Leading Change In An Accounting Firm

Spoiler alert: change is coming for your firm whether you RSVP or not. The good news? Aly and Andrew reckon you don't have to just cop it. You can choose it, shape it, and lead it. This episode is all about what it looks like when an accounting firm intentionally shifts its processes and services instead of standing around waiting for clients, tech, or the industry to shove it forward.

We get into the full service stack and what each layer is really for. The transactional and internal finance bits down low, the compliance work that keeps everyone on the right side of the ATO in the middle, and the advisory layer up top where the good conversations live. There's a fair bit of love for owning the data flow end to end, because tight workflows and a tidy software stack mean less rework and more actual advising. Niching and specialisation get a run too, including why they make life easier and pricing braver.

Then we have a proper crack at AI. The stuff it's quietly brilliant at, the stuff it's quietly ruining, and how to keep your human voice intact while still letting the robots earn their keep. 

If you're rebuilding services, tightening processes, or trying to keep advisory feeling consistent as the team grows, pour a bevvy and listen in. 

Remember to subscribe, share it with a mate, and leave a review!

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MUSIC
ENTENTE (@ententemusic) | Instagram

PRODUCTION
David Easton (@davidjeasty) | Instagram

Transcript

Construction Jokes And Morning Energy

SPEAKER_01 0:00

Hey Ellie.

SPEAKER_04 0:01

Yes, Andrew.

SPEAKER_01 0:02

Do you want to hear a construction joke?

SPEAKER_04 0:03

Yes, I'd love to hear a construction joke.

SPEAKER_01 0:05

I'm still working on it. Good one. You got that one straight away.

SPEAKER_04 0:10

I know, I know. I didn't even think. It was just, it was you're down at the level I really understand very quickly, so I appreciate that. Well, it is fairly early in the morning, so I'm glad you started at a really low level. It is early. The only way it's up.

SPEAKER_01 0:24

I flew into Adelaide last night.

SPEAKER_04 0:27

You did. Good old Radelaide.

SPEAKER_01 0:28

Good old Radelaide, so yeah, we are here together.

SPEAKER_04 0:30

We are, which is my favourite time to record, is when we're together.

SPEAKER_01 0:35

In the flesh bit.

unknown 0:36

I know. It's good.

SPEAKER_04 0:38

It is. The vibes, the aura.

SPEAKER_01 0:40

It is indeed. It is indeed. Well, we're going to go to the theme tune by the the the connection of the joke. Um we are talking about change this season. It's all the season of change. Um and construction. Things are changing. We're working on we're working on things. We're working on things, right?

SPEAKER_04 0:56

There certainly is a season of change. I actually feel well overwhelmed at the moment with how much change is happening in this world.

SPEAKER_01 1:02

So I'll just bury my head and ignore it, and it's fine.

SPEAKER_04 1:05

I wish I was. Like, what are the what are the birds that do that? An ostrich. I wish I was an ostrich. Do you know what I mean?

SPEAKER_01 1:11

Oh, okay. When we come back from the theme tune, I want you to define yourself as a bird. And I will also think of what bird I am going to be too. Uh we'll do that. But the the topic we're going to be talking about today, the reason we're gathering, is we're all we're talking about the change in the services we offer that we are leading, the change that we are bringing within our space. Not being forced upon us, but we are changing.

SPEAKER_04 1:31

Okay, yes, okay. So we're in control of love.

SPEAKER_01 1:33

We're in control. What are we in control with?

SPEAKER_04 1:35

We're chumping our muscles in the business.

SPEAKER_01 1:36

Let's go to the theme tune and then I'll look forward to hearing a squawk.

SPEAKER_04 1:55

So what bird do I want to be?

SPEAKER_01 1:58

Yeah, if you are a bird, what bird are you?

SPEAKER_04 2:01

I want to be a flamingo. A flamingo? Yeah, because they're my favourite colour. Okay. And I just think they're the they look wise and they're the most I think they're placid and they can they've got really long legs. And I just who wouldn't want to be a flamingo? Yeah, that's that's me. What about you?

