Author’s Note: As we continue the search for the 2021 Top 100 ProAdvisors and ProAdvisor of the Year, we want to take this opportunity to highlight our 2020 award winners. Learn more about Insightful Accountant’s Top 100 ProAdvisors Award Program here.
Stephen Smith, Owner of Controllership Solutions LLC
Stephen Smith, Owner of Controllership Solutions LLC, is our next 2020 Top 100 ProAdvisor spotlight. Smith is no stranger to the Top 100 ProAdvisor list and was even named the Top Client Accounting Services ProAdvisor in 2017 by Insightful Accountant. “My career started in public accounting at PricewaterhouseCoopers. Then, I was controller of a manufacturing company,” Smith told us. “When I started having entrepreneurial ambitions, I put an ad on Craigslist, offering QuickBooks training, and I got a call a day later. It wasn’t until several clients later that I became aware of Pro-Advisor Certification and the QuickBooks training industry. As a viable next career step, I went on to earn every Intuit certification available since 2005.”
The cornerstone of Smith’s business has always been QuickBooks implementation, training, and optimization. “Ten years ago, a client asked if I could offer similar services with Quicken. I have kept a Quicken file since high school and consider Quicken the closest thing I have to a hobby,” Smith shared with us. “Given my level of interest and experience, I accepted the engagement and enjoyed that work as well. As a result, I’ve subsequently grown this niche of my business considerably. I’ve also accepted ongoing personal bookkeeping clients, similar to that of a family office, without the investment advice and tax component.”
Smith sees the industry’s biggest challenge as small business owners that don’t understand the importance and value of proper accounting systems and controls. “Either they are too overwhelmed, frugal, can’t adopt or choose ignorance over investing in professional systems and guidance. It can be frustrating to watch the negative results of these choices, he told us. “However, for the entrepreneurs that ‘get it,’ they enjoy significant success over competitors which eventually leads to consolidation.”
Clients’ hesitancy to adopt new technology or to let go of bad habits to help them is a challenge that many professionals face in this industry. However, having a fundamental understanding of what’s available is crucial in explaining the value of the software and applications that are out there. “The incredible increase in all the third-party software development and broad selection of accounting technology has changed the game. Our challenge now is to simultaneously sell our clients on these benefits and embrace them, while managing the reality of any current limitations of technology and functionality gaps,” Smith said.
Advisory in an ever-evolving technology space can be difficult but Smith maintains a positive outlook on this evolution, which we have no doubt plays a role in his success. “My Grandpa had a saying, ‘If you have a weak mind, you better have strong legs.’ Which means to work smarter not harder; something I try and get my clients to do by embracing technology.”
Smith told us, “Being recognized as a Top 100 ProAdvisor gives me more credibility when convincing clients to embrace change. It also builds trust and gives them the confidence that they are in good hands. I consider it a great honor and proudly feature it on my website and stationery.” We are so proud to have you as a continued part of our Top 100 ProAdvisor program, Stephen! Thanks for all you do for your clients and this community!