Episode Details

Episode 19: How Accounting Firms Can Track their Performance┃Best Approach to Measure KPIs

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan discuss how they track their own firms' KPIs over the years and why it's important for Accounting Practice Owners to track their numbers.

So, make sure to grab a pen and paper for another action-packed episode.

Timestamps:

0:34 - How to monitor your team’s KPIs
1:23 - How to start your own accounting firm
1:50 - The importance of stepping back
2:31 - ‘Why running companies is like raising kids’
3:02 - The analogy of driving a car
3:24 - The Wize Fab 5 Key Performace Indicators
3:56 - How to be in control without controlling
4:20 - That concept of being a ‘winner’
5:06 - How culture can affect your business
5:49 - Why Fab 5 is the best dashboard for every accounting practice
6:11 - Understanding the difference between running it as a practice and from business
7:01 - Why top-down management can’t scale a business
8:46 - Why bottom-up kind of management is better
9:33 - How to create a business that runs without you
10:39 - Timesheets: YES or NO?
11:17 - Extraordinary systems vs Extraordinary people

Quotations:

“I think the problem is that there is confusion between running it as a practice versus running it as a business. And if you run it as a practice, that means you're managing it from the top down… But the problem with that kind of management system from top-down is that you can't scale that business and you become a prison in that business because if I take you out of there, that's the end of the business... But if you want to grow and scale it, you need it to be managed from the bottom up, not from the top down.” - Ed Chan

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Download the full transcript here.

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