SPEAKER_01 2:19

Yeah, I remember actually just on the flamingos. I think I was in Europe a number of years ago with a family and we went to like a zoo and there was a heap of flamingos. And they were way more filthy than I imagined. Oh, filthy. Yeah, like they were just like just they make mess, right? Because like all birds make mess, and just there's big, big pink fucking birds. Right, the Mullaby and Eagle.

SPEAKER_04 2:37

Eagle!

SPEAKER_01 2:41

Oh, Scrubs is back. I don't know if you ever watched the TV show Scrubs. Really early season. It's just come back, and and one of the iconic scenes is like JD on Turk's back going, Eagle.

SPEAKER_04 2:51

And so that just I actually saw a meme the other day that said the 90s are back because some stuff's happening with Britney and Scrubs is back on TV, we're in another war. Like, and I'm like, I'm really feeling those vibes.

SPEAKER_01 3:05

Now, if I was a bird.

SPEAKER_04 3:07

Oh yeah, what would you be?

SPEAKER_01 3:08

I don't know. See, like um, it's really a dodo. They're not a love anymore. Are you saying I'm gonna be a big one?

SPEAKER_04 3:17

No, you've got a D on your cap. And so I thought, what bird starts with D?

SPEAKER_01 3:20

Like I was like, I like like the like the owls that that their heads can turn like 360. Like, I'm like, that's kind of cool. My favourite bird is like I think it's a black cockatoo. Um so I want to get I'm gonna get one of them tattooed eventually one day. Nice. Um but if I could just for a laugh, I'd be a blue-footed booby. Um because that is that is a bird. That is a real bird.

SPEAKER_04 3:42

Can I see? Do you have the photo? Can I see?

SPEAKER_01 3:44

It's known for its comical courtship dance where mammoths step high with their bright blue foot.

SPEAKER_04 3:49

I think I've seen it on a on a um David Attenborough um Docko. Yeah, you would it's a very fancy dance.

SPEAKER_01 3:58

Yeah, and it and they're like they're full on having a go.

SPEAKER_04 4:01

Did you do that for Alana? Did you? Yeah.

SPEAKER_01 4:05

Yeah, so it looks like a seagull-ish kind of thing with bright blue feet and it does this weird like happy dance.

SPEAKER_04 4:12

Do they like change?

SPEAKER_01 4:15

No one can see what we're looking at, but it looks like a it looks like an AI generated image of a bird, right?

SPEAKER_04 4:19

It doesn't look like it doesn't look real at all. It doesn't look real. Look, I'm trying to pull us back to the real I'm trying to pull us back to the content. Do they like change?

SPEAKER_01 4:32

Um, blue-footed boobies, they present stunningly beautiful mating dances. Um they're large seabirds with 70 to 90 centimetre length. Um they're blue, oh yes, the blue colour of their feet has fascinating correlation to the bird's health. The colour of their feet changes depending how healthy or unhealthy are. Connection to change. Okay, then. The less blue, the more unhealthy.

SPEAKER_04 4:54

So, how blue is your business, right now?

SPEAKER_01 4:56

And they do they do say, and I like this explanation, boobies have evolved to become excellent divers. Deep deep diving boobies.

SPEAKER_04 5:04

Deep diving boobies. Also, you like to say booby, don't you?

Rebuilding Services Around Better Data

SPEAKER_01 5:07

I don't know what I'm talking about. I am 40, I'm not immature. Um, yeah, so yes, so the the uh the health, the colour of the feet. So yeah, yeah, look at that. The change. The change's been going on. So we are talking about change, change that you're bringing, that you're creating when it comes to the services you deliver to your clients. Uh, I've got a few thoughts on where we can kind of unpack this, but I'd like to know, Ali, for you, if you think about in your 75 years of being an accountant.

SPEAKER_04 5:33

Oh my gosh, it's 30. It's it's over 30, it's 93. Okay, yeah, fine. So 32, yes. Not 75. Round up to the nearest 75. I was born in 75.

SPEAKER_01 5:44

Yep, cool. Um, uh, so if you think about your 75 years of experience. Oh gosh. I've only got one. This is my last season, mate. I can only give you so much more crap.

SPEAKER_04 5:53

No, I'm I feel it.

SPEAKER_01 5:54

If you've if you're gonna be wrecked by the end of the season, think about your 750 years of experience. Ellie, I'm trying to get to a question, mate. Yeah, okay. Seriously, take take this seriously with you.

