In the Spotlight – Jon May, Chamberlains Law Firm

 

In the Spotlight – Jon May, Chamberlains

In this episode, we are meeting with Jon May, Director at the Chamberlains law firm. Chamberlains is a full-service law firm with niche expertise in the cryptocurrency sector, drawing on knowledge from its commercial, tax and litigation teams. The firm has been helping clients in the sector for some time but is now accepting payments in most major cryptocurrencies such as Bitcoin. Chamberlains Law Firm was the Australiasian Law Awards Law Firm of the year in 2020 and has kept cumulating industry awards throughout the years. 

 
 
 
Listen to the podcast: rss.com/podcasts/in-the-q/

 

About Jon May

Jon has been a lawyer in the Australian Capital Territory since 2007, during which time he has run some of the largest litigation in the ACT.
Jon applies a practical client-focused approach to each case, which means that he works closely with his clients to achieve the best result in each case. This approach is borne out of Jon’s ability to problem solve difficult legal issues in highly litigious circumstances.
Jon is known for his ability to run complex estate litigation matters and also medical negligence claims. He has run some of the most complex medical negligence litigation in the ACT and in doing so has achieved many great results for his clients.

 

In the Spotlight

In the Spotlight recognises legal and accounting practitioners who demonstrate innovation, success, and commitment throughout their work. 

Each month, we select individuals or firms to acknowledge the positive impact they have had on their community or their industry sector. If you think you know someone who fits the bill, please send us a 100-word summary to media-au@quickfee.com telling us why they deserve recognition.

Submission criteria:

  • The legal or accounting professional has shown an unwavering commitment to customer satisfaction while still assuring the profitability and viability of their business or profession.
  • They have helped a client turn around business profits with innovative business opportunities.
  • They have outperformed their peers in their sectors, market segments and geographical areas in terms of community service.

In the Q: How to Generate Leads and Grow your Practice

Bruce Coombes and Alistair Marshall are back and talk about generating leads and growing your practice. In this episode, they provide advise on:

  • Accounting and legal firm sales process

  • Gaining visibility and credibility

  • Getting your firm and your people to focus more on business development

  • Generalist VS Specialist

  • Getting referrals

  • Marketing – relevance in business development


Watch the episode here: https://youtu.be/B5Sg27AnCKc

Click here to listen to the podcast: https://rss.com/podcasts/in-the-q/



Alistair Marshall

Alistair Marshall has huge empathy with professionals who never get taught how to build their practice and this challenge has been exacerbated with the arrival of Covid 19 which has restricted the availability of random acts of coffee and lunch.

He has more than 30 years of experience in business development. His fast and proven solutions have helped law firms, accountancy practices, banks, engineers and other professionals to quickly attract new clients and win more new business.

Alistair has worked in business development for multi-national corporations, with responsibility for budgets in excess of A$100m.

 

Professional Services BD

Professinal Services BD specialises in helping professional services firms to become more successful.

They  provide business development services to lawyers, barristers, accountants, bankers and wealth managers, infrastructure and engineering firms, digital agencies, ICT and software consultants.

 Learn more: https://www.professionalservicesbd.com.au/

In the Spotlight – David Dahm, Health & Life

 

 In the Spotlight – David Dahm, Health & Life
This month, we are meeting with David Dahm, Chartered Accountant, CEO and Founder of Health and Life. David Dahm deeply cares about healthcare and ethics, and has incorporated his beliefs and principles into his accounting practice. With a passion for finance and health, David brings a different perspective on accounting services.  

 
 
Listen to the podcast: rss.com/podcasts/in-the-q/
 

About David Dahm

David is recognised as a national healthcare expert and trouble shooter for medical, allied health practices and public hospitals. David has conducted, over 460 articles and media interviews. He has presented as a keynote speaker at conferences and presented over 950 presentations in his over 25+ year career. David has appeared in the Australian, The Australian Financial Review, Sydney Morning Herald, The Advertiser, The Medical Journal of Australia, Medical Observer, Australian Doctor, Readers Digest and In the Black. He also has performed audio interviews for GP Business Essentials.

