The 70s were the years of Current Cost Accounting – the attempt to value assets and liabilities at current market values – to adjust for inflation. It never took off except in some specific industries. It never enjoyed widespread adoption due to complexity, subjectivity, fear of volatility and cost of adoption to name just a few. Of course, as inflation died down the drive to adopt evaporated.

Now we have inflation again, although not as high as in the latter years of the 1970s and early years of the 1980s. Interestingly, there has been little discussion about Current Cost Accounting.

Inflation, however, has rightly driven all businesses including professional service firms like accountants, lawyers and financial planners to address the need for price increases more regularly and in larger increments. Few feel comfortable lifting prices with the potential for difficult client conversations. However, with labour shortage and rising salaries and other costs, there is little choice if margins are to be maintained. All too often we are seeing the gross profit margins of firms shrink.

So the question is – how can we raise our prices while keeping client satisfaction intact?

One of the strategies from the 1970s was to raise prices more often with smaller increments. Many firms in the 1970s started to lift their rates quarterly to reduce the shock of large increases.

The key is transparent communication. Advising clients in advance with a clear and detailed explanation of the reasons for the increase. Ideally, face-to-face or virtual meetings with clients will be a more personal and effective way to convey the message. It offers an opportunity to address any concerns or questions directly.

Whether in a world of high or low inflation, bundling services can be very effective in increasing the perceived value of services. Some services such as some compliance services may have a lower perceived value compared with advisory services. By bundling the services together the client is likely to perceive more value and be willing to incur a higher cost.

Of course, we also need to get better at articulating the value of what we deliver. Explain how your services have helped your clients achieve financial success, save money, or navigate complex tax regulations. Demonstrating the tangible benefits of your services can help justify the increase.

I’ve always had the mantra that clients should never be surprised on the downside (upside surprises are good). So lots of warnings of change should be given.

I also believe that clients should be given a choice. If they resist the price increase this should lead to a discussion about:

• How they can provide information to you and respond to queries on a more efficient basis
• The client could choose to reduce some services
• Provide an option for a different payment plan

The reality is that by giving clients choice you are empowering them rather than being pushed into a corner. More often than not they will stay with the status quo and accept the price increase.

The reality is that you have no choice but to raise your prices. Before doing so, work on your strategy to ensure you will successfully manage your client relationships. Ponder ways you can improve your client engagement. Staying close to clients is key.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he may be able to help your firm.

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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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The hustle culture of the early 2000s has taken a back seat in recent years with flexibility, mental well-being and maintaining a healthy work/life balance coming to the forefront of business. While this concept may be difficult to implement in industries such as Accounting with firm deadlines and client demand, it is essential to produce the best results from your staff and keep up with future generations’ priorities.

With many workers opting for flexibility over financial compensation, it’s imperative to create a business plan with this factored in. Some companies exchange overtime for days off while others allow flexible working times so that their employees are able to begin and finish when suits them. It instills trust and boosts morale when staff feel as though they don’t need to be micromanaged to reach their goals.

Flexibility within the workplace extends all the way back home. Many companies have adopted hybrid working models allowing staff to work from home and the office if they choose either part- or full-time. After the 2020 lockdown period this became the norm with many workers discovering, they had found comfort and satisfaction working from home.

Businesses seamlessly pivoted into the digital realm by utilising collaborative software like Zoom, Slack or Workflow Max. Some companies have taken this model a step further, implementing a WFA or Work From Anywhere approach, allowing employees to take their work on holiday or an overseas sojourn.

Mental well-being is at the forefront of any healthy company’s practices. The importance of managing burn-out and stress can only benefit a business and its staff. Creating a safe space for which personal leave can be used for mental health days will allow your employees to feel supported by your management. This improves the work/life balance of your company and increases loyalty, motivation, and the overall wellbeing of your workplace across the board.

Some companies have been encouraging staff to seek treatment, offering access to pre-paid psychologists and mental health apps such as ‘Headspace’. This would be included in their health benefit schemes much like a fitness passport is offered. Another option is encouraging team bonding sessions which are centered around mental well-being activities like group yoga or hiking.

Maintaining a healthy work and life balance is a tricky feat for those in the Accounting industry. Being self-employed is an option which while there is a fair amount of hustle needed to get a small business off the ground, your sacrifices will pay off by setting your own hours and expectations to clients.

Accounting is great in that the option to work from home or hybrid working is usually an easy transition for an employer to take. With this industry being mostly in the digital and software space, clients are able to reach you from anywhere.

It’s been proven that given the option; many workers prefer this method of work with 66% of those surveyed by Flex Jobs preferring to work from home after the pandemic. 75% of participants agreed that work stress impacted their mental health leading to anxiety and depression which can be easily mitigated by creating a better work/life balance.

During peak season it can become chaotic and understandably, stress amongst staff can reach fever pitch. It’s important during this time to utilise the above methods to support your employees so that when faced with high density workloads, there is reprieve on the horizon. Prioritising mental health and the flexibility to create a strong work/life balance within your workplace and for your staff will only increase morale, productivity, and contribute to the overall well-being of your business.

