Transcription
I guess the strategy was to go out at least and have like maybe 3 to 400k in our first year. And we landed at 500k, and we really didn't even try to do that. It was just people just excited that we started. We were a little bit conscious about being all females in an all-male industry and presenting a certain way, so I guess we were a little bit shy when it came to that.
The main goal for us in that first year was that we wanted to set up every single process, every single piece of technology, and integrate and automate it because that would enable us to scale. And so our first year was really honestly about internally in the business, how do we set up each process and how do we then put the tech in place to integrate, automate, and make it as efficient as possible because we didn't go out with a lot of [Music] admin.
Welcome to the Seven Figure Accounting Podcast. I am super excited to have a longtime friend of the industry, Ally, with me today. Ally, welcome to the podcast.
Thanks, Nick. Hello. I'm super pleased to be here. I'm excited to start chatting all things accounting, as always. Going to be fun. I'm used to you interviewing me on the podcast. This is going to be something different, which will be cool.
So, so Ally, tell us a little bit about who you are, why you became an accountant, and got into the industry to start with, and then we'll talk about your business journey.
Yeah, absolutely. So I am a mum of three, and my children's ages range from 19 to 7. Um, so it's a bit of a broad spectrum. Why did I become an accountant? Um, look, my dad was an accountant, his dad before him was an accountant. I actually kind of knew really early on. I was one of those really strange creatures that knew through the whole way through high school that that's what I wanted to be. And so I went out of high school straight into a full-time accounting role, um, and did my study part-time. And I worked in every size firm you could possibly imagine, um, in accounting over the last 30 years, and I have loved every single minute of it. Um, and I jumped out to, um, ownership about seven years ago. So, yeah, my journey has been one that's been kind of very linear, but in saying that, I've done so many different things as part of that, if that makes sense.
Yeah, and it's been a great journey to watch you along those seven years of growth. And, and you've won most awards that you can win in the industry. If I mean, you, you've said something, I got the Premiership. Yeah, yeah. Like you've set it up right from day one, which looked very prescriptive to me. And that's really what I want to talk about is, you know, firstly, the mindset to go out on your own. Because this is a challenge that a lot of people, you know, it's a struggle to make the jump and the leap because it's a big leap. You're backing yourself, but you've also got kids, you've got family, you've got responsibilities, like you did at an age where you've got responsibilities. What was the mindset and what gave you the confidence to actually go out and do it?
Well, I'm, I mean, after 25 years, I kind of knew in myself. I was very confident that I knew how to run an accounting practice. And I actually just got really frustrated. I was so frustrated by kind of going into boardrooms and saying, this is how I think it's going to be done. I really think we should do this, and it started to feel inauthentic to me. I'm a real techie, I love tech, and I wanted to build a firm that was completely cloud-based. And I knew exactly who my target market was. I knew exactly who, who, who we wanted to be to the outside market. And I, and I was just so incredibly frustrated by that process. So it kind of got to the point where I'd had enough, and I just thought, well, if I'm ever going to do it, it's now. And I also was lucky enough to have who I liked, Tim, at Lethal, Lee Duffield, with me, um, who is my 2IC. And we were both at that same place. And although she's not a shareholder, I do treat her like, um, she is an owner of the business. And so we kind of said, let's be brave, let's be bold. If it's ever going to happen, it's now. But we always knew the fallback was a really great accounting job. So to me, there was no downside. And, yeah, like my Livy was one at the time, um, and so, but I knew that that just meant I had to be more intentional and more, I guess, um, structured around how I wanted that business to look like. So it was truly business by design.
Yeah, and that fallback is something that I think every guest has pretty much said is that the great opportunity is that if you go out and it doesn't work, you're not going to, I got to find a job. Not at all. So that, so I know that in year one, you exceeded all expectations. So when you went out, like, what were the goals and aspirations for the business? Like, did you have big dreams of goals and where you wanted to go, or was it more just go out and and see how it goes? Like, what was the strategy?
