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.
Jonathan Bello
This week we are profiling Jonathan Bello, Managing Partner at One 8 Solutions, LLC. Jonathan told us, "I was always a reluctant accountant. It started when I went to U Mass Amherst. I started off Pre-Med and when I realized that objective was not going to happen, I had to decide what was next." Read on to see how this played out.
Tell us about how you got started in the business.
So, it was between Economics and Business School. Once I decided on the B School, accounting appealed to me the most out of the four majors. I had no desire to go into auditing, as it reminded me too much of statistics, and I started working within the university system helping student-run businesses learn how to read their reports from the university.
My first job out of college was doing Financial Accounting for a division of a Fortune 500 corporation. While I enjoyed the work, I did not enjoy the day-to-day 9 to 5 aspect of it. I was able to change my career path to software sales, which was either accounting or manufacturing management. One of those jobs was with a Macintosh developer for the original Mac. Paul Allen was the VC and the company grew very fast but imploded a couple years later.
I started my first practice helping small businesses install, setup, implement, and train on either Macintosh or DOS accounting solutions. I grew the business with the help of referrals from retailers and doing lunch & learns with them.
In 2001, I started One 8 Solutions primarily as an Outsource IT service company serving small businesses. I wasn’t interested in offering accounting/bookkeeping services at that time, so I used setup & training portion with QuickBooks users to get ongoing IT Services. In 2012, I changed the focus to A&B services with the A&B taking off in 2015.
Give us a snapshot of today's accounting landscape. What are seeing out there?
As of this writing I am very bullish on prospects for our industry. Over the past couple of years not only have I learned to embrace the accounting side of me and my business, but I’ve realized there has never been a better time to be in this industry. If the economy keeps going the way it is in the Boston area, with its diverse economy, all signs are very bright.
The growth of the online/cloud based/hosted accounting solutions has given us the ability to support more clients. The improvements in bank feed coding to reconciliation technology also gives us great efficiencies. Now there is talk about machine learning/AI technology bringing even more efficiencies; but from my practical experience, a knowledgeable accountant/bookkeeper is more accurate.
If the “machines” do replace us on the basic data entry I expect I will be already using it and it will be part of my exit strategy when I call it quits.
What is the biggest item on your to-do list in the upcoming YEAR?
My biggest goal for three years now has been to migrate to Value Pricing. It so difficult.
What are three areas every accountant should keep an eye on next year?
- Intuit’s treatment of the ProAdvisor
- Intuit pricing QBO out and alternative solutions filling the pricing hole.
- Botkeeper
Name the biggest technological advancements you saw this year.
My regular use of Hubdoc for document retrieval. Regular small & major updates to QBO & QBOA
What advice would you give to today's accountants?
Network, network, network. This work can be very isolating. We don’t go to clients as much, if at all. By joining a network group and networking with other ProAdvisors, you can build a great support system on many different fronts.
What goals have set for this YEAR?
- Continue year over year growth of 20%
- Hire someone to handle biz dev
- Move to Value Pricing
- Hire my first FTE
- Be on an advisory council
- Make it to the Top 10
- Firm of the Future
What does it mean to you to be recognized out of more than 300,000 ProAdvisors in the world?
I come from a fairly accomplished and successful family, and for many years I lagged behind, which was fine because at that time that is how I wanted to live my life. Because of mental health issues, I lived a life in reverse; I’ve sort of been retired for most of my life. In 2012, I hit rock bottom and was ready to give up my practice, but with some great advice I changed the focus. Then I set some goals to build my reputation within the Intuit world. Being named to the Top 100 for a 2nd year in a row, plus being published on Intuit’s Firm of the Future 3x and presenting at Scaling New Heights in 2018 has helped me to feel accomplished in my field. Now even my 91-year-old Mom speaks proudly of me.
How has your ProAdvisor practice changed or evolved over the last couple of years?
I think there are 2 parts to answer this. I’ve become very active in the Intuit ProAdvisor community. I co-chair the Boston/Providence Woodard group with Heather Satterley. I’m also active in several online groups with other PAs.
Initially, we concentrated on the setup, training, consulting aspect of QuickBooks which had discreet lengths of engagements. Now the focus has changed to recurring revenue.
Why is continuing to enhance your skills and acumen critical to staying one step ahead of the curve?
If you don’t educate yourself, you’re done. For example, I’ve been solidly entrenched in the QuickBooks camp, but with recent changes to Wholesale Model, price increases, and the search feature on the ProAdvisor website, I have determined it is time to look at other solutions. I have made getting familiar with Xero my biggest learning priority. Next is learning apps/systems to augment to the operations side of my business.
Without learning new software/skills you will not be able to survive and provide quality services.
What is your role in your practice?
My primary focus is to work on the business vs in the business. I have 3 to 4 part-timers that may add up to a FTE so I need to coordinate their work with my work. Then I get out and network to drum up new business and respond to inquiries.
What was the best piece of advice you ever received?
Focus on QuickBooks
What is the story that best describes how you help your clients?
Over the past 2 years we have done great cleanup/catch-up work. We have been able to present clients with information about their business (especially when the business is good!) that they wouldn’t have had otherwise. This is really empowering for the both of us. To help the client see a true picture of what’s happening in their business is a great way to be of service to them.
How do you create balance in your work and personal life?
- Punch out 7:30/8pm at the latest (I’m a morning person)
- Spend time with the people you love and are important to you – I enjoy couch time with my girlfriend/partner.
- I have a dog that gets me out 2x a day for walks and fresh air
- Exploring neighborhoods with my girlfriend – she has gotten me to discover many portions of my city I would have never known of
- Watching sunsets in one of the most beautiful parks I’ve ever been to.
And a Special Thanks to our Sponsors: Canon, AbacusNext, Neat, Avalara, Landy Insurance, Intuit QuickBooks and Scaling New Heights.
