In episode 190 of The Woodard Report Podcast, Heather Day is joined by Liz Farr of Farr Communications for a conversation about what makes a strong accounting practice, the importance of trust and communication, and why the “messy human stuff” may matter even more as technology changes the profession.
Liz shared the six pillar foundations she has identified after interviewing more than 160 accounting thought leaders for her upcoming book. They include having a solid North Star, solid processes and systems, the right people in the right roles, trust and transparency, clear communication, and accountability.
She explained that the pillars are not separate from one another. Decisions around people, processes, communication, and accountability all work together to support the larger direction of the practice.
Heather and Liz discussed how much attention the profession has placed on technology and why the human side of running a practice still matters.
Liz shared a phrase from a friend that captured the idea well. “This is the messy human stuff that goes underneath all the technology,” she said. She believes practices that lean into those areas will be more resilient as the profession continues to change.
They also discussed how client relationships can help practices differentiate themselves from more transactional or DIY services, particularly as technology takes on more compliance work.
Heather asked how accounting professionals who are more comfortable with tasks than client conversations can begin moving toward advisory work.
Liz said many are already doing advisory without realizing it. She encouraged professionals to start simply by asking clients how they are doing, what they are worried about, and what keeps them awake at night.
Liz said one of the areas practices struggle with most is identifying a North Star and actually using it to guide decisions. A vision or mission has little value if it simply lives on a wall or website and never influences how the practice operates.
Heather shared how her former practice revisited its values regularly and used them to evaluate whether the team was actually delivering on what it promised.
Liz also reflected on how leaving public accounting and speaking with successful practice owners changed her perspective. She realized that many practices are operating within models that have simply been passed down over time, without realizing there may be another way to work.
“There is a whole different way to be an accountant,” Liz said. “There is a whole different way to leverage our knowledge and our expertise.”
For practice owners who feel stuck in long hours and traditional ways of working, Liz suggested starting with the clients they already enjoy serving. Look at what makes those relationships work, find ways to do more of that work, and involve the entire team in deciding what the practice could become.
🎧 Listen to the full episode at woodard.com/podcast.
Enjoyed this episode? Subscribe to The Woodard Report Podcast on your favorite platform for weekly insights that move your practice—and your life—forward.
Thank you to our show sponsor, Woodard™ Membership!
Woodard™ Membership empowers accounting professionals to build scalable, advisory-centric practices through community, education, and mentorship. Members gain access to exclusive resources, collaborative forums, guided implementation programs, and live events designed to accelerate professional and business growth. To learn more about how Woodard™ Membership can support your journey, visit: Woodard Memberships
This article was written with the assistance of AI and edited by a human.