I think we had, um, I guess the strategy was to go out at least and have like maybe 3 to 400k in our first year. Um, and we landed at 500k, and we really didn't even try to do that. Um, it was just people just excited that we started. And back then we had a very different brand. Um, we were a little bit conscious about being all females in an all-male industry and presenting a certain way, so I guess we were a little bit shy when it came to that. But we also, the main goal for us in that first year was that we wanted to set up every single process, every single piece of technology, and integrate and automate it because that would enable us to scale. And so our first year was really honestly about internally in the business, how do we set up each process and, um, how do we then put the tech in place to integrate, automate, and make it as efficient as possible? Because we didn't go out with a lot of admin. In fact, we, we still don't have an admin person, and, and we didn't back then either. So we wanted to use an enormous amount of tech, um, to do that. So that's really what our focus was. And so when we landed at the revenue number, we were like, oh, wow, we've kind of hit every target that we thought, and we didn't even try. Um, so then, you know, we'd had all these budgets of where we were going to be in three, four years, and we basically met that within two. Um, so that was pretty exciting for us. And to got to the point where, um, for us, we actually needed to put the break on a little bit, because it was actually growing too quickly and scaling too quickly.
Alrighty, so Ally, we get into year two. What does year two and three look like? Like, how much do you continue to to grow and scale through those years? So you've set up the infrastructure and really the process and systems, which I think that in itself is a super tip for anyone listening is be very prescriptive about getting ready and building their foundations for growth. Because a lot of, I know when I went out on my own, I just, I just went for growth. I didn't think about that, and then the delivery felt, you know, we promised a lot of things, but we weren't able to fulfill them properly because we didn't have that sorted. Yeah. So what does year two and three look like? What was the real focus in those years?
Year two and three for us were painful, to be honest, because we did just that. We grew so quickly that we didn't have the resourcing available to fulfill it. And one of my major calls is quality and, um, relationship. And so that's when we actually looked at the outsource model. And because we'd done all of this work to put in the systems, the processes, the tech, we were actually able to scale in that outsource model very quickly. And so we joined TOA Global. We still got Heather, one of our first employees, with us now. And so that allowed us to then build scale. But on top of that, we then needed to build all of the HR processes, and what is our resourcing going to look like in an Aussie model, and also an outsource model, and how do we combine those? That, that one feel, that one authentic feel on the organization. So we grew in revenue to about the 900, and then kind of tapped a little bit because I was like, well, I want to at least get the quality right, the people right, etc. Um, and so that's what year two and three were. And then we did, um, move out, um, a couple of the tech products that just weren't working for us. And so it was actually the really painful years where we learned the most. And we also learned from an employee point of view, who works for us and who doesn't. Um, and so we learned a lot because I was running with the grad model, trainer upk, that didn't work for us. And so we kind of flipped it on its head. Lee went on a maternity leave in year three, and, um, I literally nuclear bombed my whole Aussie team and started again. Um, and I'm so incredibly glad I did that. It was a really old move that we made, but we re, um, worked all of our HR structures so that it just worked for us. Um, and getting back that business by design model, because it then allowed us to have that freedom around not having to be in the business 24/7.
So did you rebuild top down, meaning you got more senior people and built down?
Yes, so we got the right people, like a compliance manager and a bookkeeping manager, and then we built, um, from under there, our Tower team. Um, so that for us was super important, and it's worked incredibly well for us, where we have some very senior people that we pay good dollar to. And in fact, that was something that I really found quite interesting is that we're more profitable with them with this model than we were in the grad model. Um, and so, but that's just the quality of work and the ability, you know, it's finding the right person. And we, we put enormous amount of work in finding the right people that fit us and fit our client base and had the skills to basically help us, you know, move forward, but also to allow us to step outside that business the periods of time which we've been able to do. In fact, I just talk from pretty much October to January. Um, yeah, which is amazing.
