Issue #18 - Stop. Don't start from scratch
Meet the five winners of the inaugural Accounting Workflow Industry Awards
Welcome to "Get Work Done," where we discuss the complexities of efficiently running accounting and bookkeeping firms. Brought to you by Financial Cents and delivered to your inbox every 2 weeks.
Small change, big difference
You want to refresh your workflows but the thought of starting from scratch stalls you.
You continue to rely on outdated workflow checklists that omit crucial steps. Even worse, you might be working without any standardized checklists, which leads to delivering subpar results to your clients.
What’s a small change you can make to see a big difference?
Access hundreds of ready-made workflow checklist templates from a community-driven template library.
These templates are created and shared by accountants, bookkeepers, and tax pros like you in different industries. What’s even better? If you have a few workflow checklists you’re super proud of, you can share them with others as well in the library because #SharingIsCaring.
Check out the template library.
Firm spotl💡ght
You’ve heard about co-firming but have you heard about it from the OGs?
Dave Kersting and Tonya Schulte are rewriting the rules with their co-firming blueprint, and it’s about to change the game.
Dave is the CEO of Capovario, a team of professionals with 40+ years of combined experience across finance, insurance, marketing, and leadership development who help their clients turbo-charge their business operations while Tonya is the Principal at The Profit Constructors, a firm specialized in construction accounting, contract management, and construction accounting workflow. Together, they join forces to serve clients as co-firms.
In a recent episode of The Accounting Flow podcast, they discuss the strategies and hacks of co-firming for success. Take a listen below:
Transcript below:
Host:
Co-firming doesn’t sound like your traditional subcontractor model. You mentioned the word “collaboration,” but how do you ensure that collaboration actually works?
Tonya Schulte
Exactly, it’s not your typical subcontractor setup. Collaboration works because we share values and goals. For example, we have a common mission and vision, and we ensure that the work remains consistent across all co-firmers. To make sure the quality of work is the same, we’ve invested in a Quality Assurance Manager who oversees everything. This person ensures that no matter which firm is handling the work, the quality is always at the same high standard.
Another thing we’re exploring is collaborative marketing. We’re beginning to harness the collective marketing power of all the co-firmers. Imagine how much stronger our marketing campaigns can be when we all contribute and work together!
Dave Kersting
Right, and I love that collaborative marketing idea because it aligns with our overall vision. We have multiple firms coming together, each with their ideal client, but as a co-firm, we also have a collective message. It’s important to identify why clients would want to work with us as a co-firm and understand what success looks like.
H🔥t topics
Meet the Winners of the First Edition of the Accounting Workflow Industry Awards
Financial Cents’ inaugural Accounting Workflow Industry Awards Ceremony held yesterday at WorkflowCon, a 100% virtual conference on accounting workflows. Randy Crabtree CPA and Dawn Brolin CPA presented the awards to the winners in the five categories, namely:
Workflow Whisperer: Terri Warren, MAcc. – Founder, Innovation Ops
Awarded to the unsung hero whose process optimizations make firms hum like a well-oiled machine.
Cloud Conqueror: Jeffrey Jackson, CPA - Partner, Professional Business Advisory Service Corporation
Recognizes the cloud technology pioneer who has boldly taken accounting into the digital realm.
Efficiency Engineer Award: Tonya Schulte – Principal, The Profit Constructors
For the efficiency expert who has turned time management and resource optimization into an art form.
Educator Extraordinaire Award: Deborah Defer – Director of CAAS Services, Woodard Consulting
Honoring the passionate teacher and mentor who has dedicated themselves to elevating the accounting community.
Automation Ninja: Terri Warren, MAcc. – Founder, Innovation Ops
For the stealthy master of automation who silently and skillfully slashes through repetitive tasks, making processes faster and freeing up precious time for higher-value work.
Congratulations and thank you all for your great work!
10 Tips To Revamp Your Home Office For Maximum Productivity
Whether you’re a fully remote employee, freelancer, or someone who occasionally works from home, you’ve likely noticed how your workspace impacts your productivity. A cluttered office can lead to a cluttered mind, while a well-organized home office can enhance both motivation and efficiency. However, knowing where to begin the transformation can be challenging.
To help with this, Business Insider turned to professional organizer Anastasia Lee, founder of Nestplace, for expert tips on creating an optimal home office. Lee's insights focus on practical strategies for decluttering and organizing your space, ensuring it fosters focus and productivity. With her guidance, you can turn your home office into a productive haven, allowing you to work effectively and feel more inspired in your daily tasks. Embracing these changes can significantly enhance your work-from-home experience, making it more enjoyable and efficient.
Swipe this workflow template
Swipe hundreds of workflow checklist templates in the community-driven template library.
Meme
FOMO events
October 24-26
REFRAME has one goal: “To Rebrand the Accounting Profession”
This is the brainchild of Hector Garcia CPA seeking to build a conference focused on transforming the profession in such a way that it is seen as the most innovative, fun, and creative of all the professions.
October 28-30
Intuit Connect 2024 at Vegas
Get inspired by influential speakers and expert-led sessions on topics such as QuickBooks tools and services, Mailchimp, firm growth, client advisory, and more.
October 27 - 30
NASBA 117th Annual Meeting
The National Association of State Boards of Accountancy (NASBA) oversees accountancy in the United States and administers the uniform CPA examination. They are hosting their 117th annual meeting in Orlando, Florida, where they’ll discuss hot topics and emerging issues in the profession.
Noteworthy
Exploring the Rise of Private Equity in Accounting Firms: What You Need to Know
The trend started in 2021 when TowerBrook Capital Partners announced their investment in EisnerAmper LLP, one of the largest accounting firms in the U.S. This acquisition marked the first major private equity investment in the accounting industry.
Since then, more private equity investors have targeted the accounting sector, providing firms with the financial muscle to scale their operations. But why the sudden interest? Factors like stable cash flows, long-term client relationships, fragmented markets, and potential for growth through technology have positioned the accounting industry as an attractive target for private equity investors.
This trend shows no signs of slowing down. In this article, we’ll explore how private equity works, its impact and potential challenges on accounting firms, and why you should care.
How firms can score the right talent mix
By Nicole Davis, CPA for the Journal of Accountancy
Finding the right blend of experience and energy in your organization is a timeless challenge. Picture your company as a mixtape: the classic hits represent your seasoned professionals, whose wisdom and expertise resonate throughout the halls, much like beloved anthems. Their insights and stability provide a strong foundation for your organization. On the other hand, the newcomers bring fresh tracks, injecting enthusiasm and innovative ideas that energize the entire team and spark excitement about the future.
In this dynamic, every manager plays the role of a DJ, tasked with curating the ultimate mixtape for success. This involves carefully selecting and mixing various talents to create a harmonious environment where both experience and new energy can thrive. Achieving this balance requires a hands-on approach, ensuring that the right mix of seasoned veterans and fresh voices leads the organization toward growth and collaboration. Ultimately, it’s about crafting a sound that resonates with everyone involved.
Nomination Period Closes Soon for CPA Practice Advisor’s 2024 “40 Under 40” and “20 Under 40” Awards
Nominations for the 2024 Awards are now open! Click here for the free nomination form. Submitting multiple nominations does not increase a candidate’s chances, and there are no associated costs.
The 40 Under 40 Awards recognize outstanding public accountants, educators, and thought leaders who are transforming the profession through exemplary leadership, innovative thinking, and community outreach that enhances visibility beyond the workplace.
The 20 Under 40 Influencers program honors professionals at technology vendors leading advancements in technology and processes, helping practitioners increase productivity and profitability. These awards highlight the future leaders shaping the accounting industry.
Until next time,
