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"As an owner of a business, it’s really nice to have control, knowing what’s coming in, what’s going out, and how much cash I have." -Adam Hale
Summary:
In this episode of the Modern CPA Success Show, hosts Tom and Adam discuss their firm's cash flow management service. They highlight the critical role of cash flow in business health, distinguishing it from financial forecasting. Their service includes a 13-week cash flow forecast, regular cash flow meetings, and detailed tracking of accounts receivable and payable. Emphasis is placed on the importance of reconciling bank accounts, maintaining communication, and ensuring accountability. The episode underscores how these practices help business owners stay informed, manage expenses, and make proactive financial decisions.
Finer details of this episode:
Importance of cash flow for businessesDistinction between financial forecasting and cash flow managementOverview of the cash flow management service offered by the firmBenefits of regular cash flow meetings for business ownersProcess of tracking cash inflows and outflowsRole of bank account reconciliation in cash flow managementStructure and efficiency of cash flow meetingsImportance of communication and accountability in financial processesBest practices for handling invoices and paymentsProactive approach to collections and managing outstanding invoicesEpisode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
Timestamps:
Introduction to the Podcast (00:00:00)
The host introduces the Modern CPA Success Show and its mission to support accounting firms.
Discussion on Cash Flow Service (00:00:22)
Tom and Adam begin discussing the cash flow service offered by their firm.
Importance of Cash Flow (00:00:35)
Adam emphasizes the critical nature of cash flow for business survival and its management.
Distinction Between Cash Flow Services (00:01:01)
Adam explains the difference between financial forecasting and the cash flow management service.
Overview of Cash Flow Management (00:01:56)
Adam discusses the detailed aspects of cash flow management, including tracking income and expenses.
Weekly Cash Flow Meetings (00:02:35)
Tom highlights the value of weekly meetings for business owners to monitor cash flow.
Bill Payment Process (00:03:16)
Adam discusses the bill payment process and the importance of client oversight.
Clarification During Meetings (00:05:24)
Tom and Adam talk about the benefits of asking questions during cash flow meetings for clarity.
Meeting Duration and Frequency (00:06:33)
The speakers outline the typical duration of cash flow meetings and their frequency.
Best Practices for Invoice Management (00:07:51)
Tom emphasizes the importance of using a centralized system for managing invoices.
Accountability in Collections (00:08:38)
Adam stresses the need for accountability in following up on overdue payments.
Preparation for Cash Flow Meetings (00:09:36)
Adam explains the importance of preparation and reconciliation before meetings.
Maintaining the 13-Week Cash Flow Forecast (00:10:21)
Tom discusses the critical nature of maintaining a 13-week cash flow forecast for business planning.
Conclusion and Client Dependency (00:10:51)
The importance of the cash flow service in building client relationships is highlighted.
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"If you want to understand your pricing, I need to know what your service packages are. If you want to understand how you're going to onboard a client, I need to know what your service package is." - Adam Hale
The finer details of this episode:
● Importance of service packages for accounting firms, focusing on clarity in offerings, pricing, and alignment with target client segments to enhance relevance and value.● Structuring service packages using a "small, medium, large" model to cater to different client needs, manage resources, and improve client onboarding and communication.
●Overcoming challenges in creating service packages, including transitioning existing clients, ensuring pricing transparency, and utilizing technology like AI tools for development.
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Timestamps
Welcome to the Modern CPA Success Show (00:00:00)
Introduction to the podcast's mission and focus on innovative accounting insights.Discussion on Service Packages (00:00:22)
Tom and Adam explain the importance of service packages for CAS and CFO services.Clarity in Deliverables (00:00:50)
Emphasis on the need for clarity in service delivery through defined service packages.Marketing and Client Attraction (00:01:51)
Aligning service packages with target client demographics for effective marketing.Access and Time Considerations (00:02:46)
Discussion on the importance of access frequency in determining service package pricing.Team Understanding of Packages (00:04:48)
How defined packages help team members understand client onboarding and service delivery.Pricing and Scope Management (00:05:04)
The role of service packages in managing client expectations and pricing structures.Refining Onboarding Processes (00:06:40)
Importance of revisiting service packages during onboarding to clarify responsibilities.Promoting the Virtual CFO Playbook (00:07:02)
Advertisement for the Virtual CFO Playbook and its benefits for accounting firms.Psychology of Package Creation (00:07:44)
Discussion on why many firms hesitate to create service packages and how to overcome this.Overcoming Writer's Block (00:08:39)
Tom and Adam share insights on getting started with service package development.Client-Centric Package Development (00:10:05)
Strategies for brainstorming and organizing service packages based on client needs.Learning from Other Firms (00:11:05)
Encouragement to review other firms' packages for inspiration without copying directly.Transitioning to New Packages (00:12:11)
Advice on implementing new service packages without alienating existing clients.Testing New Packages (00:12:41)
The importance of prospectively evaluating service packages and client relationships.Initial Pricing Transparency (00:13:52)
Benefits of presenting clear pricing options during the initial client call.Utilizing AI in Package Development (00:16:13)
Exploration of using AI tools to brainstorm and refine service packages.Continuous Package Improvement (00:16:47)
Encouragement to regularly update service packages to meet evolving client needs.Closing Remarks (00:17:04)
Final thoughts on the importance of service packages and an invitation for further discussion. -
Saknas det avsnitt?
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In this special episode of The Modern CPA Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.
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"They swapped out ‘accounting’ for ‘advisory’ in CAS, but I still believe it’s 'client accounting and advisory services.' At scale, especially with small businesses, it’s hard to separate the two. You need a foundational understanding of their accounting model to help architect it in a way that truly tells their story." – Adam Hale
The finer details of this episode:
The shift from compliance work to advisory roles in accounting.Differences between traditional accounting firm structures and mature CAS practices.Importance of leveraging resources and delegating tasks within accounting firms.Financial metrics and profitability considerations in CAS practices.The concept of selling access rather than time in service pricing.The role of regular meetings in managing client expectations and scope creep.Adoption of a corporate-like structure for improved efficiency and adaptability.The impact of a subscription model on client relationships and service delivery.Strategies for accounting firms to remain competitive in a changing industry.
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.Overview of CAS (00:00:22)
Tom and Adam discuss Client Accounting Services (CAS) and advisory services, highlighting their significance.Defining CAS (00:00:46)
Adam explains the evolution of CAS from "Client Accounting Services" to "Client Accounting and Advisory Services."Importance of Accounting in CAS (00:01:02)
Adam emphasizes understanding accounting models for effective advisory services, especially for small businesses.Traditional vs. CAS Structures (00:01:52)
Discussion on differences between traditional accounting firms and mature CAS practices, focusing on corporate structure.Leveraging Resources in CAS (00:02:06)
Adam talks about the importance of leveraging resources and delegating tasks for scaling CAS practices.Transitioning from Traditional Models (00:03:29)
Tom shares challenges faced by accounting firms transitioning from traditional models to more scalable structures.Financial Metrics in CAS (00:04:35)
Adam discusses financial metrics, contrasting traditional firm profitability with CAS models and their structures.Understanding Profit Margins (00:06:19)
Tom and Adam analyze profit margins in CAS compared to traditional firms, aiming for higher profitability.Building Client Relationships (00:09:24)
Tom highlights the importance of long-term relationships with clients for smoother operations and better service.Delegation and Offshoring (00:10:06)
Discussion on the necessity of delegating work and utilizing offshore teams to enhance efficiency.Measuring Performance in CAS (00:11:59)
Adam explains the shift from traditional hourly metrics to responsibility-based performance measures in CAS.Book of Business Targets (00:12:57)
Tom and Adam discuss the importance of setting clear book of business targets for team members.Compensation Structure in CAS (00:13:39)
Adam outlines how compensation structures differ in CAS, focusing on book of business rather than hours worked.Efficiency Over Hours (00:16:32)
Tom advocates for valuing efficiency and client satisfaction over the number of hours worked.Promoting the Virtual CFO Playbook (00:17:33)
An unnamed speaker promotes a virtual CFO playbook aimed at helping firms scale and improve client experience.Selling Access in Advisory Services (00:18:30)
Tom and Adam discuss the concept of selling access in high-level advisory services, shifting the value proposition.Access to Advisory Services (00:18:51)
Discussion on the unpredictability of advisory work time and the subscription model for client access.Managing Client Expectations (00:19:41)
Strategies for addressing scope creep through scheduled meetings and clear communication with clients.Rethinking Practice Structure (00:20:20)
Encouragement to adopt innovative practices beyond traditional models for growth and efficiency.Corporate Structure in Accounting (00:20:31)
Exploring the benefits of a corporate-like structure in accounting practices for better resource sharing.Closing Remarks and Resources (00:21:01)
Invitation to visit the website for more tips on achieving success in modern CPA firms. -
“If you're only working in the business, you're doing it wrong. Cut your activities in half. You have to free up time to think about the business, to work on the business.” – Simon Severino
The finer details of this episode:
• Transition from traditional tax-based practices to advisory-oriented services in accounting.
