Richard Francis CEO of Spotlight Reporting joins Steve Major on the podcast.
Richard is a self-described accidental accountant. After years of watching people’s eyes glaze over at the sight of accounting outputs, Richard Francis set about designing and building reporting software that generated understandable and useful reports, forecasts, and dashboards for clients. Spotlight Reporting, launched in 2011, allowed Richard’s own practice and other progressive accountants to create board reports that featured embedded advice, visuals, and ways of sharing data in a digestible format.
Today, Spotlight Reporting is an important addition to core accounting. Businesses wanting forecasting, consolidation, CEO reports, analysis and charts can now do so quickly and easily, perhaps with their trusted advisor accountant preparing and advising via Spotlight.
“Transformation of the status quo is what drives me”,
Spotlight exists so they can tell their clients about the future and become their clients’ trusted advisor.”
Fulcrum of economic activity – why don’t provide advice.
Francis Consulting (Richard’s accounting firm) was 80% value add and 20% compliance.
Clients definitely want value added work. The accountants have the mental barrier.
Presently accounting firms have a challenge of relevance. Richard is not a doomsayer about compliance. The challenge those its move the dial, make a difference. Accountants are the best place person to transform small business. The challenge is to overcome fear of doing this.
New talent wants work of purpose.
Opportunities. It is harder squeeze fees from compliance. It is imperative for value add services that you learn how to have conversations with clients.
Take a $2,000 fee to $20,000 fee through helping transform small business.
Time management is an issue – must resign clients to deal with the best clients.
Art of Conversation – earn the right to walk the corridors (David Maister) Build relationships.
The Perfect Advisory Relationship Whitepaper – here
Customer selection is important. You must seriously consider specialisation.
It is important to set up a number of packages. Consider the cadence of work. However a cookie cutter approach locks in mentality.
Spotlight aims to transform the accounting industry. Overturn the cliche of what an accountant is – rather to be seen as business enabler.
Spotlight Reporting – website
Richard Francis – Linkedin
Twitter – @spotlightrep