Building Diverse Accounting Teams, Vaca’s During Tax Season, & More w/ Nayo Carter-Gray

Podcast

Summary

On this episode of Growing Your Firm, host David Cristello welcomes back Nayo Carter-Gray, owner of 1st Step Accounting. Nayo, an enrolled agent and Advanced Certified QuickBooks Online Pro Advisor, is known for making accounting less taxing. 

The conversation also covers the importance of diversity and inclusion in various aspects of business, setting boundaries in work, and prioritizing work-life balance, accounting automation, and technology in the accounting industry.

Guest Bio

Nayo Carter-Gray is a distinguished figure in the accounting industry, known for making accounting less taxing for her clients. With over 25 years of experience in the field, Nayo has established herself as an enrolled agent, a QuickBooks Online Advanced Certified Pro Advisor, and a Gusto Ambassador. 

Her impressive credentials also include being recognized as one of Hubdoc’s top 50 cloud accountants, a former Intuit Accounting Council member, and one of Forbes’ top 100 tax Twitter accounts.

Nayo’s commitment to diversity and inclusion in the accounting profession is evident through her active involvement in promoting underrepresented voices. 

As the founder of 1st Step Accounting, Nayo prioritizes setting boundaries and emphasizes that other people’s emergencies do not constitute emergencies for her. This philosophy reflects her dedication to work-life balance and prioritizing personal well-being while delivering exceptional service to her clients.

In addition to her successful accounting practice, Nayo is the founder of the Taking Your Firm Virtual Summit, a platform dedicated to helping accounting professionals navigate the virtual landscape. Through her work and advocacy, Nayo embodies a strong ethos of authenticity, inclusivity, and efficiency in the accounting industry. 

Her approach to setting clear expectations with clients, utilizing automation and technology, and prioritizing personal time demonstrates her commitment to creating a sustainable and fulfilling career in accounting.

Nayo’s impactful book recommendation, “Buy Back Your Time” by Ian Martell, highlights her continuous pursuit of personal and professional growth. By implementing the principles from the book, Nayo has optimized her workflow and communication processes, further solidifying her reputation as a forward-thinking and strategic leader in the accounting field.

To connect with Nayo Carter-Gray and learn more about her insights and expertise in the accounting industry, you can find her on Twitter and LinkedIn under the handle Niall Carter Gray. 

Joining the conversation with Nayo is an opportunity to engage with a seasoned professional who values authenticity, efficiency, and work-life balance in the accounting profession.

Detailed Synopsis

Setting boundaries and expectations with clients is crucial for maintaining work-life balance and avoiding burnout. In a podcast episode, Nayo Carter-Gray stresses the importance of establishing clear boundaries with clients right from the start. 

By communicating office hours, turnaround times, and expectations upfront, clients are informed about when they can expect their work to be completed. This proactive approach not only sets the tone for the client relationship but also aids in managing client expectations effectively.

Nayo also emphasizes the value of educating clients on the benefits of extensions. By explaining how extensions allow for more thoughtful and strategic tax preparation, firm owners can reduce the pressure of tight deadlines and ensure high-quality work. 

This approach not only benefits the firm but also enhances the client experience by providing well-thought-out solutions.

Furthermore, Nayo’s use of a communication document and a welcome document further underscores the importance of setting clear expectations with clients. These documents outline the communication policy, expected timelines, and initial steps for working with the firm. By providing clients with detailed information upfront, misunderstandings and miscommunications are minimized, leading to smoother interactions and an efficient workflow.

Overall, by setting boundaries, communicating expectations clearly, and educating clients on processes and timelines, firm owners can establish a healthy work-life balance, prevent burnout, and foster productive and respectful client relationships. Implementing clear communication policies and timelines can be a game-changer in managing client expectations and ensuring an efficient workflow. 

Nayo’s emphasis on setting boundaries and expectations with clients from the outset is key. By clearly defining office hours, turnaround times, and communication protocols, firm owners can establish a framework that guides both clients and team members on what to expect.

Nayo highlighted the importance of communicating the expected timeline for completing tasks, such as tax returns, to clients. 

By setting a three to four-week turnaround time and clearly communicating this to clients, it helps manage their expectations and reduces the likelihood of last-minute rushes or emergencies. This proactive approach not only sets a standard for clients but also allows the firm to plan and allocate resources effectively.

Moreover, Nayo discussed the implementation of a communication document that outlines all the key points discussed during client interactions. This document serves as a reference for clients to understand the process, timelines, and expectations clearly. 

By providing clients with a written summary of the communication, it minimizes misunderstandings and ensures that everyone is on the same page.

Additionally, Nayo mentioned the use of an answering service to handle client calls, ensuring that she is not constantly interrupted by phone calls. This strategy not only allows for focused work but also sets the expectation that immediate responses are not always feasible. 

By utilizing tools like scheduling links and communication documents, clients are guided on how to engage with the firm effectively, promoting a smoother workflow and reducing unnecessary interruptions.

Clear communication policies and timelines play a crucial role in managing client expectations and streamlining workflow processes. By proactively setting boundaries, defining expectations, and utilizing tools to facilitate communication, firm owners can create a more efficient and productive work environment while ensuring that clients understand the process and timelines involved in their engagements.

One key takeaway from the podcast episode is the importance of utilizing tools and strategies to improve productivity and streamline processes within a firm. Nayo shared a valuable concept called the “definition of done,” which can significantly enhance task completion and efficiency within a team.

The “definition of done” is a clear and concise way to define when a task is considered complete. By specifying the exact criteria that need to be met for a task to be finished, team members have a clear understanding of expectations and can work towards achieving those goals effectively. This concept helps in setting clear boundaries and ensuring that tasks are completed to the desired standard.

Nayo mentioned how implementing the “definition of done” principle in her firm has led to a more efficient workflow. By clearly outlining what constitutes task completion, team members can focus on meeting those criteria and delivering high-quality work. 

This approach not only improves productivity but also enhances communication and accountability within the team.

Furthermore, the “definition of done” can be applied to various tasks and projects within a firm, from client deliverables to internal processes. By establishing clear guidelines for task completion, firms can reduce misunderstandings, improve time management, and ultimately enhance overall efficiency.

The “definition of done” is a powerful tool that can help firms streamline processes, increase productivity, and ensure that tasks are completed to the desired standard. 

By implementing this concept and other similar strategies, firms can optimize their workflow and achieve greater success in their operations.

Timestamps

[00:02:22] A symbol of diversity.

[00:06:01] Embracing diversity in accounting.

[00:11:17] Overcoming feelings of guilt.

[00:14:46] Diversity and natural evolution.

[00:16:22] Setting boundaries as a firm owner.

[00:20:17] Setting clear communication policies.

[00:24:20] Managing client expectations.

[00:29:37] The impact of “Buy Back Your Time.”

[00:30:14] Best places to connect online.