The Woodard®️ Report Podcast Episode 60: Cultivating Innovation in Accounting Firms

Innovation in accounting is more than an abstract concept; it's a vital part of modern practice that can determine the success and growth of a firm. In a recent episode of The Woodard®️ Report Podcast, Joe Woodard and I delved into the complexities and significance of fostering a culture of innovation within accounting firms.

Communication: The Heart of Innovation

The key to a successful culture of innovation is communication. I emphasized how essential it is to create a culture within the firm where team members feel secure and inspired to present their ideas. This involves more than just talking; it's about shaping an environment where creativity flourishes:

"…I would say that the root of it is communication, is making sure the culture in your firm invites your team to present new ideas in a safe way that is going to be well received, and taken seriously...If you don't give them the time to breathe and to really think about a problem and really think through out-of-the-box solutions, you really stifle the possibility of the next big idea." – Heather Satterley

Creating Opportunities for Innovation

To nurture innovation, firms must allocate time and resources for it. Progressive firms are dedicating significant time to exploration and experimentation, allowing teams to focus on specific problems and brainstorm creative solutions. I shared insights about innovation sessions, ideation meetings, and workshops that foster creativity within a firm, moving away from the constraints of the billable hour.

The Power of Expectation and Adaptation

The world of accounting is continually evolving, and we must be prepared to adapt. Expecting the unexpected, being open to change at every level, and embracing a new age in accounting is key to staying ahead. I discussed how innovative thinking is not only about facing new challenges but about anticipating them and being ready for constant adaptation.

Insights on Hiring and Process Improvement

Joe Woodard added valuable insights on the importance of having a team member or department focused on practice development and advancement. This role can ensure that innovation continues, especially during high production times, and can facilitate a smooth transition out of the "fog of war" that many firms experience during busy seasons.

Encouraging Continued Learning

We also explored some resources that can guide accounting professionals in fostering innovation, including books and authors focusing on design thinking, innovation metrics, and process improvement.

Innovation is not a destination but a continuous journey. It involves nurturing ideas, providing space for creativity, and implementing changes that resonate with the firm's goals. It's about embracing change and being prepared for what the future holds.

Don't miss out on these insightful conversations. Listen to The Woodard Report Podcast on your favorite podcast platform and subscribe to stay updated on future episodes. Your journey in the accounting profession may be challenging, but remember, you're not alone. Let The Woodard Report be your guide.