SPEAKER_04 6:03

I actually, in my body, I just feel old. Like you've just what you've done to me.

SPEAKER_01 6:09

Um what what have you learned over that experience that maybe if you can think about in the last six to twelve months that the change you have been bringing within your firm, what have you the change that you're bringing in, what are you bringing in when it comes to the services you're delivering your clients based on what you've learned and the experience you have now that you didn't have back then?

SPEAKER_04 6:29

I'm gonna break it into two and I wanna release the first one AI. Yes. I want to do the AI bit just after, okay? Because I because that's what everyone is gonna think about.

SPEAKER_01 6:40

How much I love talking about AI.

SPEAKER_04 6:41

I know, because I think that's what everyone expects when we talk about change, but what we have done in our business is really refine the processes and the systems and the software and the people. Um, and we've really refined that target client. So when we look at the life cycle of a client, we would look at their transactional side, which is you know what some people understand as that internal fractional CFO, where we're doing that day-to-day um processing and we're working with them on their numbers and their understanding, which then evolves into the keep you out of jail stuff, which is what you talk about, which is the compliance stuff, which is your BAS accounts, tax returns, and then into that advisory space. So we've really refined our target client and what that looks like, and we won't take on the transactional bookkeeping unless we do the compliance. And I think that's a change that we made a couple of years ago, where we realized if somebody else was doing the accounting at the back end, it created a friction point that we just didn't want. And so controlling that data from beginning to end has helped us to gain margin, help our team be a lot happier, and help to deliver our clients the service and the quality of data at the right time frame. So I guess that's what we've worked on in our business.

SPEAKER_01 8:06

It's interesting because that internal finance kind of thing is probably a a thing that sits within myself, my learnings, and what we do at Illuminate as well is the the understanding of the the the superbly massively beneficial value of delivering that wealth.

SPEAKER_05 8:21

Oh, yeah, and the ownership.

SPEAKER_01 8:23

And what does what does good look like in that kind of space? But also what does good look like for us? And and and we talk about this a lot um off off air as well, and like this whole like what do we stand for as a business and what are we trying to drive and how are we trying to do that? And and then how we put that service together, how do we make sure that that aligns with our our mission? And I think that's been a lot of the change that we we we wrestle with a lot sometimes is the whole like we could just do it this way because it's easy. And then it's like, but is that what we're here to do? So I think we a lot of the change that we bring bringing in our service offering over the last kind of six to twelve months is really really doubling down on that internal finance in ensuring that we can help our clients make really good decisions. Yeah. Um, and and and the only way that we can do that to the level that we feel is appropriate is by having strong involvement in the internal finance side of it all. Yeah. So it's the it's a very important thing.

SPEAKER_04 9:14

And so do you develop the systems and the processes and and you're telling them the software that they're going to use, like you really drive it.

SPEAKER_01 9:21

Yeah, exactly. So, like, you know, if they're jumping on board and and and look, to be honest, most of the time there's like two or three pieces of software they have to use. Yeah, but then the process is is the is a big key, right? So if you think about the software, it's like you have to be on zero, you have to use Dexter, if you're e-commerce, you have to use A2X. Um if you're a certain point in in inventory for us, you've got to use Sin7 Core. Um there are a few there are a few flexibilities around there with certain things, but you've typically got that kind of environment. But those processes that we put in place, like what does it look like if you have an accounts inbox? What does it look like if you have a payables process? What does it look like if you have a payroll that you need to do? And building those processes out in a in a more rigid way as opposed to just adopting what the client does.

SPEAKER_04 10:04

Oh, 100%. No, you need to drive it.

SPEAKER_01 10:06

You 100% need to drive it, which is hard because you don't want to be addicted to the client, be like, yo, sorry, mate, you've got to do it this way. But it's it's education.

SPEAKER_04 10:13

It's it's it's actually helping them because you're the one with the expertise in that area. But it it uh it gives them a layer of expertise that they'd never be able to get. And those processes are so important. Like we use Asana for our processes and like literally for every client, like we've got every single part of that workflow mapped out to the point where, and I think I've mentioned it before, we were able to sell our workflows and of a very large transactional client that we'd outgrown to another firm. And so those processes, those systems are so incredibly important and are the make or break of delivery, but also the make or break of profit. Because in a transactional world, it is lower margin, higher volume, higher stress. You have to get that bang on, otherwise you are losing money. And if the quality isn't right, then you lose money on the compliance because then your compliance team are having to correct the bookkeeping.

