Practicing the "Three Os"

“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…

After a few years of supporting clients on multiple accounting systems, Redmond realized that things could be done much more efficiently.

“We would go to the client’s office and work within whatever accounting system they had in place. That meant we had to master a variety of solutions.”

Realizing the efficiency gains within her own office, Redmond knew she needed to apply the same model to her clients. It made sense to create a client solution set using the same applications she and her staff had mastered.

“We offer a defined technology solution for our clients, which includes QuickBooks Online, Intuit Online Payroll, Bill.com, Method Integration, and Expensify. Based on need, clients can adopt the full set or select individual solutions. Because we use all of these applications in the firm, we can easily support clients with implementation. We also know clients will be highly productive because the system is streamlined.”

By taking control of the solutions clients use, it also put the firm in complete control of accounting work. With 24/7 online availability, Redmond and her staff can access a client’s data to correct errors at any time and control the flow of work.

“If the accounting firm isn’t in control of their clients’ accounting…that spells trouble,” stated Redmond.

Redmond also knew that it was important for her and her staff to become solution experts. “Once everyone is up and running on a standardized system, it’s easy to adopt uniform processes. It’s also easy to help clients with issues because they are using the same applications.”

A defined process also put the firm in control of pricing. When operations are streamlined, efficiency goes through the roof. And when that happens, it’s easier to create a pricing model that is based on the value of the service, not the billable hours.

“We implemented a value pricing model last year. Built into our fee is the cost of licensing the software, so clients are insulated from the added cost,” Redmond explained. “Not having to explain extra fees always makes it easier to sell.”

No Resting on Laurels

Redmond is proud of the progress she has made since launching her firm in 2005, but she’s not resting on her laurels. “I’m constantly evaluating my firm and looking for ways to improve operations and our services.”

To date, Laura Redmond has been able to eliminate onsite client visits by transitioning to a Cloud platform. This enables her and her staff to provide exceptionally convenient service to clients across the board. She also developed a standard solution set for clients, which means everyone is working the same way. And finally, a value pricing model simplifies client fees.

An all-online (all-the-time) attitude, organized procedures, and an outsourced accounting model enable Redmond Accounting to operate at “well-oiled-machine” status. By applying the three O’s, Redmond Accounting joins the ranks of our Great Practices.

--------------------------

Stats at a Glance

• Redmond Accounting
• 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

--------------------------

Kristy Short, Ed.D, is partner and Chief Marketing Officer in RootWorks LLC (RootWorks.com) and president of rwc360, LLC (rwc360.com)—firms dedicated to providing practice management education, branding, marketing, and public relations services to the accounting profession. She is also a professor of English and marketing. Reach her at kristy.short@cpapracticeadvisor.com.