The Power of a CPA Coach: A Guide for Accounting Firms

A business and CPA coach can be a great asset for accounting firms that want to not only grow their business but also improve their work-life balance.

In this blog post, I’ll be exploring the power of a CPA coach as a tool for driving success.

We’ll cover the benefits of hiring a coach, the qualities to look for in a coach, and how to choose the right coach for your firm.

Let’s get right into it!

Table of Contents

Why My Coaching Experience Might Matter To You

Since this article is about CPA coaches, it’s best I clear the air.

I do consider myself a CPA coach through my Future Firm Accelerate online coaching program.

Future Firm Accelerate

This means, there may be some bias in this article.

And to clear the air further…

I never had a coach when I ran my CPA firm.

I started my firm from scratch with no business experience in 2013 as one of the earliest cloud accounting firms in North America.

And I made every single painful mistake possible getting it up and running.

Eventually, I figured out the system to scale the firm to the point where it was acquired by a large corporate services firm out of the Isle of Man, which was a super interesting experience.

Ryan Lazanis

But I could have reached this objective far faster if I had some kind of mentor or coach guiding me along.

So, I started Future Firm in 2018 to be the resource I wish I always had when I was running my firm.

Since then, not only have I learned a lot about coaching, but I’ve also coached and educated thousands of successful firms around the world.

Today with Future Firm, I now get coached myself with 2-3 coaches at all times depending on my needs at my company.

I believe in the power of coaching and I want to explain a bit about it throughout this article.

So with that intro aside, let’s jump into the rest of this post.

What is a CPA Coach?

cpa coach definition
A CPA coach is a professional consultant or educator who works with accounting firms to help them grow faster, earn higher profits, identify and achieve their objectives, and, work fewer hours.

CPA coaches bring a unique set of skills and experiences to the table, including a deep understanding of the accounting industry, strong communication skills, and the ability to inspire and motivate.

They work closely with accounting firms to assess their current strengths and weaknesses, identify areas for improvement, and implement strategies to drive growth and success.

Considering the definition given, some call a CPA coach an accounting firm coach.

Regardless of how you look at it, when it comes to accounting practice, a CPA coach is one of the indispensable aspects you must invest in. Goals such as increased revenue, more clients, and additional free time, are all possible with the right CPA coach at the helm.

9 Ways a CPA Coach Can Help

Here are 9 ways how a CPA coach can help:

1) Improving Workflow, Processes, and Efficiency

A CPA coach can help an accounting firm streamline processes, increase productivity, and improve the overall flow of work, just like with Moez from our Future Firm Accelerate online coaching program:

Optimizing your firm’s processes is conducive when your accountants are experiencing heavy workloads, especially during tax season when deadlines are tighter than usual.

2) Identify Unseen Opportunities for Growth

With a coach’s help, an accounting firm can identify new areas for growth that might not have been considered.

For example, a CPA coach can begin by conducting a thorough analysis of your firm’s current situation and practices, including an assessment of its strengths, weaknesses, opportunities, and threats.

This analysis can help determine ideas for growth, such as new target markets, premium services, or expansion into new geographical locations.

3) Implementing Effective Marketing Strategies

If you’re struggling with marketing, a CPA coach can help.

Lauren, as an example, was able to generate a bunch of inbound leads from Google thanks to some strategies that I helped her with:

4) Improve Firm Pricing & Profitability

Too many firms are charging too little.

A great CPA coach can provide a lot of value in this area:

5) Develop Strategies to Attract & Retain Talent

Attracting and retaining talent is one of the hardest things for firms to do.

Some coaches are able to assist with strategies in this area.

6) Help You Stay Ahead of the Trends

A CPA coach is someone that works with many different firms and has a deep knowledge of the industry, helping them sniff out trends that are critical to implementing to stay ahead of the curve.

7) Implement a Strategic Plan

Most firms lack a strategy, which leads to overwork, stress, and earning less than they should be.

A coach will help you zoom out, see the big picture and establish a step-by-step strategy to help you get to where you want to go.

Most firms lack a strategy, which leads to overwork, stress, and earning less than they should be.

A coach will help you zoom out, see the big picture and establish a step-by-step strategy to help you get to where you want to go.