SPEAKER_01 11:11

Oh, there's nothing that grinds your gears when you're doing a year-end compliance and you've got to do a BAS adjustment.

SPEAKER_04 11:15

And you're like, come on, my team did it, right? How is this possible? And then, but also when that flows onto advisory, you need to make sure you're making decisions on the right data, and so it it that this flow of information is so incredibly important. And I think when I started, I knew the importance of that. But as you build out the business around our eighth year, you're obviously a lot older for that from a business perspective.

SPEAKER_01 11:37

I am finally something I've got more maturity on you with.

AI Help Versus AI Word Salad

SPEAKER_04 11:40

It you it helps you to refine and become efficient, and that's something that we've been super, super focused on. It's not just set and forget. And I think if I then launch into the AI part of that, um, you know, what have we implemented with AI? Well, obviously there's AI within software, is it actually that effective right now?

SPEAKER_05 12:00

No.

SPEAKER_04 12:01

But there are things like the transcription tools, or you know, the helping of drafting of um emails or helping with the marketing and content, you know, so it's a very good content driver and it's a very good um way to help, I guess, junior team members to communicate in a stylish.

SPEAKER_01 12:21

Do you know what I reckon I'm I'm seeing now, and and and you know how much I love talking about AI. Um stop being sarcastic. But it used to be that you could tell when someone's using AI, but now you can tell when someone's not using AI because it actually is something you want to read.

SPEAKER_04 12:38

Can I ask your preference?

SPEAKER_01 12:40

Non-A non-AI generally. Because you can tell how AI it is, and you can tell how structured and how um how particularly voiced it is, and it's all just it's all driving an agenda that someone wants to do rather than giving a balance. Um, absolutely. Like I would say 95% of the time I'd read it and be like, this is this is AI generated. Yes, I this doesn't have a human voice, this doesn't have any any sense of the thing.

SPEAKER_04 13:06

You can actually you can actually see the prompt behind it.

SPEAKER_01 13:08

Yeah, yeah, 100%.

SPEAKER_04 13:10

But do you know what I want? The prompt. Like, tell me what you told it. Because what I'm getting, and we had a brief conversation about this before we got on, is that you can I'll get emails from clients now and they're just paragraphs long of just AI slop. And I'm like, just get back to the to the point, what's your question? Because I'm not going to waste my time running this whole thing for one or two points when I could have it could have been a quick question, and now it's a freaking essay.

SPEAKER_01 13:36

Can I afford to take$50,000 out of my bank account? Yes or no?

SPEAKER_04 13:40

That's right. And rather than oh, this happened and this happened, and now then I'm giving the context for this. And it's just like I just I don't need all of the words. And this is the other thing, you know, AI is creative and it's not intelligent in the sense of it knows what it's saying, it's just giving you the next best word that it thinks it's supposed to say, that gives some level of communication. So it's giving you lots and lots of words, and so we've lost the ability to be concise.

SPEAKER_01 14:08

It makes everyone think that they're smarter than they really are, and it's just words.

SPEAKER_04 14:12

But how often do we say this? When somebody gets up in in a presentation and gives you all the words, it's like a word salad, and you're like, you don't actually know what you're talking about. Like, dumb that down, give me the dot points, and then I know that you understand.

SPEAKER_01 14:24

Well, there's a there's a there's an accounting conference, I think, happening next week or the week after. I wonder what percentage of presentations are written by AI rather than people's voice and people's actual approach to things.

SPEAKER_04 14:37

Oh, get me down the rabbit hole on there.

SPEAKER_01 14:39

Because we do need to pin this pretty soon because there's not we have a whole episode on AI coming out that I'm gonna step away from and let you talk on.

SPEAKER_04 14:46

When you develop and we do a lot of presentations, when you develop a presentation, it is your creativity, it is your voice, it is you. When AI does it, when somebody gets up there and does it, it's not them, it's not as authentic, it's going to ruin speakers and presentations.

