The E-Myth Accountant: Why Most Accounting Practices Don't Work and What to Do About It
By Michael E. Gerber and M. Darren Root
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About this ebook
Distilled small business advice for accounting practices
Many accountants in small and mid-size practices are experts when it comes to their professional knowledge, but may not have considered their practice as much from a business perspective.
Michael Gerber's The E-Myth Accountant fills this void, giving you powerful advice on everything you need to run your practice as a successful business, allowing you to achieve your goals and grow your practice. Featuring Gerber's signature easy-to-understand, easy-to-implement style, The E-Myth Accountant features
- Gerber's universal appeal as a recognized expert on small businesses who has coached, taught, and trained over 60,000 small businesses
- A recognized and widely respected co-author and leader in the accounting field
The E-Myth Accountant is the last guide you'll ever need to make the difference in building or developing your successful accounting practice.
Michael E. Gerber
Michael E. Gerber is a true legend of entrepreneurship. The editors of INC magazine called him "The World's #1 Small Business Guru." He is Co-founder and Chairman of the Michael E. Gerber Companies—a group of highly unique enterprises dedicated to creating world-class start-ups and entrepreneurs in every industry and economy. The Gerber Companies transforms the way small business owners grow their enterprises and has evolved into an empire over its history of nearly three decades.
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Book preview
The E-Myth Accountant - Michael E. Gerber
INTRODUCTION
As I write this book, the recession continues to take its toll on American businesses. Like any other industry, accounting is not immune. Accountants all over the country are watching as clients defer or attempt to do their own tax preparation and financial planning. At a time when per capita disposable income is at an all-time low, many people are choosing not to spend their hard-earned money on accounting services for themselves or even for their companies. As a result, many clients are reducing accounting services to only those they consider essential, and regrettably, proper planning and improved practices become an expendable concern while industry revenue takes a sizeable dip into the red.
Faced with a struggling economy and fewer and fewer clients, many accountants I’ve met are currently asking themselves, Why did I ever become an accountant in the first place?
And it isn’t just a money problem. After 35 years of working with small businesses, many of them accounting practices, I’m convinced that the dissatisfaction experienced by countless accountants is not just about money. To be frank, the recession doesn’t deserve all the blame, either. Although the financial crisis our country is facing certainly hasn’t made things any better, the problem started long before the economy tanked. Let’s dig a little deeper. Let’s go back to school.
Can you remember that far back? Whichever university or college you attended, you probably had some great teachers who helped you become the fine accountant you are. These schools excel at teaching the science of accounting; they’ll teach you everything you need to know about general ledgers, tax codes, holding structures, and payroll. But what they don’t teach is the consummate skill set needed to be a successful accountant, and they certainly don’t teach what it takes to build a successful accounting enterprise.
Obviously, something is seriously wrong. The education that accounting professionals receive in school doesn’t go far enough, deep enough, broad enough. Colleges and universities don’t teach you how to relate to the enterprise of accounting or to the business of accounting; they only teach you how to relate to the practice of accounting. In other words, they merely teach you how to be an effective accountant, rather than a successful accountant.
That’s why there are plenty of accountants who are effective, but very few who are successful. Although a successful accountant must be effective, an effective accountant does not have to be—and in most cases isn’t—successful.
An effective accountant is capable of executing his or her duties with as much certainty and professionalism as possible.
A successful accountant, on the other hand, works balanced hours, has little stress, leads rich and rewarding relationships with friends and family, and has an economic life that is diverse, fulfilling, and shows a continuous return on investment.
A successful accountant finds time and ways to give back to the community, but at little cost to his or her sense of ease.
A successful accountant is a leader, someone who doesn’t simply teach clients how to balance their books and pay their taxes, but a sage; a rich person (in the broadest sense of the word); a strong father, mother, wife, or husband; a friend, teacher, mentor, and spiritually grounded human being; a person who can see clearly into all aspects of what it means to lead a fulfilling life.
So let’s go back to the original question: Why did you become an accountant? Were you striving just to be an effective one, or did you dream about real and resounding success?
I don’t know how you’ve answered that question in the past, but I am confident that once you understand the strategic thinking laid out in this book, you will answer it differently in the future.
If the ideas here are going to be of value to you, it’s critical that you begin to look at yourself in a different, more productive way. I am suggesting you go beyond the mere technical aspects of your daily job as an accountant and begin instead to think strategically about your accounting practice as both a business and an enterprise.
I often say that most practices don’t work—the people who own them do. In other words, most accounting practices are jobs for the accountants who own them. Does this sound familiar? The accountant, overcome by an entrepreneurial seizure, has started his or her own practice, become his or her own boss, and now works for a lunatic!
The result: The accountant is running out of time, patience, and ultimately money. Not to mention paying the worst price anyone can pay for the inability to understand what a true practice is, what a true business is, and what a true enterprise is—the price of his or her life.
In this book I’m going to make the case for why you should think differently about what you do and why you do it. It isn’t just the future of your accounting practice that hangs in the balance. It’s the future of your life.
The E-Myth Accountant is an exciting departure from my other sole-authored books. In this book, M. Darren Root—a licensed CPA.CITP who has successfully applied the E-Myth to the development of his accounting practice—shares his secrets about how he achieved extraordinary results using the E-Myth paradigm. In addition to the time-tested E-Myth strategies and systems I’ll be sharing with you, you’ll benefit from the wisdom, guidance, and practical tips provided by an accountant who’s been in your shoes.
The problems that afflict accounting practices today don’t only exist in the field of accounting; the same problems are confronting every organization of every size, in every industry in every country in the world. The E-Myth Accountant is the second in a new series of E-Myth expert books that will serve as a launching pad for Michael E. Gerber Partners™ to bring a legacy of expertise to small, struggling businesses in all industries. This series will offer an exciting opportunity to understand and apply the significance of E-Myth methodology, in both theory and practice, to businesses in need of development and growth.
The E-Myth says that only by conducting your business in a truly innovative and independent way will you ever realize the unmatched joy that comes from creating a truly independent business, a business that works without you rather than because of you.
The E-Myth says that it is only by learning the difference between the work of a business and the business of work will accountants be freed from the predictable—and often overwhelming—tyranny of the unprofitable, unproductive routine that consumes them on a daily basis.
The E-Myth says that what will make the ultimate difference between the success or failure of your accounting practice is first and foremost how you think about your business, as opposed to how hard you work in it.
So, let’s think it through together. Let’s think about those things—work, clients, money, time—that dominate the world of accountants everywhere.
Let’s talk about planning. About growth. About management. About getting a life!
Let’s think about improving your and your family’s life through the development of an extraordinary practice. About getting the life you’ve always dreamed of, but never thought you could actually have.
Envision the future you want, and the future is yours.