8) Improve Confidence and Reduce Stress

Sometimes running a business can be lonely and stressful.

When difficult situations are encountered, it can be hard to confidently navigate them leading to poor decision-making.

Any good coach will help you feel better about yourself and reduce your stress levels, just like Tina:

9) Reduce Hours Worked in the Business

Last, but certainly not least, a coach will help you shift your business so that you work fewer hours so that you can enjoy the finer things in life:

Qualities of a Good CPA Coach

There are a few qualities that I think you should look for in a CPA coach:

1) Industry experience and knowledge: A CPA coach should have extensive experience working in the accounting industry, with a deep understanding of the challenges and opportunities facing firms today.

2) Strong communication skills: A coach should be able to communicate clearly and effectively with accounting firms, inspiring and motivating teams to reach their full potential.

3) Strategic thinking: A coach should have a strategic mindset, with the ability to develop and implement effective strategies for growth and success.

4) Results-driven approach: An effective coach should be results-oriented, with a focus on helping accounting firms reach their goals and maximize their potential.

5) Empathy and understanding: A coach should be able to understand the unique needs and challenges facing each accounting firm, and approach each relationship with empathy and understanding.

6) Flexibility: An effective coach should be flexible and adaptable, with the ability to adjust their approach to meet the different needs of each firm. For instance, the coaching services are provided mostly in person as some employees are more receptive to it compared to virtual sessions.

7) Positive attitude: A coach should bring a positive, can-do attitude to each relationship, inspiring and encouraging accounting firms to reach new heights.

8) Excellent leadership skills: An effective coach should be a strong leader, with the ability to guide and motivate their students to reach their full potential.

9) Credibility and reputation: An accounting firm should look for a coach with a proven track record of success and a reputation for delivering results.

10) Passion for helping others: An effective CPA coach should be passionate about helping others, with a genuine desire to help accounting firms reach their full potential.

How to Choose the Right CPA Coach

choosing a CPA coach
There’s a variety of coaching options for firms that exist.

And you’ll want to get a sense of which one might be right for you.

I’ve personally had coaches in many different formats and experience levels, so let’s explore a few options:

1) 1-to-1 Coaching

1-to-1 coaching is probably the pinnacle of coaching as the coach gets to establish a deeper relationship with you and your situation.

That said, price can sometimes be a factor here, especially for very good coaches.

As an example, before I switched from 1-to-1 synchronous coaching to 1-to-1 asynchronous coaching (discussed further down), I used to charge $5,000 per month for a 1-hour call.

Expect to pay thousands per month for a very good 1-to-1 coach.

2) Group Coaching

group coaching

This can be a very effective form of coaching for a reasonable price and I have hundreds of Future Firm Accelerate members on this plan.

The benefit here is that you get access to the coach along with your peers who you can also leverage when you need help.

3) Online vs. In-Person

online vs inperson

This comes down to pure preference, but you’ll need to determine whether you prefer to meet your coach online or in person.

Your options for the latter are likely to be more limited.

4) Synchronous vs. Asynchronous

Synchronous communication happens when you’re on a call or in person with someone.

Asynchronous happens when you are engaged in communication such as email, Loom videos, or other forms of messaging.

Some, like myself, prefer asynchronous, as I find it provides more flexibility.

In fact, I have several coaches of my own whom I engage like this with them.

But that’s just me!

5) Areas of Specialization

Not every coach is going to be strong in every single area.

For instance, I’ve employed coaches who were excellent in business overall, but lacked some depth in certain challenges that I was facing, which lead me to seek additional coaching resources elsewhere.

If one of your goals is to increase revenue or grow your operations, which may not be the strength or focus of some CPA coaches,  it’s not a bad idea to hire someone who has a reputation for being a business coach.

Understand the real challenges you’re having and make sure your coach has good expertise in that area.

Where to Find Your Firm’s Next Coach

Obviously, I’d love everyone reading this to check out Future Firm Accelerate, but the truth is, it’s not perfect for everyone and there are instances where I’d refer you elsewhere.

If you’re evaluating options and want to assess your situation further, just shoot me an email and we’ll chat 🙂

Current Article

The Power of a CPA Coach: A Guide for Accounting Firms

Add Comment

Your email address will not be published. Required fields are marked *

Scroll to Top