All posts in Trash the Timesheet

Year Anniversary

by cfarmand on April 12, 2011 in Change is coming, CPA Fun, Engagement Agreement, FPA, Jacksonville CPA, Technology, Trash the Timesheet with 2 Comments
This week apr16.com turns 1!!!  So much has happened in the past year, I don’t know where to begin.  Lets start with: I opened my own firm, met a group of people who Have/Will shape my outlook on the accounting profession, I hired, I fired, and I have worked on the confidence to say that “I can.”  My reason for blogging was to share my experience, successes, challenges, and to connect with potentials wanting to convert from old ways.  In mid 2009, I was ready to check-out of public accounting.  I told myself there was no way I was going to do this for the rest of my life.  Most of my discouragement came from a rigid routine which I felt zero appreciation for and my environment did not breed growth; I was dying.  Through twitter, I stumbled upon an interview with Ron Baker challenging the timesheet as a viable metric in public accounting firms.  It was my “a-ha” moment.
Six months later I launched this bad-boy and the first post was a three part post on trashing the timesheet; I was ecstatic at the freedom of not tracking time and wanted to share all.  I feel it would only be fitting to celebrate this occasion with another video.  This came to me from John Shaver at Aries Technology Group.  It really needs no introduction, enjoy.

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Efficacious

by cfarmand on February 2, 2011 in Change is coming, Engagement Agreement, Firm of the Future, FPA, Jacksonville CPA, Trash the Timesheet with 5 Comments

Anticipating the arrival of his new book “Implementing Value Pricing: A Radical Business Model for Professional Firms” I had the opportunity to speak to the man himself, Ron Baker.  Ron connected with me on Twitter and we set up a phone call to catch up.  I must say the conversation brought up new energy to what I had done approximately one year ago, “trashed the timesheet.”  Since the transition, I have kinda forgotten what it was like to track my time.  During our conversation, Ron was mentioning to me some of excuses he hears all over the world, promoting the timesheet, and it was bringing back chilling memories of tracking my time.

Ron pointed me the verasage website when we began to discuss the topic of “first class” customers vs “coach” customers.  The title of the blog is “forget being effective, be efficacious”  which I ignorantly pronounced “efacious” is where he pointed me.  EFF-a-cacious is superior to effective.  So, if Spam is effective, Filet Mignon would be efficacious.  You get my point, but let me warn you that my metaphor really does not do the word justice.  What the guys at verasage are challenging the profession to do is step past being effective and deliver the client a celestial experience.  While I have not had a ton of time to think about the process, what jumps out to me is a child’s first trip to Disney World.  Having the ability to deliver a desired result, I think Walt and the gang have that down pat.  Just when I thought I had the whole client service aspect down, the folks at verasage push the bar one notch higher.  I LOVE IT.  Keep up the inspiration coming guys.

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Year-end Value Chat

by cfarmand on December 14, 2010 in Change is coming, Engagement Agreement, Firm of the Future, FPA, Jacksonville CPA, Trash the Timesheet with No comments
I wanted to document a year-end review of value billing.  In my first posts on this blog I spoke of what it was like, the transition, and what it is like now without the timesheet.  I have had more time to reflect on the true meaning of value billing and what it means to me.  If I am not creating value for a client, I don’t want their money.  When I came into the industry I was taught, find new client, bill the client, and HOPE some value was transferred.  While the word value was never used I suppose my end product; a compilation, a meeting, a tax return was that value…..I guess?  Since I have trashed the timesheet this idea of value has taken on a new meaning for me.  It begins with trust.  When I say trust, I don’t mean, “let me be the center of your financial influence.” trust.  But, “tell me your expectations, and let me try to exceed them” trust.  From trust I move to collaboration.  “Will you work with my team, to exceed those expectations?”  Lastly, acceptance.  Along with being the key to serenity, acceptance of an expectation is where a valuable client relationship should be.  Clients who get the most benefit from value billing are willing to trust, collaborate, and accept.  When the three come together, I am able to pour the value out, like gravy on Thanksgiving stuffing.
Happy Holidays
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The “Royal We”

by cfarmand on November 10, 2010 in CPA Fun, Firm of the Future, FPA, Trash the Timesheet with No comments
This morning I was getting my usual cup of Joe and my assistant Chrissy happened to be walking by the refreshment area.  As my Keurig® was percolating I casually mentioned to Chrissy “we” need to schedule a meeting time with my dad to finalize 2011 engagement letters and fixed price agreements this week.  She looked at me and said “by we, do you mean the ‘Royal We?’”  “Royal We?” I responded.  What is the Royal We?  She explained to me that the Queen of England would refer to decisions made as we, when all the people really know the it was a “I” decision.  Very appropriate.