SPEAKER_01 15:00

Collective generic voice.

SPEAKER_04 15:02

Yeah. Where is the person? Where is the personality?

SPEAKER_01 15:05

No pom-poms with the AI, Allie. That's it. In case you in case listeners you didn't know, Allie is notorious for bringing out pom-poms and getting a cheerleader.

SPEAKER_04 15:13

If you ever ask me to do a presentation, I will somehow work out how to get pom-poms in there and be a cheerleader. Do we need to throw two sponsors?

SPEAKER_01 15:21

Oh look, we we can. Should we they're pretty good? They are so good. We've got a lovely amazing sponsor.

SPEAKER_04 15:26

They've got amazing products that are super reliable.

Sponsor Break And Quick Detours

SPEAKER_01 15:28

And the AI in theirs are brilliant. Yes. I don't know. I don't come on. I'm just being I'm I'm just being an idiot. Okay. But they are they're wonderful people. They are amazing sponsors. Thank you so much for sponsoring. Let's go there. Hey Allie, um, who do you use when it comes to you know additional resourcing for your accounting business?

SPEAKER_04 15:51

Uh 100%. Tell Global, they're the bomb. And you?

SPEAKER_01 15:54

Yeah, me too.

SPEAKER_04 15:55

Oh well we! We are we are the both the best. Why do you use them? Elite talent, my friend, for an accounting firm, and people are job ready.

SPEAKER_01 16:03

Ready, rock and roll. I love it. I think it unlocks firm potential. I think it's really good, and I think it's it allows you to build a strategy to grow your business and service your clients better. 100%. Get onto it. Get amongst the friends, tell a global. That's where the good stuff's at.

SPEAKER_02 16:20

If you're still chasing invoices, did you know that Pinch automates payments directly from Zero? I did not know that. Well, that means that you get paid on time every single time.

SPEAKER_00 16:32

Does that also mean that you can offer clients flexible payment options like direct debits and and even payment plans, just all without the admin?

SPEAKER_02 16:40

Damn straight it does.

SPEAKER_00 16:41

Oh yeah.

SPEAKER_02 16:42

And the best part is it's built and supported by actual real people here in Australia.

SPEAKER_00 16:48

Oh, so if you need help, you're talking to someone who actually gets it.

SPEAKER_02 16:52

Yes, and that's what we love. Thanks so much, Pinch. Thanks, Pinch.

SPEAKER_01 17:01

I love software that continues to innovate over years and years of time. And BGL is one that stands out above the rest, if you ask me, Hallie.

SPEAKER_04 17:09

100%, but they do so much as well. Corporate compliance, self-managed super funds, BGL ID verification, and Simple Invest 360. Honestly, there's so much in there.

SPEAKER_01 17:19

It's so good. It means that there's a bunch of stuff within your firm you need to do, and you only have to go to one place to be able to do that, which is fantastic. No mucking about with different things. Just get in, get it done, and make it happen.

SPEAKER_03 17:29

Absolutely. BGL.

SPEAKER_01 17:36

Alright. If you're a fish, what type of fish would you be?

SPEAKER_04 17:41

Oh come on, I hate fish. You know that. You hate fish? I didn't know that. Yes, you did. We did a whole episode on it. Oh my gosh. We did? Yes. In the health and well-being section.

SPEAKER_01 17:50

Okay, well, I'm a goldfish because my memory is bad and I don't remember that.

SPEAKER_04 17:54

Alright, well, I'm a shark.

SPEAKER_01 17:55

You're a shark. You're a bull shark. You're a great woman shark. You're a hammerhead. My favourite shark growing up.

SPEAKER_04 18:03

I don't know.

SPEAKER_01 18:04

My favourite shark growing up with a hammerhead. I just thought that was fucking cool.

SPEAKER_04 18:07

They do look kind of so weird.

SPEAKER_01 18:10

Like, at what point did like nature be like, you know what? We should be shaped like this.

SPEAKER_04 18:14

I think they'd down this rabbit hole on sharks the other day and how old they are and how they predate. It's just manic crazy.

SPEAKER_01 18:20

Predate your birth. It must be real old.

SPEAKER_04 18:24

Oh, I just literally opened that. Oh, I need to, I really need to close that gap.

