Chances are these team members have invested a lot of time and effort to develop their soft skills. Accounting soft skills like effective leadership, strong verbal and written communication and critical thinking can take the average accountant and transform them into star performers.
Here’s an overview of the top five soft skills I believe are critical for accountants:

Effective Verbal, Written and Non-Verbal Communication

The effectiveness of words is not measured by volume in fact just like with so many other things less is more. This is especially true for busy work colleagues. Emails can be shorter and stronger, presentations more direct and engaging and questioning skills more thorough and exploring. When you get to the point in your writing you will find it can positively influence your speaking and presentation skills as well. Finally, do not forget to look for and understand non-verbal cues. Many things that were not actually said also have a powerful impact.

Thinking Critically and Focussing on Problem Solving

When you look at a problem like a spreadsheet what do you see? Just a series of columns, rows and numbers, or a totally different story inside? Analysing patterns, and trends or developing an appropriate strategy is critical thinking. Developing a long-term financial plan or a well thought and structured business advisory engagement for a client requires critical thinking.

Relationship Management and Persuasion Skills

Accountants need to develop relationships with their clients through reliability and expertise. Good leaders persuade team members to work together to achieve a goal. Persuasion here is critical. It is as much about your own self-confidence and your ability to analyse a situation and come up with a plan. Think about how you will unlock the needs of clients in order to offer them more exciting solutions like advisory services. How will you engage them, what questions will you ask? Are you a good listener? How will you close the opportunity into an engagement? All great soft skills to have or develop in your career.

Managing the Benefits and Future of Technology

Knowing the law and how to extract discerning data out of a profit and loss statement and balance sheet is critical to an accountant’s success. This requires using software and other key tools and processes necessary to do your job. Team members who are comfortable with technology, who embrace change and are constantly on the lookout for better tools and processes are very valuable to an accounting firm. Assisting other team members or championing the strategy around and implementation of new technology is a valuable skill to have on your resume.

Leadership and Managing Your Team

This quality is not just about being a good manager or a trusted supporter It is all about earning respect through effort, leading and displaying a good example. Good leaders communicate well. They think about their audience and how their words are interpreted. They are also big-picture strategic and concentrate on long-term strategies as well as more immediate issues. Think about a great leader you have admired either at work, in your family or even from history or alive today. What makes their leadership special? What do they do that ultimately works? Perhaps following their lead may help you!

As you progress in your career, one, three or even five to 10 years down the track, you will comprehend how valuable these soft skills are for your success. The investment in training and developing these skills is equally as important as your technical skills if not more important. Don’t look at this training as a cost. Look at it as an investment in the future of your career and life.

Mark is an expert in helping accounting firms optimise their strategic planning. If you would like to set up a complimentary 45-minute strategy assessment, please contact us.

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In my mind, an ideal client is someone who finds the perfect solution to their problems or needs in the services that your firm provides. The ideal client will be loyal to your firm, frequently uses or buys your services, and is likely to recommend you to their friends and colleagues.

The key question here is what are the qualities of your ideal client? Ideally, they should;

• Love your services.
• Pay what you charge them.
• Are repeat buyers.
• Are great ambassadors.
• Engage with your team.
• Understand the value of your offerings

An ideal client profile should be based on interviews and research from your current and past clients, prospects, and your staff. The end result is that you create a fictional character who embodies your best client, but the information and data need to be based on reality.

Knowing who makes an ideal client allows you to build your entire business, message, product, services, sales, and support around attracting and serving this group. Once you dig deep and profile the common characteristics you should also start asking yourself some questions about these clients.

So, what contributes to a strong client relationship? I think the same traits that define any good relationship:

• Awareness;
• Communication;
• Empathy;
• Dependability;
• Accountability;
• Honesty;
• and the list goes on….

Here is an example of an ideal client profile for an accounting firm that I have used in the past. It is by no means definitive and changes depending on the firm, location, vision and other parameters.

• Operates a business in the XXXX industry;
• Generates turnover => $XXXX;
• Achieves profitability of +> $XXXX;
• Is located in the XXXX region;
• Has XXX or more employees;
• Has a budget for and no problems paying accounting fees;
• Pays our bills on time;
• Business is growing or the owner has a growth mindset;
• Responds to emails or calls in a timely manner;
• Prefers to do business using a cloud software program;
• Has a strong business network;
• Can refer ideal clients;
• Appreciates our advice;
• someone I can work with;
• Has the right attitude.

