The Modern CPA Success Show (Summit Virtual CFO by Anders)
Explore every episode of The Modern CPA Success Show
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 25 Nov 2024 | How Can Effective Cash Flow Management Transform Your Business? | 00:11:16 | |
"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:
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 mcpasuccessshow@anderscpa.com ● 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. | |||
| 01 Apr 2024 | Mastering the Art of Onboarding: Why Even Small CPA Firms Should Invest | 00:16:56 | |
“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 mcpasuccessshow@anderscpa.com ● 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. | |||
| 03 Oct 2022 | Quiet Quitting with Chris Williams and Josh Jeans | 00:40:58 | |
Episode Notes “Long before COVID, people were feeling frustrated, particularly younger people who were feeling like the market was leaving them behind. Then, along came COVID, which completely shook the entire job market. And it sent people home to sit on their couch and think about themselves and what they're doing. The pandemic shook the market and caused there to be some realization on the part of the employees that maybe they weren't getting everything out of this bargain.” – Chris Williams
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| 21 Dec 2020 | Deep Dive with Virtual CFO Client Casey Cobb of Ricochet Group | 00:38:40 | |
Quote “Let’s build the plan and plug the engineers into the plan instead of the other way around.” - Casey Cobb
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| 08 Mar 2022 | Clubhouse for Accountants with Larry D. West III | 00:29:37 | |
"Do it. Don't hesitate. Just jump into it." - Larry D. West III The finer details of this episode :
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| 24 Jun 2024 | How Can a Formalized Onboarding Process Transform Your Accounting Firm's Success? | 00:30:10 | |
“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
Episode resources:
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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| 19 Sep 2022 | Financial Tools for Remote Companies | 00:30:12 | |
In this episode, Jamie Nau, our host and Summit CPA's Director of Virtual CFO, sits down with Adam Hale, Partner at Anders CPAs + Advisors, and Jake Grimm, Summit CPA's Director of Technology, to discuss financial tools for remote and distributed companies. If you are a business owner of a fully distributed company, this episode is for you! Jamie, Adam, and Jake discuss must-have tools to implement in your remote business to help it run efficiently and grow it to the next level.
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| 19 Aug 2024 | Redefining Financial Planning and Reporting for Small Businesses and Startups with Blagoja Hamamdjiev | 00:48:40 | |
“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
Episode resources:
Timestamps: 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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| 30 Oct 2023 | Implementing Systems to Transform Your Firm with Josh Fonger | 00:42:48 | |
“The systems of your business are already there. The work is already happening. We help you get better at the work by standardizing and optimizing it. We're going to revolutionize little pieces of your business one at a time, and that’s what make the difference.” – Josh Fonger
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| 28 Dec 2021 | Best Advice for Remote First Companies | 00:30:50 | |
"Just do it. It's one of those things that if you think about it and you try and make it perfect it never will be. No one working in the office will ever be perfect. So (it's always) come out of your comfort zone and step into the risky area and go remote. You just have to do it." - Jody Grunden
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| 18 Apr 2022 | Summit CPA has Joined Anders! | 00:37:52 | |
" Just because things are going well doesn't mean they can't be better. So that's what we try to live by. " - Robert Minkler Jr.