And I think that that's a key point that again, it's a common theme in firms that have been out a ground scale is getting the senior people that you're going to have to pay well to to get, but they can help you build down rather than trying to build up and and keeping up with a growth. You can't do it if you don't have it built that way.
I completely agree. And it kind of flipped my mindset, um, completely. Um, and I'm so glad that I did do that and had those pain points early, um, because it definitely has allowed that business to scale. And, and what we've done is we've, um, we never wanted to get too big. And there are many, many reasons for that, but, you know, I'm a full-time, I'm the primary carer of the children, and I've got three. And Lee's also in a similar position. So we kind of wanted to top out at 10 people. We'd always known that. But our challenge was when we got the revenue number, we then started to clean out the client base. So we started to build profitability, which has been our journey on the last few years, is building that profit, profitability model, which has been, yeah, it's been great.
So when you went out on your own, I just want to rewind back to year one. You went, is there a specific niche that you go after, or were you all things to everyone? What was, what was your model when you started?
Very niched. Um, so when we go out to market, we're very, very clear that we're not for everybody. And when you see, uh, branding, you, you'll see that it's polarizing. You either love it or you hate it. Um, so we have a certain type of people. It's usually the cloud techy people, but I also specialize in tourism and hospitality. Um, and so when we go out to market, that's how we go out to market. That's where our knowledge set is, that's where, um, we really excel, that's where our profit margin is. Um, and so, yes, we do accept other clients in and around that, but our marketing is purely on that basis alone. And, and it got cut through. And I think, you know, in a world, in a room full of accountants, how do you cut through from the person next to you? Well, for us, it was really just about bringing our personalities to the game, making sure people understood that we knew the cloud and we knew the tech, and that, um, we were very hospitality driven. So that for us gave us a really clear cut through.
Yeah, and your brand, your website, it all, it's amazing and it stands, it's very different to a traditional firm. So how did you, with the, because you went through really strong revenue growth in the first three years, where did those clients come from? How did you attract them and get them into the firm once you went out on your own? How did you attract all these clients?
Yeah, so, um, part of it was industry-based. So we were heavily involved in the tourism industry council, restaurant and catering. So we went to industry associations. We went to where we knew our clients were. They had, they had the staple, pretty much. So we went to the industry associations and got involved there, did a lot of conferences, I did a bit of speaking there, I did a lot of workshops with them to build brand there. Um, we were also quite heavy on the socials. So we went to Instagram, LinkedIn, Twitter, or X now, um, Facebook. And we are very consistent. So we post two to three times a week, and we did and have one work through that. And also, I, um, am based in Adelaide. It's very colloquial. We're very still referral-based. So some from there. So it was literally kind of a three-pronged attack, but I was very, very conscious around when I, where I was spending my time.
Excellent. For those listeners that are global, Adelaide in Australia, or it's also deemed as Radelaide, but it's a cool, cool little town. It's not really that little. But so with the growth then, so from years three to onwards to now, tell us a little bit about that journey and what's been the change?
Yeah, so we have grown in revenue, um, but what has changed is I've slowed it down to revenue that fits through the eye of a needle in the sense of like, the checklist that people have to get through to get to us is actually quite strict. Um, but what that does is allow it gives us a really great client that fits us well, that gives us great profitability, and is also fits within our culture. So that our team enjoy work. So that allows us to retain people. I think that that's been super important for us. So we also got to that point where I had one client that we built from nothing. We did a better back end CFO, worked them up and up to about 150k, and it was just getting, um, to, for us, they wanted it to grow and grow and grow, and I didn't want that. So I actually ended up selling that particular client elsewhere. So we did a really deep dive into each client. Does it fit us? Does it not? We sold some, we kept some, we put some prices up to get rid of a few, and then we brought in clients that fitted us better, which has brought a really great culture, a really great profitability, and I just love my job, and so does the team. Um, and so that really was, that was my business by design. That's what I wanted for my business. And so the way that we grow revenue now is through making sure that the client fits us perfectly, and just really high profit margin.
