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Episode 55

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Published on:

13th Apr 2023

Regularly Reviewing Your Tech Stack for Business Growth and Success

In this episode, Damien and Penny dive deep into the importance of organizational structure, service mix, and team building for accountants and bookkeepers who seek to build intentional businesses. They share their experience with new hires who bring fresh ideas and perspectives to the table, emphasizing the importance of surrounding oneself with competent individuals to grow a business.

The conversation today highlights the importance of delegating in growing a business and the focus on integrating different apps and software to provide comprehensive financial reporting and functionality.    


Tune in as Damien and Penny to learn how to build intentional businesses as accountants and bookkeepers!


[00:01 - 01:32] Opening Segment

  • Damien and Penny discuss their experiences with new hires, encouraging them to bring fresh ideas to the table
  • The importance of thematic reporting and using data in different ways 


[01:33 - 14:00] Creating Capacity for Technology Management and Client Relationships in Accounting Firms

  • The need to create two different reports for sales due to overriding commissions
  • Delegating tasks and fear of not being clear enough in expectations
  • Surrounding oneself with good people and letting them do their thing
  • Hiring employees to manage workload and provide quality service to clients/customers
  • The importance of app integration and building a tech stack for businesses


[14:01 - 16:32] Regularly Reviewing Your Tech Stack for Business Growth and Success

  • Integration and communication between apps is important
  • Managing to onboard of employees using apps
  • Performance center allows customization of reports for clients
  • Procedures should be reviewed regularly as technology and apps are constantly changing


[16:33 - 30:16] Closing Segment

  • Damien and Penny’s advice to the listeners the importance of building relationships with app providers and creating a space for creative thinking in the team


Tweetable Quotes

“Everything is on the table. If you want to look at something, here's access to everything you need to have, and you tell me if you have a better idea.” - Penny Breslin


“Surround yourself with good people, and nine times out of 10, they'll come back with something better.” – Damien Greathead


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Thank you for listening, please like and share this episode with a friend!


Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

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About the Podcast

Strategy and the Virtual Controller
Helping accounts and bookkeepers build the firm they want, their way
Your hosts Penny Breslin and Damien Greathead have more than 30 years of combined experience in the accounting industry. This podcast is to share their experiences of working in, and consulting to accounting and bookkeeping firms of all sizes, helping them grow.

Nothing discussed will be rocket science, instead they'll be discussing 'how' firms have successfully, and not so successfully, pursued growth. Penny and Damien will be sharing their insights on how firms can be successful by focusing on their people (clients included), their technology, and their processes and systems.

Ultimately how successful an accounting business will be depends largely on how the owners manage change, which alongside taxes appears to be the only constant.

We do want to acknowledge David Maister's great read Strategy and the Fat Smoker: Doing what's obvious but not easy as the inspiration for our title. Buy it on Amazon - https://amzn.to/3dhcUFC

Subscribe today for an upbeat and practical conversation about what's working and what's not in accounting businesses around the world.

About your hosts

Penny Breslin

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Penny Breslin is the founder of MoneyPenny, a consulting firm specializing in helping accounting firms and other businesses embrace the power of technology to simplify their operations and increase their profit margins.

Drawing on her years of experience and her knowledge of what it takes to run a successful business, Penny oversees the development of back office processes for her client firms. From the initial evaluation of the firm’s workflow, to technology selection, and assisting in the on-boarding of the firm’s clients, Penny works with her clients to maximize the benefits of a paperless and cloud-based firm.

Damien Greathead

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Damien has been working in the accounting industry for more than 15 years. In addition to getting his hands dirty preparing tax returns and doing bookkeeping, but the bulk of his experience comes from consulting to both accounting firms and the technology companies that serve the industry.

He set up 2020 Group USA which was a membership group for small and medium sized accounting firms and then went on to set up Receipt Bank (now Dext) in North America.

He regularly speaks to industry bodies on technology, marketing and change management.