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| 17 Oct 2022 | An Easy Solution For Data Storytelling with Pragadish Kalaivanan | 00:35:29 | |
“Big data is a thing right now. Everybody has tons of data, but it's not really useful information. I know for us and our clients and accountants everywhere, we've become storytellers. There's a lot of cool reports that we want to have for ourselves in order to understand and tell the story, but we've got to be able to push that information out and get it to the users. ”– Adam Hale
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| 12 Dec 2022 | Optimize Planning Using PlanGuru with Christian Wielage | 00:48:14 | |
“We've designed a pretty flexible tool. It’s turnkey when you need it to be, like determining cashflow. We've got some really cool stuff in the pipeline right now from a development perspective and KPIs.” -Christian Wielage
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| 29 Nov 2021 | Cloud-based Forecasting with Jirav | 00:27:57 | |
"This is another really great thing about using an online platform like this - you could have a support person who has never seen your model be able to figure out what's going on in like five or 10 minutes versus like taking all afternoon to figure it out in an Excel." - Martin Zych The finer details of this episode :
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| 09 Dec 2024 | Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level! | 00:46:48 | |
Title: Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level! Quote: "My clients had and still have amazing reputations in what they do. Most of them don't need huge numbers of new clients; it's more about reputation management and keeping the marketing ticking over." -Chantal Cornelius Summary: In this episode of the Modern CPA Success Show, the host and Tom Walton, a virtual CFO at Anders CPA and Advisors, engage with Chantal Cornelius, founder of Appletree Marketing and author of "Stand Out Strategies." The discussion centers on innovative marketing strategies for accounting firms, emphasizing the importance of emotional connections in client relationships. Chantal shares her unique journey into marketing and introduces her five standout strategies: certainty, connection, contribution, growth, and significance. The episode highlights the need for understanding client emotions, gathering feedback, and tailoring marketing messages to resonate emotionally, ultimately fostering stronger client relationships. Finer Details:
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 mcpasuccessshow@anderscpa.com ● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/ ● Take Chantal's StandOut Strategies test: https://appletreeuk.com/take-the-test/ ● Check out Chantal's book "StandOut Strategies" : https://appletreeuk.com/products/stand-out-strategies/ Timestamps: Welcome to the Modern CPA Success Show (00:00:00) Introduction to the podcast's mission and focus on innovative insights for accounting firms. Introduction of Guest (00:00:22) Tom introduces Chantal Cornelius, highlighting her unique emotional approach to marketing strategies. Chantal’s Background (00:01:17) Chantal shares her unexpected journey from animal agriculture to founding a marketing business. Release of "Stand Out Strategies" (00:04:10) Discussion on Chantal's upcoming book, "Stand Out Strategies," set to be printed soon. Definition of Standout Strategies (00:04:31) Chantal explains the concept of standout strategies and their importance in crowded marketplaces. Five Standout Strategies Overview (00:06:38) Chantal outlines five key strategies for businesses to differentiate themselves emotionally. The Strategy of Certainty (00:07:55) Clients desire a sense of safety and reliability from their service providers. The Strategy of Connection (00:08:39) Clients seek a sense of belonging and access to broader resources through their service providers. The Strategy of Contribution (00:09:08) Clients want to feel they are making a positive impact on society through their business choices. The Strategy of Growth (00:09:36) Clients desire empowerment and motivation for personal and business growth. The Strategy of Significance (00:10:12) Clients want to feel valued and respected, seeking a meaningful impact through their services. Using Language in Marketing (00:10:50) Chantal discusses the importance of language in marketing to create emotional connections. Client Needs vs. Company Identity (00:11:57) Exploration of whether businesses should choose strategies based on their identity or client needs. Adapting Strategies Over Time (00:12:19) Discussion on how businesses can evolve their strategies based on client feedback and market needs. Importance of Client Feedback (00:15:15) Encouragement for businesses to actively seek out and listen to client feelings and feedback. Asking the Right Questions (00:16:10) Chantal emphasizes the importance of asking clients how they feel about the service provided. Client Communication and Satisfaction (00:18:21) Discussion on the necessity of open communication to prevent client dissatisfaction and attrition. Podcast Episode Timestamps Understanding Client Feedback (00:20:26) Discusses the importance of direct communication with clients to gather constructive feedback. Client Advisory Services (00:21:31) Explores the shift of accounting firms towards client advisory services amidst automation. Applying Standout Strategies (00:22:20) Examines how firms can implement standout strategies while transitioning to new market sectors. Importance of Reputation Management (00:23:39) Highlights the significance of maintaining a firm's reputation over acquiring new clients. Identifying Key Strategies (00:24:16) Tom shares his thoughts on important strategies for growth and client management. Test Results and Insights (00:25:34) Discusses the results of a test taken by Tom, revealing insights on client expectations. Connection Over