 

In the Spotlight

In the Spotlight recognises legal and accounting practitioners who demonstrate innovation, success, and commitment throughout their work. 

Each month, we select individuals or firms to acknowledge the positive impact they have had on their community or their industry sector. If you think you know someone who fits the bill, please send us a 100-word summary to media-au@quickfee.com telling us why they deserve recognition.

Submission criteria:

  • The legal or accounting professional has shown an unwavering commitment to customer satisfaction while still assuring the profitability and viability of their business or profession.
  • They have helped a client turn around business profits with innovative business opportunities.
  • They have outperformed their peers in their sectors, market segments and geographical areas in terms of community service.

In the Q – Episode 2: How to Get Paid What You’re Worth

 

In this second episode of In the Q, Bruce Coombes and Alistair Marshall discuss the importance of setting your fees high enough and getting paid what you’re worth. 

Find out why discounting your fees won’t necessarily help you gain more clients and how you can, on the contrary, be more profitable by charging a premium fee.

Bruce and Alistair also discuss the importance of specialisation, especially when it comes to professional services business development.


Watch the episode here: 
https://youtu.be/QgLc_t7eunY

 

Click here to listen to the podcast: https://rss.com/podcasts/in-the-q/

 

Alistair Marshall

Alistair Marshall has huge empathy with professionals who never get taught how to build their practice and this challenge has been exacerbated with the arrival of Covid 19 which has restricted the availability of random acts of coffee and lunch.

He has more than 30 years of experience in business development. His fast and proven solutions have helped law firms, accountancy practices, banks, engineers and other professionals to quickly attract new clients and win more new business.

Alistair has worked in business development for multi-national corporations, with responsibility for budgets in excess of A$100m.

 

Professional Services BD

Professinal Services BD specialises in helping professional services firms to become more successful.

They  provide business development services to lawyers, barristers, accountants, bankers and wealth managers, infrastructure and engineering firms, digital agencies, ICT and software consultants.

 Learn more: https://www.professionalservicesbd.com.au/

Understanding Cryptocurrency

In this series, we discuss some of the use cases behind cryptocurrencies and the consequences from a tax and legal perspective. Learn about emerging concepts such as peer-to-peer lending on the blockchain, and NBA’s $700 million NFT marketing strategy. We discuss the common missteps from a tax perspective, and how accountants can handle some of this complexity with the right crypto tax knowledge. 

Access the Crypto Series (3h FREE CPD Points):

 

About CryptoTaxCalculator
CryptoTaxCalculator are building the platform to make understanding your tax obligations simple and straightforward. Their tools help identify, track and organise all your crypto activity across hundreds of exchanges and blockchains with ease and accuracy. Their reporting saves you time and makes your transaction history transparent and easy to understand. They are helping investors, traders and accountants by providing clear and secure records of your crypto activity so you can relax at tax time.
Click here to learn more about CryptoTaxCalculator 

Discover their crypto tax guide that is constantly updated with the up-to-date information from the ATO: Click here to access the crypto tax guide 

In the Q – Episode 1: How to utilise your support staff to build strong client relationships

We are launching our new podcast: In the Q with Bruce Coombes. Bruce welcomes thought leaders to discuss the best business advice for accounting and law firms. Tune in while you’re “in the Q”, waiting for your coffee in the morning or during your commute to work, and be inspired to grow your practice at the start of your day.

For our first episode, our Managing Director Bruce Coombes sits down with Alistair Marshall, Director of Professional Services Business Development, to chat about utilising your support staff to build strong client relationships.

Watch the episode here: 
https://youtu.be/sQTeSPk7yGg

Click here to listen to the podcast: https://rss.com/podcasts/in-the-q/

Alistair Marshall

Alistair Marshall has huge empathy with professionals who never get taught how to build their practice and this challenge has been exacerbated with the arrival of Covid 19 which has restricted the availability of random acts of coffee and lunch.

