Is your practice running you? Optimising your accounting practice through measured performance indicators

If the Practice of Now is correct and there is a revolution within accounting taking place, then this has wide-ranging implications for how accountants view the way their practice works and how they measure performance—especially if there are plans for growth or to create efficiency savings.

The practice’s processes, staff, and finances must not only be monitored but managers must seek to get a fine-grained insight—and then execute on this information, moving away from any age-old reasoning or gut instinct-thinking.

Without data-driven decisions, any improvement plans are not only subject to failure but provide no means to discern failure points, thus potentially creating an endless cycle of effort-driven underachievement that’s harmful to the practice, its clients, and its employees—in other words, a situation in which you are not running your practice but your practice is running you.