Issue #14 - Why accounting employee turnover is high
How to avoid software overwhelm plus Angela's transition from solo to a team of 6
Welcome to "Get Work Done," where we discuss the complexities 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
Over 25% of accountants aged 18 to 38 plan to leave their current employer in the next 12 months.
Over 300,000 accountants and auditors in the United States have left the profession in the last 2 years.
What’s the problem here?
Are accounting firms not offering enough “perks” like pool tables and weekly pizza outings? Maybe it’s the pay. Or should firms run large advertising campaigns to attract talent? Ah, it must be the 50-60-hour work week prevalent in the industry.
If your firm is experiencing a pipeline shortage and you’re perplexed about what to do, you’re not alone.
According to Roman Villard, CPA, Founder of Full Send Finance, here are small changes you can make to see a big difference:
Build an Internal Wiki
Leverage Integrated Systems & Tools
Use Workflow Management Software
Read his full opinion piece to learn why and how to implement these strategies.
Firm spotl💡ght
Main Accounting Services® specializes in increasing the success and profitability of growing law firms. They aim to empower law firm owners by helping them understand their financial reports, provide insightful information and accurate/timely reports, and hold regular meetings.
Now a team of 13, the firm started as a one-man operation run by Angela Main Roberts.
In this podcast episode, Angela discussed how she transitioned from a solo firm to a team of 6 (at the time of the recording).
Take a listen below:
Excerpts below:
Angela:
Initially, I started Main Accounting as a one-person operation, providing accounting services to small businesses in my local area. As my client base grew, I realized that I needed to expand my capacity to meet the increasing demand. It was a difficult decision, but I knew that transitioning from a solo firm to a larger business was the right move to better serve my clients.
Building a team was a crucial step in the transition process. I carefully selected talented professionals who shared my vision and values. Delegating responsibilities was initially a struggle for me because I was used to handling everything myself. However, I quickly realized that I couldn’t do it all alone if I wanted to scale the business. I learned to trust my team and empower them to take ownership of their roles. It was about finding the right balance between being involved and allowing others to contribute their expertise.
H🔥t topics
Avoiding Workflow Software Overwhelm: A Guide For Solos
You thought an accounting workflow software was the solution you needed—a tool that would make your life easier by helping you get things done faster and with fewer mistakes. You began exploring different software options, excited by the prospect of a simpler work life. But soon, you realize it’s not as easy as it seems.
Even after finding what seems like the perfect software, you’re still left with more questions than answers: Which workflow features should you prioritize? Can the software’s settings be customized to suit your unique needs? This confusion can lead to frustration, slow your productivity, and even make you question whether the software is worth the effort.
Here’s how to avoid being overwhelmed before and after selecting workflow software.
The Key to Abraham Lincoln’s Leadership
In 1863, President Abraham Lincoln penned a sharp rebuke to his top Union general for missing a critical chance to end the Civil War. However, Lincoln never sent the letter; instead, he quietly set it aside.
This act is just one example of Lincoln’s extraordinary emotional discipline, which allowed him to transcend everyday disputes and remain focused on his larger mission.
In a recent episode of the Harvard Business School On Leadership podcast, professor and historian Nancy Koehn delved into Lincoln’s leadership during America’s most challenging times, offering insights into how emotional self-control can shape both your daily leadership and long-term legacy.
Did you hear?
Financial Cents has launched a $9/month solo plan with all the features you need to manage your workload, clients, and documents. Check it out.
Swipe this workflow template
Get this Free Bookkeeping Pricing Template.
BONUS: Access Dawn Brolin’s 1040 w/Sch C or E - Individual Income Tax Preparation FREE template.
Meme
Priorities, priorities 😂
FOMO events
August 27, 2024
Solo Accounting Workflow Boot camp with Nayo Carter-Gray EA
In this interactive boot camp, you won’t just learn about workflows – you’ll build them in real-time with expert guidance. You’ll also get free workflow templates from your peers.
September 10 - 13
CPB Canada Ignite 2024 Conference
Curated by industry experts, IGNITE 2024's content is designed to be relevant and practical, aiming to enhance your capacity and skills in the field.
Noteworthy
54 Worst (but hilarious) Accounting Pick-Up Lines You Can Use
It’s time to dispel the myth once and for all: Accountants do have a sense of humor.
From clever one-liners & puns to funny accounting jokes, accountants can be pretty entertaining when they choose to be. So, if you’re looking to break the ice, charm someone (maybe a romantic interest), or simply entertain your fellow accountants, here are 54 accounting-themed pick-up lines that will raise a smile (or at least a chuckle).
Tech adoption at light speed: Balancing euphoria with cynicism
Tom Vartanian, executive director of the Financial Technology & Cybersecurity Center, recently appeared on the JofA podcast to share his concerns about the rapid adoption of technology. While acknowledging the benefits, Vartanian warns that the balance is skewed. "It's not that we shouldn't embrace technology," he says, "but our balance is off."
Tune in to the episode or read the transcript to gain insights into Vartanian's views on the current state of technology, cybersecurity, and leadership.
The risks of radical accounting changes
In an opinion piece for the Financial Times, John Plender discussed the risks of radical accounting changes by policymakers. According to John, Accounting has a significant influence on shaping behavior and policy decisions. Amid political shifts, it's crucial to recognize how conventional accounting can send misleading signals.
Changes in pension accounting have impacted the economy, pushing companies to de-risk and contributing to systemic risks. The gap between conventional accountancy and economic reality, especially concerning sustainability, remains a critical issue for policymakers and investors.
Until next time,
