More than 300,000 accountants and auditors in the U.S. quit their jobs between 2019 and 2021.
While some accountants are quitting due to factors outside of firm leaders’ control, such as changes in the market, others are quitting due to burnout, little opportunity for growth, and the threat of new technologies such as generative AI. These areas pose an opportunity for CPA firm leaders to intervene with effective leadership tactics that reduce fear and increase their employees’ sense of value.
This article examines effective leadership approaches in CPA firms and how firm leaders can leverage workforce management tools to create a place where people want to work.
What Does Effective Leadership in CPA Firms Look Like?
Sometimes, the difference between a successful accounting firm and one that struggles comes down to how the firm is led. Effective leaders are influential, curious, and adapt to the needs of their employees and teams. They exhibit ambition and model commitment.
Considering some of the top reasons accountants are quitting their jobs, effective leadership in CPA firms may mean:
- Expanding the range of services your firm offers to include more diverse and engaging projects.
- Being transparent about the vision of the firm, including whether it plans to integrate generative AI, how, and the waterfall of benefits for the client
- Focusing on productivity overproduction to avoid burning out staff
- Setting an example of work-life balance that enables employees to recharge
- Outlining a clear path for growth
- Helping staff see how their work is making a difference
Like most employees, accountants and financial professionals want to feel heard, seen, valued, and celebrated. They want to feel informed about the firm, see its leaders as accessible, and share in the organization’s success.
3 Workforce Management Tools That Foster Effective Leadership
Identifying the qualities of a successful CPA firm leader is one thing; genuinely embodying them is quite another.
Fortunately, workforce management strategies and tools can naturally guide your firm in the right direction. Here are a few ways to help leverage transformative technologies, such as workforce management software, to become a better leader and create leaders within your firm.
Build Trust With Office Networking Tools
Integrity is an essential trait of a good leader. It means being honest and transparent and allowing your organization’s values to serve as a compass to guide your decisions. Over time, you’ll find greater trust in your employees and teams.
The easiest way to increase workplace transparency is to communicate clearly and frequently. Workforce management software includes office networking tools that provide a platform to reach all employees and receive engagement in return quickly. This may include:
- A company message board
- Internal social media networks
- Instant messaging channels
- A dedicated place for sharing files and meeting notes
When your employees and teams feel uninformed about the firm’s direction, they’re more likely to make decisions that don’t align. Increased transparency into company goals makes that issue almost nonexistent.
Empower Everyone to Own Their Work With Project Management Tools
Another quality of effective leadership is belief in your employees. Trust has to go both ways. You can’t expect them to trust you if you don’t trust them to do their work.
This is where project management tools become invaluable. These platforms enable anyone within the firm to see a project’s status in real time, who’s responsible for completing it, and how close it is to the finish line.
With due dates tied to each task, the expectations are clear to staff and leaders. Since this data is readily available and updated in real-time, leaders can avoid unintentional micromanaging while still getting the necessary information. Firm leaders can have peace of mind, while employees feel good knowing they’re trusted to do their best work.
Project management tools also enable firm leaders to see accomplishments in real time. When an employee finishes a challenging project or a significant milestone, leaders can immediately recognize them for a well-done job. Employees and teams who feel encouraged and valued are more likely to have a favorable view of their managers.
Make Better Decisions With Business Analytics Tools
Effective leadership decisions are based on data, not guesswork. It’s hard to be an effective leader without the information you need to guide your CPA firm.
Workforce management software comes with business analytics tools that make it easy to:
- Properly allocate resources
- Track billable hours
- Model cost/profitability
- Properly staff projects
- Improve operational efficiency based on year-over-year comparisons
These systems can also quantify staff productivity, work-life balance, and turnover rates, making identifying cultural initiatives that may improve these metrics easier.
Strengthen Your CPA Firm Leadership With the Right Tools
By fostering a culture of trust and collaboration, CPA firm leaders can create an environment that attracts and retains top talent. These tools help current leaders as well as help your firm pour into your team’s leadership skills.
coAmplifi’s workforce management software for CPA firms makes it easy for your authentic leadership to shine. Schedule your demo now!