I believe your firm deserves better clients. By developing your own ideal client profile and reaching out to find more ideal clients, you can build an accounting practice that is both more profitable and enjoyable.

Mark is an expert in helping accounting firms optimise practice management. If you would like to set up a complimentary 45-minute practice management assessment, please contact us.

The post Are You Targeting Your Ideal Client? appeared first on Smithink.

A lack of suitably qualified, motivated staff is a major issue restricting the growth and security of many businesses. This has several significant adverse implications. If not managed, it will adversely affect your business, your lifestyle, and consequently your exit from the business. These implications include:

1. Difficulty in attracting new staff
2. Retaining existing staff
3. An increase in labour costs
4. Less stability in the workforce
5. Increased stress for the business owner
6. Commercial opportunities are foregone
7. Business owners spending more time on staff and less time on clients

Without good staff, you are unable to grow your business and your business will remain owner reliant. Both of these issues will adversely affect the value of your business and hence the quality of your retirement lifestyle.

It is critical for every succession plan to include strategies for staff recruitment and retention. It is also vital that staff are committed to contributing to the objectives of the business

Staffing issues that need to be considered when strategising your succession plan include:

• Effective use of staff
• Recruitment
• Management
• Future Ownership

Clearly, key staff play a major role in your succession. Firstly they determine the value of your firm. Secondly, they provide an excellent ‘pool’ from where your future successor may be sourced. An effective Staff Incentive Program will focus your staff on growing the value of your firm, retain your staff and provides an excellent building block for your business succession.

Mark is an expert in helping accounting firms optimise practice management. If you would like to set up a complimentary 45-minute practice management assessment, please contact us.

The post Staff Impact on Succession Planning appeared first on Smithink.

Here are Peter’s thoughts in particular on the accounting industry and a new innovative training workshop;

In a recent article, I commented “Everyone’s struggling! Anyone who says the last 18 months has been a picnic really has to look at their own self-awareness and wonder why”.

Over the past two years, I have been involved with a great program called “Counting on U” aimed at supporting business advisors to assist their clients who might be struggling with their businesses and hence their mental health.

Feedback from the program has been fantastic but participants have also asked for more support for themselves and their own health and wellbeing. As accountants and advisers, you are dealing with your clients on a day-to-day basis that are struggling to pay rent, pay their staff, pay their suppliers and to literally keep the doors open! And with the extra workload and compliance on Accountants to help their clients, your own health and wellbeing has probably taken a back seat.

So, with the distinct need for this type of training and support, I would like to invite you to join us for an exclusive Accounting Industry Program – Investing in You.

Designed to help you Account Better (for yourself) this interactive and facilitated workshop series held over zoom, allowing you to access anywhere in the world, (and recorded if you cannot make any of the 3 x series dates) will be held over 4 x 1 hr bite size modules throughout October, November, and early December 2022.

Investing in You sessions will take on a high-performance sporting flavour (I was CEO of a regional sports academy for many years) designed to allow you to stay at the top of your game and remain mentally fit.

Session 1 is around you, getting picked for the team (Knowing yourself)
In this session, we learn about Emotional Intelligence and Self Awareness. We give you tips to continually work and improve on these important skills for any leader and manager.

In session 2 we focus on helping the team (Managing conversations)
This session covers communicating with others and what can help you control your emotions during confronting and difficult conversations.

In session 3 we help you to Stay on the team (Managing your Self-Care) in this hour session you get to create your own Mental Fitness Training plan to ensure you are looking after yourself. As the saying goes; how can you look after those you need to unless you look after yourself!

In the 4th and final session, we give you the skills and tips to keep at the top of your game mentally in what we call Performing with the team (Training and Practicing) and leave you with practical skills to maintain your own wellbeing. Just like a high performing athlete does!

With only 33 spots available for each intake go to www.managehealth.com.au/investing-in-you-program/ to review the dates and times and to book your seat for this exclusive event. Registrations close for the October intake on 30th September if not sold out sooner. Contact Peter at: [email protected] with any questions.

I would encourage all readers to consider mental health training for your firm. Recently I read an article from the Institute of Chartered Accountants in England and Wales that stated:

Nearly a third of accountants (30.4%) suffer from mental health issues, with more than half (51%) admitting depression and anxiety leaves them dreading going to work. More than two in five (43.5%) accountants believed their job was a key contributor to their poor mental health.

We need to be proactive with this issue and get the best possible training and resources available for our teams.

Mental health is one of the topics we cover at our Young Guns Workshop on 11-12 October.