He has more than 30 years of experience in business development. His fast and proven solutions have helped law firms, accountancy practices, banks, engineers and other professionals to quickly attract new clients and win more new business.

Alistair has worked in business development for multi-national corporations, with responsibility for budgets in excess of A$100m.

 

Professional Services BD

Professinal Services BD specialises in helping professional services firms to become more successful.

They  provide business development services to lawyers, barristers, accountants, bankers and wealth managers, infrastructure and engineering firms, digital agencies, ICT and software consultants.

 Learn more: https://www.professionalservicesbd.com.au/

Glenn McGrath: Building Resilience

Any life event that causes us stress can have a significant impact on our ability to thrive and succeed at work and home. Having a strong understanding of resilience and calling upon tried and tested management techniques would undoubtedly help us withstand said challenges.

QuickFee recently had the pleasure of co-sponsoring a virtual event with Australian cricketing legend, co-founder and President of the McGrath Foundation – Glenn McGrath. Glenn’s easy-going nature and naturally positive mindset have helped establish his ability to maintain composure and positivity in times of adversity and endure challenges that may have set the rest of us back.

Glenn’s story started growing up in the small town of Narromine in Country NSW, playing different sports and building the foundations of his cricketing career. Through his sporting highs and lows, the personal tragedy of losing his wife Jane and ultimately founding the McGrath foundation, Glenn had to learn to overcome adversity and manage pressure.

So how does one of the greatest cricketers of all time maintain resilience and handle the pressure?

Glenn has developed and refined four fundamental principles which he relies upon to get through life’s challenges and build his resilience.

 

Self-belief

What really matters is how we feel about ourselves and what we allow to affect/impact us. It comes from knowing yourself, having self-belief, plus planning and preparing as well as you can, said Glenn McGrath. Self-belief and the ability to handle pressure needs comes from within. So putting yourself out there and ‘having a go’ is the best way to build up your belief in yourself and your abilities.

When stressful situations presented in his sporting career, Glenn focused on the process and concentrated on getting the next thing done to the best of his ability. According to Glenn, when you focus on one thing at a time, you don’t feel the pressure of the whole situation weighing on you.  Getting through these challenging situations teaches us that we can endure and trust in our abilities.

It is how you pick yourself up and lean on the support from others that helps you get the perspective you need.

 

Be prepared

This one goes two ways; be prepared as much as you can for everything you do and be prepared to work hard when you do it!

Whether it is throughout his 14-year cricketing career or in his ongoing philanthropic work at the McGrath Foundation, Glenn always applies his solid work ethic and works hard to achieve the best outcome. So when you put in the time and effort to prepare for something – from a T20 match to a board meeting – don’t let yourself down by giving less than 100% on the day.

Preparation won’t necessarily prevent things from going wrong, but it does mean that when you have planned for what you know is coming, you will have more capacity to deal with the unexpected.

You need to be ready to make mistakes too! Accepting that mistakes have happened and learning from them will help you build up your resilience over the longer term and prepare you for the next time you encounter a similar situation.

Your plan may not always work out in your favour, but you make things a little easier on yourself by taking control of what you can.  Glenn says that “the moment we start resting on our laurels and give that control away, everything starts getting that little bit harder.

 

Never be satisfied

Glenn might be the only one of us who took a miracle catch at the Adelaide Oval in 2002 – but he does know that even when things go as right as they did that day, there is always room to improve.

The good times will always be there to look fondly back on and think about what worked in our favour, but what about when things don’t go well?  In those times, Glenn says that we should use them as motivation and analyse why they happened, whether we can control it, and then work on improving next time. Give yourself time to slow down and collect your thoughts so that they don’t control your emotions.

