Explorez tous les épisodes du podcast It's not Just the Numbers

Building a successful client accounting services practice isn't just about choosing the right software or pricing model — it starts with the clients you choose and how openly you communicate with your team about what drives profit.

In this episode, co-hosts Damien Greathead and Penny Breslin field listener questions on some of the most pressing operational challenges facing CAS firm owners today. The conversation opens with a deceptively simple question: how much should your team know about client profitability? Penny and Damien unpack why sharing the profitability of services — rather than individual client financials — can help your team understand the impact of scope creep, delays and inefficiency, without exposing sensitive numbers.

From there, they dig into the real-world damage caused by clients who chronically delay. Penny shares how repeated bottlenecks from a handful of clients can derail an entire workflow, stress the team and block the path to higher-value advisory work. They discuss practical strategies for identifying the root cause of delays — whether it's missing documents or unanswered questions — and adapting your communication method to suit each client.

The episode also covers the case for vertical specialisation, with real examples of firms that specialised in breweries, dental practices and restaurants, including how deep industry knowledge helped one firm help clients pivot through COVID lockdowns. Damien and Penny close with a candid discussion on AI's actual impact on accounting workflows and the realities of using offshore teams, including why team buy-in matters more than client perception.

IN THIS EPISODE

• Understand why service-level profitability matters more than client-level profitability — and how to share that insight with your team without exposing sensitive financial data
• Identify and manage chronic client delays before they derail your entire workflow and block the path to advisory work
• Separate "missing information" from "missing documents" in your workflow statuses to diagnose the real cause of bottlenecks
• Discover how vertical specialisation can sharpen your marketing, reduce overheads and make your firm the go-to expert in an industry
• Hear real examples of firms that specialised and thrived — including a restaurant specialist who helped clients pivot to distilleries during COVID lockdowns
• Learn how to respond when clients ask whether AI should reduce your fees — and why the reality of AI in bookkeeping is far messier than the marketing suggests
• Understand what it takes to make offshore teams successful — and why internal team buy-in matters more than client perception
• Explore how to communicate the value of monthly CAS services to clients who only see the worth of annual compliance work

Companies mentioned in this episode:

• Moneypennyllc.com
• QuickBooks
• Xero

AI in Accounting: Team or Tool?

Is AI a team member, a tool, or both? In this episode, Damien Greathead and Penny Breslin dig into how AI is actually being used inside accounting and bookkeeping practices today — not in theory, but in the day-to-day.

Penny walks through a real client cleanup project where she used Claude to turn a messy Excel breakdown into a client-ready proposal in minutes (and caught the AI's own math mistake along the way). The conversation moves into what this means for team development — how firms need to intentionally build critical thinking skills in their people so they don't become passive "bot approvers," and why understanding the full context of a client (not just the transaction data) still requires a human.

They close with practical advice on how to write better AI prompts by giving the "set and setting," and where to find more from Penny and Damien.

Time Stamps:

• 0:00 — Intro: welcome to It's Not Just The Numbers, meet your hosts
• 1:49 — Is AI a team member or a tool? Opening debate
• 7:31 — Real case study: using Claude to build a client cleanup proposal from a messy Excel file
• 19:17 — Shifting focus to the team: what AI means for an 80-person accounting staff
• 21:07 — Teaching critical thinking skills in a technical, linear-trained workforce
• 23:34 — The "rainforest" mindset: seeing complex opportunity instead of fixating on crisis
• 26:25 — Gamifying work with AI to build critical thinking habits
• 31:33 — "Set and setting": how to prompt AI like you'd brief a team member
• 38:42 — Where to find Penny and Damien, and closing thoughts

Tax season looked different in 2026, and it's not just volume. In this episode, Damien Greathead and Penny Breslin unpack the real AI story inside accounting firms: a live test of Juno saved 25% of prep time, clients are submitting documents faster than ever, and AI meeting assistants are replacing manual notetaking.

But the bigger conversation is about critical thinking. As AI handles more routine work, who's making sure your team can still spot the anomaly? Identify the conflict? Give a client a real perspective? Damien shares how Moneypenny is gamifying judgment, hiring non-accountants, and rebuilding firm roles around advisory rather than compliance.

This is a practitioner episode — real tools, real results, real friction. If you're building or scaling a CAS practice, this one is essential listening.

Thank you to our sponsors MoneyPenny, LLC. From bookkeeping and tax preparation to back-office support, MoneyPenny helps accounting firms increase capacity, improve efficiency, and grow with confidence.

In This Episode

• Why accounting firms are seeing earlier tax document submissions in 2025
• Live AI tax prep test: Juno delivers ~25% time savings, but still requires human review
• The difference between OCR tools (Grunt Works, Shore Prep, 1040 Scan) and AI-layer tools
• How AI can find conflicting information across reports, workflows, and client communications
• The 'trust but verify' mindset, and why anomaly-hunting beats confirmation-seeking
• Gamifying critical thinking to keep accounting teams sharp in an AI-assisted environment
• The 80/20 rule: who will rise to the top as AI takes over routine tasks
• Building distinct firm roles: traffic cop, trusted advisor, tax expert
• Why MoneyPenny is hiring data scientists instead of more accountants

Connect with the hosts on LinkedIn

Damien Greathead

Penny Breslin

In this special "After Hours" episode, hosts Damien Greathead and Penny Breslin sit down with Steven Ladd — recovering engineer, serial entrepreneur, and small business advisor — to explore what it really means to serve small business owners beyond the debits and credits.

Steven shares his journey from engineer to entrepreneur to advisor, and how working with small businesses during COVID revealed a hard truth: most owners don't have a financial foundation — and most advisors don't know how to connect with them on a human level.

