California CPA August 2023 | Page 23

Meeting Public Accounting ’ s Problems deadlines , then you ’ re measuring what doesn ’ t matter . Billable hour goals , utilization targets and realization are metrics that look in the rearview mirror . Migrating to the use of more advanced metrics focused on human capital as a key input to audit quality will undoubtedly lead to better results .

Measure indicators such as staffing leverage , partner workload , turnover and training hours per professional and in doing so , you ’ ll likely create a more engaged and productive team . Then , proudly report this data to prospective clients to differentiate your quality and command premium pricing .

Keep the focus on the client . Consider a monthly value report offering each client a summary of the services delivered and outcomes achieved . Run a regular survey to track client feedback on the team members , services delivered and level of satisfaction with the services they received . Ask open questions such as , “ How could we improve on this project ?” “ Which of the following new services would be of interest to you ?” or “ Would you recommend our firm to others ?”

Conduct the survey consistently , follow up on any negative client feedback , and track results and trends for insights on how to improve services .

Technology Is the Ticket New recruits are light-years ahead of their predecessors when it comes to technology . It ’ s practically in their DNA . Consider that they weren ’ t even 10 years old when the iPhone was introduced in 2007 . From drones to automated workpapers , there ’ s so much game-changing audit technology available to advance accounting , tax and audit processes that firms would do well to invest in and adopt .

Harness the energy and interest of team members who ask for collaborative tools , data analytics , CRM or other tech upgrades that will enhance client services . Listen to clients who want online chat or text messaging . Pay attention to vendors who may have innovative ideas for gathering insight from data that will help grow your firm . Spending on technology is an investment in the longevity of your firm .

Moving Forward We are in the knowledge economy . Knowledge creates solutions . Solutions deliver outcomes , and outcomes drive value . Value generates profit . Know your employees , and understand what they value . Know your clients , and understand what they value . Tailor your accounting business to address their needs and you will succeed .

CalCPA C4 calcpa . org / mentalhealthwellness