Certainty (00:26:00) Emphasizes the value of connection in client relationships over traditional certainty. Marketing with Connection (00:30:38) Explores how to leverage connection in marketing strategies for better client engagement. Strategy Before Tactics (00:36:47) Stresses the importance of establishing a strategy before diving into marketing tactics. Navigating New Business Challenges (00:38:17) Addresses the common challenges faced by new business owners in strategic planning. Niche Marketing Discussion (00:39:29) Exploration of the importance of defining a niche for accounting firms and overcoming the fear of exclusion. Specialization Benefits (00:40:11) Chantal shares how specialization leads to better client understanding and higher fees due to expertise. Client Relationships (00:41:12) The significance of emotional connections in client relationships and the advantages of working with specialists. Diverse Clientele (00:42:31) Discussion on how having a niche does not mean turning away all other business opportunities. Expanding Client Base (00:43:13) Chantal talks about flexibility in client selection while maintaining a focus on service-based businesses. Closing Remarks (00:44:03) Chantal expresses gratitude and reflects on the insights shared during the conversation. Book Promotion (00:44:24) Chantal discusses her books, "Magnetic Marketing" and "Stand Out Strategies," and where to find them. Practical Marketing Tips (00:45:29) Chantal provides actionable advice on integrating connection and certainty into marketing strategies. Final Thoughts (00:46:35) The host thanks Chantal and encourages listeners to visit their website for more resources. | |||
| 16 Sep 2024 | Tips for Building a Firm Worth Growing: Ideal Clients and Strong Networks with Michael Clarke | 00:46:45 | |
“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: Episode resources: Guest Introduction (00:00:22) Michael Clarke's Career Journey (00:01:40) Overview of "A Firm Worth Building" (00:03:03) Transitioning from Individual Practice to Business (00:04:13) Building Relationships with Other Professionals (00:06:03) Common Mistakes in Firm Management (00:09:21) Practical Lessons in the Book (00:12:12) Understanding Trust Compression (00:12:50) Education as a Key Element (00:15:27) Applying Trust Compression Beyond Onboarding (00:17:59) Making Client Interactions Painless (00:19:01) Good Growth Explained (21:22) Identifying Ideal Clients (22:48) Balancing Growth and Client Quality (23:35) Building a Reliable Referral Network (25:09) Creating Effective Partnerships (27:34) Edifying Team Members (32:21) Managing Client Growth (33:17) Building What Should Exist (39:43) Practical Changes in Practice (00:41:08) Importance of Support Staff (00:41:58) Learning to Manage (00:42:41) Transitioning from Doing to Managing (00:43:12) Collaborative Learning in Networks (00:44:48) Inspiration and Continuous Learning (00:46:05) | |||
| 29 May 2023 | The Importance of Onboarding for Successful Client Relationships in Accounting Firms with Joey Kinney | 00:46:55 | |
“Without the foundation of a good onboarding process, it's going to be very hard to have each client make sure that they're hitting all those deliverables because every client is a little bit different.” - Joey Kinney
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| 19 Feb 2024 | Attract and Retain Accountants Amid a CPA Shortage: A Conversation with Cory Gayman | 00:48:58 | |
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| 22 Oct 2019 | How we bootstrapped the firm of the future | 00:29:59 | |
“If we want to make an impact in the industry, if we want to change the way everyone is thinking, then we have to get our peers to do the same.” - Adam Hale The finer details of this episode
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| 14 Jun 2021 | Deep Dive with Virtual CFO Client Tiffany Farriss of Palantir | 00:34:06 | |
“We were built to a certain kind of project, that they weren't looking from us anymore. We had to really reshape the firm and it was a really painful moment. So we really had to learn and step back.” - Tiffany Farriss The finer details of this episode
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| 03 Mar 2021 | Establish Smarter Ways of Working for you and your Clients with Bill.Com | 00:28:57 | |
Quote "You have an opportunity to digitally transform your clients' life." - Pete Potsos
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| 14 Sep 2020 | Family Office Integration with VCFO Services with Michael Frost from Heritage | 00:32:32 | |
Quote “You have four professionals under one roof, so if you can’t genuinely respect and understand everyone’s industry, you are going to have a hard time implementing family services into your office” - Michael Frost
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| 13 May 2024 | Crafting Financial Narratives: Strategies for Storytelling in Accounting with Soufyan Hamid | 00:45:33 | |
“Telling the story behind the figures is not about compliance; it's about triggering an action in the heads of business owners.” –Soufyan Hamid
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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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| 29 Mar 2021 | Choosing Vendors with Jake Grimm | 00:28:14 | |
"In our industry, we're always looking at what can save time and what's not going to break down all the time” - Jody Grunden The finer details of this episode
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| 19 Nov 2019 | How we built our team using a distributed model | 00:26:33 | |
“If they’re not willing to get on camera, then they likely won’t be a good prospect.” - Jody Grunden The finer details of this episode
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| 22 Jan 2024 | Drive Success in Your Accounting Firm Through Storytelling with Jeff Bartsch | 00:42:53 | |