In this episode, you'll hear about:

• Why speaking plain English (not EBITDA) changes everything
• The "Lemonade Stand" model for helping owners understand their own business
• What the Catalyst program looks like in practice — and what real value delivery looks like in the first 90 days
• The difference between a compliance mindset and a true advisory relationship
• Why the best advisors ask great questions rather than have all the answers

Whether you're an accountant looking to move into advisory, or a bookkeeper ready to offer more value, this conversation will give you the confidence and framework to take that next step.

0:00 – Introduction & Welcome

0:22 – About the "After Hours" format

0:54 – Recap of previous episode: Defining Advisory Services

1:51 – Penny introduces Steven Ladd

4:17 – Steven's background: Engineer → Entrepreneur → Advisor

5:09 – Working with small businesses through COVID

8:28 – How Steven describes what he does: "Love and Systems"

10:40 – Why jargon (like EBITDA) gets in the way

16:35 – What the Catalyst program looks like in practice

17:10 – The "Lemonade Stand" model for business clarity

24:15 – After the Catalyst: bookkeeping options & the fork in the road

29:13 – Empowering owners to become the Operator

31:15 – How big is Steven's company? (The answer may surprise you)

32:44 – A client success story: from skeptic to $250K loan

35:46 – Wrap-up & connect with Steven on LinkedIn

Are your accounting firm's processes truly optimized, or are you considering automation as a quick fix to deeper workflow issues? 

In this episode, hosts Damien Greathead and Penny Breslin are joined by Korey Cournoyer to explore the world of automation within accounting firms. They discuss the importance of process documentation, the benefits of strategic automation, and how to approach implementation effectively. The conversation highlights the need for standardization, efficient workflows, and proper utilization of technology to ensure success. Korey emphasizes the significance of understanding why automation is needed and addressing those issues internally before implementation.

Korey is the CEO of STRMS.io, which works within the accounting and finance industry to help firms document, optimize, and automate their workflows and processes. He is not building another app for firms to deploy but is helping build custom automations that help firms scale by connecting their existing apps across their existing workflows. His company supports firms looking to scale without exponentially increasing headcount or costs. Before co-founding STRMS, Korey helped grow and scale an accounting firm, GrowthLab Financial, for over nine years. 

[00:00 - 14:45] Intro and The Importance of Process Documentation

• Damien, Penny, and Korey discuss the critical role of process documentation in successful automation.
• Understand the need for standardization before implementing automation solutions.
• Korey explains his company's approach to helping firms identify automation opportunities.
• Clear process mapping is crucial for effective automation implementation.

[14:46 - 27:14] Benefits of Automation 

• Automation can improve efficiency, reduce errors, and enhance client experiences.
• Emphasize the importance of transparency with employees about automation goals.
• Identify areas where automation can positively impact employee satisfaction and retention.
• Korey shares insights on focusing on high-value, repetitive tasks for automation.

[27:15 - 35:35] Practical Applications and Implementation Strategies

• They discuss specific areas where automation can be particularly effective, such as client onboarding.
• Utilize automation to streamline internal processes like reporting and communication.
• Korey explains the subscription model approach to make automation services more accessible.
• The group discusses the potential cost-effectiveness of automation compared to traditional solutions.

[35:36 - 44:06] Long-term Benefits and Final Thoughts

• Penny and Damien reflect on how automation can free up mental space for firm owners and employees.
• Regularly review and update processes to maintain efficiency and effectiveness.
• The value of combining process improvement, outsourcing, and automation strategies.
• Invest in automation as a long-term solution for firm growth and employee satisfaction.

Direct Quotes 

"Before we even start development or anything, we'll spend a few hours with firms and like help them map and document and understand like what automations are going to be realistic." –  Korey Cournoyer

"I think standardization is the first step to becoming flexible." - Penny Breslin

Connect with Korey

Website: http://strms.io/

Company Linkedin: https://www.linkedin.com/company/strms-automations

Personal Linkedin: https://www.linkedin.com/in/koreycournoyer/

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are your accounting firm's processes truly optimized, or are you considering outsourcing as a quick fix to deeper workflow issues?

In this episode, hosts Damien Greathead and Penny Breslin delve into the topic of outsourcing within the accounting industry. They discuss the challenges firms face with staffing shortages, the increasing client demand for accounting services, and the importance of having robust internal processes before considering outsourcing. The conversation highlights the need for clear communication, efficient workflows, and proper utilization of technology to ensure success. Penny emphasizes the significance of understanding why work is not getting done and addressing those issues internally before outsourcing.

[00:00 - 10:00] Introduction and Staffing Challenges

• Damien and Penny discuss the constant busy season in the accounting industry and the rising demand for outsourcing services.
• Understand the industry's current state and the increasing need for efficient processes.
• Penny discusses the high demand for remote workers and the increase in outsourcing booths at conferences.
• Competitive salaries and clear role definitions are crucial for attracting and retaining talent.

[10:01 - 20:00] Client Demand, AI Impact, and Effective Outsourcing

• Damien and Penny explore the growing client demand for various accounting services, despite technological advancements.
• Emphasize the unique value and services your firm offers to differentiate from competitors.
• Identify and address internal workflow issues to ensure successful outsourcing.

[20:01 - 30:00] Technology and Client Communication

• Damien and Penny discuss the role of technology in managing workflows and client expectations.
• Utilize technology efficiently and ensure clients are trained to use it properly.
• Penny shares experiences of managing client expectations and internal team coordination.
• Allocate responsibilities effectively within the team to maintain operational efficiency.

