Embracing Excellence: The Key to a Successful Accounting Department
“How you do one thing is the way you do everything.”
There’s a powerful phrase that resonates across industries and life: "how you do one thing is the way you do everything." This has also been written as "how you do anything is the way you do everything." Whichever version you know or prefer, the point is the same.
These sayings encapsulate the essence of consistency, attention to detail, and a commitment to excellence—qualities that are crucial for any successful enterprise. For a business building an accounting department, or for companies that specialize in accounting and bookkeeping services, this philosophy is not just a motto but must be a foundational principle that drives every aspect of their operations.
Precision and Attention to Detail
Accounting and bookkeeping are fields where precision is paramount. A single error can lead to significant financial discrepancies, affecting decision-making and compliance. When a company embodies the mindset of "how you do one thing is the way you do everything," it ensures that meticulous attention to detail is applied not only to customer accounts but also to internal processes, communications, and customer interactions.
For example, consider how financial reports are prepared. A company that values precision will double-check entries, set up quality controls, standardize procedures, and ensure the output makes sense. This meticulous approach to preparing financial reports is mirrored in other tasks, such as managing customer correspondence or maintaining internal documentation.
Imagine how damaging it would be for your business if your accounting team were overpaying your vendors, paying employees incorrect amounts, or forgetting to invoice a customer. These are the types of things that should, and do, keep accountants and bookkeepers up at night—that is, unless they have systems in place to mitigate these mistakes from happening. Most of the accounting teams we are replacing had minimal to no systems in place and almost always no documentation.
This may not be surprising to hiring managers but this starts at the resume. How a resume is written, formatted and structured will tell us a lot about a potential candidate’s attention to detail and ability to communicate critical information clearly and concisely. A large percentage of applicants who may have the accounting knowledge are turned down because of the lack of effort put into their resume. How you do that one thing, your resume, tells us a lot about how you’ll do everything for our customers.
Consistency in Quality
Customers rely on accounting firms to provide consistent, high-quality information. When a company upholds the principle that every task should be performed with the same level of due care and excellence, it builds trust and reliability. Whether it’s reconciling bank statements, generating invoices, or offering financial insights, the same standards of thoroughness and accuracy are applied.
This consistency in quality becomes evident in the long-term relationships built with customers. When customers see that their accounting firm is consistently delivering reliable results, they feel more confident in the services provided, leading to sustained partnerships and positive word-of-mouth referrals.
One of the three components of our internal mantra is a “quality product”, in fact, it’s the first of the three components. It doesn’t matter how fast we are or how well we communicate. If the information being provided isn’t accurate, our relationship will suffer with our customer.
We’ve been on the receiving end of this with various vendors over the years. A common example revolves around marketing consultants. You excitedly hire on a team and discuss your goals and “who you are” as a business. It doesn’t take long to see how well your consultants digest and embrace the information. Were they listening to you and truly putting in an effort to successfully represent your brand and what you do or do they come back with suggestions that sound boilerplate or make no sense based on what you told them?
This is equally applicable to outsourced accounting departments. We learn a lot about a new customer upfront and take over the various tasks needed to support them. If we start asking the same questions multiple times (not listening) or the same question is being asked by various members of our team (not communicating), customers will start to worry. They’ll wonder “am I just another number for them?”
Embracing quality as a fundamental principle, your team will take necessary measures to ensure every customer's needs are met with precision and care. By actively listening, understanding each customer's unique situation, and consistently delivering accurate and insightful financial information, we demonstrate our commitment to their success. This approach not only promotes strong, trusting relationships but also sets us apart as a reliable partner in our customers' financial journey.
When quality is at the heart of everything we do, we build a foundation of trust that leads to long-lasting partnerships and a reputation for excellence in the accounting and bookkeeping industry.
Building a Strong Reputation
A company's reputation is built on the cumulative effect of its actions. In the accounting and bookkeeping industry, where trust and credibility are paramount, adhering to the philosophy of "you do one thing the way you do everything" will contribute to building a robust reputation. Every interaction, report and advice contributes to the overall perception of the company.
For instance, when an accounting firm consistently demonstrates integrity and transparency in its dealings, customers are more likely to view the firm as trustworthy and ethical. This positive reputation attracts new customers who are seeking reliable and professional accounting services, thus fostering business growth.
There is no better reflection of the reputation you’ve built with your customers than to have them refer their friends or colleagues to your services. That’s why the most common survey methodology out there, Net Promoter Score (NPS) only has one question: “How likely are you to recommend our business to a friend or colleague?”.
Delivering accurate and high-quality information from an accounting department or outsourced accounting & bookkeeping company is paramount in building a strong reputation with your customers and within your industry.
Enhancing Efficiency and Productivity
Most of the information so far has been somewhat external. How you interact with your customers. Embracing excellence has an internal element as well. Naturally, internal improvements should improve your external deliverables.
Applying the same level of excellence to every internal task also enhances efficiency and productivity. When team members know that every task, no matter how small, requires their best effort, they develop a disciplined approach to their work. This discipline leads to streamlined processes, reduced errors, and a more organized workflow. A team focused on excellence will demonstrate characteristics like curiosity and caring (e.g. how can I make this better?, how does this work?, how do I know this is right?).
In a practical sense, this might involve creating standardized procedures for common tasks, ensuring that all team members are on the same page, and utilizing technology to automate repetitive processes. The result is a more efficient operation that can handle a higher volume of work without compromising on quality.
“Perfection is not attainable, but if we chase perfection, we can catch excellence.”
Inspiring a Culture of Excellence
Finally, the philosophy of "how you do one thing is the way you do everything" inspires a culture of excellence within the company. It sets a benchmark for performance and encourages employees to take pride in their work. When team members see that their efforts contribute to the overall success of the company, they are more motivated to maintain high standards in everything they do.
This culture of excellence becomes self-reinforcing. New hires quickly learn the importance of meticulousness and consistency, and long-term employees continue to uphold these values, creating a cohesive and dedicated team. Cultivating such a culture can be compared to the Japanese art of bonsai which requires careful pruning, shaping, and nurturing. This process teaches patience and persistence, as the results of one's efforts are not immediately visible.
Team members performing in a culture of excellence will show up on time, ensure their appearance in person or over video has been considered with the audience in mind, and will express a desire to learn. Constant training ensures the team is developing skills so they are Capable of performing the tasks and delivering the value you need of your team—one of our three Core Values.
The accounting department lead, whether a CFO or Controller, must set the example for others to follow. Outsourced accounting companies must lead by example as well if they are to expect their team members to perform in a similar way. Excellence isn’t something you achieve and you’re done. Team’s strive for excellence every day.
Conclusion
In the realm of accounting and bookkeeping, the phrase "how you do one thing is the way you do everything" serves as a guiding principle that underpins success. By applying the same level of care, precision, and excellence to every task, a company can build a strong reputation, foster customer trust, and create a culture of continuous improvement. Ultimately, this philosophy not only enhances the quality of services provided but also drives the long-term growth and success of the business.
