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

Episode 19: How Accounting Firms Can Track their Performance┃Best Approach to Measure KPIsIn 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 KPIs1:23 - How to start your own accounting firm1:50 - The importance of stepping back2:31 - ‘Why running companies is like raising kids’3:02 - The analogy of driving a car3:24 - The Wize Fab 5 Key Performace Indicators3:56 - How to be in control without controlling4:20 - That concept of being a ‘winner’5:06 - How culture can affect your business5:49 - Why Fab 5 is the best dashboard for every accounting practice6:11 - Understanding the difference between running it as a practice and from business7:01 - Why top-down management can’t scale a business8:46 - Why bottom-up kind of management is better9:33 - How to create a business that runs without you10:39 - Timesheets: YES or NO?11:17 - Extraordinary systems vs Extraordinary peopleQuotations:“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 ChanUSEFUL LINKS:Download FREE eBook: The Accountants Recruitment Secrets Playbook GET IN TOUCH!Website: www.wizementoring.comFacebook: https://www.facebook.com/wizementoring/Twitter: https://twitter.com/wizementoringLinkedin: https://www.linkedin.com/company/wizementoring/Instagram: https://www.instagram.com/wize.guys/?hl=enEmail: [email protected] 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 96 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