Team Management

How To Manage Accounting Firm Employees Well

By jetpack workflow | Updated on Dec 27, 2023 | 5 minutes

According to INSIDE Public Accounting 2017 National Benchmarking Report, professional staff turnover is down in firms of all sizes, with a national average of 12.4%. That’s down from the previous year’s numbers, where the largest firms averaged 17.2%, and one in five experienced turnover rates above 20%. So, what’s different?

It seems as though accounting and bookkeeping firms are catching up with the times finally. Today’s employees don’t want to be managed at all. It’s not enough to just understand the job description of your staff. Accounting managers, financial controllers, and accounting supervisors are learning to work closely together to lead their groups. Managers are now finding ways to cultivate employees’ talents and abilities, motivating them through a positive and cohesive work environment.

Everyone knows it’s more expensive to hire someone new than to keep current employees. Turnover shouldn’t be the norm in your office. According to David Cristello & Joe Cassandra in their book, Double Your Accounting Firm, “As you grow, your process and team should be the constants. Making yourself a ‘career firm’ leads to faster implementation of these steps, better corporate culture, and more profits. Every time a manager gets recruited to another firm because of money, you know there’s something wrong.”

You don’t have to find your firm in that average 12%. And retaining those accountants and administrative staff doesn’t have to be a nightmare. There is no magic formula or workflow diagram. It just takes a little bit of creativity and flexibility.

Listen to Your Employees

Get a feel for what they want. D&V Philippines recommends that leaders empower their staff to fulfill the primary function of the accounting department: to make sure that your business’ financial condition is in top shape. In order to do that, you need to find out what makes them tick. No longer is your staff happy to trudge into the cubicle, and become a nameless cog as a part of a large firm’s well-oiled machine. They want to be heard.

Get your team’s input and buy-in when making a decision that will affect everyone. Encourage your team to be involved. Having a voice and feeling like that voice matters leads to better staff satisfaction.

Give Them a Purpose

When you ask your employees what keeps them coming back to work every day, if you’ve built the right culture they’ll answer with things like sense of purpose, vision, or passion. They want to know that they’re part of the culture, not just a mindless piece of the machine. When they ask you questions about your business strategy or how their job relates to the overall purpose of the organization, it’s not with the intent of questioning your authority.

Much of today’s workforce is made up of Millennials. These people like to know what’s going on. They like to know where the business is headed, and what the plan is to get there. More importantly, they need to know where they fit into the equation. They genuinely want to know that their job actually has meaning and purpose. Give them the “why” behind the business, and how that fits into the greater society, as a whole.

Be Encouraging

Sometimes getting through a routine workday can feel like a chore. When an employee puts out an idea that’s rejected, it can be really discouraging. When it happens often enough, it may encourage them to stop caring, or their eyes to wander over to another competitor firm’s fold in search of greener pastures. On the other hand, when an employee feels like they are underwater with an overstock of work piled up around them and constant demand of their attention from phone calls, meetings, and emails, they may be tempted to jump ship.

People need to be encouraged and recognized, even if that is just for small wins. This doesn’t mean that you have to sound the trumpets and toss confetti when a key employee finishes a project. Recognize the small wins. A pat on the back for finishing a small project or getting through a difficult checklist. Having a sense of steady, forward movement toward an important goal can make a big difference in how a person’s day goes. Take note of small progressive triumphs and it will encourage further innovation and creativity.

It takes a village to raise a child. It takes a network of motivated professionals to keep a successful financial company afloat. Give your employees time to be creative on their own and see what they come up with. You’d be surprised how resourceful people become when given just a little room to breathe. According to Dan Pink, New York Times bestselling author of Drive, the key to motivating employees is a healthy balance of autonomy, mastery, and purpose. Encourage them to become involved in creative projects that promote your firm.

This All Points to Engaged Employees

Engaged employees are excited and enthusiastic about their work, are strongly committed to the organization’s mission and vision, and willing to go above and beyond their assigned duties. When staff is engaged, studies show lower turnover and higher returns.

