Get Work Done - Issue #2
Get Work Done - Issue #2
Why your way of tracking remote employee productivity might be flawed plus what on earth is 'scatterfocus'?
Welcome to "Get Work Done," where we dive into the nitty-gritty of running accounting and bookkeeping firms efficiently. This isn't your average newsletter – we're all about down-to-earth tips and insights that cut through the complexities, helping you streamline processes, embrace practical tech solutions, and boost your team's productivity.
Brought to you by Financial Cents and delivered to your inbox every 2 weeks.
Small change, big difference
What if the way you currently measure remote employee productivity is completely flawed?
Before you get mad at me, hear me out.
In a bid to track productivity, it’s easy to fall into the trap of tracking “busyness” rather than output. Besides, people are now finding ways around so-called productivity-tracking software solutions that track applications, listen to conversations, and monitor mouse movements and keystrokes. Data shows that 32% of employees who are monitored with tech during the workday by their employer report their mental health as poor or fair (as opposed to good or excellent), compared with 24% who are not monitored.
What small change can you make instead? Identify the highest priority tasks for each role and check in (without getting in the way).
Firm spot💡light
The Profit Constructors, a firm specializing in construction accounting co-firms with Capovario, another firm that works with various types of businesses — from startups in high-growth mode to established companies looking for a fresh perspective.
Co-firming, a concept far deeper than a traditional subcontracting relationship involves two firms working together hand-in-hand on client projects. Co-firms share everything, from the workload to team meetings and training, and even revenue.
Firm owners, Tonya Schulte and Dave Kersting share why they went the co-firming route, how they manage their workload and workflows, their approach to lead management, quality assurance, and everything in between.
Take a listen.
Excerpts below:
Host:
How does co-firming work?
Dave:
You have to look at it as we’re one big team, instead of being separated. The client understands there are two firms involved but we act as one. And you know, when we say we share everything, we’re talking about even the financial piece, the income coming from the client is determined by who gets what based on the lift and load that is happening.
Host:
How do firms get started with this? How do they determine what elements of their firm need to be co-firmed?
Tonya:
One of the things to think about is, how are you currently really able to serve your clients well. And in what areas are your weaknesses? Look for firms that can fill in those spots.
H🔥t topics
Creative ways AI can help if you’re experiencing a talent shortage
This is not a debate about AI replacing accountants and bookkeepers but a review of creative ways AI can step in when you’re struggling to fill those vacancies on time.
From utilizing AI chatbots and virtual assistants to improve customer experience, to using workflow software to generate tasks and templates, and integrating AI into your recruitment process so you can find and hire the best talent — here are Six Ways To Use AI (including ChatGPT) To Solve the Labor Shortage In 2024:
Adopt Generative AI to Reduce Demand for New Hires
Transform Staff Attrition with Predictive Analytics
Revolutionize Recruitment with AI Tools
Find the Best Candidates
Use AI to Improve Employee Retention
Use Generative AI to Assist Hiring Managers and HR
Busy season hitting hard? Here’s how a CPA is staying efficient
Logan Graf , CPA is trying new things this busy season to stay efficient and productive. It might inspire you to think of the things you also want to stop or start doing to keep you motivated and productive:
‘Scatterfocus’ might be what your brain needs to focus better - productivity expert
Find yourself getting easily distracted and moving from one thing to another without actually achieving much?
In a world of headlines, ‘urgent tasks’, instant messaging, social media updates, and so many other things competing for our attention, more people are finding it difficult to stay focused and productive.
According to Chris Bailey, a productivity expert, TEDx speaker, and author, “It's not so much the distractions that are keeping us from focusing, but rather the overstimulation of our brains that causes us to seek out distractions in the first place.”
He suggests that a better way of making your brain stay focused might be to try something he calls scatterfocus — rediscovering boredom and letting your brain wander where it will.
Swipe this workflow template
Get this free monthly bookkeeping checklist template to accurately complete your client’s monthly bookkeeping process.
Meme
How come everything is always urgent?
FOMO events
MARCH 12 (Virtual)
Protect Your Time: Using Technology to Improve Client Communication
MARCH 13 - 14 (UK)
MARCH 20 - 21 (Australia)
PS: If you’d like us to spotlight your event in the next issue, send an email to marketing@financial-cents.com
Noteworthy
Congratulations to Kerri Bouffard, CPB of Add-Vantage Bookkeeping, on receiving CPB Canada’s 2023 Distinguished Service Award! Do know that your friends here at Financial Cents are super proud of you and celebrate you on this achievement. 🎉🎉
How Reza Hooda’s entrepreneurial spirit helped him grow his accounting firm from £0 → £100k in 9 months while working just 10 hours a week: A 90-minute webinar on practice growth gave Reza the launchpad he was looking for, and in less than 24 months, his first accounting firm took an upward shift. Now, with his second firm, which he grew from £0 to £100k in 9 months, he is on a mission to help accounting firm owners become more profitable, giving them the time, money, and freedom they crave.
Why the productivity gains from AI won't be able to prevent a recession: As big a theme as AI is right now, is it powerful enough to halt a looming economic downturn? David Rosenberg, economist and president of Rosenberg Research, doesn’t think so.
Tips for building a firm to the right size for you: Keila Hill-Trawick, CPA shares 4 key lessons from building Little Fish Accounting in Washington, D.C., since 2018. She says:
“I realized that I would have to determine what success meant for the company. Hiring internally and externally for support and making friends in the profession helped me find the right size for my firm and take the appropriate steps to reach it. In our case, the right size turned out to be the result of finding the right mix of clients and services that our team could support with excellence while always having time to innovate and rest”. Continue reading…
The Firm Automation Playbook: This playbook is not just about technology; it’s about transforming the way you work. Following the steps outlined, you’ll be on your way to reclaiming your time, reducing errors, and becoming more efficient. Download now.
Until next time,
Oof “poor or fair” rather than “fair or excellent” and the percentage difference really screams that the data was inconclusive and the researchers desperate to force the data to say that tracking software damages mental health