I explained to Chrissy that when I used the word “we,” I meant the whole team in the office. This got me thinking. If you overheard your a team member in casual conversation with someone, would they refer to their work setting  as “we” or “they,” “us” or “them?” Does your team feel a “part of” something or just an “employee?”

The “part of” feeling is super important in retaining millennial’s.  If I am a part of something bigger and working to a collaborative goal, I am more likely to succeed.  If I feel included and needed I am willing to show up the next day fired-up and productive.  If I am a part of my workplace my loyalty will be stronger than ever.  If I am “part of” a collaborative process I will refer to my office as “we.”

In a honest game of espionage, I challenge you to see what your team would say.

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Shop Dog

by cfarmand on November 5, 2010 in CPA Fun, Firm of the Future, Trash the Timesheet with 1 Comment
On Monday morning my dog, Tess, moved into our office. I pictured owners who bring their pets to their independent bookstores and antique shops and I thought, “Why not an accounting firm?” Let’s face it, bookstore owners generally get a friendlier response than the CPA firm. Not Fair!

Accountants are people-people. We enjoy long lunches with clients and friends. We enjoy tackeling clients’ challenges with a smile and a action plan. We like solving problems to make our clients’ lives easier. I like having Tess around. She brings an energetic expression and a sweet demeanor. She’s already won over the affection of my assistant, a Millennial with no pets or kids. I came back from a meeting to find Tess’s bed moved under the front desk. Chrissy explained Tess was lying under there so much, she might as well be comfortable.

Tess is already used to her daily walks and checking the mail. We are lucky she is a pretty chill dog who only barks at the UPS man if she hasn’t met him before. Any other professional service firms with a resident pet in their office?

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Google Docs is for me! (and our clients)

by cfarmand on October 22, 2010 in FPA, Technology, Trash the Timesheet with 4 Comments
We are doing super exciting things at Chris Farmand + Co these days. While we are still developing our image, our process department is hard at work. From time to time I will share how we are empowering our clients to work smarter. This week we set up a payroll client to submit timesheets using google docs. Here is how we did it.
  1. Created a new spreadsheet in google docs.
  2. Found a template that would fit our clients needs.

3. Customized the template based on our clients pay frequency.

4. Shared the doc with our client and their employee.

This process utilizes the versatility and flexibility of the cloud. Once our client realized they can view and monitor employees time via the web anytime, from anywhere, they were ecstatic. In addition to pleasing our client, we fulfilled our need to access to the data at anytime. This will cut down on client wait time or chasing a client down for their hours. It was a win-win situation. Great job team. Have a question about how google docs can improve your business process? Contact us.
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Trilogy of social media

by cfarmand on October 7, 2010 in Technology, Trash the Timesheet with 1 Comment

I have been meaning to blog about my opinion of social media for a while now.  For all intents and purposes of this blog there are only three social media sites that actually exist.  The hundred thousand others sites are a mediocre shot at what these three have accomplished.  The three I am referring to are, Linkedin, Facebook, and Twitter. Founded in 2003, 2004, 2006, respectively, they have become the “trilogy of social media.”  I refer to them as a trilogy for no other reason than they were founded in different years, and they have become the leaders in social media.  I have decided to do lists of “Pros” v “Cons” for my opinion.

Linkedin:
Pros:

  1. Easy setup
  2. simple layout
  3. group pages are educational
  4. recommendations are cute
  5. earn about local competition
  6. offers everyone a seat in the social media game
Cons:
  1. is a lame attempt at networking
  2. name me one person who has actually finished the interview process
  3. over saturated
  4. groups are poorly monitored
  5. offers everyone a seat in the social media game

Facebook:
Pros:

  1. connects friends and relatives
  2. easy to use
  3. customize-able

Cons:

  1. Security
  2. gateway to a porn addiction
  3. 500 million…seriously?

Twitter:
Pros

  1. Collaboraters playground
  2. Separates the adults from the children of social media
  3. Advanced search to RSS is powerful (thanks Dustin)
  4. Barrier to entry, more difficult than the other two
  5. Content/links are meaningful

Cons:

  1. Days can elapse while reading tweets.
  2. Super spammers

Care to add any?