• Challenges faced by accounting firms in defining and marketing their services.
• Importance of understanding client needs and delivering tailored solutions.
• Decoupling time from value in professional services to enhance profitability.
• Strategies for effectively packaging and pricing advisory services.
• The role of marketing in differentiating accounting firms in a competitive landscape.
• Implementing structured approaches like "Strategy Sprints" for business growth.
• Identifying operational constraints and improving processes for better service delivery.
• Building long-term client relationships to foster loyalty and satisfaction.
• Emphasizing the need for continuous improvement and agile responses to market demands.Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Check out Strategy Sprints here: https://www.strategysprints.com/Timestamps:
Introduction to the Podcast (00:00:00)
Overview of the podcast's mission to provide insights on accounting firms' growth and innovation.Guest Introduction (00:00:22)
Co-host introduces Simon Severino, highlighting his expertise and the challenges accounting firms face.Simon's Background (00:01:29)
Simon shares his non-linear career path, emphasizing his passion for market strategy and problem-solving.Transitioning to Advisory Services (00:03:09)
Discussion on the shift from tax-based practices to advisory services in accounting firms.Decoupling Time from Value (00:05:14)
Simon explains the importance of separating time spent from the value delivered to clients.Client Example: Cash Flow Reporting (00:06:15)
Illustration of how an accounting firm expanded services and improved profitability through automation.Challenges in Changing Mindsets (00:08:54)
Discussion on the difficulty accountants face in shifting their perception of time-based billing.High Margins of Advisory Services (00:09:31)
Simon highlights the significant profit margins in advisory services compared to traditional services.Understanding Entrepreneurial Needs (00:10:51)
Exploration of what entrepreneurs truly need from their accounting services and reports.Importance of Advisory in Cash Flow (00:12:40)
Discussion on the necessity of advisory services in helping clients interpret cash flow reports.Strategic Value of Consulting (00:13:37)
Simon emphasizes the value of being a sparring partner for clients in decision-making.Subscription-Based Services (00:14:45)
Discussion on how subscription models can help disconnect time from billing in professional services.Impact of AI on Professional Services (00:15:58)
Simon discusses the challenges posed by AI in the financial services sector and competition.Marketing on LinkedIn (00:17:16)
Emphasis on the importance of LinkedIn for professional services and strategies to gain mindshare.Mindshare and Marketing Strategies (00:19:59)
Simon discusses the need for consistent marketing efforts to stay top of mind with clients.Common Marketing Mistakes (00:20:51)
Simon identifies common pitfalls accounting professionals face when starting their marketing efforts.Responsibility for Marketing (00:21:46)
Discussion on the necessity of assigning dedicated roles for marketing within accounting firms.Introduction to Strategy Sprints (00:22:50)
Discussion on the importance of external presence in accounting firms.Client Satisfaction and Acquisition (00:22:59)
The roles of team members in ensuring client satisfaction and bringing in new clients.Defining Strategy Sprints (00:23:14)
Overview of what a strategy sprint entails and its focus on key activities.Creating Client Flywheels (00:23:52)
Strategies for generating more work from existing clients through enthusiastic moments.Distribution Flywheels (00:25:06)
Methods for creating compelling content and building a pipeline of ideal clients.Defining the Ideal Client (00:26:08)
Importance of identifying and sticking to an ideal client profile for long-term success.Measurement in Strategy Sprints (00:27:17)
The significance of measuring activities weekly to determine effectiveness.Reclaiming Time (00:28:17)
How identifying ineffective activities can help reclaim valuable time in business operations.Focus Card Metrics (00:28:40)
Using the focus card to track three key metrics every week for better results.Scientific Approach to Business Growth (00:29:55)
Implementing a scientific method for testing and validating business strategies.Client Onboarding and Constraints (00:31:07)
Identifying constraints in professional services to improve overall throughput.Addressing Service Offerings (00:33:19)
Discussion on the challenges of adding new services and recognizing value in advisory roles.Pricing and Packaging Services (00:34:32)
Strategies for increasing service pricing and developing attractive packages.Learning from Other Industries (00:36:08)
Insights on how professional services can benefit from models used in franchising.Creating a Scalable Business Model (00:38:00)
Transforming a consultancy into a scalable model by professionalizing brand and processes.Resources for Further Learning (00:40:32)
Information on where to find tools and resources for implementing strategy sprints.Main Takeaway (00:42:20)
The importance of cutting activities in half to free up time for strategic thinking. -
“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff Lenning
The finer details of this episode:
• Strategies for leveraging Excel to improve efficiency
• Continuous learning and development in Excel
• Common pitfalls and challenges in Excel usage
• Mindset shift from "if" to "how" in using Excel
• Role of AI in enhancing Excel skills
• Structure and offerings of Excel University
• Key Excel functions and features for accountants
• Real-world applications and case studies using Excel
• Importance of presentation skills in Excel reportingEpisode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/
● Check out Excel University here: https://www.excel-university.com/tipsTimestamps:
Introduction to the Episode (00:00:00)
Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.Guest Introduction (00:00:22)
Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.Why Excel University? (00:01:18)
Jeff explains his passion for Excel and how it transformed his workflow efficiency.Continuous Improvement in Excel (00:02:27)
Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.The "Last Year" Trap (00:04:06)
Jeff addresses how accountants often stick to familiar methods without seeking improvements.Mindset Shift in Excel Usage (00:05:53)
Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.Learning with AI Tools (00:07:00)
Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.Excel University Experience (00:09:02)
Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.Continuing Education Credits (00:11:44)
Information on CPE credits offered through Excel University’s programs.Focus on Presentation Skills (00:12:11)
Discussion on improving both functionality and presentation of Excel reports for better client communication.Charting in Excel (00:14:16)
Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.Key Excel Functions for Accountants (00:15:25)
Jeff highlights essential Excel functions that every accountant should master.Power Query's Benefits (00:16:59)
Jeff explains how Power Query automates data processing, saving time and improving efficiency.Real-Time Data Refresh (00:18:07)
Benefits of using Excel for live updates during client meetings, enhancing responsiveness.The Impact of Spreadsheets (00:19:01)
Discussion on the historical significance of spreadsheets in making personal computers indispensable.Microsoft's Ongoing Investment in Excel (00:19:51)
Discussion on Microsoft's continuous updates and new features in Excel.Learning Excel Functions (00:20:17)
Importance of learning new Excel functions beyond the basics through courses and online resources.YouTube Channel Promotion (00:20:38)
Jeff shares his YouTube channel for quick Excel tips and updates.Searching for Excel Functions (00:21:06)
Common issue of not knowing advanced functions like Power Query and XLOOKUP.Benefits of XLOOKUP (00:22:00)
Explanation of XLOOKUP as a more resilient alternative to VLOOKUP.Excel University Audience (00:22:28)
Overview of diverse student demographics, including CPAs and accounting professors.Student Confidence Boost (00:23:49)
Feedback on how Excel training increases students' confidence in interviews.Underestimating Excel's Importance (00:24:33)
Discussion on college students' misconceptions about Excel's relevance in their careers.Using Excel for Client Projects (00:25:35)
Example of using Excel to model client scenarios and decision-making.Introverts and Problem Solving (00:25:48)
Jeff shares his enjoyment of solving problems with Excel as an introvert.Google Sheets vs. Excel (00:26:27)
Comparison of Google Sheets and Excel for collaborative work.Sharing Documents in Google Sheets (00:27:39)
Discussion on the ease of sharing documents in Google Sheets compared to Excel.Gateway Computers Experience (00:28:25)
Jeff reminisces about working at Gateway Computers and its rapid growth.Gateway's Growth Challenges (00:29:28)