Niching And Pricing With Conviction

SPEAKER_01 18:29

So one uh let's we have to go back to this change. Change that we're change that we're leading or we're bringing. Um, and what I might kind of touch on here is there's the change we're bringing in terms of the services we choose to deliver as well. And so I think over over time, and I think everybody who has been delivering a service to a group of people for an extended period of time learns the type of people that they can deliver that really well to I think that's something that you know you call it niching, whatever you want to kind of call it like specialization, specialisation, that kind of stuff. So for you know, for us a lot of that is in the e-commerce space where we're we've been doing more and more and more and more and more in that kind of space, which is great and it and it allows us to really push that. It also means that we can probably um present a uh a higher value in terms of our service offering and ask for a higher price point because that's what we believe we're worth, which is always a bit of a a wrestle from a moral perspective for our people because they're like, Oh, you know, I'm you know, should we really be doing this? You know, it's whatever. I'm like, no.

SPEAKER_04 19:30

What do you mean? Like they're pushing back on the on the level of price, not yes and no. Or or that the is the client getting value on that, like it's no, it's it's not a it's not the value.

SPEAKER_01 19:40

I it's not the value, it's simply like we have write-ons. What so like if we have a job with a write-on, it just means you've been efficient. Exactly. Exactly.

SPEAKER_04 19:50

Yeah, we think the same. Okay.

SPEAKER_01 19:52

So they but but you have that. So anyway, that but that's what specialization and niching and really understanding. That's why you specialize in more. It's the whole point. It's the whole point, yes. So it is it's always a challenging thing to deal with, though, because because you at the end of the day, you want to be ensuring that your clients are you know, first and foremost, front of mind, like you're looking after them. So, but yes, that we're talking about changes. So we've evolved that a lot. Okay. Where we where we do so we know like that core um industries. If people knock on our door and say, Hey, this is what I do, it's it's usually a uh it's a no if they don't fit within the kind of core five or so industries because uh it doesn't work, but then we will refer out. So we've got some people who say, Hey, go here for that, go there for this, it'll be all fine.

SPEAKER_04 20:40

Yeah, um I'm waiting to get into the referral part and they start. No, just kidding. It's okay.

Lead Advisor Ownership And Autonomy

SPEAKER_01 20:46

You can take all the tourists, tourism. Um, but the other thing I wanted to talk about was the change that we're bringing internally in how we deliver said services. Okay, right, and so the stuff that we're choosing to bring, not the stuff that's being forced upon us by clients or industry or technology, the change that we're choosing to kind of put in there. And I think that's for us, we've had a bit of a shift over the last year or so. And I can't recall if I've been talking about the terminology of like the lead advisor on the podcast. And so we've been really working towards that. Now, the way I'm probably gonna describe it, everyone be like, yeah, it's just a partner, mate. It's just that's all it is. The owner of the client, the owner of the client, right? And and within our organization, you know, initially it started with myself and a business partner, and then it was just me, and then we grew, and then we had um a couple of our team bought into the business, and then um, and then you know, had another person buy into the business, and then I've stepped away from looking after clients. So then our senior kind of team have kind of stepped after up and been looking after clients for that. And so that's been about three or four years, but the challenges we found was there was still like a too much of a regimented, uh overly structured process on how to do certain things, right? That if you have different leaders involved in that environment, they they sometimes struggle to deliver that in a consistent enough way because it doesn't quite fit within the way that they think or the way they behave or the way they operate. Yeah.

SPEAKER_04 22:11

And so you've got a process, but people interpret that process differently or deliver it differently.

SPEAKER_01 22:16

A bit of both. A bit of both. And so I guess where we've kind of landed is is is that lead advisories it's it's it's how you del d give and give more autonomy, more flexibility, more freedom to those people to look after and care for their clients as long as an outcome and experience and a value set is maintained. Yeah. So and and and within within restrictions. So your core value, your core why as I think and and this is this this this isn't like saying hey everyone has used different work papers for shit. No, there's still the same kind of work papers.

SPEAKER_04 22:44

So it's still software it's the same software same working paper, same process, but the delivery you're allowing scope.

