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Episode 74

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Published on:

22nd Mar 2024

Transforming Accounting: Embracing Change for Sustained Success

Are your accounting practices ready for the transformative wave of technology, or are you stuck in the compliance grind?

In this episode, hosts Damien Greathead and Penny Breslin discuss the importance of transformation in accounting firms. They touch on the continuous nature of tax season, the challenges firms face in adopting new technology, and the necessity of internal readiness for successful outsourcing. Penny shares experiences of firms struggling to adapt and emphasizes the need for clear processes and acceptance of change for successful transformation. The conversation also delves into the broader implications of technological transformation in the accounting industry, highlighting the potential benefits and the need for a collective effort to facilitate change.


[00:00 - 05:00] Introduction to the episode

  • Damien introduces the theme of accounting technology and transformation.
  • Penny shares her location and comments on the changing nature of tax season.
  • The accounting industry is evolving beyond traditional seasonal workflows.


[05:01 - 10:00] Discussing continuous tax season and client demands

  • Damien and Penny discuss the year-round nature of tax work and client expectations.
  • Penny talks about the increase in client onboarding and the pressure on firms.
  • Firms must adapt to constant demand and be prepared for continuous operation.


[10:01 - 15:00] Challenges in adopting new technology

  • What are the difficulties firms face when integrating new technology?
  • Penny shares a story of rejecting a client due to their unpreparedness.
  • Successful technology adoption requires readiness and structured processes within the firm.


[15:01 - 20:00] Transformation in accounting practices

  • The hosts emphasize the importance of holistic business transformation, not just isolated tasks.
  • True transformation involves rethinking business models and processes comprehensively.


[20:01 - 25:00] Importance of community and collective effort

  • Penny illustrates transformation through the community effort to restore the monarch butterfly population.
  • Like ecological restoration, business transformation requires a collective, sustained effort.


[25:01 - 30:00] Concluding thoughts on transformation and readiness

  • There is a need for firms to be brave and commit to long-term transformation.
  • Firm transformation is a long-term commitment that requires patience and strategic planning.



Resources Mentioned:


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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.