Why ‘hiring sooner’ is the best tip for your accounting firm
Meet Logan Graf, who opened his accounting firm during the pandemic and already gained success. If you wish to open your own accounting firm read his best pieces of advice below.
Logan Graf owns a virtual CPA firm called The Graf Tax Co. PLLC. He works with small business owners and individuals with above-average tax complexities.
The firm was established in 2020 and since then has been employing a CPA part-time, as a seasonal admin. Currently, the company is going through exciting times and is about to hire its first year-round employee.
Can you name two things that helped you to get your first customers?
Scheduling apps and Zoom was key when I first started because no one was meeting in person. Scheduling apps allow you to set parameters of when you can meet with people and then give the other party choices on when to schedule. Without scheduling apps, I would have lost my soul in figuring out when to meet with people. Zoom was important so I could easily meet “face to face” with potential clients.
I prefer Zoom over a phone call because it allows you to connect more with potential and current clients. Reading body language is also important to be able to empathize more.
Were you surprised about things you didn’t know before opening your business?
Yes, the admin time. Admin time can take up over 50% of your work time. The first 6 months of starting my business felt like all I was doing was admin work, getting everything ready for the actual “work.” Things like creating a website, working on processes, mapping out workflows, and working on service packages.
Even now there is a lot of admin work. I would recommend getting an admin as one of your first hires, if possible.
“Admin time can take up over 50% of your work time”
Tell us about the beginning of your business. When did you start and how did it go?
I was really fortunate because the CPA firm I was at before I started my firm allowed me to purchase their clients. This list of clients became a stepping stone to get to where I am now. At the time I launched my firm, COVID was still creating a lot of unknowns. Fortunately, the move to being all virtual became an advantage for me. I was able to adapt technology that allowed potential clients to work with me 100% virtually. From the start, potential clients get a virtual consultation meeting with me where we discuss their past tax returns, answer any questions they may have about their tax/accounting situation, and see if we’re a good fit to work together.
What made you want to become a business owner? What was your dream when you started your business?
I have always wanted to become a business owner, since I was a kid. I loved creating work for myself and being my own boss. It’s not like I couldn’t work for other people, I just wanted to be able to have a say in how the business was run.
Becoming an accountant didn’t enter the picture until I reached high school and learned how important it is for business owners to know accounting. When I started my business, I dreamed of running one of the best CPA firms around. The current CPA firm model is ripe for disruption as CPA firms have been operating the same way for 40 years. It’s my hope that I can be at the forefront of moving the profession into the 21st century.
“The current CPA firm model is ripe for disruption as CPA firms have been operating the same way for 40 years.”
What advice would you give to your past self before opening your own business?
Hire sooner.
Logan Graf is the founder of The Graf Tax Co. PLLC, an accounting firm
*The purpose of this page is solely to provide information and should not be considered as financial advice
**Melio does not provide legal, tax or accounting advice; you should consult a professional advisor before making any financial decisions.