And is there a certain amount you want to grow by each year, or is it, is it just what comes in, and, and as long as it fits within the profitability and the ideal client, or what's, what's the strategy to what we can do production-wise with 10 people?
I went with center model. Um, and look, that's not to say that things won't change as the children get older. I'm sure that I'll have more capacity to put back into the bus. But right now, I knew that my my limit was 10 people. Um, and to build, I guess, my profit base, I then made sure that I had the right structures, processes, tech, people, and clients. So I've kind of covered off on those. And I'll basically manage that until I feel like I, you know, it's time to put the accelerator back on. And when we do, you'll know it will be everywhere.
Yeah, so with the, with obviously growing to where you are now, what were some of the critical pieces of technology or systems that got you through that seven figure? Because I think that 500 to a million is really messy, and, and you got there really quick. What were some of the key things that you'd say for anyone listening that hasn't got through that seven figures or the million dollar mark yet, what is some of the key pieces of technology or process or systems they should think about now to enable them to get through it and, and be as smooth as possible?
Have a really good CRM, so you're able to track, um, leads, where they come from, um, how you're contacting them. Have a really great onboarding experience. Um, and for me, it was practice management. So making sure that I knew where the numbers were, checking in regularly. So that for me, is a Xero environment. It's XPM. I use Ignition for because we quote upfront, so that's been super important for us. It gives us a certain look and feel when we're onboarding a client. Also helps with cash flow because you're not, you know, we get paid as we go. Um, and then just core products in our stack, like FYI was a huge one for us in relation to mapping workflow, document retention, storage, you know, FuseSign for instance, in relation to electronic signatures. But our tech stack, and also BGL, we use for the corporate and SMSF. Our tech stack had to be able to integrate with each other. That was one of the core, um, parts of our tech stack, is that each product needed to talk to each other. And so that's what you'll find in our tech stack is that each product does do that. And then we've built processes and systems behind that. So whether that be automated through the software itself, whether that be Loom video or process videos, or use S for workflow, every single thing has a process behind it so that anybody could pick it up. And the telling thing for me was when I was able to sell a large client, we literally sold our IP, we sold the workflow. That's what they wanted. Um, and we were able to get, you know, a really great, um, return on that. And it showed to me that there is absolute value in building out the right tech and the right processes, because that does allow you to, or for us, to move outside of the business and not be in it day in day out.
So how did you balance then the, the growth of the business, but being very strategic in building those systems and process and building what you have? Because a lot of firm owners struggle with that. They, they're so busy being in the business that they don't actually work on it. How did you balance that startup firm, fast growth, like how did you, how did you do it?
Um, because I'm really conscious about where I spend my time. And I knew, you know, short-term pain, long-term gain. I knew the benefits, and I did not want to be in that business day in day out, being on the tools. That was so my main focus was to build a business by design where it was running without me. And I knew that I had to have those systems, processes, and taking place in order to do that. And so I think it was my mindset and being really conscious about every choice I made. I'm very aligned to my why, and I'm very aligned and can be very consistent, um, in following that through and not kind of getting, I don't get bright light syndrome. Oh, there's a bright light, I'm going to follow up. Oh, there's, I don't, I don't have that. But also I have Lee, and we're accountability partners. So we push each other and challenge each other, but we're also very accountable, um, to each other, and we have aligned whys and goals. So that was very clear to me what that was. But I also need to put a disclaimer, people tell me that I'm different to others. So I don't, and for me, that was super, super easy, and it came naturally, um, whereas others, I think might struggle a little bit more with that from my, from what I see from others.
Yeah, and with firm owners that haven't gone through that journey yet, or or want to, did it mean that your life was completely disrupted and upside down, working crazy hours in the first three to four years, or how did you balance it out? Because I know that one thing I've always admired about you, the whole time I've known you, is your your focus on health and wellness, and it's a massive inspiration not only to me but to to others in the industry. Like, how did you balance that growth out?
