Matt Tait

After the First Million 

This is your destination for feeling empowered in building your business. 

These are the real, raw stories of entrepreneurs and business owners who have built their businesses through the messy middle of $1-50 Million, hosted by serial entrepreneur Matt Tait.

Matt knows what it’s like to scale past the first million, and on this show, he’ll be bringing on other entrepreneurs and business owners who have been there, done that (or, are currently in it) to share what’s worked, what hasn’t, and what’s next.

https://www.decimal.com/resources/podcast

Host

Accounting for Innovation Podcast

Bridge the gap between tradition and innovation in the accounting industry. On this podcast, Jody Padar and Matt Tait explore cutting-edge strategies and transformative technologies to help business leaders and accounting professionals navigate change and capitalize on opportunities in today's dynamic landscape.

Co Host

Decimal

Helping businesses automate and outsource bookkeeping and back office functions.

Managing Director

Somerset CPAs and Advisors

Somerset Technology Solutions (STS) is Somerset's new technology innovation group.

STS will combine the best of Somerset CPAs with best-in-class technology. Our mission is to launch new products and tech-enabled services that help our clients leverage cloud-based technologies to improve their business.

Director

Plat

Füdē

The Füdē mission is to prove that restaurant marketing can demonstrate a true return on investment. If marketing can't tell you exactly how many seats it fills on a monthly basis and why it takes credit for those people, then how can a restaurant ever know if it's worth it?

Co Founder & CEO

Express Medical Records

Express Medical Records is a legal document and medical record retrieval company located in Indianapolis, IN. We request, process and manage documents for law firms, insurance companies and various businesses that utilize records.

Director of Sales and Marketing

Case Pacer

Case Pacer is a case management system, designed to accommodate any size law firm. Create critical documents in seconds and import and retrieve them from anywhere. With innovative technology and artificial intelligence, Case Pacer will drive your case toward settlement like never before.

Tait Law LLC

Started a legal practice and consulting business to advise clients on a variety of business and employment matters. Start ups and small businesses of all kinds need legal advice and help, but often cannot or will not pay large firm fees. 

Tait Law LLC is a great place to get honest, comprehensive and cost-effective legal advice. I believe that lawyers should partner with you, not simply perform a service.

Attorney and Owner

BidPal, Inc

BidPal improves charitable fundraising by helping nonprofits use technology to more efficiently run their events from start to finish. BidPal’s event management solutions, automated mobile auctions, payment processing, online fundraising, and consulting services help make charitable events more fun and more profitable. 

Take over new areas that BidPal has not run any or many events and increase BidPal market share by selling events. 

Substantially exceeded quota goals and  increased BidPal market share in 3 new markets. 

Became the first person at BidPal to succeed in receiving a request for proposal from companies wanting to advertise with BidPal on a national level. Received not only 1, but 2 requests for proposal and did so within 2 months of starting. 

Mentor and train new direct sales associates when they start to help them learn about BidPal products, sales process, and culture.

Direct Sales/National Accounts

CEO at Decimal - Host of After the First Million

As the CEO of Decimal, I feel right where I belong: helping other entrepreneurs and small businesses.

Before I found myself focused on growing companies and products, I graduated early from Duke to enjoy a few months of adventure before going to law school and practicing law for a few years. While I joke that I’m a recovering attorney, I still keep my license active. 

Even in law school, I knew I would be an entrepreneur. That’s why I spent my nights in an executive training program. Even though I’m an okay lawyer, I’m a far more dedicated and committed entrepreneur and business strategist. It’s in my blood (seriously, my family is full of entrepreneurs).

That brings me to why I’m here.

In my experience, many people consulting with businesses (like lawyers and accountants) aren’t that great with technology. That’s why there’s often a gap between the advice they provide and the operational know-how to correctly implement it. Practical knowledge and wisdom are amplified when you combine it with software that automates the tasks that don’t require discretion. 

Business owners all want to get their business to a place where it runs smoothly and efficiently. We want to be able to focus on what we do best, not things like the back office. In fact, the back office is interesting: doing it well means your business runs a lot more smoothly, but no business owner likes doing it. It’s still important work, and doing it wrong or avoiding it costs time and money (you pay to have it cleaned up at tax time). 

That’s why my team and I focus on fine-tuning (or implementing) the best, most integrated back office system for our clients. That includes payroll, accounting, bill pay, even basic IT work, so our clients can get back to doing the work you love.

Now more than ever, I want to help businesses focus on being there for their clients, growing their business, and spending time with their family. I love taking care of the rest.  

