After winning the prestigious award for Reckon Accredited Partner of the Year last week, we invited Terry Leotta down to Reckon HQ in Sydney and got his candid thoughts on his win, experience in the bookkeeping industry and where he thinks it’s heading.
Terry is the owner of Megadan Consulting (located in Toowoomba, QLD), and provides full bookkeeping services including software consulting, BAS reporting and mentoring clients on how to get their business up and running.
How long have you been a Reckon Accredited Partner and why did you initially join?
It was back in 2001 when my bookkeeping business was starting to take off. I was already avidly using Reckon software for my client’s books, so it was a natural step for me to join the program. I wanted to be part of a ‘community’ and saw the potential benefits of having software at my fingertips, being able to on-sell products and make ongoing commissions.
Talk us through your experience as a Partner at Reckon.
It started when I attended my first Accredited Partner Conference. I met the other members of the program and I knew I’ve found ‘something’. Every year I look forward to this event because of the training component, opportunity to network, share stories & knowledge, but mostly because I feel like I’m catching up with friends. Throughout the years, I’ve also developed great rapport with the Reckon staff, and I’m very comfortable in calling the Partner team for help and have a friendly chat too.
What is your view of the changing bookkeeping industry? Where do you see the industry in 5 years?
Well, I think the bookkeeping industry is ‘dying’. Let me explain. Cloud accounting software is so easy to use that businesses can jump online and do their bookkeeping themselves. I think bookkeepers can expand their services to not only BAS reporting but start mentoring businesses and recommend the right third-party solutions. This year, I started learning about add-on apps and added Fishbowl and Reckon Loans, powered by Prospa to Reckon software to help my clients optimise their business.
What are some of the most important lessons / challenges you’ve learned in your career?
In the past, I made a decision to specialise in certain products and services, and essentially having ‘all my eggs in one basket’. I soon realised that I couldn’t help certain clients and had to turn them away. So, I would suggest to new bookkeepers to learn a range of products and be well-rounded so you can easily expand your business.
Talk us through your highlights as a business owner of Megadan Consulting.
I think it all kicked off when GST and BAS were released. I was approached by TAFE to be a trainer for Reckon and teach businesses on how the software works and can manage this new compliance regulation. This was a great opportunity for me, as to this day about 40% to 50% of those attendees are still my clients.
As the Accredited Partner of the year, what does success mean to you?
Recognition of what you’ve done. The fact that someone said ‘great job’ is recognition in itself. Plus, the fact that this award was nominated by the Accredited Partner network is a great achievement and milestone for me – I really wasn’t expecting it.
It’s often said that you’re very humble, what’s your secret?
I’m never chasing recognition. I think if you do your job properly, you’re rewarded by being positively mentioned to others – that’s recognition in its own right. I don’t mind passing on knowledge and helping others, especially those new to the industry. I also feel it’s part of my family upbringing – I would say my parents are quite similar in this way.
When you’re not busy crunching numbers, what do you enjoy doing?
I love fishing, we had 2 boats but have now sold them. Nowadays, I really enjoy quad biking. My wife and I go every 2 or 3 weeks to our cabin (on our friend’s property) and ride our bikes over the 13kms of track. Sometimes we also take the caravan and go on organised rides with our friends too.
Thanks to Terry for the insights and congrats again on the success! Here is Terry on our Reckon fishing trip, celebrating with a mighty kingfish catch! We hope you enjoyed the day!
A bookkeeper's best friend