On the pitch when things went wrong Glenn says, “I would tell myself that’s gone, no matter what I do I can’t change it and tried to focus on the next ball and bowl it as well as I could”. So, when things are beyond your control, don’t waste your mental energy trying to change them – take what you can from it and use it next time. The same rule applies to the past – no matter what you do, you can’t change what has happened, so try to focus on the next thing. When we continue to learn from our experiences, we can tap into this reservoir of experience the next time we encounter a similar situation.

 

Have fun

Even when Glenn was batting – which he freely admits was not his strongest aspect of the game – he says he still tried to have fun. If he got taken out for a duck that didn’t stop him giving it his best and enjoying the challenge of working with the guy at the other end of the pitch.

There is something to be said about living very much in the moment and seeing the best in every situation.  A very clear positive mindset resonated from everything Glenn talked about in his chat with us. If his story alone was not inspiring enough, his approach to life, in general, is certainly admirable. He believes that you should have fun and enjoy every minute you have, and it’s such a simple sentiment but sometimes one that we overlook.

On the pitch when things went wrong Glenn says, “I would tell myself that’s gone, no matter what I do I can’t change it and tried to focus on the next ball and bowl it as well as I could”. So, when things are beyond your control, don’t waste your mental energy trying to change them – take what you can from it and use it next time. The same rule applies to the past – no matter what you do, you can’t change what has happened, so try to focus on the next thing. When we continue to learn from our experiences, we can tap into this reservoir of experience the next time we encounter a similar situation.

 

Whilst the world continues to throw new and interesting challenges at us – whether it’s a pandemic, a personal loss or something as common as a cold – if we have a strong sense of self-belief, work hard and just have fun we will continue to build our reserves of resilience.

Fintech Happy Hour – Episode 2:
Top 7 companies or start-ups for accountants in Australia

The Best Accounting Tech Companies In Australia

It is no secret that competition to win accounting clients is getting fiercer and fiercer. With accountants acting as the gatekeepers of small businesses, we look at what technology has come into the market for accounts over the last few years?

One of the greatest changes that has happened in the accounting world is the cloud.

The shift to the cloud has been enormous across the board. It has impacted our ability to work on any file, at any time, in any place. Meaning you could work on client matters at home, during a lockdown, at the office or even the beach.

 

 

1.  Xero

The sheer volume of accountants and their clients embracing Xero over the last ten years has been transformational. Before Xero came along, how would you have gone through a lockdown situation without being able to see how your business is performing? The number of companies embracing Xero now and creating plugins is significant. 

 

2.  Futrli

Futrli helps their clients save money by analysing and finding gaps in their cash flow and then helps them to plug that gap. That not only helps the accountant, but that information can be passed onto the customer, who in turn, can do their own cash flow analysis. It aids the accountant by enabling them to have a visual conversation with their client rather than a spoken one.  

 

3.  Swoop

It’s not all about tech! The accountant’s job is to interpret what comes out of the tech, and Swoop helps the business to access the money and services it needs to grow. Whether that be funding via government grants, savings on international money transfers or a range of other options that can be better prescribed when you are using the right analytical tools in the first place.

 

4. Practice Ignition

Practice Ignition takes the routine and mundane tasks of sending and following up on client proposals and makes it seamless – the time-saving value of that alone is significant. In addition, the proposals themselves are put together in such a fantastic way with second to none presentation. Being able to plug into Xero, QuickBooks and MYOB is also invaluable.

 

5.  QuickFee

Accountant’s love getting paid and love seeing their clients get paid. If there is a technology that allows your clients to have a positive experience when paying a bill, then that is a game-changer. QuickFee allows your clients to pay in the time they need. Knowing that both you and your client is taking care of is phenomenal.

 

6.  Business Fitness

Business Fitness has end to end technology that creates efficiencies. The How Now document management product takes the standardised processes and creates productivity.