A few types of companies we have a lot of experience with:
Consultants, financial advisors, and  professional services in general
Ecommerce companies and retailers adapting to selling online
Tech/SaaS companies who need someone that understands software rev rec

My competitiveness and compassion for those around me have allowed me to work with some amazing people while always driving forward. Each step in this journey has given me the additional experience and tools to grow, but my foundation will always be rooted at home with my amazing wife and 3 great kids.

If I started a company today, what tech stack would I pick?

At Decimal we've: 
- Worked with thousands of companies, 
- Processed almost a billion dollars in transactions, 
- Paid thousands of our client's employees, 
- Processed hundreds of thousands of bills
- Worked with dozens of the software products

We've even started firms.

Here's the tech stack I would pick if I started a business today
- Ledger: Puzzle 🧩🚀 or Rillet
- Payroll: Gusto or Rippling
- Bill pay: Ramp
- Expenses: Ramp (Brex would be on my list here too!)
- Revenue: Stripe
- IT/Device Management: Rippling
- Banking: Mercury
- One click banking/ledger: Brex/Puzzle 🧩🚀 partnership!

What did I miss? 

Where did I go wrong?

Accounting firms look like easy businesses to run.

People on LinkedIn keep saying they're simple to buy and run.

Then someone buys an accounting firm....

And they realize it's really hard.

They're
- Hard to transform.
- Hard to retain clients
- Hard to retain team members
- Hard to institute change (near impossible to do it quickly)
- Hard to grow

Now, I agree, they're amazing businesses.

It's just time to stop the bullshit. 

The only person who thinks it's easy to run an accounting firm...hasn't run an accounting firm. 

What do you think?
Har

Great things happen when you get amazing people together. 

Today the Decimal team kicked off franchising with our first ever in person training. 

Get ready!

3 new Decimal firms launch soon!

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Accountants should NOT sell cleanups until you’ve done monthly work for at least a month!

Profitability AND client happiness improved dramatically when we instituted that simple rule. 

Why?

- You can’t properly scope (even with a look at their QBO file)

- Cleanups are always messy. It’s a terrible first impression. 

- You can easily give the prospect a broad range possible fees. 

- Cleanups crush onboarding team capacity

- Cleanups keep clients in onboarding WAY too long

This simple change has improved profitability, client happiness, and, more importantly, team happiness 

It has NOT negatively effected sales. Quite the opposite, it’s a great way to demonstrate expertise, show leadership, and build trust.

Beware of Private Equity!

It's coming for the accounting profession.

The real victims: Senior Managers and Junior Partners

You've spent your career working hard for your firm, building a book of business, striving for that gold ring of partnership, and now it's gone. 

The senior partners - they got paid. They're happy.

The junior team members - they have a much more clear path to management...without the blood, sweat, tears, and low pay that used to come with it. 

Junior Partners and Senior Managers - You'll get a 2 year retention bonus...but then you get to start over.

This is how the industry barbells. You get more big firms and many more small ones.

Starting a firm is hard. 

If you're considering that path, shoot me a message, I'd love to help.

Too many SMBs fail.

Accounting firms fail at the same rate as any other SMB.

That's why we started franchising.

We built a better way at Decimal. Now we're sharing it.

The best part: Our first group of Decimal Firms is starting as we speak.

I can't wait to share more over the coming weeks.

If you're: 
- Struggling with your own firm, 
- Want to start a firm, but don't know how
- Want to embrace a better way
- Are looking for a community

DM me, I'd love to chat.

The emotional rollercoaster during big events is one of the hardest things about being a CEO.

When you run a business, you're guaranteed to have them.

- Making a big hire
- Launching a new product/service
- M&A

All of these processes come with highs and lows. You ride an emotional rollercoaster.

But...

Your job is to insulate your team from that rollercoaster.

Part of the pain is that these processes can drag on.

But you have to insulate your team.

The loneliness of the role is unavoidable.

No matter how many times you ride the rollercoaster, it doesn't get easier. 

Just be aware.

The Accounting Industry is at an Impasse – Accountants are Trapped.

Traditional career paths are disintegrating. It used to be that you could join a mid-sized firm, grind out 7-12 years of back breaking work and reach partnership. Or, you’d go out and start your own firm, working hard, but generally supporting yourself.

Those paths just don’t exist today. 
- The mid-sized (and bigger) firms are getting scooped up by private equity. The victims - Junior partners who were hoping to make partner or just did. The partnership path is worse. Independence is disappearing. 

- Starting your own firm is getting harder and harder. There’s just too much to juggle. Owners are maxed out, working too hard, and not making enough money for it to be worth it. 

