The Wize Way

Episode 14: How to develop Standard Operating Procedures (SOPs) for Your Accounting Practice

In this episode of The Wize Guys, Brenton Ward and Jamie Johns talk about the importance of having Standard Operating Procedures (SOPs) in every Accounting Practice.

Find out how to ensure an efficient, smooth workflow and systems that will work best. Also, learn the step-by-step guide in creating and starting to implement SOPs yet commonly overlooked processes for practice owners. 

Timestamps:

0:57 Understanding Standard Operating Procedures (SOPs)
2:59 The importance of getting the scalability and leverage of SOPs
3:11 How accounting SOPs have evolved throughout the years
4:15 How SOPs differ from each business model and client
9:59 The freedom in creating policies through digital technology
11:33 Different online video tools for recording SOPs
16:10 Why you should find the balance between your checklist and working papers
17:31 Learning the various umbrellas of SOPs
20:13 Tips for determining the SOPs that will work best for your accounting practice
24:54 The importance of your own ‘How-to’ section
26:31 The beauty and benefits of using Loom videos
33:07 Steps in creating instructional videos
34:24 Why traditional written instructional videos are already a NO-go
36:06 The impact of having 80% ROI with a robust and reliable SOPs
39:28 Defining that ‘quad to activity’
40:44 Why documenting is an act of leadership
43:46 How Microsoft Teams can help in recording instructional videos
44:12 The idea of focusing on progress and NOT on perfectionism
48:25 Some of the practical accounting solutions to-do
52:16 Jamie’s key takeaways for your accounting practice

Quotations:

“It's not about perfectionism, it's about progress.” - Jamie Johns

“Step closer to freedom. Like it's every standard operating procedure is one step closer to being free.” - Brenton Ward

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]


Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 13: Accounting Best Practices to Adopt in 2022 ┃ Wize Mentoring Business Tips

In this episode of The Wize Guys, Ed, Tim, and Thomas share their 2021 reflections and insights. Find out the best practices for your accounting business that you can start to apply within your firm. 

Also, these guys will share tips on how can practice owners spend less time at work. So, don’t forget to grab a pen and paper for another action-packed episode!

Timestamps:

0:36 Understanding the design pillar of a business
1:20 The current trends in the industry
3:11 Why people are considered to be the greatest asset of practice owners
3:35 The importance of having a structure in place
4:32 How to find the right people
5:21 How to deal with HR or structural issues
6:59 The benefits of having monthly board meetings
7:38 The idea of documenting internal processes
8:27 Why you should include The Wize Fab 5 Key Performance Indicators in your project lists this 2022

Quotations:

“..people are our greatest challenge, but they're also our greatest asset.” - Ed Chan

“You've got to build structures for staff to work within, and then you got to place them in the right role so that they're working in their flow. If they're working in their flow, then they're really happy and productive.” - Ed Chan

“Everyone wants different things out of it, so it's really important to step back. This is probably a good time of the year to do it to step back on another year down, down the drain, and just think about if this getting me closer to my goal. Or what is my goal?” -Tim Causbook

“..what I found this year with firms where it's like what Ed said, it's about the people, a lot of recruiting, a lot of team designing, restructuring, evaluating people, whether they belong in the right role or not so that they can start honing themselves around targets.” -Thomas S. Phabmixay

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Hot Seat: Thomas Sphabmixay ┃How to Establish An Ideal Organizational Structure and Culture for Your Accounting Practice

In this episode of The Wize Guys, Brenton Ward had a 1:1 interview with Thomas Sphabmixay from TMS Tax Accounting & Financial Services who was first introduced to the Wize Mentoring program when they approached Ed Chan for Mentoring.

Through Wize, they were able to turn their team around and put their house in order. In just 6 months, they were able to develop an ideal organizational chart and set up an effective team structure that ultimately led to their firm’s growth!


Timestamps:

0:35 Early work challenges that Thomas had with TMS
4:15 That insight about ‘coaching’
 5:45 The fundamental need to pay taxes religiously
6:09 Thomas ‘million things to change’
7:23 How to get the momentum
8:59 Understanding the foundation of an accounting business
11:11 How to focus on the core issue
13:21 Thomas’ defining moment or ‘click moment’
19:06 Tips for communicating right
23:42 How to develop structures and processes in place
26:08 Why culture is considered to be a massive part of an organization
27:24 The importance of having a culture
29:03 How to influence culture in creating the right environment
31:50 Why you should get people involved and engage 

Quotations:

“I think the root of that problem, right, is the fact that the system typically doesn't evolve with the level of work or at the same rate as the level of work comes in. Like, you can be quite good at bringing the work in the door, but if you're not as focused on the systems being developed in conjunction with the level of work coming through the door, then there's a complete mismatch. ” - Brenton Ward

“I think over the last two years, it's like I've been taught the fundamentals of how exactly a professional services business should be set up or what the business model of a professional services business is.” - Thomas Sphabmixay

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 11: Hire Slow, Act Fast: Understanding the Concept and Importance of Hiring the Right People

In this episode of The Wize Guys, Brenton Ward with Jamie Johns, and Ed Chan discuss an in-depth explanation of the ‘hire slow & act fast’ concept.

