Are your accounting firm's processes truly optimized, or are you considering automation as a quick fix to deeper workflow issues?

In this episode, hosts Damien Greathead and Penny Breslin are joined by Korey Cournoyer to explore the world of automation within accounting firms. They discuss the importance of process documentation, the benefits of strategic automation, and how to approach implementation effectively. The conversation highlights the need for standardization, efficient workflows, and proper utilization of technology to ensure success. Korey emphasizes the significance of understanding why automation is needed and addressing those issues internally before implementation.

Korey is the CEO of STRMS.io, which works within the accounting and finance industry to help firms document, optimize, and automate their workflows and processes. He is not building another app for firms to deploy but is helping build custom automations that help firms scale by connecting their existing apps across their existing workflows. His company supports firms looking to scale without exponentially increasing headcount or costs. Before co-founding STRMS, Korey helped grow and scale an accounting firm, GrowthLab Financial, for over nine years.

[00:00 - 14:45] Intro and The Importance of Process Documentation

• Damien, Penny, and Korey discuss the critical role of process documentation in successful automation.
• Understand the need for standardization before implementing automation solutions.
• Korey explains his company's approach to helping firms identify automation opportunities.
• Clear process mapping is crucial for effective automation implementation.

[14:46 - 27:14] Benefits of Automation

• Automation can improve efficiency, reduce errors, and enhance client experiences.
• Emphasize the importance of transparency with employees about automation goals.
• Identify areas where automation can positively impact employee satisfaction and retention.
• Korey shares insights on focusing on high-value, repetitive tasks for automation.

[27:15 - 35:35] Practical Applications and Implementation Strategies

• They discuss specific areas where automation can be particularly effective, such as client onboarding.
• Utilize automation to streamline internal processes like reporting and communication.
• Korey explains the subscription model approach to make automation services more accessible.
• The group discusses the potential cost-effectiveness of automation compared to traditional solutions.

[35:36 - 44:06] Long-term Benefits and Final Thoughts

• Penny and Damien reflect on how automation can free up mental space for firm owners and employees.
• Regularly review and update processes to maintain efficiency and effectiveness.
• The value of combining process improvement, outsourcing, and automation strategies.
• Invest in automation as a long-term solution for firm growth and employee satisfaction.

Direct Quotes

"Before we even start development or anything, we'll spend a few hours with firms and like help them map and document and understand like what automations are going to be realistic." – Korey Cournoyer

"I think standardization is the first step to becoming flexible." - Penny Breslin

Connect with Korey

Website: http://strms.io/

Company Linkedin:

Are your accounting firm's processes truly optimized, or are you considering outsourcing as a quick fix to deeper workflow issues?

In this episode, hosts Damien Greathead and Penny Breslin delve into the topic of outsourcing within the accounting industry. They discuss the challenges firms face with staffing shortages, the increasing client demand for accounting services, and the importance of having robust internal processes before considering outsourcing. The conversation highlights the need for clear communication, efficient workflows, and proper utilization of technology to ensure success. Penny emphasizes the significance of understanding why work is not getting done and addressing those issues internally before outsourcing.

[00:00 - 10:00] Introduction and Staffing Challenges

• Damien and Penny discuss the constant busy season in the accounting industry and the rising demand for outsourcing services.
• Understand the industry's current state and the increasing need for efficient processes.
• Penny discusses the high demand for remote workers and the increase in outsourcing booths at conferences.
• Competitive salaries and clear role definitions are crucial for attracting and retaining talent.

[10:01 - 20:00] Client Demand, AI Impact, and Effective Outsourcing

• Damien and Penny explore the growing client demand for various accounting services, despite technological advancements.
• Emphasize the unique value and services your firm offers to differentiate from competitors.
• Identify and address internal workflow issues to ensure successful outsourcing.

[20:01 - 30:00] Technology and Client Communication

• Damien and Penny discuss the role of technology in managing workflows and client expectations.
• Utilize technology efficiently and ensure clients are trained to use it properly.
• Penny shares experiences of managing client expectations and internal team coordination.
• Allocate responsibilities effectively within the team to maintain operational efficiency.

[30:01 - 40:00] Reflecting on Processes and The Role of Internal Training

• Penny advises firms to revisit and optimize their processes, especially during slower periods.
• Regularly review and update processes to stay efficient and effective.
• The value of rephrasing questions is to understand and solve workflow issues better.
• Invest in training and clear communication to enhance team performance.

Direct Quotes

"If work isn't getting done for other reasons, outsourcing is the solution because the systems are working well, the teams and you want to grow." - Damien Greathead

"You need to present a value to your clients and that you're worthwhile." - Penny Breslin

"Before you outsource, make sure you're really good at what you do and your processes are standardized." - Damien Greathead

-----------------------------------------------------------------------------

Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn:...

Are you maximizing your firm's potential by effectively marketing your services, even when you're swamped with work?

In this episode of "Strategy and the Virtual Controller," Penny Breslin interviews Damien Greathead about marketing for accounting firms. They discuss the importance of maintaining an updated and specific website, effective client communication, and strategic marketing even when firms feel they are overwhelmed with work. They highlight the value of newsletters and automated communication to keep clients engaged and address their needs proactively. The conversation also covers the significance of defining ideal clients and creating a clear referral system, ensuring firms can attract and retain both clients and employees.

Dive in to discover strategic tips on balancing workload and client acquisition!

[00:00 - 05:21] Introduction and Importance of Specific Websites

• Damien Greathead emphasizes the need for accounting firms to have specific, updated websites.
• They discuss basic services like budgeting and forecasting.

[05:22 - 15:10] Importance of Marketing and Communication

• Marketing is important for firms even when overwhelmed with work.
• The hosts give examples of misleading advertising and defining Client Advisory Services (CAS).

[15:11 - 25:30] Effective Use of Websites and Newsletters

• Penny and Damien discuss how an outdated website can negatively impact firm perception.
• What is the role of newsletters in client communication and prompting additional projects?

[25:31 - 36:00] Client and Employee Engagement

• Engaging with both clients and potential employees through clear communication is vital.
• The firm's website and marketing materials reflect the firm's true values and services.

[36:01 - 39:00] Practical Marketing Strategies

• Implement practical marketing strategies such as newsletters and automated follow-ups.
• Penny and Damien highlight the importance of having a clear and defined marketing and sales process.
• They also encourage firms to continuously update their marketing strategies and maintain client engagement.

Direct Quotes:

"I would just encourage accounting firms to take a look at that website and skinny it down. Get more specific." - Damien Greathead

"Even if you're not necessarily looking for new clients, I think there's a real opportunity for firms just to take a look at their shop front." - Damien Greathead

-----------------------------------------------------------------------------

Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57