 

7.  Paytron

Paytron automates and simplifies processes. They also allow you to handle the international payment all on one platform. It’s convenient and solves a problem that is annoying by taking away the static and friction in a business process and allowing the business to do what it’s good at doing.

If we look to the future – what sectors of the accounting industry may be ripe for disruption in the next few years? Anything routine such as simple data matching processes will likely be replaced. A computer can do a routing process better than any human can, leaving people to what they are good at.

How To Best Tackle Payment Objections

Win more work and have less payment disputes  

You’ve probably been faced with payment objections more than once. We’ve all heard it before: “The price is too high for me”. This can be one of the most frustrating situations for businesses, especially those who are selling services and can spend a considerable amount of time preparing a quote.

Fee objections are common in sales. There are several reasons why prospects would reject a quote. Sometimes, it is only part of an expectation that pushing back on cost will get them a discount. However, a ‘no’ can also mean that the person doesn’t understand the “value” they are getting for the cost. 

Whatever you’re selling, the best response to a price objection is to showcase the most valuable parts of your products/services. You don’t need extensive training to learn how to handle payment disputes. You simply need to further investigate the reasons behind your clients’ objections.

 

What Motivates Clients To Reject An Offer?

Businesses are in need of advice now more than ever, from legal and accounting to communications and crisis management. Meanwhile, outsourced professional services are often seen as “optional” by prospects who don’t understand how important it is to seek expertise. The ones that need your services the most would often be the most hesitant and reluctant to pay for it.

It is however important to not undervalue the service you are offering as a first approach. While discounting has its place in the sales process, being too keen to reduce your margins could lower your service perceived value. You should get paid what you are worth, and fee rejection offers you a window to really demonstrate your true value.

Price disputes are normally the results of one of these three circumstances:

  1. Unrealistic expectations. One of the reasons why your client might be declining your fees might be that they don’t understand the full scope of what they are paying for. If they say that your fees just seem high, this might mean that they don’t understand the ROI they might get from your services. It puts you in a position to objectively define what is included in your offer. Make it clear what you can accomplish on a short and long term for them and their business. Using clear and concrete examples, or introducing case studies and other clients’ success stories as proof points can reassure them.
  2. Cash flow and budget problems. If your client affirms that they can’t afford your services at the moment, it is important to get a better understanding of where the issue is truly coming from. First of all, you can ask them if the price is the only thing that’s keeping them from signing. This gives the person the opportunity to express any other concerns they might have.

    Once you’ve cleared all other objections, it is time to explore how you can make your fees more affordable. An easy solution to cash flow problems is to offer flexible payment solutions. QuickFee offers client-centric flexible payment solutions that let your clients pay over time instead of in a lump sum.

    Alternatively, you can also explore solutions to fit your services into your clients’ budget. You can ask how much your client is ready to pay and redefine the scope of a project accordingly. If you decide to discount your price, make sure that it serves your business long-term strategy. You can offer a lower fee for a period of time for example and then default back to your normal price, or accept to discount under the condition of signing a longer term agreement.

  3. Competition. Your client might already satisfied with their current providers or they might have found cheaper quotes online. “Expensive” is relative. Once you find out what the person is comparing your product or service fees to, you can then uncover what extra value you’re bringing to justify the extra cost. You must put on your investigator hat to discover your client’s true needs and see if they are being met. 
    Once you find the gaps, you can customise your offer and differentiate on value.

     

How To Showcase The Real Value Of Your Services?

Lack of trust in your brand or services might be the underlaying problem behind a fee objection, as well as not understanding the need or urgency for a specific service. To convince a prospect, the first step is to address the above. 

Improve Trust In Your Expertise And Your Brand
Improving your ability to present yourself as a trustworthy expert in your field starts by showing empathy, listening carefully to your clients and prospects and investing in your own brand.