[30:01 - 40:00] Reflecting on Processes and The Role of Internal Training

• Penny advises firms to revisit and optimize their processes, especially during slower periods.
• Regularly review and update processes to stay efficient and effective.
• The value of rephrasing questions is to understand and solve workflow issues better.
• Invest in training and clear communication to enhance team performance.

Direct Quotes

"If work isn't getting done for other reasons, outsourcing is the solution because the systems are working well, the teams and you want to grow." - Damien Greathead

"You need to present a value to your clients and that you're worthwhile." - Penny Breslin

"Before you outsource, make sure you're really good at what you do and your processes are standardized." - Damien Greathead

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are you maximizing your firm's potential by effectively marketing your services, even when you're swamped with work?

In this episode of "Strategy and the Virtual Controller," Penny Breslin interviews Damien Greathead about marketing for accounting firms. They discuss the importance of maintaining an updated and specific website, effective client communication, and strategic marketing even when firms feel they are overwhelmed with work. They highlight the value of newsletters and automated communication to keep clients engaged and address their needs proactively. The conversation also covers the significance of defining ideal clients and creating a clear referral system, ensuring firms can attract and retain both clients and employees.

Dive in to discover strategic tips on balancing workload and client acquisition!

[00:00 - 05:21] Introduction and Importance of Specific Websites

• Damien Greathead emphasizes the need for accounting firms to have specific, updated websites.
• They discuss basic services like budgeting and forecasting.

[05:22 - 15:10] Importance of Marketing and Communication

• Marketing is important for firms even when overwhelmed with work.
• The hosts give examples of misleading advertising and defining Client Advisory Services (CAS).

[15:11 - 25:30] Effective Use of Websites and Newsletters

• Penny and Damien discuss how an outdated website can negatively impact firm perception.
• What is the role of newsletters in client communication and prompting additional projects?

[25:31 - 36:00] Client and Employee Engagement

• Engaging with both clients and potential employees through clear communication is vital.
• The firm's website and marketing materials reflect the firm's true values and services.

[36:01 - 39:00] Practical Marketing Strategies

• Implement practical marketing strategies such as newsletters and automated follow-ups.
• Penny and Damien highlight the importance of having a clear and defined marketing and sales process.
• They also encourage firms to continuously update their marketing strategies and maintain client engagement.

Direct Quotes:

"I would just encourage accounting firms to take a look at that website and skinny it down. Get more specific." - Damien Greathead

"Even if you're not necessarily looking for new clients, I think there's a real opportunity for firms just to take a look at their shop front." - Damien Greathead

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are you leveraging data effectively to close the gap between your business goals and your current performance?

In this episode, co-hosts Damien Greathead and Penny Breslin interview James Childress, a former CPA who transitioned his firm to focus exclusively on advisory services. James shares his journey from a traditional CPA firm to specializing in providing advisory services, emphasizing the importance of data-driven decision-making. He discusses the challenges of reducing his client base and team size, the significance of choosing the right clients and team members, and the need for specialized tools like Tableau and data analysis to offer high-value advisory services. The conversation also touches on the necessity of verticalizing services and the importance of attending industry-specific events to better understand client needs.

James Childress, a CPA for over twenty years, has a deep-rooted passion for supporting individuals with their businesses on a grander journey toward growth. His personal experiences navigating significant trauma and the challenges of finding the right support have fueled his dedication to making a difference in others' lives. After enduring hardships within a high-control group during his formative years, James embarked on a quest to rebuild his life and create a nurturing environment for himself and his loved ones. It was through the transformative power of therapy that he found solace and regained control over his destiny. 

Recognizing the profound impact mental health support had on his own life, James embarked on a mission to extend this vital assistance to a broader audience. With nearly two decades of experience in accounting, he transitioned his expertise to become a catalyst for growth and profitability across various small to medium-sized businesses. James's journey has led him to specialize in empowering mental health professionals to thrive in their practices. By leveraging his unique blend of financial acumen and compassionate understanding, James and his dedicated team are committed to bridging the gap between trauma and healing. Their goal is to facilitate sustainable growth and prosperity for all businesses while prioritizing the well-being of individuals and communities they serve.

[00:00 - 10:24] James’ Journey to Advisory

• James recounts his career transition from a traditional CPA to focusing on advisory services.
• He shares the challenges of managing a large team and multiple service lines.
• The decision to sell off traditional services and focus on advisory is highlighted.

[10:24 - 20:45] Building a Specialized Team and Embracing Verticalization

• James discusses the importance of having a team that aligns with the firm's goals.
• He explains the decision to let some team members go and support their transition.
• He explains the benefits of focusing on a niche market, specifically mental health private practices.
• The need for businesses to differentiate themselves in the advisory space is discussed.

[20:46 - 38:23] Defining Advisory Services

• James defines advisory services as actions that close the gap between a client’s current state and their goals.
• He emphasizes the importance of data in providing valuable insights and making informed decisions.
• What is the use of Tableau and other data analysis tools in his advisory practice?
• The importance of clean, accurate data and the role of data scientists in achieving this is explained.
• He provides examples of how data visualization helps clients understand their business performance.

[38:24 - 43:42] Closing Thoughts and Insights

• James shares his belief that focusing on what a firm does best leads to success.
• He encourages listeners to have faith in their expertise and take bold steps towards specialization.

Notable Quote:

"I'm advising our client when the gap between where they are and where they want to be is closing." - James Childress

Connect with James!

• Website: www.cacadvisors.com
• LinkedIn: https://www.linkedin.com/in/james-childress-cpa-b6643814/

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, hosts Damien Greathead and Penny Breslin delve into cybersecurity within the realm of CPA operations with guest Christophe Reglat. Christophe discusses his extensive background in managing data centers and the evolution of cybersecurity, particularly focusing on the challenges CPAs face. The conversation covers the importance of continuous vigilance in cybersecurity practices, the development and function of the WISP (Written Information Security Program), and how cybersecurity isn't just a technical requirement but a moral one to protect clients' sensitive information.