Source: www.flexjobs.com/blog/post/flexjobs-mha-mental-health-workplace-pandemic

To chat further with Jess about the younger accountants in your firm and how to best manage them please email me at: [email protected] and I will put you in contact with her.

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Legislation dictates the annual demand for accounting services. This, along with the inconvenience of moving accountants, has provided some degree of disincentive for clients to shift from their incumbent accountant.

However, the impact of this disincentive is diminishing. With compliance services increasingly commoditised, a reduced fee is attractive enough for many to shift. Loyalty is no longer protection for a service that may be perceived to be overpriced and/or under delivered. Clients have an expectation of more.

With this trend gaining momentum, more and more accountants are searching for a new client engagement model, a model that delivers perceived and measurable value, efficiently and at a profitable price.

The critical step is identifying the needs and issues that clients are willing to pay for. The challenge is discovering this information. Further, the dilemma is that many business advisers are not clear on what a client engagement conversation that encourages clients to “open up” on these issues looks like.

What I believe is that clients value advisers (and advice) who address their emotional state (feelings) in the process of giving them control over their business, its direction and performance.

It is no surprise that the fastest growing firms have reconstructed their engagement model and conversation, discovering the needs that clients are willing to pay to have addressed.

Addressing these challenges requires:

• A systematic and consistent approach to engaging and communicating with clients and prospects
• A defined way of doing business with a clear methodology that inspires client confidence in their advisers and the rest of the team
• A mechanism for pricing accurately the value of the service/s being offered
• A process for identifying/discovering client needs
• An efficient means of collecting, packaging, reporting and contracting clients to specific agreements
• A solution that is easy to access and administer
• A solution that is efficient and cost effective

Many would be very familiar with the Enabler 7 Steps to Success process we have discussed and presented at conferences and workshops. The “Enabler” model provides a step-by-step methodology for securing results for clients and building sustainable advisory services in your firm.

To get the best outcomes from the “Enabler” model we have introduced firms to a number of systems, processes, and tools to address different steps in the process. The critical engagement strategy is contained in Step 2 – “Unlocking the client needs” and discovering what is important to the client. This step drives the remaining steps 3 to 7.

To explore client engagement further why not undertake a complementary Business Advisory Service Review? In this digital 45-minute session we will discuss among other items:

• Does your firm have the right structure in place to offer business advisory services?
• Do you know what services you can offer successfully to clients?
• Do you currently have the ideal staff with the appropriate skill set?
• Do you have the right engagement systems and processes in place?

Mark is an expert in helping accounting firms streamline Business Advisory Services. If you would like to set up a complimentary 45-minute business advisory assessment, please contact us.

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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.

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Leadership is one factor that you must address to be truly successful. It’s something that not every finance professional gets right and therefore when you get it right you’ll have a crucial advantage.

When you evaluate those that you admire and aspire to be, you’ll notice that they are more than good at their job. Each of those people has the ability to lead others through their ability to:

Lead crucial conversations.

Lead analysis.

Lead complex work.

Lead the closing of deals with clients.

Now you’re asking what it will take for you to unleash your leadership superpower? (It’s ok it’s not about training and qualifications)

The four cornerstone leadership skills you need to have to be a more effective leader are:

• Listening to pay true, genuine attention to the whole situation
• Emotional Intelligence particularly self-awareness
• Communication and effective presentation skills
• Strategic thinking and problem solving

Let’s cover a few tips for each

Listening – It’s important to listen in order to understand rather than how to respond. If you are thinking about what you will say next, then you aren’t really listening. Effective leaders listen for the words that are spoken as well as what is unspoken. Effective leaders use a range of verbal and non-verbal techniques to demonstrate to the speaker that they have been heard.

Self-awareness – leaders cast a long shadow. What that means is that leaders are always being observed (and copied). Being aware of your mood and the impact that has on others is really important. Being emotionally intelligent is more than “being in touch with your softer side” and is far from being a pushover. It is a quality that enables you to connect with others and good quality connections with people are essential to effective leadership.

Communicating and presenting yourself – have you ever known an effective leader who can’t communicate effectively? One simple strategy for preparing effective communication is to make sure that your message answers 4 key questions: why, what, how and what if? (you can search 4Mat by Berneice McCarthy for more information)

Strategic thinking includes the ability to think more broadly than the task (or people) in that moment. Effective leaders keep things in perspective and are always tuned in to the broader context of events and the overall purpose of the work.

Effective leadership skills can be your career superpower if you’re willing to refine and unleash them.

Pam Macdonald
Broadspring Consulting

Having made multiple successful career transitions, Pam Macdonald has turned her passion for people (along with her energy) into powerful and practical coaching and leadership development. Known and respected for her ability to cut to the chase, Pam is also highly effective at guiding people into new and effective levels of leadership performance. Pam is a speaker at the upcoming Young Guns Workshop event for Smithink.

The post Leadership – Unleashing the Key to your Career Superpower appeared first on Smithink.

The critical shortage is then leading to direct targeting of people on LinkedIn increasing significantly the risk of losing team members.