Good candidates won't wait for you. On the other hand, remove the rose-tinted glasses before you rush into a new hire. Lots to consider in this short, punchy conversation to find out. So make sure to grab a pen and paper for another action-packed episode.

Timestamps:

0:34 - Understanding the concept of ‘hire slow & act fast’
1:33-  How to ensure hiring the right people
2:16 - The importance of following a recruitment method
2:51 - The principle of getting the job done
3:03 - Why you should act fast with good candidates
4:14 - How does losing ‘good people’ can impact your accounting practice
5:42 - Why having the right process is essential

Quotations:

“Why don't you start the hiring process you've got some good candidates, act fast. They won't last long. The good candidates go quickly..” - Jamie Johns

“In terms of hiring slow. The emphasis here is the follow-on method, follow mythology that takes all the emotion out of it because you don't necessarily need to like the person. Sometimes we just meet people and we sort of instinctively like them. Sometimes we instinctively don't like them and sometimes we call it intuition. This is my intuition. This is my gut feeling. And for more experience, that's all rubbish. That's all rubbish. What you want to do. You don't need to lock the person in terms of them getting a result for doing the job. They just need to get the job done and get a result. You don't need to lock them in a personality sense.’ - Jamie Johns

“If you're procrastinating and taking time to act, you're going to lose the good people that they're really good to. People just want certainty. They want a job. They want certainty. They want to work.” - Ed Chan

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementorin

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 10: What is the Role of a Senior Production Manager in Managing your Traffic Flow?

In this episode of The Wize Guys, Brenton Ward and Jamie Johns talk about the effects that hiring a Senior Production Manager can have not only on your workload as the owner of the accounting firm but on the growth of the business and satisfaction of customers.

Also, find out the role of the senior production manager in managing the traffic flow to scale your accounting business.

Timestamps:

0:35 - What are the issues and challenges when structure and processes are not in place?
1:44 - Understanding the traffic within your accounting firm
2:19 - Different types of clients traffic
2:49 - The importance of hiring the right people and delegation
3:06 - How to structure a team
4:05 - How to deal with the chaos
4:43 - The roles of grinders, minders, and finders
5:09 - The concept of a quadrant traffic
6:02 - Ways to check traffic flows
6:33 - The importance of having the senior roles in place
8:12 - How to promote people matching their best skill
9:27 - How no bypass policy impacts the role of a senior production manager

Quotations:

“Now we'd look at the traffic flows is one of the biggest issues that firms face when they're growing... we do that by starting to build out this ideal team structure, but the ideal team structure and getting the resource mix, right. It doesn't happen overnight.” - Brenton Ward

“..each one you go to depends on who you've got in the firm in terms of the resource mix... So don't promote them into a seat that doesn't suit them.” - Jamie Johns 

“If you don't put these senior roles in place, you as the owner or the partner can start getting out of control, losing clients, getting chaos, and you stop growing.” - Jamie Johns 

USEFUL LINKS:

• No Bypass Policy

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 9: Understanding The Job Description And KPIs Of A Senior Production Manager

“Most people leave their jobs because they're disengaged and they don't like their manager. The second reason they leave their job is that they're not in their flow.” 

In this episode of The Wize Guys, Brenton Ward, and Jamie Johns answer some listener questions and talk about what a Senior Product Manager and Senior Client Manager role entails, how to measure performance, and how the two roles differ.

Timestamps:

0:35 - Is hiring an offshore senior production manager worthwhile?
1:53 - A step-by-step guide to training a newly hired senior production manager
3:34 - The importance of having team daily huddles
5:54:- The roles and responsibilities of a senior production manager
7:52 - Find out some FREE tools and resources for your accounting practice recruitment process
8:49 - Tips for promoting finders and grinders
9:59 - Why do people usually leave their jobs
10:21 - Why you should identify your people’s personality
10:33 - What is a promotion path?
11:27 - The importance of understanding the flow
12:54 - Understanding the KPIs of a senior production manager
13:21 - How to measure productivity
14:17 - How to use Xero Practice Manager (XPM)
16:29 - How to apply the net promoter score
17:42 - How to manage people

Quotations:

“Why do people leave their jobs?’ They tend to leave their jobs because of 2 reasons. Most people leave their jobs because they're disengaged and they don't like their manager. The second reason they leave their job is that they're not in their flow. And when you're not in your flow, you're just not happy. And if you're not happy, you'll tend to leave.” - Jamie Johns

USEFUL LINKS:

• Learn more about Xero Practice Manager Software Application

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 8: The First Steps of Onboarding New Recruits for your Practice

So, once you've acted fast and hired slowly, and found the right team member for your firm, what's next? How do you introduce that person to the culture and workflow of your firm? 