Stories of Gateway's ongoing expansion and the challenges faced.Excel Training at Gateway (00:31:08)
Jeff's initial experience teaching Excel at Gateway's training centers.Role of Excel in Career Progression (00:32:53)
Discussion on how various roles contributed to Jeff's Excel expertise.Daily Excel Usage (00:34:38)
Jeff explains his daily engagement with Excel and content development.Office Hours Collaboration (00:35:34)
The supportive environment of office hours where students share and learn from each other.Learning from Peer Demonstrations (00:36:08)
Reflections on how sharing simple Excel techniques can lead to broader learning.Pivot Tables' Impact (00:37:09)
Discussion on the transformative power of pivot tables in Excel.Pivot Tables and Formatting (00:38:07)
Discussion on the importance of pivot tables and their time-saving formatting features.Power Query Feature (00:38:32)
Jeff highlights Power Query as the most impressive Excel feature in the last two decades.Using Tables for Efficiency (00:38:44)
Tables help eliminate errors and automatically adjust ranges in Excel functions.Indirect Function Discovery (00:39:12)
Tom shares how the INDIRECT function simplified his work with changing templates from multiple countries.Time-Saving with INDIRECT (00:39:52)
Tom explains how the INDIRECT function dramatically reduced turnaround time for presenting data.Learning from Excel University (00:40:46)
Tom expresses motivation to improve Excel skills and acknowledges the value of Excel University.Time Efficiency Gains (00:41:11)
Jeff mentions the significant time efficiency benefits experienced by his students. -
“The smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke
The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional development.Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintaining quality.Building a Reliable Referral Network (25:09)
Michael shares insights on developing a trustworthy referral network for business growth.Creating Effective Partnerships (27:34)
He explains how partnerships can enhance client services and improve business outcomes.Edifying Team Members (32:21)
Michael stresses the importance of building up colleagues to foster trust and collaboration.Managing Client Growth (33:17)
Discussion on the common belief of firing low-priced clients to make room for better ones.Building What Should Exist (39:43)
Michael defines his philosophy of creating optimal solutions for client care within CPA firms.Practical Changes in Practice (00:41:08)
Discusses how professionals can implement small, incremental changes rather than overhauling their entire practice.Importance of Support Staff (00:41:58)
Emphasizes the role of support staff in making professionals look good and the need to value them properly.Learning to Manage (00:42:41)
Michael reflects on his journey to becoming a better boss and the importance of self-improvement.Transitioning from Doing to Managing (00:43:12)
Highlights the urgency for professionals to transition from doing the work to effectively managing their business.Collaborative Learning in Networks (00:44:48)
Michael advocates for joining networks to learn from peers and create a collaborative environment for growth.Inspiration and Continuous Learning (00:46:05)
Encourages surrounding oneself with inspiring individuals and cultivating a habit of reading for personal and professional growth. -
“Procrastination is a huge problem, but the bigger problem is the lack of awareness of the need for owners to start planning now, whether you're selling in three years or 13 years.” – Adam Koós
Financial strategies for clients with appreciated propertiesChallenges faced by business owners in managing real estate assets and company structuresTax implications of selling a business and recasting financialsImportance of proactive financial planning and business transition for business owners
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Connect with Adam here: https://www.linkedin.com/in/adamkoos/Check out Libertas Wealth here: http://www.LibertasWealth.comTimestamps:
The introduction (00:00:00)
The hosts introduce the podcast and its mission, providing insights on accounting strategies and innovative tools.
Adam's career story (00:00:55)
Adam shares his unconventional career journey from pre-med to becoming a financial advisor and the founding of Libertas Wealth Management Group.
Services provided by Libertas (00:04:45)
Adam discusses Libertas' services, including financial planning, retirement planning, exit planning for business owners, and working with working professionals.
Financial strategies for clients with appreciated properties (00:07:26)
Adam explains the 1031 exchange and passive real estate investing as a solution for clients with appreciated properties who want to avoid active management and taxes.
Liquidity and risk management in passive real estate investing (00:13:51)
The discussion explores the liquidity and risk management aspects of passive real estate investing, including spreading risk by investing in multiple properties.
Impact of COVID-19 on commercial real estate (00:15:39)
Adam discusses the potential impact of COVID-19 on commercial real estate, including lease expirations and mortgage debt held at community banks.
Elevate your firm with a virtual CFO playbook (00:16:36)
An advertisement for a comprehensive online series to create and deliver scalable CFO services.
Real estate and business ownership (00:17:18)
Discussion on the strategy of keeping the building and retaining an income stream after retirement.
Transition planning and exit planning (00:18:00)
Clients' experiences in selling their companies, keeping properties, and the process of selling properties.
Engagements with business owners (00:18:55)
Exploration of the two types of engagements with business owners, focusing on personal and business guidance.
12-step process for business owners (00:19:47)
Explanation of the 12-step process to increase the value of the company, decrease time in the business, and increase efficiencies.
Risk assessment and advisory work (00:21:34)
Discussion on risk assessment, tax planning, and the need for expert assistance in various aspects of business planning.
Recasting and tax strategies (00:23:47)
Importance of recasting business expenses and tax strategies for business owners preparing to sell.
Cash balance plan and retirement strategies (00:26:27)
Explanation of cash balance plans, retirement contributions, and tax reduction strategies for business owners.
Exit planning and retirement (00:31:05)
Discussion on optimizing cash, Roth conversions, and planning for retirement and exit strategies.
Procrastination and Lack of Awareness (00:33:17)
Consequences of procrastination in business planning and the lack of awareness about the need for owners to start planning now.
Running a Good Business (00:35:22)
The importance of running a good business and differentiating between a lifestyle business and building an asset.
Transition Planning and Business Value (00:36:32)
The importance of business transition planning and its impact on the value of the company, providing an analogy for understanding the benefits.
Selling a Business and Pitfalls (00:39:46)
The speakers discuss the pitfalls of selling a business without proper planning and the impact of disagreements between owners on the selling process.
Taking Action and Accountability (00:42:12)
The need for taking action, breaking down steps into smaller tasks, and the importance of accountability in business planning.
Spreading Awareness and Seeking Expertise (00:44:23)
Adam urges CPAs to spread awareness about business planning and transition, emphasizing the role of experts in facilitating the process.
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“The reason I started Modeliks is because it took me three weeks to create a proper financial model in Excel for every new client. With our predefined financial model template, you have that handed to you on a plate.” – Blagoja Hamamdjiev
Discussion about business planning and financial reporting software for startups and small businessesMain features of Modeliks software, including financial planning, budgeting, and advisory servicesImportance of driver-based financial planning and its impact on business resultsCost-effectiveness and pre-defined financial model templates by industry within the softwareIntegration of financial tables and charts with pitch decks and business plansEfficiency and time-saving benefits of using the software for financial modeling and planningDashboard functionality, including tracking financial progress and accessing various chartsUser experience and flexibility of the software, including multi-user collaboration and planned AI integrationLevels of support provided by Modeliks, including customer support and live sessions with screen sharing
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Check out Modeliks, here: www.modeliks.comTimestamps:
The introduction (00:00:00)
The hosts introduce the podcast and its mission, setting the stage for the upcoming episode.