Um, I use people around me. I'm very, very good at delegating and also good at understanding and being patient and waiting. Um, and I think I just balanced all of those things out. So I work part-time. I work Monday to Thursday, 9:30 to 2:30. Right. Um, has it always been like that? Yes, from day one. Yes, from day one. Um, because I'm just really strategic about how I do it, and I'm like, I know what the ultimate goal is, I know how to get there, I know how much time I have to give, and I, if I don't have it to give, who else can give it? And so I'll bring people around me. And so when I started out, I, I lent on the tech guys enormously, but I built relationships with them in order to do that. Um, and I lent on my team. I, and I didn't, they weren't working crazy hours either, but I just always, I kind of knew what I was doing. I, I'd had 25 years behind me, and I just land on everybody around me. And I'm just, when I'm when I'm on, I'm on. I'm super focused. I don't, you know, have the, oh, I've got to do this, I've got to do that. Um, I know I've got to get something done, I just get it done. I'm very, very good with setting those boundaries.
Yeah, I, I mean, it's admirable. Like, I, yeah, I look up to on that side of it. How do you go with culture? Like, how do you drive your team when you're working those hours? How have you managed to, because the team obviously there 40 hours a week, they're there Monday to Friday, how have you balanced out, you know, this is how you're living your life, but the firm needs to continue to run and grow and and thrive when you're not around? How have you balanced that?
Outsourcing. Um, look, the people that work in Australia, um, also have the same flexibility. So most of are working moms. And this is the thing that I've learned about myself. I know a working mom, I know what you think, I know how you feel, I know how to support you, I know how to empower you. And they're bloody productive. So that's the model that I run with because I know it well. But I give the same flexibility, and I treat them like adults. But this goes back to, I had to nuclear bomb the place at year two, three, because that is what was happening. I was getting a really entitled culture, Ally, where are you? Why are you doing this? And that isn't what I wanted to create. I wanted a culture where we were fully understanding and cognizant that we had other lives outside of work, and that this was just part and parcel of what we do. It, it flows right. I wanted it to be a place where we could come and get support, but also enjoy what we were doing. Um, so that's when we were very, very purposeful in engaging our next highs at that senior level, that they understood that we're in the same space, and we're completely aligned with Lee and I in relation to who we were and what we stood for and what we were trying to achieve. And that has been instrumental in us moving forward and allowing that culture, um, to be what it is. You know, you have to lead from the front. So our culture is around flexibility and fun and enjoyment, but working hard, but working smarter as well, you know, not not doing things because we've always done them. Is there a better way of doing this? Yes.
See, been, I mean, very prescriptive, and that's evident in, in coming through with the way that you're answering things. Is it, it's very descriptive with the journey that you've gone on. How do you measure efficiency of the firm? So how do you know that the firm is is maximizing efficiency with your systems and your process? Do you track time? Like, how do you, how do you make it, because it's obviously running really efficiently for people to be able to have that balance?
Yeah, timesheets. Look, when we started, we were like, no timesheets, yay. It didn't work. Um, and look, it's not that we hold people accountable, but with the, once again, prescriptive, when somebody comes in, we have 12-week goals, and we have, um, regular catch-ups, right? So they'll sit with me, we'll set to work with goals that could be business and personal, but we also set their KPIs. What is your why? How do we align that to the business? What are your key objectives? How are you going to meet that? How are we going to support you? And then we constantly work through that model. So I think the thing I've found in other firms is that they're not having those really good deep conversations and making people accountable to it, like helping them on the journey of discovery, holding them accountable to it. So for me, it was just around obviously making sure that our health and hygiene, which is the Xero, the practice management, making sure that we're tracking time and efficiency, that we're quoting effectively, that we're re-engaging all the time, and checking on our numbers. Um, and so all of those things, all of the health and hygiene stuff, I just, I just make sure to tick it off. And I'm never too busy for that. That's the important stuff. Um, but also when you have the right people in the right spots, and they know what they're trying to achieve, and they've got regular input and output, it's, it's easy to track.