SPEAKER_01 22:52

And and typically this is involved in the client relationship management side of it all and the advisory side of it all. Because compliance usually is just compliance right there's like here's the level of comfort we have on certain things.

SPEAKER_04 23:04

If you want to colour outside the lines of that sorry because other people's necks are on the line if you kind of start doing things dodgy as a taxality sitting in an advisory and transactional space because they've got that that heavy client contact. Can I flag an issue and I'm sure that you've come across it. So if you've got one lead person on it, what happens when they go?

SPEAKER_01 23:23

Yeah so the way that we have it built out is the lead advisor is the leader of the client and the lead advisor at our team three of those people are in equity and the fourth person is in the conversational space of being in that kind of space. We then have relationship managers at a bookkeeping and at an accounting side and we then have a processor at a bookkeeping and an accounting side.

SPEAKER_04 23:48

And so do the relationship managers work together to help and then report after the lead?

Advisory Prep With Transcription And AI

SPEAKER_01 23:53

Sometimes the lead advisor is the relationship manager. So you usually it's rare on the bookkeeping side to have the relationship manager and lead advisor the same because usually our lead advisors are not in the internal finance bookkeeping space. They're usually like accountants who then look after a broader scope. But often they will be the relationship manager for the client because they might be that the effective you know reviewing a lot of the work delivering a lot of the advice the lead advisor is ultimately responsible pricing Alberty's responsible for performance of that client and the client base. And that's not just for simply saying are you making enough money and illuminate but like is the client happy are they getting that experience they want are they are they are they are they how are you sorry how are they then how are you getting that information from the client uh we capture that through so when we have a like a regular meeting cycles we have an information gathering section where a form goes out fill out information we do net promoter score to come through that elements of that but not fully I really really really really really want to because it's a freaking amazing tool. Oh it's an amazing tool I love it but because I don't it's completely revolutionized my advisory because I don't deliver advice anymore. I have to respectfully understand that our team want to do it certain ways.

SPEAKER_04 25:08

Because especially with the client check-ins and the questions that we send to the client to allow us to prepare for the meeting. But then they've got the AI generated prep that uses the check-ins and the prime meeting notes and they've got the transcription tool honestly it's a full complete it has completely and utterly changed my advisory and and it hasn't just leveled it up like it's like freaking doing a three box box jump up.

SPEAKER_01 25:31

It's just for the crossfitters out there they'll understand that for the fatties like me we go three boxes.

SPEAKER_04 25:36

It's like having three boxes on top of it are you trying to throw a box on top of it is that what you're doing I sorry I just I I got excited about that because it has such yeah it's such a great product if you're doing advisory please use it. But yes I've lost my train of thought I got so excited I need to get you to talk to my lead advisors honestly I I can't remember a time that I didn't use it and having all of that data in a central repository that does it now the AI does all the actions for you so it literally just goes out to the client and the team you then just send it on to the client you send it on to the team they've then got all of the media like just it's it's a cent uh what is the uh it's the top central point of truth when it comes to conversation advisory, right? Absolutely which is something that it and we've waited for this for so long where you can push down some of the or a lot of the grunt work to the prep work, the follow-up work, the checking yeah so it's just leading that lead advisor to do the bit that they need to do which is usually the highest person.

SPEAKER_01 26:41

It's educating the RSC team it's evolving.

SPEAKER_04 26:43

And then they know all of those really rich conversations that you're having and it and it upskills them in the compliance and transactional space because they're across all of those conversations. It's such a rich source of data.