Guest Introduction and Background (00:01:48)
The hosts introduce Blagoja Hamamdjiev, CEO and founder of Modeliks, and discuss his personal and professional background.
Global Nature of Modeliks (00:04:22)
Blagoja discusses the global footprint of Modeliks, including the location of their team and their incorporation in Ireland.
Using Modeliks for Financial Planning and Advisory Services (00:07:51)
Blagoja explains how Modeliks can be used for creating financial plans, pitch decks, and business plans, including its applications for advisory services.
Driver-Based Financial Planning (00:11:32)
Blagoja delves into the concept of driver-based financial planning and its importance in managing and improving businesses.
Integration of Financials with Pitch Deck and Business Plan (00:16:29)
Discussion on how Modeliks integrates financials with pitch decks and business plans, providing a unique and efficient solution for businesses.
Cost and Industry-Specific Financial Model Templates (00:19:31)
Blagoja highlights the cost-effectiveness of Modeliks compared to other software and the availability of industry-specific financial model templates within the software.
Creating Financial Models (00:20:26)
Blagoja explains the time-consuming process of creating financial models in Excel and the efficiency of using Modeliks templates.
Flexibility and Data Integration (00:22:31)
Discussion on the flexibility and data integration capabilities of Modeliks, including the current and planned data input methods and integrations.
Dashboard and Reporting Functionality (00:28:12)
Blagoja details the dashboard and reporting functionalities of Modeliks, including variance analysis, charts, ratios, and custom KPIs.
Future AI Integration (00:32:01)
The planned integration of AI features in Modeliks, such as generative writing and AI analysis of financial numbers, is discussed.
Challenges in Financial Planning (00:34:29)
The challenges CPAs face in creating financial models and the barriers to providing advisory services are explored.
Excel vs. Other Tools (00:36:26)
The use of Excel in financial planning and the challenges and benefits of using other software tools are discussed.
Collaboration and Pricing (00:38:53)
The flexibility and real-time collaboration capabilities of Modeliks, as well as the pricing structure and value proposition, are explained.
Support and Training (00:40:22)
The support and training options available for users of Modeliks, including live support and demo calls, are discussed.
Live Support and Niche Industry Models (00:40:54)
Discussion about live support, niche industry financial models, and personalized assistance for clients.
Help Center and Training Videos (00:42:00)
Explanation of the extensive help center with training videos and the value of personalized onboarding and training sessions.
Consolidation Feature and Multi-Dimensional Planning (00:43:52)
Upcoming features in the software, including a consolidation feature and multi-dimensional planning for more complex businesses.
Future Software Updates (00:45:29)
Anticipation for upcoming software updates, including QuickBooks integration, multi-dimensional planning, and localization in different languages.
Advisory Services and Financial Planning (00:45:55)
The importance of advisory services and the value of creating a useful financial plan based on drivers.
Passion for Driver-Based Financial Planning (00:47:01)
The speaker's passion for creating logical and impactful financial plans based on drivers, and the importance of setting targets.
Role of Advisors in Business Management (00:48:08)
The role of advisors in helping entrepreneurs with the analytical part of running a business and the value of collaboration.
Conclusion and Podcast Promotion (00:48:27)
Closing remarks and promotion of the podcast website for more resources on modern CPA firm success.
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“The total relationship is about making life better for the client, focusing on what they need in the next 6 to 12 months, and helping them prioritize their financial decisions.” –Tyson Ray
The concept of the "total relationship" in financial planningThe importance of understanding clients' short-term goals and concernsThe role of wealth advisors in understanding clients' motivations and aspirationsProactive planning and collaboration between financial advisors, CPAs, and attorneysEducating clients about tax planning, investment decisions, and trade-offsSeeking deeper, more fulfilling connections beyond just financial matters
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Connect with Tyson here: https://www.linkedin.com/in/tysonray/Check out Form Wealth Advisors here: https://formwealth.com/Tyson’s resources mentioned in the episode: https://totalrelationship.com/moderncpaTimestamps:
The welcome and introduction (00:00:00)
Introduction to the podcast and the mission of providing insights for accounting firms.
Guest introduction and perspective (00:00:30)
Discussion about the unique perspective of the guest, Tyson Ray, and the value he brings to the audience.
Introduction to the show and guest (00:00:53)
The host and guest host introduce themselves and welcome the audience to the show.
Tyson Ray's background and mission (00:01:19)
Tyson Ray introduces himself, his role, and his mission to help clients and the community.
The total relationship and client value (00:02:43)
Discussion about the importance of understanding the client's needs and building a valuable relationship.
Expanding services and expertise (00:03:40)
Tyson Ray's decision to expand his expertise and focus on business exit planning.
The Total Relationship book (00:05:05)
Introduction to the book "The Total Relationship" and its focus on client relationships and communication.
Client-focused planning approach (00:06:31)
Explanation of the three parts of the total relationship: life plan, wealth plan, and care plan.
Client relationship parallels (00:08:10)
Discussion about the similarities in client-focused approaches between wealth management and financial business services.
Prioritizing client needs (00:08:31)
The importance of prioritizing client needs and guiding them through their financial journey.
Life plan and client background (00:10:04)
Exploration of the life plan, including family, health, and personal goals, to better understand the client's needs.
Client's family and personal life (00:11:28)
The significance of understanding the client's family dynamics, including parents, children, and personal experiences.
Life plan and client's lifestyle (00:14:18)
Discussion about the life plan, including travel, recreation, home improvements, and major purchases, to enhance the client's lifestyle.
Client's life plan and financial decisions (00:15:53)
The importance of aligning financial decisions with the client's life plan and rewarding themselves for their hard work.
The Total Relationship and client permission (00:17:10)
Exploration of the client's permission to prioritize their life plan and the role of advisors in supporting their goals.
Life Plan (00:19:16)
Advisors asking forward-looking questions, encouraging clients to enjoy their wealth and plan for personal goals.
Virtual CFO Playbook (00:19:57)
Promotion of a comprehensive online series to equip firms with essential tools for scalable CFO services.
Wealth Advisor Conversations (00:20:40)
Discussing the process of building trust with clients, understanding motivations, and opening conversations about personal and business goals.
Life Plan and Wealth Plan Intersection (00:22:03)
Exploring the connection between life and wealth plans, emphasizing the importance of understanding clients' personal and business needs.
Wealth Plan Proactivity (00:23:58)
Identifying cash management, business debt, and proactive planning to navigate financial crises and business transitions.
Business Succession and Life Plan (00:27:03)
Addressing business owners' plans for exiting their businesses, including transitions and contingency planning.
Collaboration and Tax Planning (00:28:50)
Highlighting the benefits of collaboration between financial advisors, CPAs, and law firms for better client outcomes.
Future-Focused Financial Advice (00:30:44)
Emphasizing the importance of future-focused financial advice and the collaboration between wealth management and tax planning.
Caring for Financial Future (00:31:23)
Reminding clients of their goals, proactive service, and helping clients make informed financial decisions.
Personal Wealth Building (00:34:09)
Encouraging clients to consider personal wealth-building options and the impact on business sustainability.
Tax Planning and Client Education (00:35:01)
Educating clients on tax deductions, structure, planning, and the importance of making informed financial decisions.
Wealth Building Strategies (00:35:49)
Encouraging personal wealth building for business owners to reduce stress and secure financial stability.
Roth Tax-Free and Deductions (00:36:45)
Navigating discussions on Roth tax-free options, deductions, and the impact on future tax liabilities.