That can't be it?

Can it?

"Accountants can't sell."

"You can't rely on accountants to close deals."

"I've spent 31 years in the industry and have yet to meet an accountant who can sell."

I call bulls**t!

Those are all quotes I've heard in the last week. 

I'll say it again: I call bulls**t!

- Accountants can sell.
- Accountants can grow their firms. 
- Accountants can prove all of those people wrong!

I see 3 underlying problems:
1. Fear
2. Time
3. Training

Fear - Too many people hear the word "sales" and start sweating. There's a very real fear around selling accounting services. I completely understand that sentiment. I was scared when I started Decimal too. Here's what I tell my kids: The definition of being brave is being scared but doing it anyway. Let's make sales less scary. How? Instead of thinking about selling, think about advising businesses on how to get better.

Time - Running a firm is hard. You wear a million hats. When you're scared, it's easy to fall back into what's comfortable: doing accounting. When things get busy, it's easy to chase each fire. So much of selling is time and pipeline management. Build a process. Build the right habits. Rinse and repeat. Don't get lazy and not do it. 

Training - Accounting sales isn't used cars, it's consultative. Learn and train how to close the consulting sale. You'll give away free advice. Do that - a lot! Find the places to learn. Michael King does a great job of this. There are others too. 

Accountants can sell.
Accountants can grow their firm.

I'm betting on it. Decimal is betting on it. We helping people who want to start their own firm and grow. 

Don't believe the lies. 

Side note: I met an awesome accounting firm owner last week. He told me he isn't good at sales. He was sitting in the parking lot of a local business expo waiting to go inside to meet business owners. He and his business partner started the firm 2 years ago. They have $800k in ARR! If they can't sell, I don't know what sales is. 

Be them!

The economics of running a small accounting firm need to change!

We're killing the entrepreneurs in our industry.

I talked to a woman the other day who was running her own firm:
- $800k revenue
- 1 business partner
- 4 employees
- $115k salary
- 60-80 hour work weeks

That's the hamster wheel too many firm owners are caught in.

How do you fix it?

- Pricing and packaging: price toward your margin and create standard packages

- Tech stack: pick the best tools, integrate them together, and make sure they can evolve every 6-12 months. AI fits into this category

- Streamlined processes: build tight processes for EVERYONE to follow, track that people do follow the processes, and keep improving

- Outsourcing: Hire great people in PH or other countries to do the accounting work so that your US team can focus on quality and client relationships

All of that can be overwhelming.

If you want something easier: DM me. 

Decimal is helping empower firm owners of the future.

The world would be a better place if more small businesses succeeded. 

Today I'm pumped to support a great human-being, Jason Kern Jr.

Jason worked for us at Decimal and now he's started his own house cleaning business. If you're in Salt Lake City, Park City, or the surrounding areas, spread the word.

I couldn't recommend him more.

Open article: Jason’s Cleaning Services LLC | Experience Cleanliness Today by jasonscleaningservicesllc.com

Jason’s Cleaning Services LLC | Experience Cleanliness Today

1 week until Intuit Connect!

Who's going?

Let me know if you want to connect...at Intuit Connect. 

See what I did there?

Too often people confuse ambition with drive.

A ton of people have ambition - they want more.

Fewer people have the drive to earn success.

Choose drive first, then match it to your ambition.

Community isn't just about consuming content—it's about participating. That's where real growth happens.

In the Rightworks Community, you can engage in back-and-forth conversations, ask questions, and push yourself forward. 

That's the real power of being an individual in a community: participation.

Don't be afraid to connect, learn, and be challenged.

Join me in the Rightworks Community. 

#RightworksCommunity

The fundamentals matter!

Whether it's business or sports, it's tough to build anything without the right foundation.

Too many people get caught up in all the hype of shiny new things. 

They struggle to do the hard things, but wonder why the cool new thing didn't work.

A great example of this is coming with AI.

To truly benefit from the coming AI boom, you'll need good, structured data. 

How many companies are going to buy a ton of AI tools and claim they don't work...when in fact they refused to do the hard work to prepare?

Good, structured data is going to be one of the foundational differences between firms and companies that use AI well and those that don't.

Where do you stand?

Running a firm is hard.

What was the hardest thing for you when you first started?

For me it was balancing everything.
- Sales
- Client relationships
- HR/Hiring
- IT
- Legal (contracts)
- Tech choices
- Marketing

For many people, it's sales.

For some, it's hiring.

For others, it's client expectations.

What is it for you?

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