It is important to understand that a sale is not about you, but about your client. Make empathy a priority during sales meetings. A sale starts by building the relationship with the client. Put yourself in your prospects’ shoes and turn the conversation towards their own needs instead of defending your products or services. The key is to not to try too hard to impress and only offer advice once your client had a chance to thoroughly explain their situation. Positioning yourself as someone who can listen and acknowledge your client’s concerns will present you as a trustworthy, genuine advisor. This quality will increase the value of your services in the eyes of your prospect and help reduce friction when discussing fees.

You might also want to build more brand awareness and create content that showcases your expertise. Case studies and clients’ success stories are a good way to prove the quality of your service. You can also produce white papers, e-books or video clips which include free advice.  Building expert content will help back up your claims and show evidence of your expertise.

Brand expert Stephen King once said: “A product can be copied by a competitor; a brand is unique. A product can be quickly outdated; a successful brand is timeless.” Make sure to emphasise the authority your business has in the market. Positioning your brand right can help convince your prospects of the extra value you offer and justify higher fees. 

Reinforce The Need And Urgency Of Your Services For Your Clients

Are your services truly aligning with the needs of your prospects?

Pause and listen to your clients before responding to understand your client’s needs. Once you’ve acknowledged your client’s objections, ask open-ended questions to clarify and understand what are their current objectives. They might not realise how much added value your services could bring to help them reach their goals faster.

If you see an opportunity, present them with an overview of what results they could get by hiring your services. Make sure to give concrete examples and include numbers if possible. It is also time to share relevant stories and expert content you might have created. Relatable clients’ testimonials can create more confidence in your services.

 

Offer Your Clients Flexible Payment Options

If cash flow problems are still an issue, expanding your payments options could help you win more clients and reduce payment objections. QuickFee offers a wide range of flexible payment options that suit every client’s needs. 

If you’d like to learn more about flexible payment options, schedule a demo with one of our experts to learn more.

How including flexible payment options in your marketing strategy can help grow your legal practice?

Why Payment Options Should Be Part of Your Legal Marketing Strategy

The 2020 annual benchmarking study conducted by the Australasian Legal Practice Management Association (ALPMA) has identified revenue growth, cashflow and lock up as the main financial challenges for law firms, with work in progress (WIP) and debtor days often exceeding 90 days.

As clients seek certainty in fees and flexibility when it comes to payment, many firms had to move away from traditional billing, looking into alternative to ensure their practice’s profitability. With the impact of COVID-19 and many clients accessing Government stimulus and Job Keeper programs, it is now, more than ever, time to rethink your
payment collection strategy.

Consumers are making decisions based on their favourite payment methods, so offering greater flexibility can help you convert more prospects. Best of all? It’s incredibly easy to include payment options in your legal marketing strategy.

 

4 Easy Steps to Showcase Your Payment Methods

Step 1: Offer alternative payment methods.

Want to really stand out from the competition? There are several flexible payment
frameworks offered on the market. If you are seeking a client-centric approach with payment plans specifically created for legal services, QuickFee offers solutions adapted to your client’s needs. Here is a list of the different payment solutions currently offered:

Step 2: Create a dedicated payments or pricing page on your firm’s website.

Did you know that pricing and payment pages tend to be the most visited spots on websites? All you have to do is add an online payment portal link or payment landing page to your site’s navigation bar. It’s not the only thing prospective clients will consider, but it might help get them in the door. See an example here

Step 3: Give your clients a payment link at every single touchpoint.

Online payment methods are appealing because they’re convenient. Increase that convenience by adding your online payment portal everywhere. That means including it on invoices, flyers, and any other communications so that the link will always be available.
As a bonus: This can also help reduce your accounts receivable over time.

It’s a good idea to include your payment link(s) in all the following places:

  • Invoices
  • Emails
  • Web pages
  • Banners
  • Table tents
  • Flyers

Step 4: Include payment methods in your call-to-action.

If your firm is already committed to a strong legal marketing strategy, it’s even easier to start promoting payment options in your PPC campaigns. Add “Now accepting flexible payments” to every call-to-actions, on your forms or web pages.