“I believe that business thrives when it's driven by human connection. And that human connection happens when you take ordinary messages and elevate them into something extraordinary. And you can do the exact same thing in business; you can take what some people might consider ordinary and connect humanity to it—driving business results in the process.” – Jeff Bartsch
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| 20 Mar 2023 | Understanding the Silicon Valley Bank Issue: What Small Business Owners Need to Know | 00:22:08 | |
Episode Notes: “Any business, whether it's startup, tech, any business across the board, should really have a strategy of diversification of the funds that they don't particularly need on a 90-day basis to a six-month basis. If they've got that cash flow, let's start to diversify the rest of those funds.” –Paul Rhea The finer details of this episode:
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| 17 Feb 2020 | Marketing Your CPA Firm | 00:26:11 | |
Quote “The marketing for Summit CPA is focused on building relationships. ” - Kelly Schuknecht
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| 13 Dec 2021 | Organization Reinvention with Fabiaan van Vrekhem | 00:29:31 | |
"Today, it's about rethinking your business model to adjust to new societal needs because society has evolved, science has evolved, what makes sense and what doesn't make sense in society has evolved and will further evolve." - Fabiaan van Vrekhem
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| 04 Jan 2021 | The Future of Virtual CFO Services with Rick Telberg of CPA Trendlines | 00:27:07 | |
Quote “If we write about what people are talking about, then people are going to talk about what we write about.” - Rick Telberg The finer details of this episode
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| 25 Jun 2020 | Onboarding a New Employee with Zach Montroy | 00:24:12 | |
Quote “The three legs of the stool are culture, tech and tools, and client backgrounds.” - Adam Hale
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| 18 Sep 2023 | Revolutionize Your Firm's Business Solutions with Alex Sonkin | 00:44:46 | |
“I started working with CPA firms and law firms and realized that there's a huge disconnect out there, and the same thing is happening with family offices. As a result, we figured out how to become that connection point and how to bridge the gap between the best firms in the country and then the best tax attorneys, the best specialists, and the best resources out there.” - Alex Sonkin
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| 05 Sep 2022 | Overcoming Awkward, Winning Clients, and Influencing People With Monica Parkin | 00:31:57 | |
"I'm just authentic me. When I meet people, I don't talk about me and what I can do for you and what I do for a living. Ask questions about other people, like: Why are you here? What made you wanna do this business? What can you offer? Who can I connect you to? It's adding value to other people. And one thing I've figured out is people notice people who notice them. Simple little things like giving someone else a shout out or sharing their post or saying, "Hey, I saw you the other day. That was great." It's bringing that sense of community into everything you do." - Monica Parkin
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| 07 Feb 2022 | Developing A Team Of Constant Learners | 00:30:07 | |
"The end of curiosity is that understanding and it's engagement. And if we get to that and then we're going to increase our quality of interactions with our internal stakeholders and with our teammates, we're going to increase the quality of the service we provide to our clients because we are fully engaged. We are better understanding who, who they are and what they want." - Josh Jeans The finer details of this episode :
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| 25 May 2020 | PPP Loan Forgiveness | 00:17:40 | |
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“Don’t try to game the system with these. The government is going to be really scrutinizing the details with this.” - Jody Grunden
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| 05 Aug 2024 | Strategies for Revolutionizing Client-Centered Financial Advisory with Tyson Ray | 00:45:30 | |
“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
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Timestamps: 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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| 01 May 2023 | Adding Virtual CFO Services to Your Firm with Katina Peters | 00:46:52 | |
“When moving to offering virtual CFO services, there was a mindset shift that really helped us recognize our own value. Now we're at the place where we have a definition, structure, and the ability to align ourselves with potential clients and their needs.” - Katina Peters
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| 02 Sep 2024 | Navigating the Complexities of Financial Planning for Business Owners with Adam Koós | 00:46:09 | |
“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
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Timestamps: 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. | |||
| 02 Oct 2023 | What Every Advisor Should Know About the Cannabis Industry with Guillermo Rodriguez | 00:48:48 | |
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| 04 Mar 2024 | ESG Consulting: How Accountants Can Advise on Environmental, Social and Governance Initiatives with Kai Gray | 00:55:01 | |
“ESG is not a measure of ‘good company versus bad company.’ ESG is a collection of roughly 200 different metrics around environmental, social, and government governance data. The way I look at ESG is, it's a measure of transparency; how much information do I have to make an informed decision about a company?” – Kai Gray
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| 23 Jun 2022 | How Autoreview Adds Value to Your Financial Reviews | 00:33:21 | |
