Editor's Note: This is another installment in our ongoing series highlighting this year's Insightful Accountant's "2018 Top 100 ProAdvisors." Over the remainder of the year, we will introduce you to our winners, getting their insights on a wide range of topics, including what it is like to be a leader in their profession, how to stay on top and what the future holds.
Jim Wells is the owner of Ledgerfix and one of our 2018 Top 100 ProAdvisors. We asked Jim how he got stated in the business and he said, "After working at Deloitte in public accounting and the corporate world for 15 years I thought I should strike out on my own to start my own consulting business and Intuit was just beginning their ProAdvisor program at about the same time. Seemed like a perfect fit and another 15 years later, it still is."
Tell us a little about your practice.
We focus on client-side issues with their accounting software to help them choose the correct product for their business model as well as setup and implementation. Ongoing training is also a big component of what we do. Recently we have begun helping clients with integration challenges with a proprietary software solution we developed that expands the capabilities of Intuit software whether it is desktop or online. We have been a part of the Intuit Reseller Program since 2008 as well, so we have a strong focus on the helping clients with the entire Intuit accounting and point of sale software product lines.
What was the biggest surprise you saw in the past YEAR?
The rapid development of Artificial Intelligence (AI) within the accounting software profession. AI has been around for a while, but the adoption within the accounting software world has been slow to date. This year, however, the progress has been remarkable. Fortunately, our practice is focused on helping clients use AI to get more out their software investment.
What is the biggest item on your to-do list in the upcoming YEAR?
With our new integration platform, we hope to expand into the many markets served by Intuit software to streamline client workflows and help them get more out of their IT investment. We feel the integration challenges experienced by small to midsize business clients are going to be an excellent source of opportunity for the foreseeable future.
What are three areas every accountant should keep an eye on next year?
- Artificial Intelligence
- Software Integration
- The move to a trusted advisor role from traditional tax/write-up role
What advice would you give to today's accountants?
Develop multiple passive residual streams of income in your practice. Too often I see accountant’s working too many long hours trying to keep up with their client workload refusing to see the benefit of either hiring employees or subcontractors because they feel the practice won’t support it. With passive income streams (such as payments or payroll), you can get back to spending more quality time with clients and less worry about making enough for your overhead.
What does it mean to you to be recognized out of more than 300,000 ProAdvisors in the world?
-For me personally I feel very honored. I’ve been in the Top 100 for the last three years so I’m hoping that is an indication that I’m doing things the right way. It is great to be acknowledged by your peers and I am humbled to be among so many great minds in our industry.
Your first thoughts on getting news of the honor?
For this year my first thought was one of gratitude. As a consultant we tend to stay behind the scenes, so you do not get many accolades or awards. When I first heard I was in the Top 100 again this year I was grateful to be recognized by my peers.
How has your ProAdvisor practice changed or evolved over the last couple of years?
We maintain a client-centric focus and so as our clients have evolved so have we. For example, we are stepping up our analysis and advisory role as well as focusing on complex integrations, which is something we did not do in the beginning of the practice.
What was the best piece of advice you ever received?
Don’t rely on billable hours to run your practice. Diversify as much as possible.
What is the story that best describes how you help your clients?
Since we have been a part of this community since 2003 I feel there are too many stories to tell, but in general we consider ourselves an advocate for clients that are navigating complex concepts around IT and accounting software as the biggest help we provide.
How do you create balance in your work and personal life?
I am an avid mountain biker, so getting out on the trails helps me clear my head more than anything else.
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