[00:00 - 10:00] Christophe's Experiences and the Importance of Cybersecurity

• Christophe talks about his experience since 2002 and the critical nature of compliance and security in data centers.
• He emphasizes the non-stop nature of cybersecurity efforts in protecting CPAs.

[10:01 - 20:00] WISP, Real World Applications, and Cybersecurity Misconceptions

• Christophe’s explanation of WISP's role in ensuring CPA firms' security.
• He discusses how breaches can occur and the dual approach needed for cybersecurity within local environments and data centers.
• Penny shares anecdotes about implementing security measures in her practice.
• What are the common misconceptions about cybersecurity among CPAs?

[20:01 - 30:00] Technological Advancements in Security

• The conversation shifts to the ongoing need for cybersecurity updates and the pitfalls of complacency.
• The landscape of cyber threats is continuously evolving along with the necessity for CPAs to adapt.
• Christophe discusses the implementation of AI in cybersecurity measures.
• Continuous updates and real-time monitoring are essential due to the fast-paced nature of cyber threats.

[30:01 - 40:00] Security in Various Environments and Ethical Responsibilities

• Christophe and Penny discuss the complexities of securing remote work environments and the specific challenges faced by CPAs.
• Christophe emphasizes the integration of secure practices in everyday operations to protect against sophisticated cyber threats.
• What are the moral imperatives of protecting client data and the reputational risks associated with data breaches?

[40:01 - 50:00] Interactive Q&A, Practical Takeaways, and Future Directions

• Christophe provides practical advice on how CPAs can start improving their cybersecurity measures immediately.

Direct Quotes:

"Cybersecurity is already, of course, a given. If you want to maintain it 100% of the time, you have to be good at what you do." - Christophe Reglat

"We are always on the forefront of helping them with the cybersecurity problems that they have." - Christophe Reglat

“It's not an if, it's when you're going to get hacked." - Christophe Reglat

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are your accounting practices ready for the transformative wave of technology, or are you stuck in the compliance grind?

In this episode, hosts Damien Greathead and Penny Breslin discuss the importance of transformation in accounting firms. They touch on the continuous nature of tax season, the challenges firms face in adopting new technology, and the necessity of internal readiness for successful outsourcing. Penny shares experiences of firms struggling to adapt and emphasizes the need for clear processes and acceptance of change for successful transformation. The conversation also delves into the broader implications of technological transformation in the accounting industry, highlighting the potential benefits and the need for a collective effort to facilitate change.

[00:00 - 05:00] Introduction to the episode

• Damien introduces the theme of accounting technology and transformation.
• Penny shares her location and comments on the changing nature of tax season.
• The accounting industry is evolving beyond traditional seasonal workflows.

[05:01 - 10:00] Discussing continuous tax season and client demands

• Damien and Penny discuss the year-round nature of tax work and client expectations.
• Penny talks about the increase in client onboarding and the pressure on firms.
• Firms must adapt to constant demand and be prepared for continuous operation.

[10:01 - 15:00] Challenges in adopting new technology

• What are the difficulties firms face when integrating new technology?
• Penny shares a story of rejecting a client due to their unpreparedness.
• Successful technology adoption requires readiness and structured processes within the firm.

[15:01 - 20:00] Transformation in accounting practices

• The hosts emphasize the importance of holistic business transformation, not just isolated tasks.
• True transformation involves rethinking business models and processes comprehensively.

[20:01 - 25:00] Importance of community and collective effort

• Penny illustrates transformation through the community effort to restore the monarch butterfly population.
• Like ecological restoration, business transformation requires a collective, sustained effort.

[25:01 - 30:00] Concluding thoughts on transformation and readiness

• There is a need for firms to be brave and commit to long-term transformation.
• Firm transformation is a long-term commitment that requires patience and strategic planning.

Resources Mentioned:

• https://leaders.com/articles/leadership/transformational-leadership/ 
• https://www.valamis.com/hub/transformativelearning 
• https://www.wri.org/insights/business-what-transformativechange 
• https://www.ipbes.net/news/what-transformative-change-how-do-we-achieve-it 

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Have you ever wondered how to transform the endless busy season into a well-balanced, profitable practice?

This episode features an enlightening conversation with Amanda Gascoigne, who shares her insights on creating a more balanced and profitable accounting practice. The discussion covers the importance of selecting ideal clients, the benefits of fixed fee pricing while tracking time for internal purposes, and the strategic use of technology to enhance efficiency. Amanda emphasizes the significance of aligning practice operations with personal goals and values to ensure both professional satisfaction and personal well-being.

[00:00 - 10:45] A Balanced Practice and the Role of Technology and Pricing

• Amanda discusses the necessity of choosing clients that align with your values and contribute to a joyful practice.
• Damien Greathead and Penny Breslin talk about the ongoing challenges of managing a busy season and the importance of strategic client selection.
• The conversation touches on the importance of pricing services correctly to reflect the value provided and to cover the costs of technological advancements.

[10:46 - 20:55] Achieving Work-Life Balance and the Power of Intentional Client Selection

• They share insights on how to structure your practice to support personal goals, including a four-day workweek and setting boundaries for client communications.
• Amanda elaborates on the importance of intentionally selecting clients to work with, which not only enhances profitability but also job satisfaction.
• Strategies for evaluating and adjusting the client base to align with firm values and goals are discussed.

