Episode 79
The Three Biggest Lies in the World of Accounting
Erik Solbakken is a certified professional accountant (CPA) in Canada and creator of the Accountant Success Formula™. For over 26 years, he provided accounting, tax, and advisory services to incorporated business owners and their families. Erik understands firsthand the struggles of running an accounting practice. During his time in public practice he developed and implemented a business model that was so effective that it allowed him to triple his net income without having to work a single hour of overtime.
Erik believes that accountants have been conditioned to accept a flawed, outdated and oppressive business model. As a result, most accountants suffer needlessly and never achieve the level of success they deserve. An avid proponent of the accounting profession, his mission is to end this suffering for all accountants and to positively impact millions of lives. Shownotes:
- How an entrepreneurial approach to accounting led to tripling net income and revenue for one accountant
- The origins of the Accountants Success Formula which means CPAs and accountants no longer have to live under 'an oppressive regime'
- The three lies accountants have been brainwashed into believing over many years
- For many accountants, their self-worth is based on how many hours they work
- The billable hour is an abusive model from both the accountant and the client perspective
- It's a lie that the clients of accountants are always price sensitive, and believing it causes a lot of stress and anxiety
- Accountants themselves are guilty of creating price sensitive clients because of the way they price
- Many accountants think their situation is unique and therefore change doesn't apply to them
- Few accountants admit their business model is stressful, limiting and oppressive
- Accountants must become aware of how they are suffering
- The four steps to freedom for accountants in terms of overcoming challenging and changing things in their firm
- Too many accountants think the billable hour is the way to go because that's the way it's always been
- The two fundamental flaws in the accounting firm model that create a whole world of pain for both accountant and client
- The AI coming down the road is a big tidal wave that's going to crush accountants
- The seven deadly sins committed by accounting practices - see if you are guilty of any of these
- The wrong behavioural conditioning of wrong thinking accountants starts when they are in an employed situation
- It's time to end the suffering of accountants across the globe and show them there is a better way.
Erik’s passion for life goes beyond the accounting arena. In his free time, he loves spending time with his wife and children, is an avid boater (in the summer months you can find him enjoying the gulf islands off the west coast of North America) and he is the drummer and lead singer of an 80’s heavy metal band. You can contact him below:
