EntrepreWired.com: The Journey to Starting DeepSky

November 22nd, 2013

EntrelogoI want to give a big shout-out and thank you to Paul King of EntrepreWired.com.

Paul recently interviewed me as part his ongoing series of profiles on what he refers to as “getting into the mindset of successful entrepreneurs.” I was both humbled and grateful for the time he spent with me and wanted my readers to know about it.

In the interview, I talk about what led me to start DeepSky and how my childhood and early work experience enabled me to shape my company to work with entrepreneurs just like me who want to know more about their numbers. There are 2 links, one directly on the EntrepreWired site and one in iTunes.

Enjoy!

3 Numbers That Drive Your Career in an Agency

November 12th, 2013

There is a direct correlation between the work you do in an agency and what you get in return that drives your career.  And it all revolves around numbers… yes, numbers.

These numbers are broken down into 3 categories represented by the value you create, the money you want to make, and your productivity.

The Ignition Group recently featured “3 Numbers That Drive Your Career in an Agency,” a blog I wrote that is posted on the Thought Legion blog. Many thanks to Tim Williams of The Ignition Group for my guest post!

DeepSky’s Story on Economy Heroes Blog

February 15th, 2012

Economy HeroesWe are stoked to be featured on Inc. Navigator’s Economy Heroes blog today.

For entrepreneurs who are not yet familiar with the Economy Heroes movement started by Inc. Navigator founders Brent Sapp and Steve Kimball, here’s what they have to say about it.

Economy Heroes take the risks that change our lives.  You are responsible for 2/3 of the net jobs created in the past two decades.  You are changing the game of business.  You march to the beat of your own drum.  The Economy Heroes blog, tweets, and newsletter provide stories and resources to inspire and equip you to maximize the potential of your team.

Brent interviewed me this week and wrote the story about how DeepSky is out to help entrepreneurs make the world a better place. DeepSky’s mission is to provide outsourced accounting services that, as Michael describes, “Includes more than just debits and credits. We strive to deliver actionable business knowledge.” He also included a more intimate story about my move to the States when I was 10 and the lessons that stuck with me all these years.

Check out the full story on Economy Heroes blog here.

A Piece of Rockstar Accountant

November 10th, 2011

I recently had the honor of being a part of an amazing panel talking about the outsourced accounting model (and how the cloud can help.)The message was simple – in 3 to 5 years time, most entrepreneurs will be utilizing an outsourced accounting department instead of trying to piece together an in-house department.

But something else came out from the panel that made a tiny twitter tremble in the accounting world – the idea of being able to hire a piece of a rockstar accountant. Jim, a good friend and teacher of mine, hits the nail on its head when he said the following, “[entrepreneurs] can’t justify or afford to hire a rockstar accountant, but they can now hire a piece of one…” Or in DeepSky’s case – a piece of an entire rockstar accounting department.

Over the last few years – we’ve taken on so many customers who, before DeepSky, were relying on a single person (other times 2 or 3 people plus outside help) to deliver a quality accounting initiatives. It almost never worked.

In fact, I was chatting it up with an entrepreneur who owns a digital agency a few months back and I asked him – what was the final reason that made him jump from the traditional in-house model to the new outsourced model 2 years ago? He chewed on the question for a few seconds and replied, “You know what Mike? It was seeing how we’ve failed so many times trying to establish this area of our business and then seeing how someone else who’s already got it figured out.” The rest is simple. “I needed to grow my agency and my accounting support was broken – so I adopted someone else’s system – and it freed us up to grow” He adopted a rockstar accounting department.

So, what area of your business is your chokehold? Perhaps it is not broken now, but will it be adequate when the rest of your business grow? Once you identify it, you’ll have two choices. Try and hire and build your own team of rockstars or leverage someone else’s. Here are the rockstars who made up the awesome panel that I learned so much from: Jim Hart of SingerLewak, Tom Mescall of Armanino McKenna, Taylor Macdonald of Intacct, myself, and our fantastic moderator, Seth Fineberg of AdAge Accounting Today.

DeepSky’s W. Michael Hsu Honored as CPA Practice Advisor’s 40 Under 40 2nd Year In a Row

September 2nd, 2011

We are stoked! Each year, CPA Practice Advisor gets tons of nominations from all around the country for “young leaders who are helping to positively shape the accounting and tax profession.” I was honored and humbled to be selected for the first time last year and am totally stoked that I made it again this year as one of the 40 Under 40. 13 more years to go.

During the last 2 years DeepSky has grown so much and gotten serious traction with our vision of creating an accounting department for the new generation of entrepreneurs. In fact, the entire accounting industry has finally caught on this year with the AICPA pushing other traditional firms to offer outsourced accounting services.

There are still skeptics out there, but we believe the future is now.

Special shout out to Brian Austin and Kimberly Hogan who have done so much for DeepSky and me personally. They are my teachers and my friends. A thousand thanks to all the mentors who continue to help DeepSky grow and achieve our dream. Last but not least to my kick ass team who does great work for our customers. Check out the full interview in this year’s CPA Practice Advisor’s 40 Under 40.

It All Starts With One Simple Question

July 1st, 2011

“Why are you doing it?”

There are a lot of noise in my industry right now as CPAs flock (okay, maybe not all at once, but there certainly are noticeable movements) to the attempted practice of “client accounting services” while utilizing the latest “cloud technology” and adopting a “monthly fixed fee” approach – information they’ve gathered from their latest conference. Hundreds of pages of “best practice white papers” are being written to teach firms how to differentiate themselves from, well, everyone else that’s reading the same white paper. Interesting.

So, how is DeepSky different?

It starts with one simple question I ask all potential customers, “Why are you doing accounting?”

You see. I founded DeepSky to do one thing – to help entrepreneurs achieve greatness in the service business. And I need that same buy-in from all of our customers. I need alignment. I need to know that you are doing accounting because you believe that it can help you (your business) be great (however “great” is defined by you – to have a peace of mind, to make more profits, to buy that new office, to build a happy workplace, to change the world. Your choice.)

Sure. We live and breathe technology. We love the cloud too. We price on value (not cost plus). We don’t have time sheets. We love entrepreneurs who happen to own an agency. We have a ton of fun at work. We work in a loft above a warehouse [update ’14:] local bar. We have talented accounting ninjas. We’ve got the best corporate t-shirts the accounting industry has ever seen. But these are just “how” we do things differently. Some are easier to copy than others. They are not “why” we are different.

And I think our “why” is truly remarkable. And guess what? It’s pretty darn hard for other people to copy that.

We’ve built a company to help entrepreneurs be great. It’s our “why.” We want to be on the same side of the table as our customers. That’s why this is all we are – a radical outsourced accounting department with a tech savvy spin – no compliance work, no attestation work, no noise. And we demonstrate  our why at the beginning of each potential relationship with a simple question. “Why are you doing it?”

DeepSky Featured in AS411’s Ideas in Motion

April 22nd, 2011

We are very honored and humbled to have been picked up by Scott Cytron from AS411 to do a feature on DeepSky and what we are doing in the accounting world.

AS411’s The Insider is a publication that covers a wide variety of topics related to the accounting and accounting software industry. During the interview, Scott called our approach a very unique perspective through outsourced accounting services and chatted with us about the origin of our name (DeepSky… not Blue Sky like many people think), how outsourced accounting is the future trend for entrepreneurs, and what our views are on paperless and cloud technology.

See the full article “Michael Hsu Takes Deep Dives into Accounting and Technology” on AS411’s site. Thanks again Scott! We are always happy to share our thoughts and vision with those who take an interest in why we do what we do.

We are Quoted in Bizmore’s Newsletter Today!

May 25th, 2010

Bizmore is a website dedicated to connecting small businesses with expert advice and answers. We are very excited that the staffs at Bizmore find our answers to be helpful enough to be quoted and distributed in their newsletter. 🙂 Thanks guys! DeepSky - Outsourced Accounting in Bizmore Read our original post on doing more with less by taking a closer look at cash flow here.