So, in a world with constrained resources, it is critical that longer term planning occurs to ensure that the firm has its resource settings right. Allowances need to be made for the potential for increased churn where experience and client knowledge is lost which directly impacts the productivity and effectiveness of income team members.

As firms are framing their budgets for 22/23, a capacity plan needs to be a critical component of the plan.

A capacity plan is quite a simple concept:

Part 1 is to perform a “bottom up” calculation

• What productivity should you expect from each team member (hours charged to clients)?
  
  Part of this calculation considers the hours available. I have tended to use 1,650 hours (52 weeks, less 2 weeks leave, less 2 weeks public holidays, less 2 weeks other leave) – 44 weeks * 7.5 hours per day.
  
  More recently, some firms are reducing available hours by a further week (and sometimes more) to allow for lost time relating to COVID isolation.
  
  Some have also found that productivity is being lost by senior staff needing to spend additional time training new recruits as they have experienced increased churn of team members in their firm.

• What is the appropriate charge rate for that team member? As we see inflation starting to bite, do we need to start planning for rate increases. Some readers, who were working in the 1980s, would recall periods when quarterly rate increases were contemplated.

• What level of write-off/on should be planned. As a minimum an improvement on last year’s performance should be planned.

If you then multiply the hours in 1 with the rates in 2 and add or subtract the write-off/on you should end up with your productive capacity.

Part 2 is to perform a “top down” calculation to estimate what you will bill clients

• What is your expected fees from each client after allowing for price increases
• What is a fair target for unknown special work

By then subtracting Part 2 from Part 1 you can determine your level of excess capacity or capacity shortfall.

Clearly, the calculation is not 100% accurate as it doesn’t take into account capacity shortages or surpluses for people at different levels in the firm or at different times during the year but it gives some approximation of the situation.

A more accurate assessment can only occur by undertaking a detailed resource plan where time/team member and month is budgeted by client. It’s a big job to set this up but many have reported that it is one of the most effective ways to plan workflow and improve efficiency and client service.

Clearly, if there is a capacity shortfall action is needed:

• Find more labour (easier said than done). See our article from last year “Where have all the people gone?”
• Plan for overtime (some have needed to resort to this, this year). Clearly not ideal when team members are likely being targeted by others.
• Review processes and technology to unlock efficiency improvements. Every firm should have a plan to continuously review all of their processes to see if there is a better way for things to be done, taking new technologies into account. Contemplate what can be eliminated from processes.
• Ramp up your training to assist in ensuring people are optimising their effectiveness.
• Ponder a client cull. If resources are heavily constrained, now is not the time to spend time and energy on clients who don’t pay their bills on time or are difficult to deal with. As a minimum put the price up – whether they leave or if they accept the new price you’re better off.

The question also needs to be asked – what is the ideal situation regarding capacity? We have long advocated that a firm should be striving for 20% free capacity. This allows for the unexpected but also gives people the confidence to market and undertake business development activities to grow their business. Almost every practitioner will acknowledge that there are untapped needs in their client base. Due to resource constraints, they fall into the compliance vortex and don’t end up with sufficient time to engage with clients to unlock these opportunities.

So as you contemplate your 22/23 budget, get started with the capacity plan. It should be the first document prepared.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he may be able to help your firm.

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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.

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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.

Why not consider adopting these business practices to refresh your routine and open new doors:

Assess Your Leadership Skills:
At Smithink, we believe and teach accounting professionals that everyone can be considered a leader regardless of their job position. So, take a moment at the beginning of each day to remember that you are a leader, and your actions should reflect your personal values, as well as those of your firm. Empower yourself to find new opportunities to further develop your leadership skills. Maybe volunteer to take on ownership of a new project, mentor a new employee, evaluate your personal career goals, and create new paths to achieve them.

Practice an Environment of Gratitude:
Take a positive attitude, and share it with your team. Providing genuine care for your people is one key to engage employees, and as we have seen, it can directly translate into employees providing a high level of care for your clients. Find new ways to appreciate the work that your employees, peers, and leaders are contributing to the organisation. This new level of care can result in a happier, more engaged workforce.

Be Curious About Your Surroundings:
Curiosity will lead you down new paths, so now is a great time to be more curious about your surroundings. Take the change in scenery as an opportunity to brainstorm and think outside of the box. Think about moving your weekly meetings to other venues. Innovation stems from new stimuli. Be curious about other firms and companies. What are their business challenges and how have they solved them? You just might be surprised to discover a solution that could apply to your firm.

Celebrate Success:
We all work hard and too often do not have the time to celebrate success. Maybe providing team incentives could be an option. I know of a firm that provides lunch at the local hotel if the team meets budget and if they exceed it by nominated percentages the quality of the lunch and restaurant moves upwards. It is a great way to get the team focussed on common goals and be rewarded for their efforts.

To learn more about leadership, innovation and management come to our Young Guns Workshop at the Hilton Hotel Surfers Paradise on 10-11 2022. For more information and to register you and your team click here. Earlybird pricing is available until 10 September.

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