Yeah, what are the key numbers that you measure? So what are the North Star metrics that, as a, you know, if you're away for a couple of months, that you could just look at those numbers and you know that things are going in the right direction or the wrong?
Well, for me, I always look at profitability. Um, I, I look at, um, revenue, costs. I look at, um, timesheet productivity for each individual. We also track, um, a return or write-offs, right ups on jobs. Um, and so, and we also do budgeting as well. So we'll look at the budget, the actuals as we're going along. Um, and as I said before, we do track to individuals on their productivity, turnaround times, quality, client retention, quality of feedback. So we use a product called Brief, which does, um, client check-ins. So we'll always, you know, kind of check on that, see how the clients are tracking. Um, and so that has been, been, I guess, a way for us to track all of those metrics. Um, and there's also layers of gut feel on it. But I'm, yeah, we're pretty across the numbers.
Yeah, no, you can tell by that. So you mentioned something before around your team, and, and one of the things that one of my mentors told me years ago was your, the goals and dreams or the aspirations and goals of your team members need to fit within the container of the business. And if the business isn't, if their goals and dreams aren't big enough, then your team members won't stick around. So as you go through this next season, where the growth isn't going to be as dramatic as it was in the early days, how do you continue to inspire and and keep your team excited about the future of where you're going? Because you've, you've slowed it down a little bit. It's not a, I mean, it's a positive thing. You focus more on profitability, right? But what, how does that change how you manage the team or the excitement for their futures?
And this is where I adore my team, and I'm very engaged with them. And so when they come on board, I'm, I'm fully cognizant of what their ultimate goal is, and, um, I'll always promote that. So for instance, sometimes to the detriment of the business. So one of my team members really, really, really wanted to work, um, in commerce and as a CFO. But this particular client that she was working with just wasn't at that size yet. I'm like, well, okay, bring them in, let's build them up, and when when they're at that size, I want you to fly. And I've just let her go. And she's so super happy. So sometimes I'll give more to my team member than I will to the business, and sacrifice for the business's purposes, because I actually want that person to thrive. But what that does is it allows that person to know how much I care about them and their values, and they give back into that business while they can. So that while they're there, they're on fire for it, and they really believe in it, and they believe that what we're doing is different. They believe that how we treat our clients and the relationships that we have with them have value because I'm treating them well, but also then they treat the client well. So I think it's actually this full approach of what's your why? Does it align with our why? How do I help and support you get there? And, you know, the clients are going to be on this journey with us, um, and what can we get from them as well to kind of ignite your fire? Um, but nothing, no topic is off limits with me. So I would prefer that they're just openly brutally honest, um, so we can talk it through, work it through, than them holding it all back. And I think sometimes that's where this stuff happens, where team members hold themselves back because they're not, they're fearful of saying their why or their truth or what matters to them. But once it's all out on the table, then you can all work together towards that common goal. And so for me, I'm fervently a, um, massive cheerleader supporter for each of my team, sometimes even if that isn't aligned to the business goal, just as long as I know that the period of time that they're with me, they're on the bus.
Yeah, and I think that's a critical thing. It's one of the things that I teach firm owners and talk about all the time is that, you know, and I had it early in my career when I was running a business, I had someone that wanted to become a chef, and I actually helped them. But the great thing was is that I had those conversations, which you're talking about, and I knew the time frame. So I was never blindsided when someone left, because I knew what was important, I knew where they wanted to go. And I think that is a key thing is that as long as you know that you can fit it within your container and build a strategy around it.