   [20:56 - 31:45] Navigating Challenges and Embracing Technology for Efficiency

• Amanda discusses the common pitfalls in practice management, such as underpricing and overworking, and how to overcome them.
• She emphasizes the need for a mindset shift towards more strategic thinking about practice management and client service.
• Adopting the right technology can streamline operations, improve service delivery, and enhance client relationships.

[31:46 - 44:15] Cultivating a Healthy Work Culture

• The conversation shifts to the importance of creating a work culture that supports employee well-being and fosters a sense of community.
• Amanda shares tips on implementing policies that promote work-life balance, such as flexible working hours and remote work options.
• She shares her vision for the future of accounting practices, focusing on personalized service, technological integration, and sustainable growth.

Direct Quotes:

"You don't need to work for everyone. And you need to work out who are those people that bring you joy, who are those people that aren't going to make you feel like you're always busy." - Amanda Gascoigne

"I always really wanted to go into public accounting...and I think that's the business we're in. We're in the business of building client relationships." - Amanda Gascoigne

"But some people make that real conscious choice...and I think we need to celebrate that, that not everyone wants a million-dollar practice, some people want more flexibility." - Amanda Gascoigne

Connect with Amanda!

Website: https://www.amandagascoigne.com/home 

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Damien Greathead, alongside co-host Penny Breslin, welcomes Rachel Fisch for an insightful episode that delves into the nuances of modern accounting practices, leveraging technology for growth, and the journey of niche specialization. The discussion covers Rachel's extensive background in the accounting industry, from her early days of recognizing her aptitude in accounting to her entrepreneurial venture into Fisch Books and beyond. It spans her experiences on the road, teaching QuickBooks Online, her strategic role at Deloitte Canada in adopting cloud technologies, and eventually leading to her venture into Realty Tax, a niche firm specializing in real estate accounting. Rachel's narrative is one of evolution, emphasizing the importance of digital transformation in accounting practices, the power of niche specialization, and the continuous journey of learning and adapting to new challenges.

[00:00 - 10:00] Introduction and Journey into Cloud Accounting

• Rachel Fisch shares her initial connection to accounting and the start of her career.
• Rachel shares how she transitioned from traditional accounting roles to embracing cloud accounting.

[10:00 - 20:00] Evolving with Technology: Niche Specialization

• Adopting and integrating new technologies in accounting practices is vital.
• They discuss the early days of Receipt Bank (now Dext) and its impact on accounting workflows.
• Rachel shares her strategic role at Deloitte Canada and the focus on cloud accounting.

[20:00 - 30:00] Digital Transformation Beyond Accounting

• Rachel shares her insights into digital transformation beyond accounting firms to include brokers.
• There is resistance to change and the push for cloud solutions in real estate.
• Overcoming resistance to new technologies is crucial for modernizing traditional industries.

[30:00 - 40:00] Building a Niche Practice and Refining Services and Simplification

• What is the strategic decision behind focusing exclusively on agents and brokers at Realty Tax.
• Deep specialization in a niche can drive significant business growth and client satisfaction.
• Rachel talks about the realization that simplifying services could lead to better outcomes for both the firm and its clients.
• Sometimes, less is more. Simplifying offerings can enhance focus and value delivery.

[40:00 - 47:42] The Journey to Dext and Full Circle

• Rachel discusses her new role at Dext and how her diverse experiences led her to this point.
• Career paths are often non-linear, and diverse experiences can culminate in roles that leverage one's full skill set.
• Rachel offers advice to accounting firms on envisioning their ideal firm operation and client/team member experience.
• Keeping an open mind and continuously reevaluating processes can lead to sustained success and innovation in the accounting field.

Direct Quotes:

"You may find that simplification is actually a better option than adding an additional tech or another dashboard or another KPI." - Rachel Fish

"You either understand debits and credits, or you don't." - Rachel Fish

"Stepping back and simplifying processes can sometimes be more beneficial than adding complexity." - Rachel Fish

Connect with Rachel!

LinkedIn: https://www.linkedin.com/in/rachelfisch 

Twitter: https://twitter.com/Fischbooks 

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Ever wondered how tackling the root causes of business problems instead of just the symptoms can transform your efficiency, especially during the hectic tax season? 

Hosts Damien Greathead and Penny Breslin discuss the crucial topic of identifying and addressing the symptoms and root causes of problems in a business process, especially in the accounting field. They emphasized the importance of stand-up meetings, having cross-team communication, and using the right tools to increase efficiency. They also highlight the need for identifying the root causes of problems rather than masking the symptoms, drawing parallels between dealing with problems in business and daily life. They also delve into specific cases they have encountered, such as dealing with issues of workflow, the effectiveness of having a third-party perspective, and how to optimize roles within a business.

[00:00 - 12:03] Team Leaders and Group Meetings and Applying Personal Experiences to Business Practices

• Penny and Damien talk about the onset of tax season, with Penny outlining the office's current tasks.
• The focus shifts to the importance of team meetings, specifically addressing the recent change from group to individual team leader meetings, 
• Shared problems and goals can benefit from collective problem-solving.

[12:03 - 22:07] The Importance of Identifying and Addressing Root Causes and Building a Culture of Trust and Accountability

• Penny and Damien talk about the importance of identifying and addressing the root causes of problems
• External perspectives and early problem identification are valuable in teams.
• They discuss how to improve efficiency and effectiveness in tax return process

[22:07 - 39:06] The Role of Firm Administrators in Workflow and The Impact of Different Processes on Team Morale

• Penny and Damien share strategies for fostering a culture of personal accountability.
• Creating a supportive work environment, encouraging open acknowledgment of mistakes, and the value of external perspectives are valuable in identifying and solving problems.