"I always go in with a little skepticism just because there's a lot of tools out there and they can be great, or they can flop and not really do much. But, I did see some value in the Autoreview demo that they gave us. It definitely had features that you can't get just out of QuickBooks and it is in an easy-to-read self-organizing format" - Alyssa Colf The finer details of this episode :
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| 31 Dec 2019 | How accounting firms can keep up with technology | 00:19:18 | |
“One of our strengths as a firm is that we are not afraid to move on to the next best software.” - Jamie Nau
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| 16 Nov 2020 | The Importance of Team Retreats with Zach Montroy and Lillian Hocevar | 00:36:03 | |
Quote “Taking this time and investment in your team will show dividends in the future.” - Zach
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| 26 Jun 2023 | Transform Your Business Model: Implementing After-Action Reviews and Creating a Value Proposition with Ron Baker (Part 2) | 00:52:38 | |
“Good businesses have customers. Great businesses have fans. Incredible businesses have audiences." - Ron Baker
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| 28 Nov 2022 | Pre-IPO and Financial Planning With Aaron Rubin | 00:33:45 | |
Episode Notes “It’s time to bring in an expert if you are leaving your role at a pre-IPO company. Also, when the IPO happens, it can a little tricky, especially if they have some of the more complex kinds of contracts, so you’re going to want to get some help on it.” – Aaron Rubin
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| 01 Jul 2021 | Tax Lessons Learned with Dave Danic | 00:28:18 | |
“Building a team that is eager to dive into some of these multi-state tax issues is one of our lessons”- Dave Danic
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| 05 Feb 2024 | Cash Balance Plans: Maximizing Client Tax Savings with David Podell | 00:45:56 | |
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| 20 Mar 2023 | Top 5 Marketing Mistakes CPA Firms Make with Matthew Banker | 00:47:28 | |
“I've talked to a lot of firms who say that they can't take on new business between February and April. I think that's a mistake because that's when business owners are feeling the most pain around their financials, so that's when they most need help and want to talk to someone. But they'll often just turn off the marketing during those months. So, that's the best time to be connecting with potential clients because that's when they're feeling the need most acutely.” – Matthew Banker
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| 06 Mar 2023 | Finding Joy in Accounting: Nearshore Outsourcing, Taxes, and Franchising with Kristen Keats | 00:40:21 | |
“Your mission should be bigger than you can do in your lifetime, but you should never lose sight of it as your North Star. Any decision that we make or any of the things that we’re doing, we ask the question, ‘Is this going to further the joy?’ The joy is interacting with your clients and really feeling like you're making a difference. I want to bring joy to both sides—accountants and clients. How can we make it more positive for both? We do so by finding solutions for our clients’ pain points.” – Kristen Keats
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| 23 Jan 2023 | Getting Things Done® with David Allen | 00:51:42 | |
“GTD® doesn't deliver a solution; it delivers hope. How much people want to take advantage of that is up to them. GTD® and implementing these best practices—capture, clarify, organized, reflect, and engage—of how you get stuff under control in your life and work, they don't give you more time. They give you more room. What you do with that room is unique to you.” – David Allen
The finer details of this episode: • Meeting management and setting boundaries for back-to-back meetings • The need for GTD® in a team environment—not just individually • The importance of setting and understanding what your priorities are
Episode resources: • Summit CPA website – summitcpa.net • Email us with questions – vcfo@summitcpa.net • Getting Things Done® – https://gettingthingsdone.com/
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| 28 Nov 2019 | Becoming the firm of the future | 00:27:32 | |
“They don’t feel like they have to guess while they grow. There’s a concrete plan.” - Jake Grimm The finer details of this episode
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| 15 Mar 2021 | Adapting in the Age of Automation with David Bergstein | 00:26:31 | |
"I think the future of accounting is automation and advisory services." - David Bergstein
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| 02 Jun 2021 | Developing Systems to Scale Your Business with David Jenyns (Part 2) | 00:31:34 | |
“That's what systems do. They enable you to solve problems once, and then the business over can move over to the next problem which should be a higher level” - David Jenyns
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| 07 Jul 2020 | Cash Flow Tools with Justin Pulgrano of Finagraph | 00:28:55 | |
Quote “Cash flow tools allow you to help every client with short term forecasting.” - Justin Pulgrano
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| 24 Jul 2023 | Cultivating a Sales Mindset with Mike Meilinger | 00:48:11 | |
“You have to care about your clients and how you can help them. Then, you have to have the confidence to communicate to the client–not by bragging on yourself but just by believing in yourself.” - Mike Meilinger
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| 22 Aug 2022 | How to Manage Change and Thrive in it with Douglas Fergusson | 00:42:45 | |
"I think a lot of it has to be started through exploration because if we don't start with a mindset around exploration and learning...If we're just changing for the sake of changing, then we really, we're not coming from an informed perspective." - Douglas Ferguson
