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.
Marjorie Adams
Marjorie Adams is one of our 2018 Top 100 ProAdvisors. She is the CEO of Fourlane, as well as their subsidiary company POSWarehouse. Marjorie says, "We focus around helping businesses make better decisions by giving them access to data. That starts with clean data and good processes within QuickBooks. In addition to product demos, consults, and sales, we perform roughly 20 conversions to QuickBooks each month, assist with technical file services like condenses and repairs, help companies install and set up QuickBooks according to best practices, and perform periodic file and database reviews to keep them on track. We also have a bookkeeping team that performs ongoing bookkeeping for our clients." She added, "At this point I oversee long term goals and strategic vision, as well as our relationship with Intuit. I also do a lot of first meetings and initial consults with clients. I love meeting the small businesses and hearing about their challenges, so that allows me to stay involved and do what I love. Once we’ve decided on the direction then I hand the work off to my incredible staff. They take care of the nitty-gritty and interface with the client throughout our process."
Tell us about how you got started in the business.
I started off working in-house as a Controller for a manufacturing company in the Bay Area, helping them implement QuickBooks. I quickly realized that there was a large market gap of people with both QuickBooks expertise and business acumen. I started Fourlane (it was called AdamsQB back then) in 2009 providing both product sales and QuickBooks consulting. We grew very quickly and have been the #1 Intuit reseller every year since 2010 and have grown to a team of more than 10 ProAdvisors.
Give us a snapshot of today's accounting landscape. What are seeing out there?
Software is becoming easier and easier to use. And there are so many videos and guides that many people think they can do it themselves. Bookkeeping and accounting jobs are the 26th most likely job to be automated, and 86% of their tasks are potential automatable. So more than ever this profession is about building relationships and trust. It seems counterintuitive that as technology grows the human component of our business would become more important, but that has been true for us.
What was the biggest surprise you saw in the past YEAR?
A lot of ProAdvisors and consultants joining large companies like NetSuite, Sage, Xero, etc. I think there is some uncertainty in the economy so people want to be a part of something stable.
What is the biggest item on your to-do list in the upcoming YEAR?
We are moving to a fully integrated sales and marketing software suite to better engage with our leads and customers. We handle such a high volume of inquiries and sales every week and it can be a bit like drinking through a fire hose. I’m very excited about having a system in place to properly intake everyone who comes to us and maintain the relationship over a long period of time.
What are three areas every accountant should keep an eye on next year?
- Cryptocurrency. Know the tax implications inside and out.
- South Dakota vs. Wayfair. So much complexity is being added to the system.
- “CPA” doesn’t mean what it used to. Smaller firms with employees and business in multiple states are finding the CPA designation too burdensome. Many are just calling themselves “accounting firms” and I expect that to accelerate.
What advice would you give to today's accountants?
Be proactive about reaching out to your clients. You should have contact with all of your clients at least once a month. Also diversify- acquisitions are rolling in and you want to be sure you can pivot if needed.
How has your ProAdvisor practice changed or evolved over the last couple of years?
More people are interested in QuickBooks Online, even in industries like law and healthcare where you wouldn’t necessarily expect them to be attracted to the cloud. We have more mid-sized clients and needed an alternative solution for them so have brought on a QuickBooks Enterprise competitive product – Acumatica – for those who require cloud but are too large for QBO.
Why is continuing to enhance your skills and acumen critical to staying one step ahead of the curve?
Even if you only focus on QuickBooks, they are updating the software’s capabilities every year. However, I think it is also important to keep your skills in old software sharp. Very few of our new clients come to us in the latest version of the software. In fact, many are still using things like Quicken ’98. The fact that we can move fluently in that system and convert them to the latest version of Enterprise has huge value.
What was the best piece of advice you ever received?
Focus on the fix, not the fault. People don’t deserve to be shamed for a messy file or bad processes. It is like going to the dentist and having them make you feel bad for not flossing enough. It leaves a bad taste in the client’s mouth. I always focus on what the plan is moving forward, how things are going to improve, and the things they are doing right!
What is the story that best describes how you help your clients?
We have had multiple clients reach out because they suspected someone in their company was committing fraud or embezzlement. There were inconsistencies in their QuickBooks file and something wasn’t adding up and they were scared.
The fact that Fourlane was their first call at such a frantic, scary moment in their business speaks to the trust we’ve built with our long term clients. We aspire to have that with everyone we work with.
How do you create balance in your work and personal life?
I have a 2-year old son, so spending time with him has become my favorite way to unwind and have fun. It is amazing how I can have an incredibly hard day, but I walk out of my office and it all melts away when I see his smiling face.
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