Direct Quotes:

"It takes a great culture to be able to put your hand up and say in front of other people, 'We screwed up the buck stops with me and we're going to fix it.'" - Damien Greathead

"You might find that the ten of you together could come up with a solution better than one-on-one." - Penny Breslin

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

How does the implementation of a daily stand-up meeting empower team members, and what role does continuous learning and training play in maintaining quality service in a rapidly evolving work environment?

In this episode, Damien and Penny delve into the power of daily stand-up meetings with the team of S&N Financial in Chennai, India. The team discusses how such meetings, structured clearly around priorities and challenges, can alleviate stress and increase efficiency, especially during busy seasons like tax time. The team also shares their experience about the overall benefits of having a daily meeting versus one-on-one sessions. In addition, they touch on the importance of continuous learning and training to keep up with the numerous applications they use in their work.

[00:00 - 16:23] Daily Stand-Up Meetings

• Damien and Penny share insights and lessons learned from their work with customers around the world.
• The episode focuses on the importance and structure of daily stand-up meetings, especially during the busy tax season.
• The internal team dynamics, specifically how team leaders handle communication and problem-solving within their teams.
• Damien and Penny emphasize the benefits of these stand-up meetings in solving immediate problems, handling workload distribution, and improving overall team efficiency.

[16:23 - 26:50] The Implementation of a Daily Stand-Up Meeting Template

• Damien and Penny discuss the importance of making meetings more valuable, focusing on daily stand-up meetings.
• They explore the process of empowering team members to make changes to meeting templates to better suit their needs.
• They also delve into the dynamics of team collaboration, especially in problem-solving and managing technical issues.
• The importance of integrating training into the company culture is highlighted, emphasizing its role in maintaining quality service.

[26:50 - 46:16] The Importance of Continual Learning and Training

• Welcoming the management team of S&N Financial from Chennai, India.
• Damien and Penny engage with the team during their daily stand-up meeting, discussing its purpose and effectiveness.
• The discussion covers how the team manages daily client requirements, prioritizes tasks, and adapts to staff availability.
• They explore the dynamic workload management during tax season and how the team efficiently processes tax returns.
• The importance of continuous learning and training within the firm is emphasized, especially during busy periods like tax season.

Quotes:

"I think there's a really, really valuable lesson here and a lot of power in the daily stand-up and having it very structured in terms of what we are trying to achieve out of this meeting." - Damien Greathead

"It's not an easy feat, and I kept on saying, we have somebody who's been with us for 10 years... Why aren't we using her? Well, she didn't have the right designation to go. No, but she has the right knowledge and she has the right temperament." - Penny Breslin

"Build training into your culture and that learning mentality into your culture." - Damien Greathead

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are you curious about how technology is transforming the accounting profession and what skills are now essential for success in this evolving landscape?

In this episode, co-hosts Damian Gracehead and Penny Breslin discuss the impact of bots on accounting, the importance of human review in automation, and how keen learners can help keep professionals updated. They also explore the fluid part of advisory consulting in a Client Accounting and Advisory Services (CAS) model. As they delve into their favorite past episodes and events, they also share insights about the face of business operations in their sector today and the evolution over the years.

[00:00 - 04:56] Year-End Accounting Challenges and Solutions

• The episode focuses on various aspects of CAS (Client Accounting and Advisory Services), cloud bookkeeping, virtual controller services, and virtual CFO services.
• Damien and Penny delve into the activities and tasks that firms and clients are engaged in during the end-of-year period. Penny describes how their firm handles year-end cleanups, tax preparations, and dealing with clients who haven’t reviewed their files throughout the year.
• Penny emphasizes ensuring that data for tax preparation is comprehensive and up-to-date in different software platforms used by clients.
• They also touch upon changes in tax processes, like the shift from annual to quarterly or monthly sales tax submissions.

[04:56 - 11:52] The Role of Bots in Accounting

• There is an increasing reliance on automation for financial reconciliations, particularly towards the year-end rush.
• A specific case study: a firm working with a client's company file for two years, noticing unusual transactions—a series of identical charges from Audible.com flagged by the team leader.
• It is important to be regularly involved in the financial files to catch such mistakes.
• Damien and Penny share insight into the limitations of bots and AI in accounting, emphasizing the need for human oversight.

[11:52 - 21:14] Regular File Review and Understanding the Logic Behind Automated Transaction

• Penny and Damien discuss the challenges of relying too heavily on automation and AI in accounting, particularly with reconciliation processes.
• How close monitoring and a thorough understanding of the client's file helped in quickly identifying and rectifying the mistake.
• It is important to have a proactive approach in accounting, especially in dealing with automated systems.
• Changes in technology impact the workflow in accounting, with an example of the transition from desktop accounting to cloud-based systems.
• They reflect on how technology can disrupt traditional accounting practices but also requires new skills and understanding from practitioners.

[21:14 - 31:55] The Unpredictability of Bank Feeds

• Damien and Penny discuss the end-of-year work rush and the increasing reliance on technology in accounting.
• They share insights into the proactive approach and quick action taken to rectify the bot error, including getting refunds and making necessary corrections.
• Some accountants and bookkeepers are reluctant to fully embrace new technology due to past experiences or mistrust.
• There is a need for continuous learning and adaptation in the accounting profession, especially in relation to technology.
• It is important to be adaptable and open to learning in the accounting profession, especially with the rapid evolution of technology.

[31:55 - 35:47] The Importance of a Learning Culture in a Firm

• It is important to have a learning mentality within the firm, with a nod to the educational approach in the United States that encourages problem-solving and independent learning.
• Sharing of a culture within the firm where team members regularly post educational content fosters a collective learning environment.
• Damien and Penny discuss the podcast's success over the years, including favorite episodes and events attended.