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| 07 Apr 2021 | The Playbook That Inspired the Growth of Oberlander & Co. | 00:29:53 | |
"I feel like we're colleagues, so you know it's like a real firm and we work together and they help us a lot besides actually taking the course that has helped us a lot in setting the framework."- Jacob Oberlander The finer details of this episode
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| 06 Apr 2022 | How to Communicate With Your Clients in Plain English with Peter Margaritis | 00:38:46 | |
"We have to realize that we speak this technical language riddled with acronyms, that when our audience isn't like us, we need to find a way to translate it into plain English. So there's understanding." - Peter Margaritis
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| 07 Aug 2023 | Selling for Accountants with Nikki Rausch | 00:48:17 | |
“Selling is actually something you do with people. It's a collaboration. Your objective of sales is not to try to convince people to buy from you; that's where you get into that place that feels uncomfortable and manipulative.” - Nikki Rausch
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| 23 Aug 2021 | Finding Your Niche & Becoming a Thought Leader | 00:28:08 | |
“In terms of passionate, absolutely essential as there's a rule in the practice of thought leadership, that your audience will never be more interested in your topic than you. So you have to choose something that you're going to be excited to talk about for the next five or 10 years.” - - Bill Sherman The finer details of this episode
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| 18 Mar 2024 | Sales Pipeline Analysis with Adam and Tom: How to Lead Revenue Forecasting Meetings | 00:19:48 | |
“The pipeline meeting delivers so much value; it's a strategic conversation around the best way to allocate resources.” – Adam Hale
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.
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| 30 Mar 2020 | How to Help Your Clients Through Difficult Times | 00:26:52 | |
Quote “Times are different now with COVID-19, but these are conversations we need to have when the economy is doing really well.” - Adam Hale
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| 27 Nov 2023 | Benefits of Adding Outsourced Executive Services to Your Firm with Gina Cotner | 00:45:31 | |
“A lot of people wonder if they can afford an executive assistant. So, let’s say that you have an executive assistant whom you delegate ten hours of work to every week. How would you spend those ten hours? What high-level work could you get done? I think we're all willing to work a hard day. But then, we want to go home satisfied and fulfilled. It’s about quality of life.” - Gina Cotner The finer details of this episode:
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| 15 May 2023 | Maximizing Automation in the Accounting Industry with Jesse Rubenfeld | 00:40:42 | |
We partner with CFO-services firms and CPA firms that want to focus on the advisory angle. We don't necessarily want to provide advisory services, but we want to give our partners a strong foundation of bookkeeping and accounting. We're focused on using automation to improve the accounting system, and that helps our partners, the CFO-services firms and the outsource CPAs, that are really the advisors to their clients. But you have to have the bookkeeping and the accounting there in order to provide the advisory piece. We want to be the wind beneath their wings.” - Jesse Rubenfeld
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| 12 Jun 2023 | Transforming Your Business: The Power of Subscription-Based Models with Ron Baker (Part 1) | 00:58:56 | |
“We need to move away from pricing services and we need to start pricing what's really important, which is the relationship and transformations." - Ron Baker
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| 11 Aug 2021 | Planning Memorable Company Retreats for Remote Companies (Part 2 Live from Las Vegas) | 00:01:27 | |
"I think being in my role one of the things I've seen is the fact that we haven't had this conference for a full year. I think it definitely affects the morale" - Jamie Nau The finer details of this episode
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| 02 Mar 2020 | Structuring client meetings for success | 00:27:25 | |
Quote “You don’t need a silver bullet every time you meet with your client” - Jamie Nau
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| 01 Nov 2021 | The Great Resignation | 00:29:54 | |
"We're seeing it all across different disciplines, all different types of employment and what we're finding is that people are quitting - and that really started from probably I'd say January and still continuing on through today - where they're quitting for all kinds of reasons" - Jody Grunden The finer details of this episode
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| 08 Jan 2024 | Mail Call: Answering Your Onboarding Questions with Jamie Nau and Joey Kinney | 00:50:40 | |
“Don't let the needs of the present get in the way from the needs of the future. Build that future, invest now, and it'll pay for itself in the long run.” – Joey Kinney
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| 23 Jul 2020 | Special Guest Justin Hatch of Reach Reporting | 00:29:24 | |
Quote “Every metric tells you what button you need to push to make yourself more profitable.” - Justin Hatch
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| 20 Sep 2021 | Building Communities and Learning From Your Peers | 00:32:24 | |
“Make it easy for them to say yes and dont make it anything about making money. Make it about making connections and launching the ship in a direction with the right people where everybody understands that this is about getting better together.” - Carl Smith The finer details of this episode
