Shift Your Practice: Stop Depending on Compliance Work

Are you ready to step off the hamster wheel?

By Matt Solomon
The Center for Enlightened Business

This article is the first in our Five Shifts series, which lays out five key shifts you need to take your business away from a high-volume model with long hours and unfulfilling work and toward monthly engagement of $3,000-$15,000 per client with $500+ hourly realization rates and a better quality of life.

SHIFT 1: Stop Depending on Compliance Work

MORE: Let Go of Beliefs That Hold You Back | Reframe Sales as Communicating Value | 3 Keys to Evolving Your Accounting Practice
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The idea of reducing your dependence on compliance work may be radical for some accountants and familiar to others.

Compliance work is the main source of income for many accountants, but unfortunately, it’s a high volume, low-profit ballgame. In order to be successful, you need to have flawless execution and massive leverage – if anything is out of place or goes awry, you won’t get the results you’re hoping for.

Posted on October 21, 2020

Matt Solomon

About the Author

Matt Solomon is CEO of The Center for Enlightened Business, which provides tax, accounting, and finance professionals with the tools and skills to become masterful advisors, trained in the ability to sell, price, and deliver highly profitable work.

He takes an unconventional and bold approach to teach accounting firms of all sizes to learn how to get highly profitable clients and find more personal freedom. Empowering these firms to increase their engagements to $3,000-$15,000 per month while decreasing their hours by 20% or more.

Matt started his career at 17, successfully coaching accountants at an International Accounting Firm association. By 20 he was running a 15-person marketing department for a multi-million-dollar organization, by 26 Matt had trained and inspired over 1000 people internationally including those at Fortune 1000 companies, accounting conferences, and prestigious universities. Each engagement focused on the balance of personal and professional mastery of their true potential.

By the age of 30, Matt became the CEO of the Center for Enlightened Business. His work over the years has pointed to one compelling and controversial truth, that to unlock our great ability to attain personal and financial freedom while having an incredible impact on our communities. We must learn how to let go of the limitations in our thinking and free ourselves from outdated belief systems, and then we must learn how to take purposeful, intelligent, and inspired action to make our wildest dreams come true.

Matt’s taken notice of what he considers to be “The great epidemic in the accounting profession” – while the industry is being disrupted by technology and innovation, many still hold on to the old ways of thinking about and working in their businesses.

His training, studies, and work have led him to discover the heart of the matter; beyond strategy, systems and processes, tools and technology. The real issues that inhibit growth and evolution for the profession are the emotional and psychological barriers such as fear, doubt, and uncertainty. He believes that unless and until we solve the problem on that level, growth remains a slow climb and we will never reach our potential for profitability, impact, freedom, or fulfillment.

Matt’s made it his mission to help accountants understand, let go of, and move past the self-created limitations so that they can use personal empowerment as the engine for professional success and their business as the vehicle to help make the world a better place.

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