Business CPA

Remote CPA Revolution: How One Firm Boosted Performance with Smart Incentives

4 min read

Oct 9, 2024 12:00:00 AM

Are Your Remote Accountants Thriving? Learn from This Firm's Innovative Approach

Marcus and Rachel Dillon, hosts of the "Who's Really the Boss" podcast, have completely redefined their virtual accounting firm, Dillon Business Advisors, with forward-thinking strategies for motivating remote teams. Their approach rethinks compensation, leadership development, and engagement within a virtual workforce.

In a recent podcast episode, they shared valuable strategies for CPA firm owners and accounting professionals aiming to thrive in a remote work setting.

Aligning Incentives with the Right Goals

The Dillons recently revamped their bonus structure to better align with client expectations while giving team members more influence over their compensation. Previously, bonuses were tied to acquiring new Client Accounting Services (CAS) clients. Although this approach fueled CAS growth, it had some drawbacks. As Marcus explains, "There was a disconnect. Team members couldn’t predict their bonuses and didn’t have control over the sales process."

Under the new structure, each team member earns a $25 bonus for every client whose financials are delivered by the 15th of the next month. With teams of three managing each client, that’s a potential $75 bonus per client per month. This system directly incentivizes timely delivery of financials, a critical client need.

The effects were almost instant. During a client meeting, a Client Service Manager proactively referenced the new system: "We’re updating what we send to you because of our new incentive plan at DBA. I get a bonus if we deliver the core financials by the 15th, so some of the budget reports may come after, but we’ll aim for as close to the 15th as possible."

To ensure buy-in and address any concerns, the Dillons used an "optimist/pessimist" activity during the launch. Team members were paired up to discuss the pros and cons of the new system, allowing open communication and quick resolution of concerns.

Building Leadership and Expertise Remotely

To create clearer career progression and leadership roles in a virtual setup, Dillon Business Advisors introduced two key programs: Subject Matter Expert roles and an Onboarding bonus system.

They assigned subject matter experts (SMEs) in three key areas: accounting, tax, and payroll. These roles come with an additional stipend of around $900 per year. Marcus explains, "If there’s a tax question or an accounting query, that's the person you turn to. They may not know all the answers, but they’re there to help and educate the team throughout the year."

The Onboarding bonus system rewards teams for quickly and efficiently onboarding new clients. Teams can earn up to 50% of the onboarding fee, with the percentage decreasing the longer the process takes. This encourages team members to streamline onboarding and get clients started quickly.

Even during the trial phase, these changes had an immediate impact. Team members began actively analyzing new client data and preparing insights before the kickoff call. Marcus recalls, "Team members started saying, ‘I’m going to go ahead and dive into their QBO file and really analyze it before the call. I’ll also proforma their tax returns in advance, so we can make recommendations during the kickoff rather than after.'"

Boosting Team Engagement: The Role of Strategic Retreats

While innovative compensation and leadership development programs create the groundwork for a successful remote team, the Dillons recognized the importance of face-to-face interactions. Their answer? Strategic team retreats that align with and reinforce their other motivational strategies.

Dillon Business Advisors’ recent retreat in Florida included a team meeting to introduce new bonus structures and leadership roles, followed by group activities such as a boat trip to Crab Island. While the investment is substantial—$6,000 per couple or $3,000 per individual—the Dillons see it as essential for team performance and retention.

The benefits of these retreats are numerous:

They strengthen relationships and team culture, which is key for effective remote collaboration
They provide valuable face-to-face time for discussing and refining new initiatives
They boost employee satisfaction and retention, ensuring the firm’s talent investment pays off
They serve as a tangible reward for meeting goals, reinforcing a performance-driven culture

At the closing dinner, Marcus highlighted each team member's contributions in front of their peers and spouses, reinforcing a culture of appreciation. He also gave handwritten cards to each team member, adding a personal touch that resonated strongly.

Turning Remote CPA Teams into High-Performing Units

By linking bonuses to client-focused metrics, creating new leadership opportunities, and investing in team engagement through retreats, the Dillons have transformed their remote team into a motivated, high-performance unit. As Marcus puts it, "If you’re wondering how to get your employees to do what you want, focus on rewarding the areas that matter most."

These strategies drive individual and team performance by fostering a collaborative environment that consistently exceeds client expectations and fuels firm growth. As remote work becomes increasingly common, approaches like these are critical for CPA firms looking to excel.

As more firms adopt remote or hybrid work models, those that can effectively engage and motivate their virtual teams will gain a competitive edge. The Dillons' experience shows that remote teams can be just as, if not more, effective than in-office teams when supported by the right incentives and opportunities. For more insights, listen to the full episode of the "Who's Really the Boss" podcast.

Rachel and Marcus Dillon

Rachel and Marcus Dillon, CPA, own a Texas-based, remote client accounting and advisory services firm, Dillon Business Advisors, with a team of 15 professionals. Their latest organization, Collective by DBA , supports and guides accounting firm owners and leaders with firm resources, education, and operational strategy through community, groups, and one-on-one advisory

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