Q&A: Elite Financial Services

Firm: Elite Financial Services, Vermont

Owner: Ashlie Smith Firm size: 5 

What makes Elite Financial Services unique?  First all-female-owned and first fully remote operation in Vermont! 

Net Gains editor Bianca Prieto sat down recently with Ashlie Smith to learn more about Elite Financial Services in Vermont. Parts of the interview have been edited for brevity. 

Bianca: How did you get started in accounting, and what led you to launch your own firm? We'd love to hear about your journey and what drives your passion for the work you do.

 Ashlie:  Our firm is unique because we are both woman-owned and operated and our services are fully remote. We offer an incredibly candid and educational approach to business setup and tax strategies; providing agency and ownership to our clients. An aspect they find refreshing and empowering! I’m honored to serve as the president of the Vermont Tax Practitioner’s Association and as the treasurer on several boards across the state. This year marks my sixth year of teaching for the University of Vermont at its annual tax school.

Q: What are some of the biggest challenges you’ve faced running your own accounting firm in Vermont? How did you overcome these obstacles, and what advice would you give to other early-career accountants who are considering starting their own practice?

 A: The biggest challenges I've faced as a young entrepreneur are: being the sole senior member of the firm, which creates a bottleneck; managing the natural ebbs and flows of cash flow in the tax profession — professional tax software is expensive, and to grow a business, you must invest in it. Without going into debt, cash flow management is crucial; finding staff who are a great fit and genuinely love their roles.

 I’m still working through some of these obstacles. The bottleneck effect is improving as our team gains experience and grows, and I’m optimistic that this will continue to resolve over time. We overcame the cash flow challenge by expanding our firm’s offerings to include non-tax services like bookkeeping, tax planning, business setup, and LLC-to-S-Corp consultations. These services provide consistent quarterly and monthly revenue streams that help bridge the gap outside of tax season.

 Finding compatible, retainable employees is a challenge many companies face today. We work hard to ensure a good fit by being upfront about our operations and expectations. Each year, we hire at least one more seasonal preparer than we anticipate needing (because someone always leaves!) and aim to grow our team by two to four staff accountants annually. We offer excellent starting compensation and clear progression paths to encourage retention.

 My advice to other early-career accountants is simple: Go for it! Take a leap of faith, trust in your abilities, and work in fields you love. Be your own best client when it comes to record-keeping, don’t overextend yourself, and remember—every year gets better!

Q: Ashlie, you've successfully built an all-female accounting team at your firm. What strategies did you use to create a supportive and empowering work environment? How has this approach impacted your firm’s culture and client relationships?

A: We take this approach:

Supportive: From day one, we emphasize learning through experience, embracing mistakes as opportunities for growth. We encourage self-direction and celebrate successes, fostering a collaborative environment that discourages silo mentality. As a fully remote firm, we prioritize flexibility, allowing staff to work hours that suit their lives, always emphasizing family first. This management approach significantly enhances the support our staff feels.

Empowering: We focus on individual strengths, involving our team in decision-making and system creation. We consistently affirm their efforts, sending weekly emails that celebrate successes, set goals, and highlight individual achievements. Our annual staff retreat, with big dreams of Europe, includes team-building activities and personalized gifts. We aim to show appreciation consistently, offering a safe space to make mistakes and grow.

As a remote firm, we counter the lack of in-person interaction by hosting team meetups for brainstorming and collaboration. We also organize firm-wide activities, like lunches or line dancing, to deepen relationships. We hope these efforts demonstrate our care for our team, which we believe translates into their approach to their roles at our company.

Q: Your firm has seen impressive growth in recent years. How do you balance the demands of scaling your business while ensuring that the quality of your client services remains top-notch? Are there specific systems or processes you’ve implemented to help with this?

A: It's funny you ask that! I recently had to revisit the tax software we used in our firm's first year, when we had just 17 clients. Today, we serve several hundred. That rapid growth has demanded diligent management, steady expansion of our team, and the development of robust systems. Our goal is to automate and customize processes, ensuring we have ample time to focus on our clients. We've streamlined our new-client onboarding and established systems for every action or project, keeping everything organized and maximizing client service time. We continuously assess our client base, staff size, and skill sets to determine when to bring on additional team members.

Key strategies that have been instrumental:

• Onboarding System: Streamlined the process for new clients, from inputting historical data to creating client profiles and tax portals.
• Process Documentation and Templates: Promotes efficiency and consistency across the firm, ensuring high-quality client interactions.
• Scheduling Software: Allows clients to book their appointments, simplifying the scheduling process.
• Digital Tax Portal: Enables clients to upload documents directly, eliminating the need for paper files and reducing administrative time.
• Client Templates: Provides organized templates for clients to accurately capture their business income and expenses.

Q: In today’s rapidly evolving tech landscape, how do you integrate technology into your firm’s daily operations? What tools or software have been game-changers for you, and how do you ensure that your team stays updated on the latest trends in accounting technology?

A: Technology has definitely transformed how we operate! As a fully remote firm, we use a secured server that allows us to work collaboratively from any location. We rely on electronic files, e-signatures, and digital checklists to streamline tax return preparation and finalization.

Automation plays a key role in how we connect with client segments, sharing news or offering services. Many of our business clients use QuickBooks Online, and with accountant access, we can reconcile and adjust their financial data in real-time, providing crucial insights.

While we embrace technology, we’re cautious about trends like automated tax preparation. We believe tax returns need a knowledgeable set of eyes, not just a computer.

The real game changers for us have been tools like Intuit Link, e-signatures, Mailchimp, and Canva, which we use to create and share documents that communicate important information on planning or entity election with our clients.

Q: Anything else you’d like to share?

A: I’d love to encourage everyone in the industry to really examine what you love about your role and how important you are to your clients! Pour into yourself. Chase your goals. Love and take pride in your work. And really soak up every moment. This life goes so fast and you deserve to live it feeling accomplished, proud, and like you’re giving it everything you’ve got!