Yeah, and that's been incredibly effective for me with my senior team. So they know I'm, I'm behind them a million percent. And once they go on and, you know, out of all in and onto the whatever future careers are, I'm still an aid supporter and still follow them. And we've had some really wonderful experiences with team where they've gone and done what they wanted to do, but gosh, when they were there, they achieved so much and were such a valuable part of that. And I think what we as firm owners need to do is I think people get offended, oh, you're leaving me. Um, I don't, I, I try and see from their point of view, but also just that honest, open feedback from day one helps to set the scene. But then it allows you to help to guide them and grow them and give them all of the skills that they need to then launch out into their next chapter. So, yeah, it's, it's a journey, but, um, it's one that I love taking with my team.
Yeah, and I talk about this again, a lot around, I want people when they leave any of my businesses to become, or to be a better person for working with us, and we're part of their story, and we're part of their journey, and they're going to do amazing things because we've developed and helped them.
Ally, one of the challenges that I see with, um, firms that are around the size that you are, and that have got there, is how do you retain the team? Like, how do you, while you're focusing on obviously the clients and the profitability, how do you tie in those team members so that they're getting rewarded financially and can still grow their careers while the business isn't growing as fast?
Yeah, um, and look, I think it becomes down to having the right people in the right spots. But this is where, look, I do obviously have remuneration, but we do bonus structures as well. Um, we have, um, commissions in relation to people bringing clients in. Um, and we also focus heavily on iron well training, research, um, those types of things. So, um, we're allowing them to study and to do and build their skill sets, which they, they see as valuable to them. So it's not just so much revenue driven. Um, and like I said before, I focus and align their why with ours, and then, and then we build a strategy around, okay, well, you want an advisory school, so let's build out, you come and sit with me in advisory meetings, we're going to do some training with you here, you know, we put some of our managers through those manager courses. And I'm very, very big on training and development and giving my team as much as they need and over and above. And I say to my team, there's never enough. Like, if you come to me with something else, I'll always say yes, um, because it's in relation to them growing. And so it's not just, you know, oh yes, I've got to, you know, keep them excited. It's also about them growing within the firm, outside of just a client and their current skill set. It's more about training and developing them to be better people in every single factor of their lives. And so for me, that's worked really well.
Well, I think it's, it's, it's evident. I think just by the results. So what's something that we haven't talked about yet that really helped you to get to where you are today? That for people that are still in that messy middle of, you know, 300,000 up to the million, that what would be something that you, you wish that you could tell yourself now that you know? Because you've done a lot of things well, you've, you've strategically taken the approach, you've niched, you've done a lot of the things well. But what would be something you'd tell to those people listening?
The power of community and the power of networking, um, has been invaluable to me and something that I didn't foresee. So the power of the accounting community and all of the connections that you make, that if you get the right people around you, you can, you can build your firm to superhero level, really, really fast from their learnings, um, and they'll support you and guide you. And, you know, in those times of need, where you feel like you're a solo, is, you know, and isolated, and just getting the comfort that somebody else has been there and done that. So, you know, attending conferences, being involved in, you know, um, Facebook groups, all those different types of things. I think has propelled me forward in ways that I could have never imagined. I never intentionally, um, you know, started the podcast or or or speak. Um, it's, it's more that the opportunities have presented themselves. But from that, it's actually been a revenue, um, curve for me, where other accountants refer me work. So I think for me, it's been about the surprise of the power of the accounting community and the connections and networks, even with tech, that you can make, that have such a difference. And for me, have provided this longevity and joy that, um, you know, I never fora.
And where do you see the evolution of the firm going with obviously AI coming in? And I find it really exciting. But is there anything that you're doing, I suppose, from a strategic point of view now, to prepare for what will be evolved and change? Like when cloud accounting came in, like what are you doing on that side?
