Why Some Accountants Grow Rich While Others May Not

There’s an old saying that says if you want to catch a big fish you must fish where the big fish are. Accountants looking to build a profitable practice which will allow them to retire comfortably should consider the reality of where they are fishing. If your practice is largely comprised of high turnover, individual tax preparation clients its intrinsic value will be far less twenty years from now than a practice whose client base is comprised of tax and audit clients that are businesses. According to Certified Public Accountant, David Carleton, his forty-five years in public accounting best qualifies him to thoroughly understand this critical distinction. On October 23rd of this year Carleton made a $5,000 investment with GoodAccountants.com that within 30-days resulted in a client that will pay him $75,000 in audit fees over the next five years. Such a profitable investment clearly demonstrates the stark difference between the two type of clients; an individual versus a company.

Carleton is a partner in the firm Carleton, Lopez Weisman CPAs, Inc., a thirty-person, tax, audit and accounting firm based in Lawrence, Massachusetts. Carleton made his decision to become a member of GoodAccountants.com after a telephone call with Richard Shankle, a Senior Business Consultant with GoodAccountants.com. The call was about an audit for a 30-year old, printed circuit-board manufacturing company with fifty (50) employees. According to Carleton, this is the kind of client that adds intrinsic value to an accounting practice because of the long-term earnings potential that small to mid-size companies offer accountants. They also provide accountants with a year-round revenue stream since businesses require ongoing accounting services throughout the year as opposed to just a one-time, yearly tax return which is the case with most individual, tax preparation clients.

Carleton’s firm has recently upgraded its initial $5,000 investment to GoodAccountants.com’s $25,000 Designated Service Provider Marketing Program which during this month comes with an automatic $75,000 guarantee in new client billings.  The move gives Carleton’s firm more access to GoodAccountants.com’s growing number of audit clients in the Northeast region that use the popular website to find local auditors and accountants. “There is a big difference between a lead and a referral and that is what GoodAccountants.com does, they give you referrals not leads,” says Carleton.  “It’s the best way to build a practice, period,” he adds.

GoodAccountants.com is an online, accounting marketplace which matches business owners looking for audit, tax and bookkeeping services, with accountants who are members of its nationwide network. In its fifteenth year of operations GoodAccountants.com has become the U.S. accounting industry’s largest advertising aggregator.

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