Building a Self-Sustaining Accounting Firm: Insights from Industry Leaders

What if there were things you could do that’ll let you step back from day-to-day operations while still running a successful, growing business?

This was the central question addressed in a recent webinar hosted by SmartVault and Financial Cents, featuring industry thought leaders Nick Boscia, CPA, EA, and Nick Sinclair. Their insights paint a picture of possibility – a future where firm owners can build thriving practices while working less hours.

The Quest for Balance

Nick Boscia, partner at Boscia & Boscia and founder of The Balanced Firm, knows firsthand the struggles of running an accounting firm. “There was a time where it was just me, my brother, and my dad,” he recalls. “We were doing it all.“

But as the firm grew, so did the challenges. Boscia found himself working longer hours, taking on more clients, and struggling to keep up. “I was getting what I wanted – a lot of new clients – but I was also getting what I didn’t want: working a ton of hours and not taking vacations,” he shares.

This scenario likely resonates with many firm owners. The pursuit of growth often comes at the cost of personal time and well-being. But it doesn’t have to be that way.

Redefining the Self-Sustaining Firm

For Boscia, a self-sustaining firm is “one that doesn’t require a lot of oversight by the key employees and the owners.” It’s a vision of freedom and the ability to step away from the business without everything grinding to a halt.

Nick Sinclair, founder of TOA Global, offers a complementary perspective. He describes it as “building a firm that you never have to retire from.” The goal, according to Sinclair, is to transition from being an operator trapped within the business to being an investor.

The Technology Transformation

Technology – as well as grit and passion – lie at the heart of this dream. Both Boscia and Sinclair emphasize the crucial role of tools like SmartVault for document management and Financial Cents for practice management.

Boscia’s journey with SmartVault is particularly telling. “We doubled our client base because of SmartVault,” Nick shares. SmartVault’s secure client portal enables the firm to send electronic document request lists to its clients. Clients then upload the documents directly into the portal, where they’re automatically organized. This allows the firm to handle a much larger volume of clients efficiently. “This alone has had an unbelievable impact on our firm.”

The firm also uses Financial Cents for practice management. “We can build out projects based specifically on our clients. If we have a unique client with a unique need, we can put the task directly into the system,” Boscia explains. This makes setting up clients and keeping projects on track easy across his team.

Because SmartVault and Financial Cents are integrated, the firm also benefits from streamlining processes like client creation. When you create a client in SmartVault, it automatically populates in Financial Cents, so you don’t have duplicate data entry.

Overcoming Challenges

Of course, the path to a self-sustaining firm isn’t without its obstacles. Boscia candidly shares the initial resistance he faced around technology adoption amongst his team: While he’d become excited about using new software, his team would often think, “Oh, we have to learn another new piece of technology.”

The key, both speakers agree, is in communicating the benefits – not just for the firm, but for individual team members. “I explain how implementing [the new technology or process] will make our lives easier…how if someone wants to take a three-week vacation, for example, they can because someone else on the team could easily pick up where they left off,” Boscia explains.

Another key is ensuring the technology is easy to use. The last thing you want is software that slows down processes, randomly crashes, or leaves your team frustrated.

But what about your clients? Both Boscia and Sinclair stress the importance of proper training, clear communication, and setting expectations.

Here’s what setting clear expectations looked like at Boscia’s firm: “We communicated to all our clients that we’re implementing an April 1st deadline. If all your documents are in by April 1st, that gives the team two weeks to get everyone prepared and filed for April 15th.” If the client misses the deadline, they may automatically go onto an extension. “I also pitch that this isn’t just to help me – it’s beneficial for the client,” he explains. Your client won’t want you to work on their taxes last minute when you’re stressed and overworked, so meeting this deadline ensures they get the best service from the firm.

The Road Ahead

As the webinar drew to a close, both speakers offered words of encouragement to firm owners looking to start their journey towards a self-sustaining practice.

“Be curious to try to solve any of your firm’s pain points,” Boscia urges. “If you are living your dream life… if you have the well-balanced life, and you’re able to take vacations whenever you want, maybe you’re like, ‘All right, I’m in good shape.’ But most [owners] probably aren’t like that right now.“

Sinclair echoes this sentiment, framing it as an opportunity: “You’ve got six months now, which is the ultimate time to go and implement tools that are going to make next tax season better… You can choose to do something and have a very different outcome, or you can choose to do nothing.“

The journey to a self-sustaining firm is not a sprint, but a marathon. It requires vision, perseverance, and a willingness to embrace change. But for those who make the leap, the rewards can be transformative. The future of accounting doesn’t have to be about choosing between success and balance – with the right approach, you can have both.

In 2019, Boscia implemented SmartVault at his firm, doubled his client base, and created a self-sustaining practice that allows him to travel the world. Read his success story here.

To learn more about SmartVault, schedule a demo with us today.