Tweetable Quote:

"Human beings still have to think, you can't let the bots do everything." - Penny Breslin

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Explore the dynamic world of accounting and advisory services in today’s episode with Damien Greathead and Penny Breslin!

In this episode, Damien and Penny delve into the intricacies of virtual controller services, discussing the evolving role of accountants in today's digital landscape. They share their experiences from QuickBooks Connect in Las Vegas, comparing it to other industry events and reflecting on the unique energy and challenges of such gatherings.

The conversation navigates through the challenges of adapting to different climates – both weather-wise and within the realms of client advisory and accounting services. They discuss the critical aspects of client relationships, from managing expectations to handling complex payroll situations and the emotional weight that comes with it.

Damien and Penny also tackle the topic of verticalization in accounting services, emphasizing the need for specialization to enhance efficiency and client satisfaction. They explore the nuances of client advisory, from budgeting and payroll management to the delicate art of having difficult conversations with clients.

Whether you're a seasoned professional or just starting, join Damien and Penny for a deep dive into the world of strategy and virtual controlling, where they share valuable lessons from their extensive experience and lively discussions.

[00:00 - 07:01] Discussion on Business Growth and Hiring

• Exploring the necessity of adapting to different client needs in accounting, including the transition from bookkeeping to more comprehensive advisory roles.
• Penny and Damien discuss challenges and strategies for having difficult conversations with clients.
• It is important to set boundaries, manage client expectations, and share insights on balancing direct client work with broader firm management.

[07:01 - 18:25] The Importance of Communication in Client Relationships

• The evolution of client advisory and accounting services highlights the differences in conversations between CAS advisors and traditional tax or bookkeeping roles.
• Penny recounts a particularly stressful situation involving a payroll error and its resolution, emphasizing the emotional aspect of client interactions.
• There is a need for accountants to have difficult conversations with clients, including discussions on budget adherence and expense management.
• Discussing the broader aspects of running an accounting firm, including the challenges of managing a diverse client base and integrating technology for efficiency.

[18:25 - 25:07] Understanding Your Limitations and Dealing with Employee Issues

• Penny discusses the importance of acknowledging when a question is beyond her expertise and the value of finding someone who can provide an answer.
• Damian and Penny explore the concept of managing client expectations and being honest about areas of expertise and limitations.
• The idea of drawing from personal experiences in business to provide clients with more relatable and practical advice.

[25:07 - 35:18] Managing Client Expectations and Improving Business Model

• Penny discusses prioritizing client needs, setting aside time for important clients, and managing less critical tasks accordingly.
• The conversation covers the importance of asking clients about their timelines and urgency for resolving issues, highlighting the need for flexibility in client management.
• The hosts delve into the role of a CAS (Client Advisory Services).
• They explore the idea of using monthly meetings or calls to discuss predefined topics, such as credit card usage and ROI, internal controls, and financial performance.

Tweetable Quotes:

"I'm over my skis on this one. I have no idea. But I'll try to find somebody who does." - Penny Breslin

"We're taking on this interim role. We're going to work and help your business get to a point where you need a full-time person in your office." - Damien Greathead 

"If you're delivering bookkeeping, you're not delivering CFO services, you're not delivering controller services. Those are totally different." - Penny Breslin

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

How are today's accounting firms harnessing technology and AI to enhance efficiency and streamline operations? What are the cutting-edge trends in cloud-based accounting, and how can these strategies be effectively implemented in your firm?

Welcome back to Strategy and the Virtual Controller! Penny Breslin and Damien Greathead dive into cloud accounting, firm management, workflows, and the intentional building of businesses. In this episode, recorded live at QuickBooks Connect in Las Vegas, they’re joined by Dawn W. Brolin, CPA, CFE, and they are later joined by Sharmila Raj Kumar and Nirmala Lakshminarayanan from MoneyPenny, LLC in Chennai. 

With Dawn, they discuss the importance of adaptability and setting clear goals for business growth. Dawn shares her experiences with the challenges of running a successful accounting firm, from payment models to dealing with client expectations, and the nuances of providing actionable, honest advice.

They also discuss the broader picture of the accounting industry, highlighting key trends such as AI integration, cybersecurity, and the shift towards more personalized client services. Sharmila and Nirmala discuss their experience at the conference, particularly their insights on managing client communication, workflow optimization, and embracing technological advancements.

Dawn Brolin, CPA and CFE, is the CEO of Powerful Accounting, LLC, focusing on accounting, tax, fraud services, and QuickBooks consulting. An author, motivational speaker, and trainer, she has worked with entities like Intuit and MSNBC. Recognized consistently among the "Top 25 Most Powerful Women in Accounting," Dawn has also been named a “Top 10 Managing Partner Elite” and a “Top 40 Under 40.” Her dynamic approach has led to media appearances and speaking roles at key conferences.

[00:00 - 06:41] From Bookkeeping to Business Growth with Dawn of Powerful Accounting, LLC

• Dawn shares her journey from starting as a bookkeeper to becoming a CPA and moving into tax advisory and consultancy work. She shares some challenges and growth in her career.
• Business growth is a personal journey. Running an accounting firm requires ongoing adjustment and self-reflection. 
• We discuss how Dawn handles the challenges of implementing a subscription business model, managing scope creep, and client expectations.
• It’s important to value your expertise and not feel guilty to charge for your knowledge.

