In this episode of Building the Premier Accounting firm, host Roger Knecht discusses building a premier accounting firm with guest Lahari Neelapareddy, founder of Tax Hero and LN Accounting Advisors. They cover Lahari's journey from public accounting to specializing in e-commerce and consumer packaged goods, emphasizing the value of niche marketing and advisory services over traditional compliance work. Lahari shares insights on sustainable growth, avoiding burnout, and the importance of continuous learning for accounting professionals.

In This Episode:

00:00 Introduction and Guest Spotlight 01:43 From CPA to Entrepreneur 03:13 Starting an Accounting Firm 07:14 Small Business Accounting Challenges 08:52 Evolving Service Offerings and Specialization 12:33 Niche Marketing and Tax Hero 17:32 CFO and Advisory Services 20:24 Defining CFO Advisory Value 26:15 Client Relationships and Pricing 29:58 Lessons Learned: Sustainability Over Growth 33:23 Closing Thoughts and Resources

Key Takeaways:

Specialize in a niche industry to enhance marketing and scalability, as Lahari did with e-commerce and CPG brands.
Prioritize value-added services like CFO and advisory over compliance work to increase client retention and pricing.
Define clear service packages and scope of work to manage client expectations and minimize scope creep.
Focus on sustainable growth, emphasizing efficiency and maintaining passion to avoid burnout, rather than solely chasing rapid revenue.
Continuously Learn through podcasts, mastermind groups, and peer interactions to stay updated and avoid reinventing processes.

Featured Quotes:

"I didn't think I would start an accounting firm. Because when I thought of people that owned accounting firm, I only thought tax, right? Like people that are CPAs that do tax returns at their desk. And the image is like very boring is the image that most people get, right?" - Lahari Neelapareddy.
"I wanted to add value to my clients. I think that was always there. And the second thing was like, I wanted like a good work culture that I think is maybe still lacking in big four and the public accounting world, but definitely was lacking in the time that I was there." - Lahari Neelapareddy.
"Sustainability over growth sometimes, right? Because growth will come automatically, but you need to make sure that you don't lose that passion and that you're sustaining it." - Lahari Neelapareddy.

Conclusion:

Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here.

Sponsors:

Universal Accounting Center

Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

Offers: I'd love to offer two resources to your audience. First, a free discovery call—whether you're an e-commerce business wanting to simplify sales tax or an accountant interested in partnering with us, you can book a time with me at https://taxhero.net/contact/#demo

Second, you can download our up-to-date Economic Nexus Chart, a quick guide to understanding sales tax nexus across the US, at https://taxhero.net/blog/economic-nexus/#download

For more information related to Lahari consider the following:

TaxHero: https://taxhero.net/, and LN Accounting: https://www.lnaccountingadvisor.com/

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The Accounting & Bookkeeping Tips Facebook Group
The Universal Accounting Fanpage
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Remember this, Accounting Success IS Universal.

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