Posts by Tracy James
Benchmarking Accounting Practices
Benchmarking involves comparing your accounting practice processes and performance metrics to the best accounting practices in the industry.
Read MoreAccounting Practices KPI’s
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance.
Read MoreManaging the Practices Debtors
The objective of debtor management is to minimise the time between issuing an invoice to a client and collecting payment in full.
Read MoreWorking Capital Management
Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations.
Read MorePractice Sin 7 – Poor Time Management
Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management.
Read MorePractice Sin 6 – Dreadful delegation
Delegation is one of the practice principal’s most important management skills and if done well, saves you time, develops your people, and is a motivator.
Read MorePractice Sin 5 – Confusing Activity with Productivity
Accountants can fall into the trap of constantly trying to satisfy their client demands (which are insatiable) and let their business needs slide.
Read MorePractice Sin 4 – Failing to Change
As the business environment changes, practice owners must change. To not do so is to get left behind.
Read MorePractice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a Business
Without the discipline and focus on managing the business for maximum profit, standards and performance falls.
Read MorePractice Sin 2 – Underinvesting in Personal Professional Development & Training
The professional development underinvestment occurs in the areas that are most important and critical to practice principals.
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