Post on 20-May-2022
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The Weak Link
Why Bookkeepers Struggle
with Automation
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The Weak Link
Agenda
• Primary Topic: Address a key, under deployed predecessor to bookkeeping automation
• Drill down on accounts payable standardization and automation
• Strategic roadmap to an automated practice
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Handouts
The handout for today’s webinar is available after the live event at Woodard.com/Webinars
We will upload the handout no later than 5:00 PM Eastern today.
The handout is available through November 30, 2020.
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CPE
• This event qualifies for one hour of CPE
• The field of study is Information Technology
• You will receive your CPE certificate within one-week of the live event
• Your certificate will contain the first and last name you used to register for today’s webinar
• We will deliver the certificate to the email address you used to register for today’s webinar
• You must respond to all three polling questions to qualify for CPE
Note: You Can Evaluate this Webinar Using an Online Evaluation Form. You Can Access this Form When You Leave the Webinar
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About the Presenters
Joe Woodard, CEOWoodardTM
Neil RobertsonExecutive Chairman at Compleat
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• Three Remote Attendee Options• $95 – Attendee• $295 – Attendee Plus• $795 – Attendee All Access
• Over 100 Unique Breakout Sessions Focusing on…• Technology Deployment• Practice Advancement• Client Transformation
• Keynote Presentations• Receive 60 Days Streaming Access to All Breakout
Sessions• All Access Remote Option• On-Premise Option
• Explore over 40 QB-Integrated Technologies• Network with hundreds of the Nation’s Leading
QuickBooks ProAdvisors
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Don’t Miss THE Event of the Year!
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The Weak Link
Poll
About the upcoming Scaling New Heights conference I am…
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The Weak Link
What is the Missing Link?
Process Standardization
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Benefits of Standardization
• Lower Cost of Employee Onboarding/Turnover → Increased Profit Margins
• Decreased Errors and Omissions → Increased Profit Margins
• Increases in Efficiencies → Increased Profit Margins
• Capitalization of Firm Knowledge → Increased Practice Valuation
• Competitive Advantage/Practice Distinction
• → Stronger Growth Potential
• → Pricing Leverage
• Consistency of Client Experience
• → Coherent Brand
• → Loyalty to Your Practice, Not to a Specific Professional in Your Practice
…Other than the Ability to Automate
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Benefits of Automation
• Reduction in Human Workers → Increased Profit Margins
• Decreased Errors and Omissions → Increased Profit Margins
• Increases in Efficiencies → Increased Profit Margins
• Practice Modernization → Increased Practice Valuation
• Competitive Advantage/Practice Distinction
• → Stronger Growth Potential
• → Pricing Leverage
• Enhanced Client Experience
• → Streamlining (and Mobilization) of Client Interactions
• → Enhanced security and fraud prevention
• → Real Time Financial Information → Financial Insights/Advisory
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The Weak Link
The Standardized Practice
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Qualities of a Standardized Practice
• You Define the Product…Not the Client
• You Define the Process…Not the Client
• You Define the Software…Not the Client
• You Define the Services You Will Deliver…Not the Client
• Each Person in the Firm Adopts the Process Start to Finish
• Each Person in the Firm Can Work the Process with Minimal Help from Management/Ownership
Variation of Process is Enemy #1.
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The Path to Standardization
Onboarding
Cyclical Work
Offboarding
Holistic
Stack Compatibility
Real Time FeedsPurchasing
Time
Sales/Service
Collaborative System
Incorporate Tech Workflows
Keep it Simple
Minimize Variances
Replace Team Members Who Won’t Adapt
Expand the Team (Hire and/or Shared Services)
Train Heavily
Over-Manage Adoption
Peer-to-Peer Accountability
Monitor and Measure
Incorporate Team Feedback
Curate Tech
Innovate (e.g. Zapier)
Adopt Workflow Solution
Determine Ideal Client
Begin Software Qualification
Hours ≠ Dollars
Improved Client Experience
Scaled Productions
Team Ownership
Decreased Learning Curve
Visibility
Adaptive Capacity
Scaled Model
Increased Practice Valuation
Consistent Delivery
Service/Brand Distinction
Scaled Efficiencies
Competitive Advantage
Practice Distinction
Thought Leadership
Map Processes Automate Document Recruit Democratize Improve
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Elements of a Comprehensive Process
• Client Collaboration Setup and Training
• General Ledger System Setup and Training (If Applicable)• Line in the Sand
• Consultation on any Changes or Expansion in Client Use of the System
• Payroll
• Sales Tax
• Payables Automation Setup and Training → Bookkeeping Engagement Begins
• Data Fetching and Document Parsing Setup and Training*
• Time Tracking Setup and Training
Client Onboarding
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Elements of a Comprehensive Process
• Client Vetting – Soft Vetting Based on Ideal Client Profile and Interview with the Client
• Client Discovery (Hard Vetting. Billable Engagement)
• Pricing: Provide 3 Pricing Levels. For example,
• Comprehensive Bookkeeping with Monthly Financial Statement Delivery
• Comprehensive Bookkeeping with Real Time Financial Information, Cash Flow Monitoring/Projections and Account Receivable Monitoring/Management
• Everything in Level 2 plus financial advisory
• Periodic Meetings
• Real Time Financial Monitoring with Up to 20 Key Metrics
• 5 Key Performance Indicators – Discovery, Monitoring and Interpretation
• Engagement and Orientation
Pre-Bookkeeping
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Elements of a Comprehensive Process
• Setup tasks based on the frequency you perform them.