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| 11 Dec 2019 | Why hiring is SO important | 00:26:54 | |
“We’re not just looking to hire someone with an accounting degree. Customer interaction is very important to us.” - Zach Montroy The finer details of this episode
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| 09 Jan 2023 | Divvy: Empower Spending Using Simple Controls With Zac Heinz | 00:45:07 | |
“Divvy is a software company first. And then we found that we had to tie a card into it. It’s the web application; it's the mobile application; it's the Divvy Smart credit card. What's nice about this is that it's one integrated solution. You don't have to go find a card solution and then buy a software to lay over the top of it and vice versa. You don't need to find a software that you really like and then have to go find a card that might work into it.” – Zac Heniz
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| 04 Sep 2023 | Niche Down, Price Up with Geraldine Carter | 00:47:02 | |
“One of the pros of niching is that it facilitates being able to dial in your process and create more consistent results for your clients. And when your results for your clients are more consistent, it becomes much easier to advocate, to articulate, the value that you're creating, and you get more confident in your ability to deliver those results because you've systematized it and you've seen it again and again.” Geraldine Carter
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| 10 Aug 2022 | The Future of CPE with Blake Oliver | 00:47:17 | |
"I think CPE is also one of those things that's kind of stagnated in our profession. Going to webinars, going to in-person seminars... it's just old-fashioned, it's inconvenient. People do things on their phones now. So why can't we learn on our phones on demand, wherever we are, whenever we want." - Blake Oliver The finer details of this episode :
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| 15 Apr 2024 | Unlocking Growth and Integration: Benefits of Nearshoring in Mexico with Martin Moll | 00:40:44 | |
“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
Episode resources:
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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| 31 Oct 2024 | Spooktacular Showdown: A Halloween Movie Draft Special | 00:47:12 | |
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. | |||
| 16 Jul 2021 | Everything you Need to Know About Cannabis Accounting with Andrew Hunzicker | 00:29:55 | |
"The House today introduced a bill to fully decriminalize Cannabis. So, we're moving quickly both state front and federally and we actually saw this with CBD and Hemp legalize completely in 2018. So, there's a decent chance Cannabis will go down this path as well.” - Andrew Hunzicker
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| 28 Oct 2024 | How Client Accounting Services Are Redefining the Role of Accountants in Business Growth | 00:21:13 | |
"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:
Timestamps: Overview of CAS (00:00:22) Defining CAS (00:00:46) Importance of Accounting in CAS (00:01:02) Traditional vs. CAS Structures (00:01:52) Leveraging Resources in CAS (00:02:06) Transitioning from Traditional Models (00:03:29) Financial Metrics in CAS (00:04:35) Understanding Profit Margins (00:06:19) Building Client Relationships (00:09:24) Delegation and Offshoring (00:10:06) Measuring Performance in CAS (00:11:59) Book of Business Targets (00:12:57) Compensation Structure in CAS (00:13:39) Efficiency Over Hours (00:16:32) Promoting the Virtual CFO Playbook (00:17:33) Selling Access in Advisory Services (00:18:30) Access to Advisory Services (00:18:51) Managing Client Expectations (00:19:41) Rethinking Practice Structure (00:20:20) Corporate Structure in Accounting (00:20:31) Closing Remarks and Resources (00:21:01) | |||
| 09 Jun 2022 | How to Survive Your First 100 Days as a Virtual CFO with Greg Wallis | 00:40:33 | |
"The quality of the people (and), the quality of the technology has just made my ability to step in and be successful a whole lot easier." - Greg Wallis The finer details of this episode :
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| 28 Sep 2020 | Summit CPA employees Angie Douglas & Mikala Page talk about traveling while working remotely | 00:28:21 | |
Quote “Scope out the wifi situation before you arrive somewhere. The worst workweeks have been when I had to use my phone hotspot to work.” - Mikala Paige
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| 10 Jun 2024 | Strategies for Setting Boundaries and Managing Scope in Advisory Work with Chris Papin | 00:44:22 | |
“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
Episode resources:
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. | |||
| 20 Mar 2020 | Distributed Working Models | 00:31:02 | |
Quote “Creating a dedicated space for your work is one of the most essential things you can do when working from home.” - Adam Hale
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| 15 Nov 2021 | The Great Resignation Part 2 | 00:35:54 | |
"You have got to understand everyone on your team's unique ability and best and highest contribution and put that to work. Create a place where they can make a meaningful contribution given their motivations and their unique abilities." - Zach Montroy The finer details of this episode :
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| 18 Oct 2021 | Value-Based Pricing with Geraldine Carter | 00:33:15 | |
"In order to get at value for your clients, it's helpful to think of the three questions that you can. Why now, why me and why this way. " - Geraldine Carter The finer details of this episode
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| 26 Apr 2022 | Why Networking on LinkedIn is More Important Now Than Ever With Donna Serdula | 00:41:27 | |
"When you showcase your best, you attract the best." - Donna Serdula.