Client Engagement and Care Plan (00:37:48)
Frequency of client engagement, revisiting life plans, and maintaining a standard cadence for care planning.
Clients' Meeting Frequency (00:37:48)
Tyson discusses the importance of tailoring meeting frequency to clients' needs and life events.
Adjusting Meeting Frequency (00:38:42)
Tyson explains how the frequency of client meetings should be adjusted based on the rhythm of life and life events.
Over-servicing Clients (00:39:37)
Tyson shares his experience of over-servicing clients and emphasizes the need to align service frequency with clients' actual needs.
Client Scheduling Expectations (00:41:11)
Jamie and Tyson discuss the importance of understanding clients' preferences for meeting schedules and setting expectations.
Final Thoughts and Relationship Building (00:43:51)
Adam and Tyson emphasize the value of building relationships and learning from professionals in different industries.
Virtual Relationship Building (00:45:04)
Tyson highlights the opportunity to build relationships virtually and reach clients beyond traditional demographics.
Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.
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Episode Notes:
“Our mission is to educate, inspire, and support accountants, financial advisors, and CFOs who are representing a client with a need for any type of entity filings, entity setup, entity expansion, or payroll tax registration services.” – Nellie Akalp
Services offered by CorpNet and their benefits for accountants and clientsChallenges faced by accountants in providing comprehensive services to their clientsImportance of accountants offering entity filings, setup, expansion, and payroll tax registration servicesCorpNet’s partner program and its benefits for accountantsManaging compliance requirements for clients' business entitiesBenefits of outsourcing business filings and compliance tasks for accountants
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/
If you have questions or would like to be a guest on the show, email us at [email protected]
Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
Connect with Nellie here: https://www.linkedin.com/in/nellieakalp/
Check out CorpNet here: https://www.corpnet.com/
Timestamps:
Introduction to podcast (00:00:00)
Introduction to the podcast, mission statement, and topics covered.
Overview of CorpNet.com services (00:00:58)
Introduction to CorpNet.com and its services for accountants and their clients.
Nellie Akalp's entrepreneurial journey (00:01:18)
Nellie Akalp shares her entrepreneurial journey and the vision behind CorpNet.com.
Challenges faced by accountants (00:05:06)
Discussion on the challenges accountants face in offering comprehensive services to their clients.
Benefits of CorpNet.com partner program (00:11:09)
Explanation of the benefits of CorpNet.com's partner program for accountants.
Core services offered by CorpNet.com (00:17:14)
Description of the core services provided by CorpNet.com, including business filings, compliance, and payroll tax registration.
Impact of COVID-19 on CorpNet.com (00:19:22)
Discussion on the increased demand for services during COVID-19, particularly regarding payroll registration in multiple states.
Differences in starting a company in the past and present (00:22:26)
Comparison of the entrepreneurial experience in the past and present, including the challenges and differences in market entry.
Client consultation and advice (00:24:29)
Discussion on typical new client scenarios and advice provided when starting a new company.
Educational services for new business owners (00:24:44)
Nellie Akalp discusses the educational aspect of CorpNet.com's services for new business owners, including guides, webinars, and podcasts.
Support for accountants starting their own firm (00:25:19)
Nellie Akalp explains how CorpNet.com assists accountants in starting their own firm by providing guidance, resources, and educational materials.
Benefits of partnering with CorpNet.com (00:26:41)
Nellie Akalp outlines the advantages for accountants in partnering with CorpNet.com, including early client engagement, business growth, and a complete advisory service.
Enhancing firm capabilities through partnerships (00:28:02)
The discussion centers around the benefits of partnering with CorpNet.com for small firms to offer comprehensive services and appear as a larger, full-service firm.
The mistake accountants make in not offering services (00:29:49)
Nellie Akalp emphasizes the missed opportunities for accountants by not offering services like entity filings and compliance, and the potential benefits of such offerings.
Corporate compliance portal for accountants (00:33:19)
The conversation focuses on CorpNet.com's corporate compliance portal, which simplifies tracking and monitoring compliance requirements for accountants and their clients.
Challenges and consequences of compliance errors (00:40:25)
The discussion highlights the challenges and consequences of compliance errors, emphasizing the importance of staying current and the potential repercussions of non-compliance.
The value of corporate compliance services (00:39:27)
Nellie Akalp discusses the benefits of corporate compliance services for accountants, emphasizing the time-saving and reputation-building aspects.
Initiating partnership with CorpNet.com (00:45:32)
Nellie Akalp provides details on initiating a partnership with CorpNet.com, including the process of signing up, onboarding, and accessing marketing materials.
Account Manager and Onboarding Process (00:47:35)
Discusses the benefits of having a dedicated account manager and the importance of onboarding process for success.
Client Engagement and Delegation (00:48:56)
Compares the process of client engagement and delegation to the success of the program.
Signing Up and Partner Options (00:49:50)
Provides information on how accountants can sign up for the partner program and the various options available.
Contact Information and Upcoming Event (00:51:01)
Shares contact details for signing up and promotes the upcoming event where CorpNet.com will be present.
Podcast Promotion (00:52:47)
Promotes the podcast and directs listeners to the website for more resources.
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“In the American workplace, 80% of workers feel stress on the job, and nearly half say they need help in learning how to manage stress. If your people are stressed and they're not talking to you about it, that's a clue that you need to change something in your organization.” – Joey Kinney
The finer details of this episode:
●Stress management in the workplace and at home
●Challenges of setting boundaries and prioritizing tasks in work-life balance
●Impact of stress on personal lives and managing competing interests
●Role of leaders in addressing recurring structural problems contributing to stress
Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/For more on David Allen’s Getting Things Done® approach mentioned in the episode, check out the Modern CPA Success Show’s episode with Tom and David Allen: https://podcasts.apple.com/us/podcast/getting-things-done-with-david-allen/id1485035727?i=1000595997191Timestamps:
The podcast introduction (00:00:00)
Introduction to the podcast and its purpose.
Discussing the intention of merging podcasts (00:00:33)
Exploring the idea of merging podcasts to create intentional opportunities for audiences to interact.
The impact of stress in the workplace (00:01:04)
Exploring the impact of stress on individuals in the workplace and the need for stress management.
Challenges in managing work-life balance (00:03:07)
Challenges in compartmentalizing work and home life, and the evolving understanding of work-life balance.
Statistics on workplace stress (00:04:52)
Statistics on workplace stress, including the percentage of workers feeling stress and the need for stress management.
Personal experience with stress and its impact on health (00:06:00)
Personal experience with stress-related health issues and the impact on blood pressure.
Impact of stress on decision-making and anxiety (00:09:20)
The impact of stress on decision-making, anxiety triggers, and external locus of control.
Managing conflicting priorities and setting boundaries (00:14:31)
Strategies for managing conflicting priorities, setting boundaries, and learning to say no.
Practical tips for stress management (00:16:02)
Practical tips for stress management, including exercise, meditation, and acknowledging anxiety.
Defining Boundaries (00:18:01)
Discusses setting clear limits and commitments to avoid stress and exploding on others.
Making Decisions to Reduce Stress (00:18:41)
Explores the concept of making one decision now to avoid making multiple decisions later.
Saying No and Prioritizing (00:19:38)
Discusses the importance of saying no to tasks and commitments and prioritizing responsibilities.
Recognizing Personal Limits (00:20:23)
Shares experiences of struggling with certain tasks and the importance of acknowledging personal limitations.
Getting Things Done Approach (00:22:55)
Discusses the approach by David Allen for organizational models and stress management.
Acknowledging Stress and Anxiety (00:25:21)
Emphasizes the importance of acknowledging stress and anxiety instead of denying or internalizing it.
Creating a Safe Space for Stress Discussions (00:26:13)
Encourages leaders to create an environment where employees feel safe discussing stress and challenges.