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Gen Y & Fashion

by cfarmand on August 19, 2010 in FPA, Trash the Timesheet with 2 Comments

Evolution of the Hipster

Somehow, there was a request for me to blog about Gen Y clothing at the workplace … maybe?  Or Gen Y fashion in general? If you want to check out a Store for all Mr Beast fans, you can check it out here!
At first, it seemed a bizarre request, but the more I think about it, the more I can proclaim, “The clothing is a part of the culture.” Flip-flops in hand bags waiting for 5 pm, tattoos flown at full mast, cleavage accepted most places VISA is. It’s the culture.

Between Friday and Monday mornings my razor stays neatly packed away in the commode. However, my father, Mr. Boomer, will shave at a minimum once a day (twice if there is an event he is attending). For me, the weekend summons my well worn Chacos, Old Navy shorts, and worn-out golf shits. The big man? Wouldn’t catch him wearing shorts in public on a 110-degree, saucy Florida day.  It’s the culture.

How Gen Y fashion translates into the workplace is tricky. Each office is different. I remember just six years ago when I started here, two of the associates were still wearing ties every day.  When the partners dropped the ties, so did the associates, unless we were out on an audit. How lawyers still suit up every day, I don’t know, but I believe change is coming for them. In the past six years, our unspoken dress code has become slacks and a button-down shirt. I have larger flags to fly than the clothes on my back. If the office is sparse on a Friday, I may rebel and wear jeans.

Trending forward:

As I begin to work with clients with whom I want to work (Gen Y), I find that they are showing up to my office in shorts and cleavage. While neither of those bother me, I have not found the inner HIPSTER within me to let go and dress down. For those confused on what hipster fashion is, refer to my picture. It may or may not happen, but I can promise you, the topic does not keep me up at night. I feel the fashion expression is important to late Gen Y-ers and early Z-ers. I do believe as accounting becomes one of the only professions with job stability, we are going to encounter bright HIPSTERS who can bring something unique to the industry.

(Thinking on paper) I can’t remember the last time a client commented on my Van Hausen button down. I may reconsider my fashion options as I embark on my journey. (Thinking over)

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Lesson Learned

by cfarmand on July 29, 2010 in FPA, Trash the Timesheet with 7 Comments
I had the opportunity to bid a on what I call a large client.  The referral was given to me by a member of my sphere of influence.  I met with the client and quickly understood what his successes, failures, challenges, and expectations were.  Here are some buzz words/phrases I remember from the initial meeting:

  • board does not accept extensions
  • bills coming in 8 months late
  • unexplained charges
  • unresponsive CPA
  • changing personnel
  • unhappy
  • complacent

So I return to my office and prepare a proposal for this client.  The engagement called for nine form 990, three form 1120S, one form 1065, and three form 1040.  I submit my proposal and it was denied in less than 24 hours.  When I requested feedback, here are some buzz words/phrases I remember:

  • Thankful
  • Thorough
  • Cost
  • Fixed Price Agreements are not original
  • more and more CPA are moving away from billable hour
  • time tracking along with fixed price agreements are the way to go
  • other proposals are less than my current CPA
  • my proposal was 4 times my competitor
  • my firm is not aligned with the local industry

My wife always reminds me that all things happen for a reason, and I truly believe that.  The lesson here for me is: if I knew that cost was the number one factor, above the poor service, for changing CPA’s, I would have never pursued this client past the initial meeting.   Great lesson for me.

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The Billable Death Spiral

by cfarmand on July 22, 2010 in FPA, Trash the Timesheet with 2 Comments
As I have mentioned in the past, I believe timesheets are nothing more than an illusion of control that partners think they have over their staff. In reality, it is the partner who is the slave to the timesheet. When customer Jim gets upset at the lack of service and decides to leave, who replaces the lost billable hours? Some options:

  • New Business? Maybe, but if customer Jim was not getting the service, customer Jane probably will not.
  • Innovative revenue streams? Maybe, but probably not. A firm obsessed with the billable hour are rarely innovative. Firms obsessed with the billable hour are interested in one thing: billing hours.
  • Current clients? Ahhh, now we are getting somewhere. Yes, I am saying that lost business is made up with over-billing existing clients.

This is where it gets interesting and the phrase billable death spiral comes in. As a partner begins to compensate for lost business by over-billing existing clients, a billable death spiral forms. Clients recognize an increase in fees, they don’t see a change in service or value, and they decide to leave. One by one they go, until the partner is left with a small handful of clients, who will pay whatever, just because they understood that time is money. Beware: the billable death spiral is a nasty process and usually renders the partner cold, pissed off and alone. This raises the question: in the office, who is really in control?

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