Bookkeeping Tips

5 Ways To Stay Connected To Your Bookkeeping Clients

By jetpack workflow | Updated on Dec 27, 2023 | 5 minutes

Can you hear me now?

Communicating with your accounting clients can sometimes be a chore. They’re demanding. They ask a lot of questions. They take up your time. They oftentimes feel like a roadblock to the rest of your day. But the reality is that you are their lifeline to the ultimate goal of their business: revenue and income.

People strongly prefer to do business with people they know. People they trust. That means we have to connect with the client. Um. Yeah. That sounds really simple, right? It sounds like a no-brainer. Clients really want to do business with a company or CPA that connects with them, personally.

Here are a few, simple ideas that you can incorporate that will nurture that relationship and keep clients happy, coming back for more, and referring others to you.

1: Be Human

Get to know your clients on a personal basis. You should be “genuinely interested in [their] success,” notes Bernadette L. Harris, a Tax and Forensic Accountant with By The Book Accounting. According to her, developing a human interest in them will not only keep existing clients happy, it’ll help to attract new clients.

Have a real conversation with people, both established and prospective clients. Ask them questions and really listen to their answers. They’ll appreciate the attention and know that you’re being genuine. This will give you an opportunity to dispel any misconceptions they may have and find out if your services really are a fit for them. Be honest about what you can and can’t do for them.

2: Be a Guide and Adviser – Not Just a Number-Cruncher

In a survey of small businesses by Wasp Barcode, participants ranked their professionals in order of importance to their business. Accountants ranked number one. That’s above attorney, banker, insurance agent, technology firm, and staffing service. But when asked what bothered them most about their accountant, the list included some pretty serious offenses:

Being reactive rather than proactive
Lack of guidance
Failure to provide advice
Failure to educate the business owner
Timelines

Most of these pertain to how well we do or don’t nurture the client relationship. Seems like if a client isn’t happy with the most important professional relationship for their business, you can’t really blame them for jumping ship and going with a different bookkeeping firm. They want more from their accountant than just someone who can crunch numbers.

You see the inner workings of your clients’ businesses; an insider’s view of issues and problems that may impact their finances and profitability. Have conversations with them about their goals; not just the short-term goals, but the longer-term goals, as well. Use your experience and knowledge to guide them toward achieving those goals.

3: Become Tech Savvy

Your clients are in this to make a living. They’re looking to increase their profitability and revenue. They look to you to provide sound financial advice. In today’s all-in-one instant gratification world, you would be indispensable if you could not just advise them on their bottom line, but make their lives easier in the process. There are a host of accounting apps out there designed for small business owners.

Learn your way around some of these apps and do your clients (and yourself) a big favor by recommending ones appropriate for their needs.

4: Communicate Clearly

You’re working for your client. They’re worried about their business. As much as communicating can seem like a burden, it’s vitally important to keep in touch with your clients. That’s pertinent, even when you’re not actively doing any work for them at the moment. They appreciate knowing they’re on your radar. Don’t avoid them. If they call, make every effort to take their call. Respond and reply as quickly as possible to communications. Making your clients feel as though they are your only client builds goodwill that translates to great referrals!

Make sure you ask them which method of communication works best for them: phone, email, text, PM. Be sure to use it to the best of your ability.
Save the accounting industry jargon for the office. Most laypeople are intimidated by accounting-speak. Harris recommends speaking plain English in all conversations with clients. “They already know that you are smart,” she says. Because you’re speaking plainly and at their level, you’ll improve your clients’ trust in you.

5: Ask for a Performance Review

One of the most effective yet underutilized marketing tools for professional service firms are surveys. When you request feedback, it shows that you value your clients’ opinions and allows you to identify and fix problem areas you may not have seen or been aware of. According to Becca Fieler, Marketing Manager in the Tax & Accounting division of Thomson Reuters, “it is critical that you know what your prospects, clients, employees think about every aspect of your business, so that you can respond, manage, promote, plan, reward and achieve.” She notes that “requesting feedback is also a compelling and interactive way to stay top of mind with your clients and prospects.”

The Double Your Accounting Firm Book