briefcase
Shine A Light Accounting Service
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Tax, Accounting, Consulting, Strategy
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Founded in 2020
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1 staff member
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Southampton, Ontario, Canada

TL;DR

  • Shine A Light Accounting Service (SALAS), a solo tax, accounting, and consulting firm in Southampton, Ontario founded by Phil McTaggart in 2020, moved from the pricier Karbon to Financial Cents to run his one-person practice.
  • Client onboarding that doesn’t miss a step: workflow templates for services like GST filing keep him from forgetting requirements when bringing on new clients.
  • Proof for price increases: the email integration turns ad-hoc client requests into trackable projects, giving him a documented history of extra work to justify annual price increases.
  • Fewer things falling through the cracks: the workflow dashboard shows overdue and upcoming due dates at a glance, and the client portal keeps clients clear on what he needs from them.

On A Mission to Provide Authentic Client Experience

Phil McTaggart started Shine A Light Accounting Service (SALAS) as a solo firm after leaving the firm where he was a partner.

McTaggart has a vision to provide authentic client experiences while helping Canadian small businesses solve their tax, accounting, and business strategy challenges.

A vision without a plan, they say, is just a dream, and knowing the accounting industry so well, he understood that it would be near impossible to realize his vision without a project management software to track work, manage clients, and streamline his processes.

There’s so much work in running an accounting firm. You can’t do it without a project management system to help you manage it. I always had project management software. I wouldn’t have worked without one.”
Phil McTaggart

Finding a Reliable Project Management Software That Fits the Budget

While at his former firm, McTaggart used Karbon to manage his projects. At his new firm, he needed a project management tool that was as reliable, if not more, but less expensive.

It didn’t make sense to pay through his nose for a tool that likely has more features than he would need.

I left the firm where I was a partner and quickly got onto Financial Cent because Karbon was too expensive for my financial position.”
Phil McTaggart

How Financial Cents Helps SALAS

1. Holding The Firm Accountable to Clients

As a firm of one, it can be easy for McTaggart to forget the information he needs to collect from new clients and the tasks he needs to complete to keep his promise of authentic, memorable client experience.

By setting up his workflows with Financial Cents’ workflow templates, he has kept client projects and information from falling through the cracks.

The easily customizable workflows help him create step-by-step procedures for completing the services he offers each client he brings on board. This keeps him aware of what needs to be done at each stage of their engagement and holds him accountable to his clients.

Financial Cents enables me to set up templates for projects. This helps me set my new clients up when I’m bringing them on. Just setting them up with those templates helps me see what they might have missed. In Canada, we have a GST filing. Setting up my GST workflow templates in Financial Cents helps me remember what I need to do over the month or quarter.”
Phil McTaggart

2. Tracking Projects for Adequate Pricing

McTaggart uses the value-based pricing method that implies charging clients based on the value he brings them and not necessarily the number of hours he spends on their work.

Thanks to the Financial Cents email integration feature, McTaggart has been able to bill adequately.

First, he uses the feature to turn ad-hoc email requests into projects he can track on his workflow dashboard.

Secondly, he uses the history of these ad-hoc requests as proof of the extra work done for the client. This enables him to increase his charges accordingly.

One important thing to me is the ability to create projects for all requests with Financial Cents’ email inbox. When I come around to renew engagements annually. I can go back into history and say, ‘Okay, look at all the extra work we’ve done in the year.’ I use this to support my price increases.”
Phil McTaggart

3. Ability to Track Upcoming Due Dates

No accounting firm owner likes to see overdue projects.

McTaggart is no exception. Unlike most firm owners, he has found a way to keep the number of overdue projects to a minimum with the Financial Cents Due Date feature.

Apart from tracking upcoming deadlines, McTaggart has used it to consistently see how many projects are overdue and how he can reduce them.

Financial Cents enables me to go into my workflow dashboard to see how many overdue projects I have. This allows me to know why they are overdue and which ones I can close off. I do the same with the upcoming due dates like month-end close.”
Phil McTaggart

4. Making Things Easier for Clients and Keeping the Firm Professional

As a solo firm, McTaggart does not have the luxury of chasing clients to do what they need to do. Yet, he acknowledges that most clients may not know what their accountants require of them, and that can delay client projects.

With the client portal in Financial Cents, he has been able to consistently set clients up to know what he needs from them at all times. He uses the client portal to ask for files like receipts and send files like their monthly statements when he completes the close.

This gives clients the confidence and ease of working with him.

Financial Cent helps keep clients accountable. It also keeps your firm on a professional level. I’ve had new clients who just loved the workflow and will pay for it.”
Phil McTaggart

How Financial Cents Makes McTaggart Feel

Financial Cents have been very progressive. The team has been very good with their updates. You’re listening to what clients and making the product more robust and user-friendly.”
Phil McTaggart
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