SPEAKER_01 26:55

Get amongst it anyway so yes change of service it's sorry sorry just no no but there is a change of service isn't it yeah it's the way we go about delivering that and so that's been a big part of us uh of our kind of uh approach in there and it's been challenging to kind of bring that through because you know you still want to say hey there's a level experience and expectation that we're delivering but like we want to empower these people to make decisions and to have a bit of that autonomy and we're there's still friction in us trying to figure out what that works what it looks like you know in my role as like we would be better at that than others I think yeah and because I'm not delivering the work but my role effectively is like header growth header strategy that kind of thing I have to be very careful of like hey guys let's go and do this and they all sit in there going no can you read it in the room can you feel the aura drop oh yeah yeah Dicky's socks yeah I do Dickies that's a brand she's looking you're looking at my feet now yes yeah do you not know the brand Dickies buddies I swear to god I every time I see you I have to watch really carefully like what you're what hat you're wearing what t-shirt you're wearing and what socks you have because you always there's something that lands every time it's so funny so did you not know the brand Dickies no wow has it what is it that is it like it's quite a large brand no it's it's it's it's an everywhere brand like they're well they like to stick their maps very very popular for their undies uh no but they probably make them but they they started out with like pants that are like work pants that people now utilise in case no women's as well men's and women's so it's and then they have it's it it goes through like skate and music culture in fashion colour like it's it's is their mascot the booby the blue footed booby maybe maybe they should you know get a blue footed booby t shirt yeah you should all right we've we've gone way off topic here you're looking at my dickies um oh no that just sounds awful at least you weren't looking at my boobies my blue foot boobies oh my gosh there's so many gutters here that I've just fallen into it's just falling into one to the next so good I can't even remember what we're gonna do we were talking about the change that we're bringing so you've talked about like so we've talked about service offering we talked about the clients we choose to work with we talked about internally how we actually make that look as well and that what we're we're what we're choosing to bring in so like what effectively what I'm trying to do with Illuminate is I want to continue to find a way to release our lead advisors to be amazing at what they do without getting in their way but the hardest part is making sure that they're still doing that with an understanding of commerciality and understanding of value and so that's that's our push and our challenge right now but that I I like what a wonderful skill to give them in their life in that firm because there's a lot of firms out there that won't do that.

SPEAKER_04 29:45

And so I think that's an amazing skill to build their levels and different skill sets around management and leadership and these these people are exceptionally smart switched on people.

Why Change Never Stops

SPEAKER_01 29:55

It's just that you know it's finding the way to utilize and work with them as best as you can that's that's the key.

SPEAKER_04 30:01

Yeah and I love that really what we've discussed today is just core accounting business stuff.

SPEAKER_01 30:08

And so we can be confident that there's still core accounting you know the fun thing is we probably could have had this exact same conversation changed the word AI to cloud and just done it 10 15 15 years ago and it would have been relevant then. And I think what that constantly tells us is change is always here. What you and I are going through and experiencing is just our current modern version of what someone before us has already experienced. It's understanding what you're good at understanding how you're delivering it you know adjusting and utilising the technology around that to be efficient and making sure your people are on board with it.

SPEAKER_04 30:40

About do you know the beautiful thing is the undercurrent is always about the people it's about the client and it's about our team and it's about us and our skills. They are still there they are just as relevant today as they were yesterday and will be tomorrow and going forward. 100% I think it's a beautiful spot for us to finish up on yep we've probably got deeper now our next episode this is a two parter it's a two banger we didn't tell you at the start it's a two foot did we forget we want everyone to listen to you.

SPEAKER_01 31:10

I'm back for more blue footed boobies and Dickies and Dickies the next episode is is going to be about the change we're bringing but the change that's being forced upon us the change that we don't get to choose. We're gonna have many rabbit holes and rants I think and we're thinking AML and we're thinking like you know tax breaks and vomiting vomit yeah I might just KYCs all the things all the stuff but it's it's important because I think that if this we're all going through it but also what we're gonna talk about is the change that our clients are forcing upon us too the things that they are expecting of us now that beforehand we didn't have to deal with yeah and I think that's a really important conversation because if we're not paying attention to what our clients want or our clients need then one day we're gonna wake up and there's no clients.

SPEAKER_04 31:58

Yep that's the danger I completely agree with you.

SPEAKER_01 32:00

So run on well this has been fun.

SPEAKER_04 32:02

Yes absolutely and we'll um catch everyone in the next episode.

SPEAKER_01 32:11

Hoo wasn't that a fun adventure my friends thank you so much so incredibly much for hanging out with us today Ali you've been amazing Andrew you've been alright how good is it to be able to have adventures together it so easy and you know what keep following us we are all over the socials at accounting adventures check us out on the website and give us a bit of a like you know how much we love that stuff. The best thing about the adventure is the people that we do it with. So thank you so much for listening thank you so much for hanging out with us and please bring all the ideas keep them coming we can't wait to share more cool adventures with you.

SPEAKER_04 32:48

We love you guys