Leadership's Role in Stress Management (00:29:21)
Highlights the role of leaders in initiating conversations about stress and creating a supportive environment.
Addressing Structural Problems (00:32:54)
Emphasizes the importance of leaders addressing recurring structural problems causing stress.
Managing Stress in the Workplace (00:33:32)
Encourages individuals to manage stress rather than seeking a stress-free job, acknowledging personal responsibility.
Stress Management Tools (00:35:02)
Discussion on effective stress management tools for creating a positive work environment and improving productivity.
Closing Remarks (00:35:18)
Tom expresses gratitude for the conversation, and Joey reciprocates the sentiment.
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“Your Spidey sense has to be high during onboarding. If you start to sense frustration from the client, there might be something else that you need to dig into. I might send them a quick note and say, ‘hey, do you mind if we talk tonight?’ and I offer up my cell phone number. I've never had a client abuse it. In fact, as you start to build those relationships, they'll text you just like your friends; they don't talk business. It's really important that you establish that relationship and that connection.” – Adam Hale
Importance of formalized onboarding processesBuilding strong client relationshipsLeveraging support resources for successful onboardingSignificance of discovery in the onboarding processBuilding relationships with clients and internal team membersLeadership and collaboration in ancillary rolesLeveraging resources and coaching relationships for career progressionEffective communication and collaboration within the team and with clientsTailoring services to meet specific client needsUtilizing available resources for ongoing success
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Connect with us on LinkedIn: https://www.linkedin.com/company/vcfobyanders/, https://www.linkedin.com/in/adamhalecpa/, https://www.linkedin.com/in/joey-kinney-cpa-60658188/Timestamps:
Welcome to the Modern CPA Success Show (00:00:00)
Introduction to the podcast and its mission to provide insights on accounting innovations.
Background of Onboarding (00:00:58)
Discussion on the formalization of the onboarding process and its importance for client success.
Discovery Process in Onboarding (00:04:28)
Importance of the discovery process in understanding client's financial status and needs.
Elevate Your Firm with a Virtual CFO Playbook (00:05:08)
Promotion of a comprehensive online series for providing scalable CFO services.
CFO's Perspective on Discovery (00:06:19)
Insight into the CFO's perspective on client discovery and understanding their business goals.
Building Relationships in Onboarding (00:09:26)
Tips for building relationships with clients and internal team members during the onboarding process.
Client Relationship and Engagement (00:13:45)
Importance of establishing trust and personal connections with clients during the onboarding process.
Support Resources in Onboarding (00:17:33)
Discussion on the role of support resources, including project managers and financial support, in the onboarding process.
Architecting and Leading Engagement (00:18:32)
Discussion on the role of CFOs in leading engagements and leveraging resources effectively.
Coaching Expectations (00:19:39)
Exploration of the coaching structure and the expectations for individuals seeking coaching.
Utilizing Resources and Collaboration (00:20:57)
Importance of utilizing resources, seeking help, and collaborating for successful outcomes.
Expectations and Collaboration (00:22:29)
Emphasizing the importance of understanding and articulating expectations, collaboration, and managing up within the team.
Success and Relationship Building (00:27:09)
Defining success in terms of utilizing the team's capabilities, building relationships, and collaborating with clients and internal teams.
Onboarding and Client Relationships (00:25:48)
Discussion on the importance of understanding client needs, building rapport, and setting up successful advisory relationships.
Standardizing vs. Tailoring (00:28:33)
Balancing standardization with tailoring to meet the unique needs of each client during onboarding.
Conclusion and Future Training (00:29:22)
Acknowledgment of the importance of onboarding, overview of training, and setting expectations for success.
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“Spending time onboarding can be tough for firms because it's not billable, but it is probably more important for the value proposition.” – Chris Papin
Scoping, setting boundaries, and having next step conversations with clientsSubscription-based model and building slack into engagementsManaging scope creep in advisory workImpact of economic changes on client needsAligning client and firm expectationsImplementing change orders for additional servicesOnboarding and spending time on non-billable activities
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/https://www.papincpa.com/https://www.linkedin.com/in/chrispapin/Timestamps:
The Introduction (00:00:00)
Introducing the podcast and its mission to provide insights on accounting strategies and services.
Chris Papin's Background (00:00:56)
Chris Papin shares his journey and the motivation behind his multi-disciplinary approach to accounting, law, and insurance.
Ethical Trust Advisor (00:04:24)
Chris discusses the importance of ethical trust advisor pillars and the difference between scope and boundaries in client relationships.
Scope and Boundaries (00:06:45)
The discussion delves into the approach to defining tasks and boundaries in accounting services, emphasizing the need for flexibility and communication.
Strategic Advisor and Boundaries (00:13:18)
Chris explains the role of a strategic advisor and the ongoing conversation needed to establish and maintain boundaries with clients.
Client Communication and Education (00:17:02)
The conversation revolves around the challenges of communicating technical accounting concepts to clients and the importance of client education and trust-building.
The slippery slope of advisory work (00:20:32)
Discussion on the challenges of defining boundaries and managing scope creep in advisory work.
Talking about talking about it (00:21:48)
Emphasizing the need for action and the impact of missed deadlines on client behavior.
Value and hard conversations (00:25:00)
Exploring the importance of adding value, having opinions, and asking tough questions in client meetings.
Client expectations and firm alignment (00:33:06)
Aligning client and firm expectations early in the process to determine next steps and potential change orders.
Empowerment and change order process (00:38:55)
Discussion on team empowerment to handle conversations and initiate change orders, with consideration for unique client situations.
The client's expectations (00:40:05)
Managing client expectations and limitations when dealing with out-of-state matters.
Client engagement model (00:40:56)
Discussing the importance of clarity in scoping, fees, and trust in client relationships.
Value proposition and onboarding (00:42:47)
Emphasizing the significance of understanding client needs and effective onboarding for a successful value proposition.
Reflecting on client boundaries (00:43:11)
Recognizing the need to assess and address potential client relationship boundaries and discomfort in addressing issues.
Concluding remarks (00:44:07)
Expressing gratitude and appreciation for the insightful conversation.
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“These aren't just numbers; numbers represent things that people care about, and when you start thinking about it that way, that's when you get clients who stay with you for life.” –Jeff Bartsch
Importance of storytelling and communication skills in the accounting industryStrategic use of storytelling, empathy, and understanding deeper motivations of clients in the context of financial numbers and business strategyThe role of communication skills in human connection, client retention, team management, and business growthThe core outcome of storytelling as human connection and building trust
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Jeff Bartsch is the founding communication strategist at Story Greenlight, which empowers accounting advisors to attract and keep their ideal advisory clients. With over 20 years of experience in the entertainment industry and client coaching, Jeff has helped shape content for clients including ABC, NBC, Disney, Apple, Netflix, and many others. Jeff has been recognized as a Top 30 thought leader in the accounting advisory world, and his commentary has been featured in publications including Accounting Today, the Associated Press, Time Magazine, and USA Today. He believes that the power of story is within reach of everyone, and that human connection is everything.Connect with Jeff at https://www.storygreenlight.com/moderncpa/Timestamps:
Introduction (00:00:00)
Welcoming listeners to the podcast and discussing the upcoming conversation with Jeff Bartsch.
Demystifying Storytelling (00:00:22)
The importance of storytelling in becoming a better communicator and advisor in the accounting industry.
Jeff Bartsch's Background (00:02:00)
Jeff Bartsch introduces himself, highlighting his background in communication strategy and thought leadership coaching, including his experience in Hollywood.
The Power of Storytelling (00:03:49)
Jeff Bartsch shares a personal experience about the transformative power of storytelling and its impact on human connection.
Transition to Accounting Industry (00:05:51)
Jeff Bartsch explains his transition from Hollywood to working with the accounting industry, emphasizing the importance of human connection and trust-building in the accounting profession.
