CPA Practice Advisor - 45

FEATURE

recurring engagement checklists to
drive the agenda, as well as document
insights and actions. Alternatively,
start with a spreadsheet or document
template for each client.
* Standardize the video meeting
process. Given COVID-19 and the
fact that we're all working remotely,
Zoom is a good way to share screens
and see clients, but there are other
easy-to-use video meeting tools in
the market. Unless the firm is also
providing bookkeeping and related
services, the BIR should be the first
time the team member reviews the
financials, so the reviewer should be
comfortable with imperfect financials
and focus on "decision over precision."

The process should be outlined in
your bundled service packages or
engagement letter, and clearly state
the BIR is about performance.
* Standardize tutorial videos. Create
short, reusable videos to illustrate how
to read financials and reports, and how
to perform common functions in the
platform. When clients have questions,
it is faster and more effective to send a
tutorial video with your commentary
than repeat explanations.
* Automate management reporting.
Instead of preparing and sending
financial reports that clients don't
read, teach them how to find their key
information on their mobile devices.
Having instant access to information
is a delighter for busy professionals on
the go. For other management reports,
design and package the client reports
once and schedule for auto delivery.
Some reports such as A/R aging might
be a weekly report to the collection's
manager, while the P&L might be given
monthly to the owner. Eliminate the
non-value work of exporting data and
formatting reports, and only auto send
actionable reports that help clients
run their business.
* Standardize team training to deliver
consistent insights. Certification in
the software the client uses (such as
QuickBooks ProAdvisor certification
for accountants whose clients use
QuickBooks Online) is foundational.
As you expand and standardize
your tech stack to automate more
functions for your clients, including
payroll, payables, time tracking, and
key performance indicators (KPIs),
you will want to develop specialists
on the team who are certified in
ecosystem applications. Early career
staff are excellent at researching
and implementing technologies to
automate workflows.
* Standardize biweekly team huddles
to celebrate insights and wins, as well
as unpack new challenges. The more
BIRs your firm delivers, the faster the
team will ramp up and get excited
about this new service line.

BEST PRACTICES
Once you've standardized your BIR
internal procedures, here are some
best practices to conduct BIRs.
Meet with clients monthly. Create
a recurring monthly, one-hour, video
meeting between your team members and the client. This proactive
approach addresses the #1 complaint
by clients that their accountant is too
reactive. Sometimes, clients have
conflicts. If a client can't make the
standing appointment, for example,
Renee Daggett, EA, and her team at
Adminbooks, simply record a Loom
video with highlights and actions,
and emails the video to the client
to review at a convenient time. The
clients love the experience and the
team has honored the importance of
the monthly BIR.
Be curious. Start with open-ended
questions to understand the client's
goals, what makes their company
unique, what they are passionate
about, and what challenges are in
the way of achieving goals. Document
the goals and challenges, but resist
solutioning. The BIR agenda includes
a tab with a list of sample interview
questions. Early career professionals
can be great at interviewing, because
they are naturally curious and hungry
to make a difference.
Create a financial plan. Most
businesses operate without a plan,
including many accounting firms.
Start by creating a plan. A financial
roadmap provides clarity and insight
that often delivers immediate results.
With the client's goals and financials
in hand, we can flex our accounting
skills and business acumen to help
owners reach their goals.
Report regularly. The BIR includes
reviewing KPIs, but remember that
the conversation is more important
than the reports. Discuss operational
issues, including margins, overtime,
sales growth, actual results compared
to the plan, and a few balance sheet
trends. Look forward more than
backward. The Business Performance

AUGUST 2020 ■

dashboard in QuickBooks Online
Accountant, for example, helps you
identify trends and guide conversations to make a difference with
clients.
Be a coach. As accountants and
tax pros, we are natural teachers and
regularly coach clients. However, in
traditional firms, that coaching is
narrowly focused on tax, accounting,
and compliance issues. BIR coaching
extends our natural talents to include
operational challenges, growth
opportunities, and interpreting the
data. Many accountants feel like a
therapist helping the entrepreneur
self-discover the best solution.
According to a recent survey, clients
said what they valued most from their
advisor was being a trusted advisor,
responding quickly, and understanding the client's business. The BIR is
a framework to deliver exactly what
clients desire.
Set up your actions. Before
ending the monthly BIR, agree on
three specific, measurable actions.
At least two of the actions should
be related to business performance.
That helps business owners prioritize
how to invest their time in improving
business outcomes. Meeting monthly
ensures accountability. Owners want
to engage in dialog that helps them
reach better outcomes.
Our greatest value is not accounting, but accountability to help clients
realize their goals. Delivering business insight reviews can help you
power prosperity for clients and
create a purpose driven culture that
excites your team. ■
Jim Buffington, CPA, is a customer liaison
with Intuit ProConnect. He
has 20+ years of professional experience in sales
management, public
accounting, strategic alliances, product marketing,
business process design,
new business development
and strategic planning.

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