Create a QMS for Your Bookkeeping Business

How's your Quality Management System (QMS) looking?

There's a lot of talk in the industry at the moment about getting your QMS in order, though what really is it, and what are the expectations and requirements around it?

In essence, a QMS is a structured document, or series of documents, outlining how you run your bookkeeping business - a playbook that lays out all your key processes, policies, and procedures.

It’s practical, organised, and sets out how your business operates to ensure quality, consistency, and efficiency - covering everything from how you manage client onboarding and service delivery, to team development, operational procedures, pricing, and compliance (and everything in between).

It sounds like a lot, and while the new TASA Code means that a QMS will soon be a requirement for bookkeeping businesses, the reality is, if you want to run an efficient, scalable and compliant business, you need to have one in place regardless.

And if you're an Academy member, you've already been chipping away at it!

A good QMS helps you create a systemised, documented bookkeeping business that can run smoothly, consistently, and profitably as you evolve and grow. It provides a solid foundation and structure from which to operate, and standards that you can hold yourself and your team accountable to.

It also makes contingency and growth planning a lot easier, as everything relating to your business is laid out in a simple format that anyone (a team member, your back-up, or a business partner) can pick it up at any time.

A documented QMS also adds value to your business, if investment, merging or sale is in your exit plan, as every aspect of your practice is set out, can be replicated and delegated, and is ready to handover and scale.

This month in the Academy I'm stepping through the process of creating a QMS for your bookkeeping business, and showing members how to utilise our practical resources to help build one out. 

In fact, a lot of what we cover in the Academy provides the foundations of a solid QMS, so the mere fact that you are here shows that you've already started to make in-roads. Members will already find many of the strategies, processes and procedures that should be included in a bookkeeping QMS in the Academy, including...

• Business Planning
  •  Business Plan Process and Template
  •  Revenue Goals and KPI Tracking
• Practice Management Strategies and Procedures
  
  • Client Procedures, File and Workflow Management
  • Systems, Technology and Solutions Management
  • Capacity Management
  • End of Period Processes and Planning
  • Risk Management
• Team Development Strategies and Procedures
  
  • Recruitment and Growth Strategies and Processes
  • Employee Onboarding Strategies and Processes
  • Global Recruitment Strategies and Processes
  • Delegation Strategies and Processes
• Pricing Strategies and Procedures
  
  • Pricing Models
  • Fee Building Strategies and Processes
  • Client Fee Analysis, Reviews, Migrations and Increases.
• Client Acquisition Strategies and Engagement Processes
  • Lead Generation Strategies and Processes
  • Client Discover Sessions and the Proposal Process
  • Engagement Letters, Policies and Procedures
  • Onboarding Process
• Client Management and Retention Strategies and Processes
  
  • Client Service, Fee and Scope Review Processes
  • Capacity, Efficiency and Profit Management Processes

What’s crucial here is understanding that a QMS isn't a “one size fits all” nor a "set and forget". Every bookkeeping business is unique, and your QMS needs to reflect your specific operations, team dynamics, objectives, and client needs. And it will need to be reviewed and updated as your business evolves and these things change.

There’s no magic template that will be a perfect fit for every business, though we can all take the same approach when building one out, which is what I am going to work through over the course of this module.

I'll be taking Academy members through how to establish a solid foundation for their Bookkeeping Business QMS (the key components, content and considerations), and then determine what elements should be included in the building blocks of your structure. As mentioned, a lot of what we cover in the Academy addresses this already (with the master toolkits and resources to adapt directly into your business). Now it's time to pull it all together, connect the dots, fill any gaps, and create a QMS that’s aligned with the new standards and works for your bookkeeping business.

The TPB requirements may feel overwhelming, but remember - you're likely closer to having this all together than you think. 

If you're not already an Academy member, gain instant access with our Black Friday offer, and lock in the special price of $52/month for life (usually $97/month) - just in time for our Bookkeeping QMS module.

Join here and lock in the Black Friday offer for life.