It not allow me to scale without it. It's about utilizing the tech that's currently here. So for us, we do use AI, you know, the chat GBTs, and it's AI in most products these days. Um, I'm super keen on the agents and bots, but there is this gap between some people are building them versus how long until it's just easy to use and overlay across everything. Like I've seen some bots that can prep IAS, do reviews. Like I'm super keen and looking at that technology right now and how to basically implement that, which will then free up a lot of my team to build better processes, get out, get new clients, and to build client relationships, and to get more out of the current client base that we've currently got. So for me, it's really an efficiency gainer, as tech always is. Um, and we still need the people to drive that, um, and to review it, and to be that stop gap between where the tech is and where humans currently are. So it's definitely something I'm leaning into. And I do foresee in the next few years, there will be rapid changes in that space. Um, and it'll be shocking to some people. Like I've been on the cloud journey since 2010, and, you know, it's gone quite slowly. I don't think AI is going to be like that at all. And it will just be seamless, to be honest, because it's just so easy to use and so intuitive. So there's definitely some things happening in this space, um, in the next few years, I think. And I think it's exciting. I think it's exciting for firm owners that are spending the time on actually looking forward, rather than if you're buried in your business doing the work, then you're not going to be able to look around the corner and look at these things that are coming, and you, you are going to be late to the party in some ways.
Yeah, and look, I mean, for, for us, you know, the clients may still be there, but it's what type of, um, return are you getting on those clients? I think will be the difference.
Yeah, yeah. I love that. So who did you need to become to be where you are today? Because I think that obviously going out into business is, is not for the faint-hearted, and you need to become someone that you're not. Who, if you look back, when six and a half years ago, when you started the business, and who you were, what had to change? Like, who did you have to become to be where you are today?
I, I think I go back into confidence in myself and being brave, just being really bold. Um, and look, I, I've learned that I'm actually most probably entrepreneurial. I'm a bit of a risk-taker, um, and I've only learned that about myself in the last six years, because I, I'll assess risk and I'll actually jump, even if I'm scared. And I think what I've learned from that is that, um, everybody else feels the same. Um, everybody else is in that same boat. It's those that go and grab the opportunity, that are confident enough to be bold, to, to do it. And, you know, if you've got to ask for forgiveness later. Um, one of the best pieces I ever got was, um, from Guan Swas, who was the CEO of Deloitte at the time, when I was at Deloitte, and he said, Ally, because he's South African, I can't do a South African accent. Ally, the one thing I want you to know is that it's okay to fail, but if you do, just do it quickly and cheaply. And I thought, yep, I'll run with that. So I'm not afraid to take a punt. I'm not afraid to take a risk, but I'm also not afraid to say, crap, that was wrong, or we should not do that anymore. Um, and so there's definitely layers and layers and layers I've learned about myself in decision making and how bold I can be, and how brave I can be. And like a muscle, um, the more you use it, the stronger it becomes. Um, and so I am a different person from when I started. And, and that goes to saying, when we started, All In, if you go back and find our old branding, was very stoic, very old school. Look at us now, and we're like, I don't care, this is who we are. Um, and we're so bold and authentic in that. Um, and I would have been too afraid to do that, um, originally. So no corporate veil, I am who I am. You love me, you hate me, I actually don't care.
Yeah, and that's such a great place to be. And I think that there's so many parts of what you just said then is, you know, we all need to become better people. It exposes us, it exposes our weaknesses, it shows us where we're strong, but more importantly, it shows you where you need to do the reps, where you need to become a better human. And, and I think that's the, the unintended consequence of of growing in business is that you get to see all of this, and you get to make decisions on it and work on it. So Ally, I've absolutely thoroughly enjoyed going through your journey today. There's parts that I've known you for a long time, and, and there's parts that I learned today that I think just are so, I can now see why you are where you are today because of the approach you've taken. And, and I know anyone listening to this episode today will get so much value out of it that they can implement and help them. So thank you for all that you've shared today. And, um, super excited to continue to watch your journey and, and you continue to succeed like you are.
Thanks so much, Nick. It's been such a great joy to talk to you today. Thank you.
All. Thanks, Ally. Bye.
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