Episode 35: What I Would Do Differently If I Had To Start All Over Again

Oct 11

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In this solo episode, Alyssa Lang covers the things she would have done differently if she were to start her bookkeeping firm all over again. She discusses he 5 core tips and in what order to implement them into a bookkeeping firm and so much more.

In this episode you’ll hear:

What project management system I would have implemented from the beginning
What documentation to have as your business grows
Importance of getting solid contracts from the beginning
What banking strategy that has changed the game for my firm
How pricing right helps us all create a positive industry standard

Resources mentioned in this episode:

⚙️ My Tech Stack at Magnetic Bookkeeping

⚙️ Asana

💻 Kickoff with Asana for Bookkeepers & Accountants

⚙️ ClickUp

⚙️ Keeper

⚙️ Xenett

📚 Free Asana Guide (10 Simple Steps to Managing Your Clients in Asana)

⚙️ Loom

📝 Linsey Shae Consulting (use code WFQ10 for 10% off)

Bookkeeper Legal Template which provides 4 different services - Bookkeeper Services Template
Bookkeeper Bundle Agreement which includes the Referral partnership agreement, Independent Contract Agreement, Website policies, and an NDA. Bookkeeper Bundle Template

📚 Profit First by Mike Michalowicz

🏦 Relay

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You may or may not already know this, but I’ve actually run 2 bookkeeping firms in my life (so far). I started Workflow Queen about 5 years into owning the first firm, and eventually dissolved it in order to go full-time educating other bookkeepers and accountants in how to use systems and tech to make their firms run sooooo much more efficiently. But then I realized that I missed having my own firm, especially now that I knew the power of systems!

It was truly an amazing experience to be able to have built a six-figure bookkeeping and tax firm, dissolve it, build a successful course creation business, and then have the itch to build yet another bookkeeping firm. And a LOT of people ask me what I did differently between the first time and the second. Honestly, the difference is pretty intense! I’m so grateful I get to share my experience with you now, so hopefully you can learn from what I’ve done and skip some of the hassle I had to go through.

Even if you’ve been in the game for a while, this is still for you! It’s never too late to learn and grow. And if you’re literally just starting your business (or you’re about to), but you don’t have any of these things in place quite yet — that’s okay! Give yourself some grace, because honestly? This whole running your own business thing is HARD, even if you have all the answers you could possibly need.

In this episode and blog, I’m covering the 5 things I wish I knew when I started my first firm that have made all the difference in running my second. Let’s get started!

#1 Get a Project Management System

When I say that this completely changed my business for the better, I’m not exaggerating. It’s not simply the fact that I implemented a project management system, though — I figured out how to optimize it for maximum efficiency so I could get more work done in less time AND stop waking up at night wondering what I forgot to do.

My system of choice is Asana, in fact I have a signature program dedicated to teaching other firm owners how to use it to be a superpower in their business. But you can use another system if you prefer! Some people love ClickUp over Asana, but to each their own.

The templates I provide in Kickoff with Asana for Bookkeepers & Accountants are so good, you better believe I used them when I was starting Magnetic Bookkeeping & Consulting! I can’t tell you how much better if was to start my firm with solid systems from the start — highly recommend!

Sometimes, firm owners will ask why they can’t just use something like Keeper to manage all of their tasks. I highly recommend using a project management system that’s not solely focused on client work because you have WAY more capability and flexibility when you’re creating your processes. If using Keeper (or something like it) alone works for you, great. But we prefer to use that as more of a quality control layer in our client work process instead.

If you’re interested in trying Asana, I actually have a free guide you can download right now to help you get started!

#2 Document Everything

This was another thing that more experienced firm owners told time and time again when I was just starting out, and I totally ignored them! I thought I could just remember every little thing that had to get done, for every client, across my entire firm. Now that I look back I can tell how crazy that sounds, but I wanted to do it all on my own without needing the “help” of tech.

But once I started keeping things in Asana, I started to get the picture. Then it turned into recording myself doing things using Loom (a screen recording app). I’m able to create SOPs (standard operating procedures) SO fast and use them to easily delegate to my team members.

Before you ask if you still need SOPs if you don’t have a team, the answer is ABSOLUTELY yes. Because I’ve used my own SOPs to remind me how to do things so many times, and you can always benefit from having something documented just in case you need to outsource a task or you do end up hiring someone new.

We keep most of our documentation in Notion, which is the best place we’ve found to house all the information we need for the company as a whole. You can also see allllll the tech I use at my new firm right here!

#3 Have Solid Contracts in Place

I know, this one is something we’d rather not think about. But honestly, you can’t afford NOT to have solid contracts in place in the event that something actually does go wrong. If you’re working with a client who decides to ghost you without paying, or can’t ever seem to get their documents turned in on time, or whatever the problem may be — you’ll wish you’d worked with a lawyer to protect yourself!

The odds of something ever happening aren’t super high, but I prefer to be covered up the yin yang just in case. And it starts with a contract that’s specific to your business, not just the industry.

When you’re creating contracts for your business, DON’T:

Use someone else’s contract (with or without their permission)
Get something for free off of Google
Buy a generic template without getting it looked over by a lawyer

It might sound intimidating to hire a lawyer for something like this, but I promise it’s not as scary as you might think. Even if they just read over a template and add in a few extra sections that make sense for you, it’s better than nothing!

I always recommend the bookkeeping contract templates Lindsey Levine created after I begged her to create something for our industry! You can snag them for yourself and save a little with coupon code: WFQ10

#4 The Profit First Method

I can’t recommend The Profit First Method for your business enough. It seriously changed the way I look at my business income and can’t imagine where I’d be without it!

This method is based off of a concept created by Mike Machalowitz, who wrote a book called Profit First and recently partnered with Relay Bank (my fave!) to help business owners better manage their money on autopilot.

With this method, I’m able to pay myself, save for taxes, and have enough left over for business expenses without having to guess how much I have for what. I use it for all of my clients, too!

#5 Charge What You’re Worth

Coming up with pricing for your services is tough. If you don’t price high enough at the start, it’s harder to increase your rates over time without potentially losing clients in the process. But if you price competitively right away, you’ll attract better-fit clients who know the value of the service you provide.

I find that when we price too low, we’re actually hurting the industry standard. And it confuses clients because they think they can get the same quality service for less, which may or may not be true.

In my firm, we have a standard base package at $500 (at the time of publishing this), and then we create custom packages based on the potential client’s needs. You don’t have to do it this way, but I love this structure so we can provide clients with service options that make the most sense for them.

There you have it! The 5 things I wish I’d done/known a longgggg time ago when I had my last firm. I would’ve saved my self so much time, money, and stress for sure.

But remember, if you aren’t doing any or some of these things, it’s totally fine. Just pay attention to what resonated with you or sparked your interest and start implementing things when it feels right for you!

Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me, @workflowqueen

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