How a CPA Firm Owner Broke the 7-Figure Mark While Reclaiming Her Work-Life Balance?
Running a thriving accounting firm can be incredibly rewarding, but it often comes with its share of challenges. Ann H., a CPA based in Toronto, Canada, knows this all too well. With a firm serving small to medium-sized businesses, Ann achieved $745,500 in revenue in 2022—but her success came at a steep personal cost.
The Challenge
Ann was working 60 to 70 hours a week, juggling her responsibilities as a CPA with overseeing bookkeeping tasks, managing marketing and sales, and onboarding new clients. High staff turnover added to her workload, and despite having a business manager, Ann was deeply involved in the day-to-day operations.
At the same time, she wanted to grow her business, reduce her workload, and create a staff retention plan to address turnover issues. She also had a vision: Adding, Coaching and Business Advisory Services to help her clients achieve greater profitability while increasing her effective hourly rate.
The Transformation
When Ann and I started working together, we focused on three critical areas: People, Processes, and Profits.
1. Streamlining Operations
- Delegated day-to-day bookkeeping tasks to her team, allowing Ann to focus on higher-level responsibilities.
- Optimized workflows and introduced time management tools to enhance efficiency.
- Empowered her business manager to be the clients primary contact for questions related to bookkeeping and billing.
2. Improving Client Acquisition
- Leveraged Google Ads and referrals from CPA firms that didn’t handle bookkeeping.
- Implemented a targeted sales strategy focused on showcasing the firm’s unique benefits, resulting in a 70% close rate for prospective clients.
- Streamlined the onboarding process, assigning the appropriate staff member to new clients immediately, allowing Ann to hand off files quickly and efficiently.
3. Building a High-Retention Team
- Created a structured hiring process prioritizing attitude and cultural fit, resulting in improved staff retention.
- Made the business manager the main reporting person for bookkeeping staff, reducing Ann’s involvement in daily team management.
- Instituted regular team meetings to build morale, trust, and a collaborative work environment. Held the firms first in person team retreat.
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4. Expanding Service Offerings.
- Designed a framework for Coaching and Business Advisory Services, including pricing models and service delivery processes.
- Trained Ann to market and position these high-value services to her existing and prospective clients.
The Results
Within two years, Ann’s firm achieved remarkable financial and operational milestones:
- Revenue grew from $745,500 in 2022 to $886,700 in 2023 (a 19% increase).
- In 2024, the firm broke the seven-figure barrier, earning $1,009,000, representing a 14% growth from the prior year.
- Ann reduced her working hours from 60-70 hours per week to a manageable 40 hours, reclaiming time for her family. Ann took a three week vacation in Europe in the spring of 2024 without contacting the office.
- Staff turnover dropped significantly, with new hires staying long-term thanks to the improved hiring and management processes.
- Coaching and Business Advisory Services became a high-margin offering, boosting Ann’s effective hourly rate while helping her clients thrive.
Ann’s Perspective
“Working with Paul was a game-changer for me and my firm. I’ve not only reclaimed time for my family but also transformed my practice into a business that supports my lifestyle. The Coaching and Advisory Services have been a rewarding addition, both personally and financially. I feel more in control and optimistic about the future than ever before.”
Take the First Step
Ann’s journey demonstrates what’s possible with the right strategies and support. If you’re a practice owner facing similar challenges, let’s explore how you can transform your business for greater balance and profitability.
I’m Paul Roy, founder of Profitable Practice Pro. My mission is to help Accountant and CPA practice owners become exceptional leaders while growing their businesses and staying true to their values.
Ready to transform your accounting practice? Book a 20-minute call with me today to start your journey.