Accounting practice resolutions for 2024

Welcome to a new year! On behalf of Firm of the Future, we wish you the very best for 2024!

Did you know that New Year's resolutions originated in the spring some 4,000 years ago in Mesopotamia when life revolved around agriculture? Citizens would make promises to the gods for the new year, and use this as a time to return borrowed tools, supplies and equipment.

So when did it change to Jan. 1? You can attribute that to Julius Caesar in 46 BC, who established Jan. 1 as the start of the year; government officials would make promises to the emperor to show loyalty, while the courts would close for half a day.

Fast forward quite a few years. We now make resolutions as a way to begin fresh for the new year. Have you made any resolutions, particularly with regard to your practice? We asked our authors to share their 2024 resolutions.

Renee Daggett, EA—AdminBooks: In 2024, our business is focused on boosting client satisfaction 2% higher than last year, and adding a new technology to simplify how we work internally. Innovating our technology will streamline our processes, making our departments (tax and bookkeeping) more efficient. In addition, we are committed to nurturing our company culture by adding three new benefits that will promote a healthy work/life harmony for our team. With these changes, we can serve our team and clients well in 2024!

Nicole Davis, CPA, MBA—Butler-Davis Tax & Accounting: One pain point I am planning to resolve in the New Year is speeding up useful data delivery for clients to make business decisions that propel them forward at a faster pace. Resolving this is going to require reviewing our workflows, processes, and tech stack. I hope with this change that we continue our mission to help entrepreneurs engineer their best lives by operating financially fit businesses. The more fit they are, the more fit I am.

Dan Gertrudes—Growth Lab Financial: In 2024, GrowthLab will focus on fostering sustainable growth by enhancing employee mental health support, further integrating AI and automation to streamline processes and more skip-level meetings with me, ensuring our team's well-being, customer happiness, and workflow efficiency in a rapidly evolving accounting landscape.

Marie Greene—Connected Accounting: My business New Year resolution for 2024 is to let go. Once I have delegated a client or task, I am committing to spending more time training the person in charge, and once they are up and running, not to take it back! It's so easy to just pay that bill, answer the client's question, or handle a task because it's after hours and the colleague you need is off. But I will let go and not take it back! This allows my team to have ownership, and learn to troubleshoot instead of relying on me to pick up dropped balls. So I will delegate more and let go.

Rory Henry, CFP®, BFA—Arrowroot Family Office: We embrace mindfulness in our financial and life decisions, a practice I am personally prioritizing and advocating for with my clients. We pause to consider how our decisions align with our core values and long-term goals. This realization that our values shape our goals, which in turn influence our behaviors, guides us toward choices that resonate deeply with what is most important to us. For example, if you highly value family time and travel, investing more in experiences such as a family vacation—whether it's a memorable trip to Australia or a visit to Disneyland—is completely reasonable. Incorporating reflective practice in our decision-making not only allows us to react purposefully rather than impulsively, but also helps us optimize our well-being.

Marissa Jones—Carpe Digits: We are reaffirming our commitment to be the most customer-centric growth partner out there. Our resolution? To boldly say "yes" when others might say "that's not our job." In 2024, our pledge is to offer whatever it takes to support our clients' growth and success. We recognize that sometimes the needs of our clients transcend traditional boundaries. This year, we're embracing that challenge. Whether it's a service within our typical scope or something entirely new, if it's within our power to provide and benefits our customers, we're on it. We've never shied away from a challenge, and this year, we'll be doubling down on that spirit. Happy New Year!

Dave Kersting—Capovario: Our resolution for our accounting practice and cherished clients is to forge an even stronger financial partnership. We commit to delivering not only accurate and timely financial insights, but also proactively seek opportunities for financial growth and stability. For our clients, we encourage a resolution to maintain meticulous financial records, and engage in regular consultations to optimize tax strategies and financial planning. Together, we'll embark on a journey toward fiscal health and prosperity, building a future where financial goals are not just met ... but exceeded, and where our accounting practice remains our clients' trusted ally in the pursuit of financial success.

Dan Luthi, MAcc—Ignitespot Accounting: Bringing our remote team together in 2024 will be a top focus. We will have regular online meetings for face-to-face connections, find ways for people to interact socially online, and use digital channels to celebrate important events and share success stories. Checking in often with surveys and discussions will show if anyone feels left out. Even while working remotely, strengthening how connected our staff feels will allow them to communicate and collaborate smoothly. It will also help them be creative problem solvers who deliver excellent work efficiently with care and understanding. A valued and included team is more likely to come together to do high-quality work that ultimately benefits our clients.

Blake Oliver, CPA—Earmark: My New Year resolution is to focus. As a startup, our resources are finite, which means we have to say "no" to more than we say "yes" to. To help us know when to say "no," we are adopting a North Star metric to streamline our decision-making with CPE credits issued. If a project will increase the CPE we issue every week or month, we'll consider it. If not, we'll pass. We choose CPE credits over revenue because every CPE represents value created for our clients, while a dollar of revenue doesn't necessarily do the same thing. In the long run, if our clients earn more CPE, they'll happily pay us more.

Dave Olsen, CPA—Nimbl: We go through an annual planning process late every year to review our intended outcomes from the previous year, and set priorities and outcomes for the coming year. Our top five priorities for the coming year are to:

1. Upgrade our client experience.
2. Develop training.
3. Improving our Philippines team utilization.
4. Increase marketing lead flow.
5. Review our internal tech stack.

One person from our leadership team takes ownership of each priority, creates one or more specific annual outcomes, and documents a plan for achieving each outcome, including breaking the outcomes into quarterly Rocks using the Entrepreneurial Operating System model.