Strategic Communication and Storytelling (00:10:15)
Discussion on the strategic level of storytelling, including the definition of a story and its impact on communication with clients.
Virtual CFO Playbook Advertisement (00:13:08)
An advertisement for a virtual CFO playbook, offering essential tools for creating and delivering scalable CFO services.
Strategic Communication and Tough Questions (00:15:20)
Exploring the role of strategic communication in asking tough questions and guiding clients through challenging financial situations.
Empathy in Strategic Storytelling (00:16:55)
Jeff Bartsch discusses the importance of empathy in strategic storytelling and understanding the deeper motivations of clients beyond just the numbers.
The importance of strategic storytelling (00:20:28)
Strategic storytelling as a crucial element in client advisory services, influencing clients' perceptions and willingness to pay.
The experience of creating the movie (00:21:38)
Drawing parallels between mastering tools in Hollywood and applying that to client advisory services to create a powerful experience.
Adapting communication strategies in the digital age (00:23:19)
Discussing the evolving role of digital platforms and technologies in communication strategies, and the importance of making tools invisible in client interactions.
Maintaining the human element in the age of AI (00:26:27)
Addressing the challenge of preserving the human element in client advisory services amidst technological advancements like AI.
The power of asking great questions (00:27:48)
Emphasizing the significance of asking powerful questions to uncover clients' true desires and needs, guiding them to find their own answers.
Avoiding pitfalls in client communication (00:36:08)
Identifying pitfalls, such as hammering on different problems and telling tactical stories for the wrong reasons and emphasizing the role of the advisor as a guide rather than self-promotion.
Strategic Communication and Storytelling (00:40:18)
Discussion on the use of storytelling in strategic communication and how it can guide strategic conversations in the accounting industry.
De-escalating Client Situations (00:41:14)
The importance of starting with common ground to de-escalate client situations and guide them towards a different plan.
The Power of Storytelling and Neuroscience (00:42:23)
Exploration of the brain's response to storytelling and the impact on contentious conversations, emphasizing the need to start from a common ground.
Differentiating as an Advisor (00:43:27)
The significance of building the skill of making connections with clients as a key differentiator for a good advisor.
Jeff's Hollywood Experience (00:43:58)
Jeff shares his experience of meeting Britney Spears in Hollywood and reflects on the impact of her celebrity status.
Closing Remarks and Podcast Promotion (00:45:40)
The conclusion of the conversation and promotion of the podcast for more tips and strategies in the accounting industry.
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“Telling the story behind the figures is not about compliance; it's about triggering an action in the heads of business owners.” –Soufyan Hamid
Importance of storytelling in financePractical tips for effective financial communicationTransforming financial data into compelling narratives
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/https://soufbp.com/Timestamps:
Introduction to Financial Storytelling (00:00:00)
Discussion on the importance of storytelling in finance and challenges faced by finance professionals.
Practical Tips for Effective Financial Communication (00:01:46)
Introducing the guest, Soufyan Hamid, and his background in financial storytelling and finance.
Challenges Faced in Financial Storytelling (00:02:55)
Soufyan shares his personal experience and challenges faced in financial storytelling.
Reverse the Narrative Concept (00:07:29)
Explaining the concept of "reverse the narrative" in financial storytelling and its impact on communicating financial information effectively.
Adopting Financial Storytelling (00:12:35)
Challenges in adopting financial storytelling, including the struggle to leave out details and focus on the main message.
Practicing Effective Presentation and Public Speaking (00:15:19)
Tips for effective presentation and public speaking in financial storytelling, including the importance of practice and engaging the audience.
Adapting Financial Communication to Small Group Discussions (00:21:14)
Discussion on adapting financial communication to small group discussions and the importance of anticipating questions and reactions.
Visual Aids in Financial Communication (00:23:31)
Discussion on the use of visual aids like dashboards and graphs in financial communication and their role in supporting the narrative.
Adapting Visuals for Effective Storytelling (00:24:37)
The importance of visually adapting graphs and charts to focus on specific points and guide the audience's attention in financial storytelling.
Preparation and Structuring for Effective Financial Communication (00:27:12)
The significance of preparation, structuring the message, and using visuals to guide the audience's attention in financial presentations.
The Four Steps of Financial Storytelling (00:33:07)
The four essential steps in financial storytelling: preparing a message, structuring the story, creating presentation slides, and practicing delivery.
Time Management for Preparation (00:38:17)
Discussion on the time required for preparation, practice, and the overall impact of effective storytelling in financial communication.
Course Content and Expected Results (00:40:41)
Details about the financial storytelling course, its duration, interactive elements, and the expected outcomes for participants.
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“The accounting profession historically has been like taking a trip with an atlas that’s 10 years out of date. However, today, what we can do with modern accounting and advisory services is much like the Waze app or Google Maps; you're getting instantaneous data that will tell you ‘Up ahead there's a roadblock and here's a workaround.’ This real-time info keeps you on track with your financial forecast. You can't make any business decisions on historical information; you must have current information and be able to look forward so that you can make good decisions and stay on track to reach your goals.” –John Scott
The finer details of this episode:
Importance of thought leadership in the accounting and legal professionsJohn's experience with a law firms’ growth and scaling based on data and metricsDiscussion and insights from John's book, “Judicial Dollars and Cents,” on understanding cash needs and working capital for businesses, including law firmsUnique elements of serving law firms and the complexities of partner compensation plansThe significance of data-driven decision-making in business managementEpisode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Get the book: https://home.virtualcfo.cpa/johnscottTimestamps:
The Introduction (00:00:00)
Introduction to the podcast and its mission.
Discussing Thought Leadership and Writing a Book (00:00:22)
Adam and Tom discuss the value of thought leadership and the process of writing a book.
John's Background and Experience (00:01:45)
John Scott introduces himself and discusses his experience working with law firms and the collaboration between Anders and Summit.
Scaling a Law Firm (00:02:58)
John shares a story of an entrepreneurial attorney scaling his business and the focus on data and metrics.
Inspiration for Writing the Book (00:04:06)
John explains the inspiration behind his book, “Judicial Dollars and Cents,” and the need to provide guidance for attorneys in managing their finances.
Unique Elements of Serving Law Firms (00:07:32)
Discussion on the unique financial aspects of law firms, including trust accounts and fee structures.
Forecasting and Real-Time Data (00:05:55)
John uses an analogy to emphasize the importance of real-time data in financial forecasting and decision making.
Key Metrics and Client Experience (00:12:13)
John discusses the importance of key metrics, staff retention, and client experience in law firms.
Availability of the Book (00:13:58)
John confirms the availability of the book.
Challenges of Writing a Book (00:18:49)
John shares the challenges and the process of organizing the content of the book.
Advice for Aspiring Authors (00:19:58)
John offers advice for those aspiring to write a book.
These are the timestamps covered in the podcast episode transcription segment, along with the titles for each topic.
Dictation and Writing Process (00:20:03)
John discusses using dictation software and his process for capturing thoughts and organizing them for writing.
Involving Others in the Writing Process (00:20:59)
John explains how he involved others to critique, develop thoughts, and help with grammar in the writing process.
Book Content and Editing (00:23:15)
The discussion covers the challenges of maintaining authenticity while editing and refining the book's content.
Importance of Cash Management (00:23:58)
The importance of understanding cash needs and reconciling accounts for businesses, including law firms, is emphasized.
Meeting Cadence and Financial Review (00:28:23)
The frequency and focus of financial meetings with law firms are discussed, highlighting the importance of reviewing financial statements and forecasts.
Compensation Models in Law Firms (00:31:54)
John shares insights on partner compensation plans and the importance of aligning individual and organizational goals in law firms.
Suitability of Services for Law Firms (00:36:30)
The discussion focuses on the ideal size of law firms for external financial services and the benefits of specialized niche expertise.