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| 19 Apr 2021 | How to Build a Flexible, Engaged, and Successful Workplace with Frank Cottle | 00:33:58 | |
"The one word that every major employer, or every major business, or governmental entity is using right now is agility. They started using that in 2017, 2018, 2019, they started using the word but they weren't taking action and that's the big difference” - Frank Cottle The finer details of this episode
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| 15 Feb 2021 | Exploring Video Marketing Strategies to Grow Your Business | 00:36:01 | |
Quote “If you want to be a big business that continues to grow with some scale, then you need to learn how to use these.” - Stephen Pope The finer details of this episode
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| 27 May 2024 | The Most Powerful Accounting Tool That You’re Not Using with Jeff Bartsch | 00:45:52 | |
“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
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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. | |||
| 20 Feb 2023 | Outsourced HR Solutions with John Baldino | 00:46:00 | |
“If an organization views human resources as the “HR police” that only values and enforces compliance, it's a disservice not only to HR as a discipline, but to each employee's experience of what work ought to be like.” – John Baldino
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| 12 May 2020 | Best Books to Make You a Better CFO | 00:22:12 | |
Quote “It’s impossible to have all these experiences yourself, so you get that from reading books.” - Adam Hale
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| 27 Apr 2020 | Using JetPack Workflow for project management with David Cristello | 00:36:32 | |
Quote “Project management tools are built for a defined sprint of work, but there is a big gap in recurring client management tools.” - David Cristello
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| 31 Aug 2020 | EOS with Tom Barrett from Navigate the Journey | 00:28:06 | |
Quote “The time you spend on EOS tools, you are going to save that time and more in the long run.” - Tom Barrett
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| 03 Feb 2020 | The Virtual CFO Process | 00:30:32 | |
Quote “If you really want to grow your firm and scale your practice, you have to have a process.” - Adam Hale
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| 07 Sep 2021 | Exploring New Marketing Channels to Reach More Leads | 00:33:56 | |
“The thing is, you kind of have to find your groove there. It doesn't happen just overnight.” - Stephen Pope The finer details of this episode
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| 03 Apr 2023 | How to Offer Virtual CFO Services to Law Firms with John Scott | 00:45:35 | |
“Typically, lawyers are focused on what is right in front of them. They think if they do good work that's right in front of them, then good things will happen. And, sometimes they do, but you can enhance that if you focus on what the value drivers are for the business.” -John C. Scott
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| 28 Jul 2022 | How Technology and Insights Influence a Restaurant's Success with Bo Davis | 00:30:35 | |
"I think the heart of it is (that) there's a lot of value in automation so that you can provide value-added and not have to deal with typing in sales entries everyday or the minutiae that comes with this" - Bo Davis The finer details of this episode :
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| 29 Apr 2024 | Making Sense of Law Firm Metrics with "Judicial Dollars and Cents," with John Scott | 00:44:55 | |
“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
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Timestamps: 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. | |||
| 15 Apr 2020 | PPP vs EIDL | 00:25:08 | |
Quote “For the clients that are really hit hard, if they are completely shut down, the Employee Retention Credit might be a good move for them.” - Adam Hale
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| 03 May 2021 | How Octavia Conner Made Her Clients Say Yes to Profits | 00:25:21 | |
"In order to generate profit the correct way you need to have cash flow in your business...So one of the ways that we help our business owners is that we tell them 'The ultimate goal is for you to say yes to profits.'” - Octavia Conner
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