a technology standpoint.”
Tiffany Davis's success in transforming her accounting practice underscores the importance of a progressive mindset coupled with equally progressive technology.
With Ignition, your client engagement, billing and payment collection processes can be as forward-thinking as hers. Don’t spend another tax season letting inefficient processes cost you valuable time and revenue. Take your firm to the next level with Ignition, the leading revenue generation platform for accounting and professional services. Want to see how Ignition can ignite efficiency and profitability in your firm?
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