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Episode 79

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Published on:

9th Aug 2024

Smart Ways to Streamline Your Accounting Firm

Are your accounting firm's processes truly optimized, or are you considering automation as a quick fix to deeper workflow issues? 

In this episode, hosts Damien Greathead and Penny Breslin are joined by Korey Cournoyer to explore the world of automation within accounting firms. They discuss the importance of process documentation, the benefits of strategic automation, and how to approach implementation effectively. The conversation highlights the need for standardization, efficient workflows, and proper utilization of technology to ensure success. Korey emphasizes the significance of understanding why automation is needed and addressing those issues internally before implementation.

Korey is the CEO of STRMS.io, which works within the accounting and finance industry to help firms document, optimize, and automate their workflows and processes. He is not building another app for firms to deploy but is helping build custom automations that help firms scale by connecting their existing apps across their existing workflows. His company supports firms looking to scale without exponentially increasing headcount or costs. Before co-founding STRMS, Korey helped grow and scale an accounting firm, GrowthLab Financial, for over nine years. 

[00:00 - 14:45] Intro and The Importance of Process Documentation

  • Damien, Penny, and Korey discuss the critical role of process documentation in successful automation.
  • Understand the need for standardization before implementing automation solutions.
  • Korey explains his company's approach to helping firms identify automation opportunities.
  • Clear process mapping is crucial for effective automation implementation.

[14:46 - 27:14] Benefits of Automation 

  • Automation can improve efficiency, reduce errors, and enhance client experiences.
  • Emphasize the importance of transparency with employees about automation goals.
  • Identify areas where automation can positively impact employee satisfaction and retention.
  • Korey shares insights on focusing on high-value, repetitive tasks for automation.

[27:15 - 35:35] Practical Applications and Implementation Strategies

  • They discuss specific areas where automation can be particularly effective, such as client onboarding.
  • Utilize automation to streamline internal processes like reporting and communication.
  • Korey explains the subscription model approach to make automation services more accessible.
  • The group discusses the potential cost-effectiveness of automation compared to traditional solutions.

[35:36 - 44:06] Long-term Benefits and Final Thoughts

  • Penny and Damien reflect on how automation can free up mental space for firm owners and employees.
  • Regularly review and update processes to maintain efficiency and effectiveness.
  • The value of combining process improvement, outsourcing, and automation strategies.
  • Invest in automation as a long-term solution for firm growth and employee satisfaction.


Direct Quotes 

"Before we even start development or anything, we'll spend a few hours with firms and like help them map and document and understand like what automations are going to be realistic." –  Korey Cournoyer

"I think standardization is the first step to becoming flexible." - Penny Breslin


Connect with Korey

Website: http://strms.io/

Company Linkedin: https://www.linkedin.com/company/strms-automations

Personal Linkedin: https://www.linkedin.com/in/koreycournoyer/



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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.