Written By Brenton Ward

I was speaking with a colleague today about tracking revenue in a high performing accounting firm and what his thoughts were on the subject. His response was too good not to share.

The single one factor and success indicator is fees billed.

This should be structured around the following:
1. Annual Capacity plan. (Includes productivity levels)
2. Monthly fee budget per client manager (agreed to in June)
3. Weekly review of fees billed by client manager in operations meeting. Are we on target?
4. Link the monthly and annual fee budget to formal performance appraisal. 
5. Formally compare client managers fees billed to create healthy competition. 

6. Then watch human behaviour change.

The act of measuring everything weekly and focusing on a few (six or less) key metrics will change human behaviour.

What we focus on is what we get. 

Agree to goals, Measure it, make it public, keep accountable. 

This alone will also drive write ups in my experience.  When you hold people to a target they quickly become efficient.

A question for you and your business – How are you currently tracking and holding your team accountable to fees billed?

Brenton Ward is a director of Slipstream Coaching, a company dedicated to assisting financial practitioners achieve their full potential.  Brenton has a genuine passion for business and improving business performance. He is also a technology enthusiast and co-founder of a fast growing Financial Planning business. He can be contacted via phone 0435 876 246 or email brenton@slipstreamcoaching.com.au