In this episode of The Wize Guys, Brenton Ward, and Jamie Johns talk through a few onboarding approaches to effectively integrate with your new recruits for your accounting firm.

Timestamps:

0:35 - How to onboard new recruits
1:29 - Why introducing new members is the first thing to do
2:21 - The idea of giving a ‘Welcome Letter’
3:20 - How to figure out your firm’s guarantee
3:53 - Why you should create an employee handbook

Quotations:

“..it's all about the people. So introduce them to the team. That'd be the first thing.” -  Jamie Johns

“One that is really long, a lot to do and I've often shared with these, what I call the firm's guarantee. So what's your firm's guarantee? Another way to word it is what's your firm's unique selling proposition?” - Jamie Johns

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 7: Testing Potential Hires - For Grinders & Minders Role

How do find the right people for the right role?

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about narrowing down candidates for your next hire can be a daunting process. 

Let us give discuss different types of testing options out there, to help you find the ideal team member for your firm. Whether it's online timed work tests, sample tasks, or personality tests, you'll hear what the best options are for you and your team.

Timestamps:

0:34 - Why attitude is everything
1:28 - ROLES: Grinder vs Minder
2:02 - TIP: Get the context
4:12 - How to measure productivity
6:21 - Factors to consider when hiring
8:39 - Are personality and communication testing worthwhile?
12:22 - The importance of people in building a business that runs without you
13:23 - The ideal timeframe to give a job offer

Quotations:

“So attitude is everything. Put them through the toughest tasks that you can put them through, and put them through as many things as you could get them to do. And if they still come out of that with the right attitude, you're somewhat more likely to get the right person.” Ed Chan

“ I think the personality testing works a bit better for the mind or finder rather than the grinder…Speed isn't as essential in the mind or finder role. It's more about a people person communicating, knowing when to talk to a green person, compared to a blue person…So the personality test testing works better with the mind, the finder than it does for the grinder.” - Ed Chan

“They all say they can do the job, but you know, when they put their definition of being able to do it and your definition of being able to do it completely differently. So I get three tasks and I get them to do three tasks.” - Ed Chan

USEFUL LINKS:

• FREE eBook: Playbook to streamline your practice workflow system 

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 6: How to Onboard Your Team Members - Finders, Minders & Grinders

“You got to micro train upfront so that you don't have to micromanage them later on because really good output people don't like to be micromanaged.”

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about tips for onboarding new members of your team. 

Define the roles of Finders, Minders & Grinders. Also, they discuss different types of training that you’ll need to provide to your team members (depending on the size of your firm) and how to monitor their progress. Learn more on this episode!

Timestamps:

0:45 - Tips for onboarding new members

1:52 - The importance of communication in a service business

2:32 - Input-focused vs Output-focused

3:16 - Experience staff vs Inexperienced staff

4:06 - How critical is the first 3 months for new hires’ performance

8:22 - The great value of building client connections and relationship

9:58 - Ways to evaluate productivity

10:52 - How to handle clients

Quotations:

“The thing that differentiates your firm from the one down the road is your responsiveness. And if you can just put yourself in the client's shoes, if you are dealing with two businesses and one responded to you quickly, and the other one just didn't respond to you, the body language they give you is that they don't care.” - Ed Chan

“Just because you're busy doesn't mean that you're productive.” - Ed Chan

“...our business is about people connecting and communicating with people. And if you can't communicate, then you're not going to be suited for a senior client manager. So the training for a senior client manager is different from that of a senior production manager.” - Ed Chan

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 5: Identifying the best candidates for your practice

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about why attitude is the most essential factor to consider when identifying the best candidate in the recruitment process.

Find out more about hiring people onshore and offshore for your accounting practice.

Timestamps:

0:46 - Hiring Onshore vs Offshore employees
1:48 - How outsourcing can help you save more resources
3:51 - The importance of attitude
4:56 - How to utilize technology in the recruitment process

Quotations:

“Absolutely the whole idea of running your business efficiently and to be able to make some profit and about pay your staff a decent wage, and to remain competitive with your competitors in terms of your fees. Everybody's got to win. Your clients are got to get the best price for your services. Your staff has to get paid really well. And you've got to make a profit.” - Ed Chan

“I always think every interaction you have with a candidate reflects their attitude is the most important thing because you cannot train, you cannot generally change someone's attitude.” - Jamie Johns

USEFUL LINKS:

• FREE eBook: The Biggest Secrets to Recruiting Qualified Accountants 
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com
Facebook: https://www.facebook.com/wizementoring/
Twitter: https://twitter.com/wizementoring
Linkedin: https://www.linkedin.com/company/wizementoring/
Instagram: https://www.instagram.com/wize.guys/?hl=en
Email: [email protected]

Download the full transcript here.

________________  

PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:  

 1. Download our famous Wize Freedom Map for FREE - Find out the 101 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here 

2. Need to hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here 

3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here