• Allow for Limited Client-Level Variations of Process and Incorporate into
Your Checklists
• Setup administrative reviews as part of your cyclical work. It is best to
conduct administrative reviews quarterly in year one, semi-annually in
year two and annually for each subsequent year.
• Frequencies include: Daily, Weekly, Bi-Weekly, Semi-Monthly, Monthly,
Bi-Monthly, Quarterly, Semi-Annually, Annually
• Setup Due Dates In Addition to Frequencies. For example, 1099
processing has a frequency of Annual but (for most situations) a Due
Date of January 31.
Cyclical Work
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Elements of a Comprehensive Process
• Select a Specific Date for the Termination that Coincides with a Month End
• If Appropriate, Offer a Billable Transition Service to Another Bookkeeper or to their In-House Team
• Termination Letter*
Client Offboarding
*Note: Include an initialed statement in the termination letter where the client states that all work performed as of the date of termination is complete and accurate. Also, include statements of the client’s intentions around software products you implemented while performing bookkeeping solutions. Warn the client about discontinuing operational solutions where transactions are in process (e.g. payables). Include specifics in the letter about the client’s responsibilities to manage and pay for any solutions they decide to retain.
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The Weak Link Process Drill Down
Standardizing AP Workflows
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Drill Down: Standardizing AP Workflows
Joe Woodard, CEOWoodardTM
This segment begins with a conversation between Joe Woodard and Neil Robertson.You will see only this slide during this conversational segment.
Neil RobertsonExecutive Chairman at Compleat
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The New Normal• Automation drives between 65% - 90% efficiency gains
• Differentiate your offerings
• Deliver more valuable services
• Better serve your client base
• Covid-19 catalysts for change
• Mass adoption of emailed PDF invoices
• Increased buying online
• Disruption of Work From Home
• Client increased focus on
• Cash retention
• Reducing costs / paying less
• Increasing productivity
• Expectation of real time information from any device
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InvoiceHeader & LineData Captured
Invoice Register
Invoice Auto Coded
Invoice PO Auto Matched
Invoice Auto submitted with dynamic approvals
Invoice auto-posted to accounting / ERP software
Payment to Vendor
Cost Savings CompleatProcure
Scanned paper supplierinvoice
Emailed PDF supplier invoices Invoice Register
Invoice GL manually coded
Manual workflow selection
Invoice manually Checked for authenticity (Duplicates)
Auto - Nudge Approvers
Simple AP steps
Internal purchase request
Goods received
Purchasing and online buying stepsSophisticated AP automation
Online Buying
Order placed
Workflow approval
Procurement as a Service
Digital invoice capture service
Print Invoice
ManualApproval chasing
ManualPosting
Filing
All Rights Reserved. Compleat Software Ltd. 2019
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The Weak Link
Roadmap to Automation
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Roadmap to Automation
Light Client Buy-In
• Bank Feeds
• E-Filing of 1099’s
• Mapped Imports
• Integrating Existing Operational Solutions
Light Client Learning Curve
• Sales Tax Outsourcing
• Payroll Outsourcing, etc.
Administrative Client Learning Curve
• AP/AR Automation
• Document Fetching/Parsing, etc.
Org-Wide Client Learning Curve
• Expense Management
• Time Tracking
• Changing Operational Solutions, etc.
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The IdealBookkeeping Practice
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The Weak Link
Thank You for Attending!