Episode 14: How to develop Standard Operating Procedures (SOPs) for Your Accounting Practice

Episode 14: How to develop Standard Operating Procedures (SOPs) for Your Accounting Practice

In this episode of The Wize Guys, Brenton Ward and Jamie Johns talk about the importance of having Standard Operating Procedures (SOPs) in every Accounting Practice.

Find out how to ensure an efficient, smooth workflow and systems that will work best. Also, learn the step-by-step guide in creating and starting to implement SOPs yet commonly overlooked processes for practice owners. 

Timestamps:

0:57 Understanding Standard Operating Procedures (SOPs)
2:59 The importance of getting the scalability and leverage of SOPs
3:11 How accounting SOPs have evolved throughout the years
4:15 How SOPs differ from each business model and client
9:59 The freedom in creating policies through digital technology
11:33 Different online video tools for recording SOPs
16:10 Why you should find the balance between your checklist and working papers
17:31 Learning the various umbrellas of SOPs
20:13 Tips for determining the SOPs that will work best for your accounting practice
24:54 The importance of your own ‘How-to’ section
26:31 The beauty and benefits of using Loom videos
33:07 Steps in creating instructional videos
34:24 Why traditional written instructional videos are already a NO-go
36:06 The impact of having 80% ROI with a robust and reliable SOPs
39:28 Defining that ‘quad to activity’
40:44 Why documenting is an act of leadership
43:46 How Microsoft Teams can help in recording instructional videos
44:12 The idea of focusing on progress and NOT on perfectionism
48:25 Some of the practical accounting solutions to-do
52:16 Jamie’s key takeaways for your accounting practice

Quotations:

“It's not about perfectionism, it's about progress.” - Jamie Johns

“Step closer to freedom. Like it's every standard operating procedure is one step closer to being free.” - Brenton Ward

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Download the full transcript here.

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