Issue #9 - How would you rate your firm's workflows?
Issue #9 - How would you rate your firm's workflows?
Why you should get your processes out of your head plus TriMerit's recruitment and retention strategies
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
You’ve received those dreaded client calls twice in a row in one week:
“Hello Joyce, we received the monthly financial report, but there are a lot of inconsistencies with our expense classifications. Did you hire a new staff?”
“The amount on the supplier invoice is not accurate. I’m unhappy with these mistakes; they are becoming too frequent.”
You thought your new hire said they’ve been doing bookkeeping for 10 years. Why all these mistakes? Even your existing employees are not left out.
Here’s a small change that can make a big difference:
If you haven’t already, get your processes out of your head and document them by creating workflows. This way, everyone on your team completes tasks the same way, helping you standardize work across your firm and improving work quality.
If you already have workflows in place, review and optimize them, then retrain your team (both new and existing). Workflows are not a do-and-forget thing; you must continuously review and improve them.
To get started, check your workflow health score here.
Firm spotl💡ght
Tri-Merit Specialty Tax Professionals support CPAs, CFOs, and owners of small-to-midsize businesses by serving as an extension of their advisory team to lessen the tax burden and increase cash flow. The firm works with companies to uncover the engineering, manufacturing, and product development data needed to support claiming engineering-based tax incentives such as the R&D tax credit, and tax planning strategies such as cost segregation
Co-founder and partner, Randy Crabtree joined Roman Villard to discuss the critical elements of building lasting teams. As firms scale, the challenges of recruiting and retaining top talent become paramount. Randy shares his proven strategies for fostering a strong workplace culture that attracts and retains skilled professionals.
Take a listen below:
Excerpts below:
Roman Villard (Host):
Expanding your skill set and better leveraging your strengths for the firm must have been character-building. I love that you promote fun within the industry. Setting a tone of fun and enjoyment is crucial for culture, and with that tone being set at the top, you can’t underestimate its value.
Randy Crabtree:
One of the most impactful lessons I learned was not ignoring a culture killer. Someone told me, “If this doesn’t change, I’m leaving,” and it made me realize I had to address issues, not just have fun. This realization led to my transition out of the managing partner role. In a remote environment, people often believe you can’t create a strong culture, but you can. We’ve been named one of the fastest-growing privately held companies in the US for the last two years and have other awards, too. We’re intentional about our culture. Twice a year, we have retreats to build relationships. At a retreat in San Diego, a photographer told me she couldn’t figure out who the partners were because everyone was on an equal level and enjoyed each other’s company. This shows how fun and friendship are key to our culture. We’re like family. This culture attracts people. We don’t have to search for employees; they come to us through friends, family, and personal connections. This is how we grow our team.
H🔥t topics
How assessing the expected lifespan of technology can boost earnings and reduce costs
A recent article by The CFO explores how reassessing technology asset lifespans and adjusting depreciation schedules can enhance earnings and lower costs for accounting teams. However, careful forecasting is crucial to avoid under-depreciation and potential financial difficulties. Additionally, teams must consider technological obsolescence to prevent unexpected costs as new technologies render older systems inefficient or redundant.
Some of the key highlights of the article include:
Properly factoring the lifespan of technology into the cost cycle is essential for maintaining financial health and planning future investments.
Depreciation, which allocates the cost of a tangible asset over its useful life, is a key method for accounting for technology's lifespan.
The system life of technology is the estimated period in which it remains operational and valuable to an organization. This duration is influenced by technological advancements, hardware durability, and software adaptability to evolving business needs.
Re-evaluating asset lifespans for legacy systems amid rapidly changing technologies can provide operational and sustainability benefits, conserving resources while allowing for strategic, gradual upgrades.
Meet the #1 barrier to productivity
Atlassian surveyed 5,000 knowledge workers across 4 continents. The main reason they struggle to get their work done? Meetings.
Key findings include:
Meetings are ineffective 72% of the time
Meetings are overused, leaving workers overloaded
Video messaging is taking off in the workplace, with views on Loom’s platform up 37% in 2023.
Don’t cancel all your meetings (just make them better)
Reclaim your day:
Audit your calendar
Avoid meetings by sending documents instead
Reduce, reflect, reschedule
Learn how to better facilitate meetings
Swipe this workflow template
Every successful accounting and bookkeeping firm relies on clear, documented procedures. However, building your policies and procedures (P&P) manual from scratch can be daunting. That’s why we’ve created this Free Accounting Policies and Procedures Template to help you get started quickly and easily.
Meme
You: I blame the TikTok AI accounting gurus 😒
FOMO events
June 16 - 19
Scaling New Heights 2024 at Orlando, Florida
July 9
Workflow Summit with Kellie Parks, Heather Satterley, Courtney McKay, Mark Wickersham, Alexis Sadler, Stacey Feldman, and Joelle Kindret. (100% Virtual).
***Financial Cents will exhibit at SNH and give away $500 daily in our raffle draws! Visit booth #182/183 to connect with us, enter the draw, and get swag 😉.
Noteworthy
How Alyssa J. Dillon grew her firm to $324,000 in just one year while balancing motherhood: Alyssa J Dillon is the CEO and Financial Consultant of AD Finance Manager. As a proud mom of two, she has held many leadership positions during her career in corporate America, including a position as CFO of a major corporation. As a dreamer, she envisioned running her own business for years. Financial Cents spoke to her about how she grew her firm to six figures in one year while balancing motherhood. Read the full interview.
The intelligent operations model: In today’s rapidly evolving business landscape, Ricardo Henriques emphasizes that the purpose of intelligent operations is to leverage digital acceleration to transform traditional workflows into highly efficient, adaptive, and data-driven processes. By integrating cutting-edge technologies such as robotic process automation (RPA), advanced analytics, and artificial intelligence (AI), organizations can achieve unparalleled levels of operational excellence.
Growing Your Practice The Cal Newport Way: Many are currently engrossed in Cal Newport’s latest New York Times bestseller, Slow Productivity: The Lost Art of Accomplishment Without Burnout. In this book, Newport argues that achieving true life quality and high-level success is possible without running oneself into the ground. This concept likely resonates with accounting firm owners, as does much of Newport’s earlier work. In a recent podcast episode, Advisors Hub explored some of his books for insights and suggestions on how to grow a financial practice.
Until next time,
Slow Productivity was a great read. I listened to it after finishing 10x is easier than 2x.