The post Mental Health Training for Accountants appeared first on Smithink.

The problem is how much isolation we can bear. In reality, much of our well-being, and by extension what makes us productive, is predicated on physical proximity. The removal of that proximity for any period of time can be a challenge for team members and the culture the firm wishes to build or maintain.

One issue here is humour or maybe a lack of it. Research has shown that people laugh about 18 times per day and 97% of that time we’re laughing with others. Further, we are 30 times more likely to laugh with others than to laugh alone. Laughter is also associated with higher motivation and productivity at work. Think about it – do you interact, laugh, and use humour constructively as much in a virtual meeting compared to a face-to-face session?

So, what can you do as a team leader to better manage these issues? Here are a few simple suggestions you may consider:

• Slow down. Some leaders feel that they need to make every virtual interaction as fast and efficient as possible. In these times of isolation, an important part of a leader’s job is to socially and emotionally connect and reconnect the team and not just get work done.
• Get the video working. Team members are amazingly good at reading both visual and auditory clues and cues. The more channels you can give them to give and read cues the better. Don’t put up with the age-old excuse – “my camera is not working”.
• Set an example and smile a lot. Team members naturally look to the leader of a meeting for signals as to what is ok in terms of behaviour and the use of humour. The simplest and strongest facial signal that laughter is okay is a genuine smile.

As we move out of the critical stages of COVID-19, it is very likely that more people will prefer to work more often from home and maybe less often in the office. Perhaps a hybrid working model will become more popular. This means the humour issue is here to stay and leaders are going to have to get good at making laughter strategically happen with their teams.

Mark is an expert in helping accounting firms optimise practice management. If you would like to set up a complimentary 45-minute practice management assessment, please contact us.

The post Connecting the Team with Humour appeared first on Smithink.

Great leaders display outstanding performance in the practice management metrics of:

• Revenue growth
• Profit margin enhancement
• Development of technical excellence
• Ongoing client satisfaction
• Staff morale, development, training and tenure
• The firm’s professional reputation and brand value

Leaders clearly do things differently…and they clearly get superior results.

One of the most important qualities of a great leader of an accounting practice is the ability to get along with people, to show passion, be compassionate and to make others feel good about themselves. This top twelve list will support you in becoming a better leader in your practice that others want to follow.

• Ask each employee what they most value and consider setting your practice goals to support these important aspects of the lives of your employees.
• Help people reach their full potential by recognising when they do something extraordinary and compliment them on their successes.
• Distribute a monthly internal practice newsletter to recognise and congratulate the wins of your employees. Staff love to be recognised for their accomplishments and this will instil sense of pride.
• Communicate with your staff. Good leaders need to also be good communicators. Keeping in touch with the people you are managing is an important aspect of inter-firm relationships.
• Host one entertaining activity each second month. Take employees to lunch, to dinner or host an activity outside the office. This will rejuvenate your employees and build loyalty to the organisation.
• Build consensus by allowing employees to vote on operational changes within the practice. Your job will be much more effective if you have the support of the people on the front line.
• Display a positive attitude. Do not allow your emotions to cloud your decisions when faced with a difficult work situation. Remain disciplined and in control. Choose to take a step-by-step approach until the situation is resolved. When your approach isn’t working, pause and re-evaluate.
• Trust your employees to make smart decisions without your interference. Self-esteem is built by allowing others the opportunity to try new things and to be successful.
• Provide work that is meaningful and that allows your employees the opportunity to stretch and grow and above all, provide the training necessary for implementing a change.
• Cheer the practice on by announcing on at least a weekly basis, the successes of the previous week. This surge of energy will increase productivity moving forward.
• Educate yourself continuously. Being a good leader means being knowledgeable. You can share this information with your employees through conferences, workshops and training sessions.
• Learn from other accounting firm and industry thought leaders. There are organisations dedicated to helping firm partners, managers and staff to learn and become better leaders.

“In today’s world people are taking a clear perspective that making the investment in people pays back multiple fold in the risks that you avoid because people know what they’re doing.” Jon Andrews, PWC London.

Great leadership is all about managing people, enhancing client relationships and being the driver of success in your firm. Come to Smithink’s Young Guns Workshop at the Hilton Surfers Paradise on 10-11 October 2022 to see how to move to the next level, network with your peers and learn from the experienced Smithink team and expert presenters.

For more information and to register click here. 

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The post Strategies for Accounting Practice Leadership appeared first on Smithink.