I run a daily podcast for sub-$10M accounting firms
Past $5M firm runner, many-time SAAS founder/exiter, 25x+ AI keynotes in 24, AI advisor to many
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Aug 8 • 12 tweets • 2 min read
The most powerful skill you can develop is delegation
These 6 strategies got me fully out of client work in my $5M practice:
Delegation comes easier to some than others
Nobody rolls out of bed knowing how to do it one day, but it’s a muscle you can develop
It looks like:
Aug 5 • 8 tweets • 2 min read
Clients are no different than mice in a maze
If they can get the cheese by texting you, calling you directly, they’ll never go through your team again
13 tips build a maze that works FOR you:
1. Communicate a standard turnaround time. Doesn’t matter what it is, it just needs to exist.
2. Not all requests are created equal. Your turnaround time is your *acknowledgment* time. Many requests will take longer to resolve.
Jul 27, 2023 • 13 tweets • 5 min read
Last week's ChatGPT update made it easier to dial in what you want from the model
How it works, swipeable prompts for tax research, emails + more 👇
In this thread I'll run you through how it works
And how to get access to my most popular prompts for bookkeeping, tax & client mgmt tasks
Newly rewritten for custom instructions 🎉
Mar 16, 2023 • 9 tweets • 2 min read
Check this out
I'm using GPT-4 to help me categorized ambiguous accounting transactions
How it works & a swipeable prompt for you to do the same:
You paste a list of transactions into ChatGPT
The ugly bank ones where you have to Google it
And it fetches the most likely merchant, links the website, guesses the categorization, and gives a one sentence explainer of what the merchant does
Mar 15, 2023 • 24 tweets • 5 min read
For tax pros, what happened yesterday may be the most significant profession-shifting event in decades
OpenAI created a wave that is bigger than any of us, whether we agree with it or not
Some thoughts on how best to navigate the coming months 👇
GPT-4 was quite possibly the most anticipated product launch of all-time
It was an expansion of GPT3.5, the technology behind ChatGPT the fastest growing app of all time and by some accounts a civilization-altering tool
So the excitement behind GPT-4 was understandable
Jan 28, 2023 • 5 tweets • 2 min read
This one goes out to the real ChatGPT nerds
A reusable framework to turn json menu objects into a text-based menu system
How it works + a swipe file:
I have an array of json menu objects with
ID
label
Array of options objects
Each option has a label
And a destination, the id of the menu to nav to if selected
Jan 5, 2023 • 35 tweets • 10 min read
Ready for your mind to be blown? 🤯
Here's an easy way to set up reusable data transformations
🌈With AI🌈
We'll create a reusable workflow for the age-old problem:
- App A exports a CSV in one format
- App B imports a CSV in a different format
Start by loading the App A export CSV into ChatGPT
Jan 3, 2023 • 16 tweets • 8 min read
Last week I generated over a thousand images with AI
I'd never messed with AI art previously
Here's a quick thread about what I learned, and some non-obvious use-cases to consider:
Understanding AI art seemed like a great hack so I set myself the goal of generating supporting images for an existing story
Like, something that could be a coffee-table book
Jan 1, 2023 • 34 tweets • 6 min read
Alright let's boil this AI madness down to something concrete:
My 2023 AI predictions for the public accounting profession:
1️⃣ Generative Email Replies
This will be much better than the basic autocomplete we have today
Why? Now we can combine artificial general intelligence (AGI - I know, not that AGI) with *every email you've ever sent*
Nov 3, 2022 • 11 tweets • 6 min read
Spreadsheets are perceived as the *manual* way to do something
But did you know you can automate your sheets?
Buckle up nerds 🤓:
👹 K but why
1️⃣ Build out complicated data manipulation in a SS, add inputs & pull outputs on an automated basis
2️⃣ SS' as a proof of work - generate your documentation automatically
3️⃣ Third party requirements - to complete a prescribed SS/CSV format
3 shortcuts to learn:
Nov 2, 2022 • 9 tweets • 3 min read
Your job as a business owner is to attract the tiny tiny subset of people who MOST value what you do
99.9% of people will say you're too expensive, doesn't matter, you aren't for them!
A quick story of one such example for me this year:
I'm a believer in video because it's:
✅Asynchronous
✅Seems high-effort
✅Reminds customers you're human
So in my accounting firm we mandated video on all financial statement deliveries. No financials went out the door without a 3 minute video explainer
Oct 27, 2022 • 17 tweets • 6 min read
Behind every company is a big, ugly, accounting file
It's one of the only things all SMBs have in common
And whether you're an accountant or not, it's a treasure trove of valuable info
Let me show you a way I build passive income around other people's accounting files 👇
I have monthly engagements ranging from $100/mo to thousands/mo built on a simple formula
1️⃣ Sync accounting data to an external service
2️⃣ Build a mobile app on top of that data
3️⃣ Incorporate some custom business logic into the app
Spoiler: I'm not a developer
Oct 25, 2022 • 5 tweets • 1 min read
When you receive a new client inquiry in your service biz
What are the questions you need to ask before letting them in the door?
I'll start, here are two of mine:
Why are you changing providers?
I use this to ensure we can actually deliver where the previous group couldn't
And assess whether the client has unreasonable expectations (ie the last personal wouldn't call me back same-day)
Sep 22, 2022 • 15 tweets • 5 min read
The average cost to develop a simple mobile app today is 40k-60k
But I'm going to show you how to build one FOR FREE.. in less than 5 minutes
No really
Get ready to impress your friends 👇
First you need a data source, it could be Excel, Airtable, Google Sheets, CSV
*Things* that you're going to manage with the app
I'll use some credit card transactions I've got in this Google Sheets
But this could be anything.. people, bills, inventory items, whatever
Like it or not, loopholes are alive & well in 2022
A thread of my favorite CAN'T MISS loopholes you should be taking advantage of:
Loopholes date back to 200 BC - Archimedes was credited with first using them:
"Archimedes had had the walls pierced with large numbers of loopholes at the height of a man, which were about a palm's breadth wide at the outer surface of the walls"
Feb 18, 2022 • 16 tweets • 3 min read
A little thought experiment to remind you why your capacity problem is actually a pricing problem
And why doing more work to make more money is a fallacy
The $400 1040 minimum
🆚
The $800 1040 minimum
🧵
400 & 800 are interchangeable, the same principals apply regardless of amount
But I think $400 is median non-twitter-woke threshold for small firms today
Assume 400 minimum person operates at a 50% margin
Feb 17, 2022 • 11 tweets • 3 min read
So here's the truth:
You aren't going to change the AICPA
You aren't going to change Big4
You aren't going to change publications like the Journal of Accountancy
You're simply going to move onto something new, something more relevant
The sooner we divert our energy away from dunking on old-thymey accounting
And accept it's a machine that was made for a different era
The sooner we can focus on something better, building what's next
Jan 22, 2022 • 15 tweets • 2 min read
Some arithmetic porn to remind you price is 👑
Assume a 40% profit margin
You increase prices 20%... but what if customers leave and my revenue tanks?
🔼In a 20% increase
🔽More than 33% have to leave for PROFIT to go down
It gets better 👇🧵
Run a business 33% smaller and make the same money? 🤔
Retain the top performing 66% of staff/contractors/vendors/projects? 🤔
A bunch more examples 👇
Jan 20, 2022 • 11 tweets • 4 min read
Oh my golly it only took 17 days
Thanks to all you lovely people
Here's a thread of stupid things I've done on my YouTube channel that come up when I search for "@JStaatsCPA YouTube": 🧵