Get Work Done - Issue #3
Modelling a data-driven culture from the top, pseudo-productivity and how an 89-year-old firm went 100% paperless
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.
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Small change, big difference
Are ‘non-techy’ employees giving you a hard time?
In 2024, using data to grow your firm is no longer a nice-to-have but a necessity. From figuring out your firm’s capacity six months out to knowing which clients to fire, data gives you a good picture of the state of affairs to make informed decisions.
However, some employees seem not cut out for data and tech. They struggle, a lot. And in turn, they slow you down.
What small change can you make to help them? There are a few things you can do, but the most impactful will probably be to model data-driven behavior from the top and across the firm. Let your workforce see you using data to guide decision-making or get to the root cause of a problem, they will follow suit.
*ICYMI* Speaking of data, check out the Firm Revenue Report where 260+ firm owners anonymously share how much revenue they made in 2023 and what services yielded the highest profits.
Firm spotl💡ght
Damyan Dimitrov CPA bought an 89-year-old firm in 2021 and built it into a 100% paperless firm within a few years.
About Accounting Management Services: AMS is an accounting & tax management firm with about 18 team members, serving 1000+ clients globally in English and Spain languages. Clients can access their financial information and business files online, at any time.
In this episode, Damyan shares the work and resilience that went into converting thousands of decade-old folders into paperless files.
Take a listen.
Excerpts below:
Host
How did you ensure a successful transition to paperless accounting?
Damyan
We started after the busy season in April (2023) but the goal was to finish by the end of the year, and I consider us to be there right now. We just moved out of our office, fully virtual going forward. One of the biggest problems and challenges was the office had a storage room of paper and a general ledger for each client — about 700 to 1000 folders a year. We had to figure out how we were going to deal with that. Scanning services are super expensive. We had to figure out the 20% that would deliver 80% of the value.
H🔥t topics
Did the pandemic change management?
After reviewing 69 articles focused on the management implications of the COVID-19 pandemic that were published between March 2020 and July 2023 in top journals, researchers highlight the numerous ways employees, organizations, leaders, and society were impacted by COVID-19. These insights may provide lessons for managing through future unexpected global events.
The biggest takeaway is that like with all challenging circumstances, COVID-19 brought out the best in some leaders but brought out the worst in others consequently affecting organizational outcomes.
Is your team pseudo-productive or actually productive?
Quick question — while working remotely, which employee will you consider more productive — The one that replies to Slack messages within seconds and shows up for every meeting under the sun (even irrelevant ones) but takes weeks to complete actual accounting work or the one that blocks off four hours each day and gets those reconciliations done in record time, responding to Slack messages only during allocated times?
“The modern workplace forces us to be constantly on the go – but at what cost to the work we do, and to our wellbeing? In his new book Slow Productivity, writer and computer science professor Cal Newport sums up busy work tasks like these as a form of “pseudo-productivity”. Sending flurries of emails, shooting off Slack replies, and scheduling endless meetings are easy, very visible ways to look like you’re a super-efficient model employee, he suggests, but doing so inevitably ends up dragging your attention away from the more difficult tasks that require proper concentration.”
- Katie Rosseinsky
How to know if your software investment is a fail or pass
Whether you got lured by the newest shiny software in the industry or bought work management software because your firm needed it, the most important questions are — is the tool delivering on its value, and is your team using it?
GetApp does a great job of breaking down what to do if you think things are not going well with a software and four signs your software implementation is successful:
Sign 1: You’re saving time and/or money
Sign 2: You haven’t had significant disruptions due to the implementation
Sign 3: You’ve minimized previously experienced challenges
Sign 4: Business has grown since implementing
Swipe this workflow template
Get this free accounting memo template that provides a solid foundation for crafting effective and informative memos, improving communication, and ensuring clarity within your firm.
Meme
Zen amid chaos 🧘
Noteworthy
QBO Tech Tip - Bank Rules: In her sassy tone, Kellie Parks CPB shares tips and tricks for using bank rules in QuickBooks Online. From a word of caution to step-by-step instructions and best practices, this is a gold mine you don’t want to miss.
Opportunities in accounting in 2024: Erik Asgeirsson, President and CEO of CPA.com, Lisa Simpson, VP of firm services, AICPA, and Dan Hood, editor-in-chief, of Accounting Today break down the magazine’s 2024 Top Firms report. Watch to learn the major takeaways and insights to help you grow your firm this year.
Will AI or Automation Replace Accountants? A Critical Look at What the Future Holds: The accounting industry has always benefited from advances in technology. From calculators to spreadsheets, every wave of innovation has helped accountants enhance their abilities and improve efficiency. AI and automation are no different.
Introverted bookkeepers: how to confidently talk to prospective clients: In this YouTube video, veteran bookkeeper and trainer, Veronica Wasek shows exactly how to talk to prospects when your personality would have you rather not.
Playbook: How to Build a 7-Figure Firm Through Advisory Services: Brandon Hall breaks down his playbook for taking his CPA firm to high 7 figures through high-margin advisory services. Learn how you too can.
Until next time,
