Transforming Accounting: Embracing Change for Sustained Success

Strategy and the Virtual Controller

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:

• https://leaders.com/articles/leadership/transformational-leadership/
• https://www.valamis.com/hub/transformativelearning
• https://www.wri.org/insights/business-what-transformativechange
• https://www.ipbes.net/news/what-transformative-change-how-do-we-achieve-it

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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