The Key to a Successful Accounting Practice: Managing Your Team and Clients Strategically
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The Key to a Successful Accounting Practice: Managing Your Team and Clients Strategically 

As an accounting practice owner, one thing you must learn is that managing your team takes effort and patience. It’s vital to know how to work with them, correct them when they make mistakes, motivate them, and handle tough situations. How you manage your team directly affects your business’s success and growth. 

Here are some tips that have helped us in our own practice to manage our team: 


Focus on Client Relationships 

As an accounting practice owner, building strong client relationships is key to long-term success. One of the best ways to achieve this is by introducing your Senior Client Managers to your clients. This process is important to discuss your client’s needs, pain points, and preferences, as well as to understand their expectations from you.  

Start by introducing the Senior Client Manager to the clients to help build trust and connection. A positive introduction message highlighting the Senior Client Manager’s expertise and experience in the accounting industry is crucial. An introduction message will also help the Senior Client Manager to bring their enthusiasm and willingness to understand the client’s concerns. 

After the Senior Client Manager has been introduced to clients, they should determine the most convenient form of feedback, whether it’s through Zoom, email, phone calls, or in-person meetings. Senior Clients Managers should communicate regularly with clients to update them on their progress and address any concerns they may have. Consistent communication and feedback build trust, resulting in loyal and satisfied customers. 

It is best to also focus on building relationships with C & D class clients. Because smaller clients’ needs are often underserved, they are more likely to feel valued if you give them personalized attention. So, analyze your client list and identify the ones that have the greatest growth potential. Provide those clients with a Senior Client Manager who will help them feel special, ensuring that their needs are attended to with care. 

It is important to maintain consistency in relationship-building activities because repetition is reinforcing. Therefore, involve your Senior Client Managers in client meetings, discuss their needs and preferences, and provide feedback on client performance. This will increase your client satisfaction and confidence in your brand, translating to more business opportunities and revenue for your accounting firm. 


Provide Checklists and Procedures 

Running an accounting practice requires careful planning and organization. Every client and job requires a unique approach, but the quality of the work should always be consistent. At our accounting practice, we have found that having a standard process and checklist for every job has significantly improved our productivity and ensured the quality of the work.  

By having a standard process and checklist for every job, you ensure that every member of your team is on the same page and follows the same steps. This approach helps eliminate any confusion and miscommunication, ultimately leading to a more consistent final product.  

The checklist ensures that every necessary step is taken, but it also helps identify any unnecessary or redundant steps that can be eliminated. Identifying these inefficiencies can save your team significant time and effort, allowing them to focus on tasks crucial to the job. 

Incorporating standard processes and checklists into your accounting practice can dramatically improve the quality and consistency of your work.  

Not only does it save time and enhance efficiency, but it also reduces the risk of errors, boosts communication, and simplifies training. Our downloadable checklists have helped make our team work smoothly while producing consistent, high-quality work.  

We recommend that you consider incorporating standard processes and checklists into your accounting practice to reap the benefits of productivity and quality control. 


Daily Huddles 

Managing your team effectively entails constant communication, training, and the ability to adapt to changing circumstances. At our accounting firm, we have found that one of the most important tools for team management is the daily huddle.  

The daily huddle has been an excellent mechanism for us to discuss the status of our jobs, communicate priorities, and address any issues. During the meeting, each team member has an opportunity to share what they are working on, any obstacles they are encountering, and what support they may need from the team.  

We appreciate the chance to create a collaborative decision-making environment. As a result, we ensure that each of us is aware of our respective roles, responsibilities, and schedules, creating a sense of accountability that leads to better results. 

A daily huddle is also an effective tool for sharing knowledge and micro-training. We use this opportunity to give our team members procedural changes, technical updates, or any other pieces of information that they may need to know to improve the quality of their work.  

Moreover, the daily huddle has become a way to promote transparency and objectivity within our team. Issues can be brought up without any judgment or bias, and metrics can be shared that provide insight into the team’s performance. Each team member is encouraged to be open about their feedback and hold themselves accountable for their decisions. This approach underscores our commitment to creating a culture of trust and respect. 


Measuring Productivity and KPI’s 

One of the most important aspects of running a successful accounting firm is measuring productivity. It is essential to track the tasks completed by your team, set benchmarks, and then monitor performance against them.  

Productivity is crucial to the success of any business, and accounting is no exception. Measuring productivity means keeping track of the work being completed, the time it takes to complete the work and the quality of the work.  

Measuring productivity enables you to identify areas of inefficiency and wastage and put a plan in place to address these issues. By monitoring productivity in your accounting firm, you can make sure that your team is meeting client expectations, keeping quality standards high, and increasing profitability. 

KPIs should be reviewed regularly to ensure that your team is meeting the expected standards. This review should take place every six to twelve months. During the review process, you will evaluate your team members’ performance and set new KPIs for the next six to twelve months. The process will help you to identify areas that need improvement and track your team’s progress. 


Focus on Team Attitude and Integrity 

Having the right team can make a world of difference to your business. While skills and knowledge are essential, they are not the only things to look for in a team member. Your team’s attitude and integrity are equally important. You need team players who share your passion and will go above and beyond for your clients.   

When it comes to building a strong team, a positive attitude is key. You want people who are enthusiastic about their work and eager to take on new challenges. A good attitude will help your team weather the ups and downs of busy seasons and keep morale high during difficult projects. Employees with a positive attitude can also help lift the spirits of others around them and create a more collaborative and supportive work environment. A positive attitude also helps build strong relationships with clients and can lead to improved business outcomes. 

Integrity is another critical quality to look for in team members. Hiring employees with high levels of integrity means you can trust them to do the right thing, even when no one is watching. These employees are honest, respectful, and ethical. They will always act in the best interest of the client, the team, and the practice. Employees with integrity inspire trust and create a positive reputation for your business. In the long run, this can help you win more clients and build a stronger brand. 

Employees with a positive attitude and high levels of integrity are more likely to be team players, understand their roles and responsibilities, and ultimately produce the best outcomes for your business.  

As you work to build your accounting team, make sure to prioritize these qualities in your search for new hires. With the right team members in place, the sky is the limit for what your accounting practice can achieve. 


Optimizing Your Accounting Practice with Wize Mentoring 

To sum up, effectively running an accounting practice involves not only managing your staff, but also maintaining good relationships with your clients and regularly monitoring your practice’s productivity. Consistency is crucial, and by implementing proper procedures and holding daily meetings, you can ensure consistent quality and steady expansion in your practice. 

It’s important to invest in your team’s training, establish a communication framework with open doors coupled with regular feedback, and build a culture of accountability and personal responsibility. 

At Wize Mentoring, we understand your accounting firm’s unique needs and our programs are designed to help you build a business that can run without you. Our proven blueprint, supportive community, and personalized guidance by our mentors are aimed at helping you manage your accounting practice optimally for consistent growth. Book a call to learn more and scale your practice with Wize Mentoring. 



PS: Whenever you’re ready… here are the fastest 3 ways we can help you transform your accounting/bookkeeping practice:  

1.  Get our practice transformation Friday tips to your inbox – Every week Ed Chan shares a tip on his experience of building a $20million firm that still runs without him – start getting your Friday Tip emails here 

2.Download our famous eBook The Accountants 7-Hour Workweek Playbook – This book is for any accounting practice owner looking to buy back their time, make more money and have more freedom – Download here 

Take a look at the app we use to run our own $4million firm in just 7-hours a weekTake a look here