Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/94658
GREAT PRACTICES By Kristy Short, Ed.D A n all-Online atti- tude, ex t reme Organization, and an Outsourced accounting service model create the per fect mix for success. Standardization has a new poster child—and her name is Laura Red- mond, owner of Re dmond Accounting. For those that pride themselves on being ultra orga- nized…you may have met your match. Laura Redmond launched her firm in 2005. And like most in the profes- sion, her core driver was pride in owning her own business. She also admitted to reasons a bit more A-type. "I wanted to work my own way… not simply follow along with the way things have always been done. I knew I could run a highly efficient firm. And, to be honest, I wanted to do it my way." And do it "her way" she did. With a background in IT, Red- mond knew her way around tech- nology. Her vision was clear: To develop a highly efficient and standard- ized internal structure. With this goal in mind, she researched multiple Cloud applications and selected the best of the best. "Today, we are totally in the Cloud and 100 percent paperless," Red- mond explained. "I made sure to adopt applications that integrated with one another to maximize pro- ductivity. Every solution we use is also feature-rich and flexible." Redmond Accounting didn't start out in high-efficiency mode, however. Tis came aſter a few years of trial and error and working hard to solidify the vision for her firm. "It takes time to really see what needs to be done to improve operations." In the early years, Redmond regu- larly visited her clients' offices and worked within whatever accounting system the client had in place. She quickly realized that this process would have to change. "By accepting to work in the cli- ent's chosen solution, I was hindering my firm's ability to move to an online accounting service model, which was the direction I needed to go." Aſter a great deal of research and testing, Redmond identified several SaaS solutions, including Quick- Books Online, Intuit Online Payroll, Bill.com, Method Integration, and Expensify. "All of our applications work together smoothly and sync with QuickBooks Online…and Method offers exceptional custom- ization options." After identifying the right tech- nologies and building a full-on Cloud infrastructure, Redmond explained that it was much easier to standardize processes firm wide. STATS AT A GLANCE Firm website: www.redmondaccounting.com Year founded: 2005 Total employees: 3 F/T, 2 P/T Home base: Menlo Park, CA; second location in Cleveland, Ohio Firm description: Full-service outsourced accounting firm with a focus on service businesses Technology of Choice: QuickBooks Online, Bill.com, Method Integration, Intuit Online Payroll, Google Apps, Expensify 30 December 2012 t www.CPAPracticeAdvisor.com The staff of Redmond Accounting: John Redmond (left), Theresa Baily, Margaret Fisher and Laura Redmond. "Technology can only do so much. You have to also put uniform pro- cesses in place; otherwise, everyone is performing work differently. Tat's just not efficient." Tis is where Redmond's height- ened sense of organization came in handy. "My firm's processes are exact, and we make sure to document everything. Our procedural guides act as a ready reference for current staff and training support for new employees." Even beter, all guides are accessed online. Built in navigation menus allow staff to locate reference infor- mation quickly, instead of flipping pages to the right chapter. "Using Google Sites, we can embed links directly to the particular documentation for any given task… right on the [workflow management] screen that assigns project tasks to staff." Redmond shared that the firm has developed 25 detailed process guides to date that outline workflow, man- agement, and client procedures. She also made sure to remark, "Tat's 25 and counting!" Her drive to build a highly efficient and sustainable f i rm was also inspired early on by reading The E-Myth Accountant – Why Most Accounting Practices Don't Work and What to Do About It. "I loved this book! I dog-eared several pages and underlined a lot of the content because there were so many great tips and relevant action items. It truly inspired me to do things the right way," Redmond stated. Laura Redmond's practice is best described as a full-service firm offering outsourced accounting to service-based businesses. Operating on an online platform, she can serve all clients conveniently while pro- viding real-time support. "We become our clients' external accounting department, handling all aspects of accounting for them. With everything in the Cloud, we can offer full support from the comfort of our offices," Redmond stated. What's Good for the Goose… Aſter a few years of supporting cli- ents on multiple accounting sys- tems, Redmond realized that things could be done much more efficiently. "We would go to the client's office a nd work wi t h in wh a t e v e r REDMOND ACCOUNTING Practicing the "Three Os"