How to Identify Your Most Profitable Accounting Team Members

Best for:

  • Firm owners and managers seeking to optimize team performance and identify key contributors to firm success.

  • Operations managers struggling to find ways to support underperforming team members to ensure profitability throughout your firm.

  • Firm owners looking to reward their high-performing employees and keep them motivated.

Trying to improve your team’s performance (and profitability) without data is like answering a question you don’t yet understand.

It could result in:

  • An inability to effectively assign work to team members.
  • Avoidable delays in project timelines.
  • Failure to get the best out of your top talents.

Financial Cents allows you to track team performance to keep all staff members profitable while optimizing your resources to ensure other staff members are supplying their joints.

Here’s how: 👇

Step-by-Step Guide:

Step 1: Track Key Performance Metrics

The Team Realization dashboard in Financial Cents displays the data you need to understand an individual employee’s contribution to your bottom line.

Here is what that looks like: 👇

Step 2: Identify Your Most Profitable Team Members

By comparing an employee’s labor cost to the revenue they generate, you can easily identify when their profitability is trending downward.

Financial Cents also does this calculation automatically, allowing you to focus on decision-making.

This short video shows how 👇

Step 3: Optimize Workflows and Resource Allocation

With this profitability data at your fingertips, assign and reassign tasks more intelligently, giving top performers responsibilities for the most important tasks and projects.

Thanks to the capacity management solution in Financial Cents, you can see how much work your team members have on their plates in one dashboard.

This will allow you to reassign work, balance your firm’s workload, and help every team member achieve their profitability potential.

You can also use this data to identify and support underperforming team members where necessary.

Step 4: Continuously Improve Team Performance

The value you derive from the Financial Cents team profitability feature depends on how frequently you use it.

With early detection (like weekly review), you can nip potential issues in the bud before they threaten your profits.

A weekly review of your firm’s profitability data will enable you to identify and address workflow bottlenecks and provide tailored support to employees to drive profits across the board.

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Why Tracking Profitability is a Game Changer

You can’t improve what you can’t measure. Tracking employee profitability empowers you to lay the foundation for your firm’s growth by:

  • Holding All Employees Accountable: With profitability data, you’ll be able to spot employees who are not meeting their deliverables quickly.

    This lets you hold them responsible for the way they’re wasting their time, giving them the motivation to complete their tasks efficiently.
  • Using Your Human Resources More Efficiently: Many people believe that the reward for good work is more work, but when done wrongly, you can overwork your best-performing team members, which kills profitability due to employee burnout.

    With a tool like Financial Cents, you can see which team member has room for more work and reassign work between employees to maintain workload balance and encourage productivity and profitability.
  • Identifying Skills Gaps and Performance Issues: Employees waste productive time and resources when their skills do not match their assigned tasks.

    Monitoring employee profitability shows you which team members might be falling behind schedule (because of inadequate skills to complete their jobs accurately).

    With that, you can tell who needs more training and development to prevent waste of resources and ensure profitability across the board.

    An unprofitable team member could also serve as an indicator of workload imbalance or personal challenges keeping your team employees from doing their best work.

    By identifying what makes employees unprofitability, you can create systems that help your firm better manage similar challenges in the future.

Measure and Improve Employee Profitability in Financial Cents

Leading a firm requires using the least resources to achieve the most results. That is why Financial Cents provides the visibility you need to identify:

  • Profitable team members (to reward them and encourage firm-wide profitability.
  • Unprofitable team members (to give them the support they need to improve).

Financial Cents uses your time tracking and billing information to automatically compare each team member’s labor cost with the revenue generated from their work. That way, you have real-time profitability data to make time-sensitive decisions.

Start measuring your team members’ profitability today using Financial Cents’ employee profitability feature.

Frequently asked questions

Does the free 14-day trial provide access to all the features?

Yes, you will have access to all the features and features that Financial Cents has to offer during your free trial. Also, you will be able to invite your entire firm to use the solution.

If the accounting software doesn’t have a feature, can you add it?

We offer a very robust accounting workflow software full of all of the features your firm needs to grow with ease. However, if there is something we don’t offer, you can recommend it to our team! We release new features every week and constantly ask our users what we need to build next so we can drive more value for their accounting firm.

So yes, if you have new feature ideas and requests, we will add them to our roadmap and work with you on the best way to develop them.

How does FC prevent work from falling through the cracks?

Financial Cents makes it easy to track the status of client work, see who’s working on what, and know where everything stands within one simple view. Financial Cents also has built-in reminders and notifications to keep your team on top of client work and deadlines.

How does Financial Cents help protect client data?

We focus on serving accounting firms, and because of that, the security of your data is our number one focus. You read about how we keep your data safe here.

What kind of support does Financial Cents offer?

Offering best-in-class customer support is the core of our business. We understand that you are busy and don’t have time to wait for someone to get back to you after a few hours. That is why we promise quick and responsive support with responses within 15 minutes. We offer live chat support directly inside the app so our team can. If we can’t solve your issue via chat, we will jump on the phone or zoom to quickly resolve your issues.

How easily can I add my clients to the software?

Adding your clients is as easy as 1, 2, 3. You can import all your clients and their data within 30 seconds with our QuickBooks Online integration. If you don’t use QuickBooks Online then you can export your client list (via CSV) from your current software and import it into our system in just a few steps.

How does FC help me automate client data collection?

Our system allows you to send your clients automated requests for data needed to complete your work. It will also follow up with them until they complete the request, so you never have to chase down your clients again. This allows you to focus on what matters most—getting your work done on time and growing your firm.

What reports are available in Financial Cents?

We offer several reports that give you insights that help you identify bottlenecks in your process, drive efficiencies, and boost your firm’s profitability. Some of those reports include capacity management, measuring your effective hourly rate, and time tracking reports.

Do you offer unlimited storage?

Yes, we offer unlimited storage for client and firm files. You can easily store all your documents in Financial Cents to keep your firm organized as it grows.

Can time tracking be integrated with QuickBooks Online for Invoicing?

Yes, you can easily integrate your time tracking with QuickBooks Online. It will automatically push all the time tracked in FC to QuickBooks Online so you can easily invoice your clients and manage payroll.

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