Trusting Data and Decision Making (00:39:40)
Discussion on the importance of trusting data for making quick decisions and the need for proper implementation.
Thought Leadership and Book Promotion (00:40:26)
Exploration of the concept of thought leadership, book promotion, and the value of intentional forecasting for small businesses.
Excitement for Book Release (00:41:46)
John's excitement for the release of his book and the relevance of the content, with a humorous exchange about his age.
Accountants' Behavior at a Conference (00:42:12)
Anecdote about accountants' reluctance to accept a free football signed by Rudy, with humorous commentary on their behavior.
Promotion and Support for the Book (00:44:36)
Acknowledgment of the book's potential value and support for its promotion, expressing anticipation for its release.
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“We did a lot of due diligence; we landed on Guadalajara, Mexico not only because of time zone, cultural assimilation, and a direct flight from the west coast but its citizens are highly educated, so there's a big pool of talented individuals working there.” – Martin Moll
Discussion of nearshoring and its benefits for accounting firmsDifferences between nearshoring in Mexico and offshoring in IndiaChallenges and advantages of nearshoring, including nurturing and training nearshore team membersExperiences with offshore teams and challenges faced when working with teams in IndiaImportance of critical thinking and cultural differences in offshore workChallenges of finding talent and benefits of outsourcing for smaller firmsImportance of building a strong bond with the offshore team and treating them as an extension of the firm
The finer details of this episode:Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/https://www.cadencia.io/Timestamps:
Introduction (00:00:00)
Introduction to the podcast and its mission to provide insights on accounting and related topics.
Martin Moll's Career Story (00:00:54)
Martin Moll shares his career journey from being a lawyer to becoming the president of Cadencia, emphasizing his experience with CPA firms and offshore operations.
Choosing Guadalajara for Nearshoring (00:03:58)
Martin explains the decision-making process behind choosing Guadalajara, Mexico, as a nearshore location, considering factors such as education, economy, and safety.
Cultural Assimilation and Language Barrier (00:06:47)
Discussion on the importance of cultural assimilation and the differences in exposure to tech stacks between nearshore locations like Mexico and offshore locations like India.
Benefits of Nearshoring and Staff Integration (00:10:51)
Martin highlights the benefits of nearshoring, emphasizing the potential for highly motivated and well-educated professionals and the integration of nearshore team members with the onshore firm.
Advertisement for Virtual CFO Playbook (00:08:24)
An advertisement for the Virtual CFO Playbook, offering essential tools for creating and delivering scalable CFO services.
Comparative Analysis of Offshoring and Nearshoring (00:15:39)
Comparison of offshoring and nearshoring, focusing on the cost, effectiveness, and the approach to hiring and training team members in Mexico.
Career Development and Critical Thinking Training (00:17:28)
Discussion on the career development opportunities and critical thinking training provided to nearshore team members, highlighting the focus on long-term career growth and skills enhancement.
The learning curve (00:19:49)
Discussion about the learning curve when working with offshore teams and the challenges of cultural differences.
Outsourcing challenges (00:21:08)
Addressing the challenges faced by smaller firms in finding people and considering outsourcing as an alternative.
Community support (00:22:08)
The importance of community support and sharing best practices among firms, especially for smaller firms.
Establishing a bond (00:23:30)
The significance of establishing a strong bond with offshore teams, including visiting them and integrating them into the firm's culture.
Cost benefit for smaller firms (00:25:25)
Highlighting the cost benefit of offshore staffing for smaller firms compared to larger competitors.
Talent shortage and client-facing roles (00:26:20)
Discussion on the talent shortage and the transition of team members to client-facing roles.
Language fluency and communication skills (00:28:18)
Ensuring team members are fluent in English and developing communication skills for client interactions.
Security and trust (00:33:26)
Addressing security concerns and the importance of building trust with offshore team members.
Insurance and liability (00:36:23)
Clarifying the insurance coverage for dishonest acts and professional liability.
Onboarding and integration (00:37:28)
Discussion on best practices for onboarding and integrating offshore team members into the firm's culture.
Engaging with Cadencia (00:39:00)
Information on how to engage with Cadencia and the initial process for reaching out.
Martin Moll's Insights (00:39:14)
Martin discusses the importance of meeting the team and the impact on hiring decisions.
Closing Thoughts (00:39:39)
Wrap-up discussion and hope for audience understanding.
Near Shoring and Talent Competition (00:39:46)
Adam highlights the competition for talent and the growing trend of near shoring.
Mission-Driven Industry (00:40:08)
Martin and Adam express their passion for the accounting industry and small firms.
Valuable Discussion (00:40:26)
Appreciation and closing remarks from the hosts and guest.
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“At the end of the day, it's first impressions. If you get a flat tire those first couple of weeks, it’s just going to really resonate through the entire relationship. You're never going to be able to win back that trust." -Adam Hale
The finer details of this episode:
● Importance of onboarding for CPA firms
● Setting clear expectations and creating a process for onboarding
● Activities involved in the onboarding process (accounting discovery, advisory discovery)
● Role of project management and client success managers in onboarding
● Significance of ongoing evaluation and improvement of the onboarding process
● Impact of successful onboarding on long-term client relationships
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
Timestamps:
The importance of onboarding (00:01:07)
Adam discusses the importance of onboarding and setting expectations for new clients, emphasizing the need for a structured process.
Discovery meetings and setting client expectations (00:02:21)
Tom explains the process of accounting and advisory discovery meetings, setting specific dates for deliverables, and aligning on priorities with the client.
Organizing work and project management (00:05:51)
Adam suggests organizing the team to focus on one area together, emphasizing the need for a solid process and project management for effective onboarding.
Client communication and feedback (00:08:04)
The importance of setting communication policies and feedback loops with clients during the onboarding process is discussed, ensuring clear expectations are established.
Role of a project manager and client success manager (00:11:02)
The role of a project manager in organizing the onboarding process and the importance of a client success manager for communication and issue resolution are highlighted.
Continual improvement of onboarding process (00:15:59)
The discussion emphasizes the continual evolution and improvement of the onboarding process to ensure a positive initial impression for clients.
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“The pipeline meeting delivers so much value; it's a strategic conversation around the best way to allocate resources.” – Adam Hale
Need for accurate data in pipeline managementStrategic implications of pipeline meetingsChallenges of waiting percentages in pipeline managementMethods for evaluating and forecasting pipeline opportunitiesTools and strategies for pipeline managementAdvice for looking forward and utilizing pipeline management
The finer details of this episode:Timestamps:
Pipeline Management (00:00:44)
Importance of understanding sales cycle, activities creating pipeline, and strategic implications of pipeline meetings.
Data Analysis and Forecasting (00:02:47)
Evaluating committed projects, analyzing potential opportunities, and using historical data for forecasting.
Operational and Financial Alignment (00:03:36)
Bringing finance, operations, and pipeline management together in meetings, and using pipeline data as guardrails for improvement.
Strategic Resource Planning (00:09:49)
Evaluating the impact of big contracts on pipeline size, considering the need for increased resources, and the role of finance in decision-making.
Shortening Sales Cycle (00:12:21)
Advising on ways to shorten the sales cycle, improving sales efficiency, and the relationship between sales cycle length and pipeline size.
Challenges of Waiting Percentages (00:14:59)
Disadvantages of waiting percentages in pipeline management and the preference for categorizing deals into simple buckets.
Pipeline conversation for service-based clients (00:18:00)
Discussion on tools and strategies for service-based and project-based clients, including sales, pricing, and seasonality.
Strategic implications of pipeline management (00:19:20)
Importance of pipeline management for advising clients and looking forward, and the various ways it can help businesses.
Conclusion and call to action (00:19:36)
Promotion of the podcast's website for more tips and strategies for achieving success in the accounting industry.
Episode resources:
Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at [email protected] out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/ - Visa fler