[06:41 - 17:40] Navigating Scope Creep, Liability, Audits, and Effective Client Management

• The challenges of scope creep in accounting, and how to cover areas such as liability and unforeseen events like IRS audits.
• It's important to set clear expectations around E&O insurance coverage, especially when advising on forecasting, budgeting, and insurance policies.
• Dawn elaborates on pricing strategies for complex accounting situations like IRS audits, and how to determine when services are out of the typical scope.
• Proactive client communication in financial decision-making is key! Especially in situations like capital purchases or business investments.
• We discuss implementing a subscription-based pricing model tailored to individual client needs, including consultation time.
• Asses the kind of lifestyle you want from your business: Do you want 100 low-scope and low-paying clients, or 20 high-scope and higher-paying clients?

[17:41 - 28:41] Reflections from QuickBooks Connect Las Vegas

• We welcome Sharmila Raj Kumar and Nirmala Lakshminarayanan from MoneyPenny, LLC who are managing the Chennai operation.
• They share their experience at Quickbooks Connect 2023 and their highlights and learnings. 
• Sharmila shares her learnings from nonprofit workflows and utilizing AI in accounting practices to save time. 
• Nirmala discusses what it’s been like talking to other firm owners and learning about cultural differences.  
• Soft skills are vital for running a business. Don’t just focus on acquiring technical know-how.  

[28:42 - 43:42] Embracing AI, Global Workforce Trends, and Redefining Growth in Accounting

• Penny and Damien reflect on the QuickBooks Connect conference.
• They discuss the valuable internal management sessions for firm owners, encouraging attendees to think like business owners rather than just accountants.
• Growth is subjective and can be defined by the individual firm.
• Penny shares how many attendees are not utilizing AI to its full potential.
• There’s still plenty of room to integrate AI for tasks like journal entries, freeing up time for advisory roles or personal life.
• Damien talks about the cost-effectiveness of growing existing customers over acquiring new ones.
• Damien and Penny notice the trend towards a global workforce and remote team members.

Connect with Dawn

Dawn W. Brolin, CPA, CFE – Chief Executive OfficerChief Executive Officer at Powerful Accounting

Check out her books The Designated Motivator and The Designated Motivator for Accounting Professionals  

Tweetable Quotes

“My results are your success.  As I'm trying to help you save taxes, I'm trying to help you run your business; Your end result is success.” – Dawn W. Brolin, CPA, CFE

“You have to learn how to change... I am somebody who doesn’t want the same day every day." – Dawn W. Brolin, CPA, CFE

“You can harvest clients from your current clients. And you can let some of them go... But the pressure of massive marketing campaigns goes away if you only want 20." – Penny Breslin

"That's what AI is for, you don't have to do that. The amount of time that you save by not doing it is valuable time that can be given over to advisory." – Penny Breslin 

Damien Greathead and Penny Breslin

"It's an exciting time to be in accounting, but it's up to you to redefine what your business is." – Damien Greathead

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Thank you for listening, Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are you having trouble navigating the complexities of integrating Client Accounting Services (CAS) into your accounting practice? 

In this episode, Damien and Penny have on Jan Haugo to dive deep into the journey of adopting CAS. They explore how this isn't just about embracing new technology but fundamentally evolving your business model to align with the dynamic demands of CAS. From the significance of starting with robust bookkeeping practices to managing client expectations and adapting to real-time needs, this episode is packed with invaluable advice for firms ready to blend traditional knowledge with modern practices.

They discuss the broad scope of CAS, the critical role of bookkeeping as a foundation for successful implementation, and the challenges in aligning partners' visions within a firm. They also dive into the nuances of client management, the necessity of consistency in bookkeeping, and the importance of strategic client selection and verticalization. Tune in for an episode that demystifies the journey toward integrating CAS to revolutionize your accounting practice!

[00:00 - 10:48] The Challenges of Implementing CAS in Traditional Accounting Firms

• Jan is introduced and shares her insights and passion for technology and her interest in new startups.
• Jan describes her journey from traditional accounting to going virtual in 2010, her involvement with the Institute of Certified Bookkeepers, and her current roles, including COO and head of bookkeeping.
• We discuss CAS in accounting and the challenges faced by firms in integrating it.
• Traditional firms struggle to adapt CAS into their existing models and the misconception of it being a 'plug and play' addition.
• The discussion highlights the difference between skills needed for tax returns and bookkeeping and the importance of having staff with the right skill set for CAS.
• Converting clients to regular CAS clients is difficult due to a lack of preparation and mindset change needed in firms.
• We discuss the complexity of offering a mix of CAS, traditional, advisory, and other services by the same team, leading to performance and scalability issues.

[10:49 - 27:30] Successful CAS Starts With Bookkeeping

• Jan used ChatGPT to analyze the QuickBooks Connect agenda and identify sessions related to CAS and AI, highlighting the utility of AI in categorizing and defining complex topics.
• Firms face difficulties in clearly defining CAS. This can lead to challenges in implementation and integration.
• Successful CAS implementations often start with bookkeeping
• Effective CAS requires control over data flow and cooperation from clients, which is not always straightforward.
• Firms sometimes need to let go of clients who don’t comply with the necessary changes for effective CAS implementation.

[27:31 - 32:25] Navigating Change and Client Relationships in Transitioning

• We discuss how to navigate client relationships, especially when changes in banking or technology are involved.
• Find practical solutions like opening an operating account to maintain the client's existing banking relationships while facilitating the firm’s work.
• Uses easy-to-follow demos to convince clients to adapt to new systems.
• Get a good client success manager!
• Our discussion emphasizes the need for clear communication and setting expectations with clients regarding service changes and requirements.

[32:25 - 48:37] Going Virtual Takes a Lot of Work, But It’s Worth It

• Jan Haugo emphasizes the importance of consistency in bookkeeping and accounting services.
• Penny and Jan discuss the challenges of transitioning from a traditional accounting practice to a virtual one.
• Damien Greathead adds that practitioners must recognize the journey of transitioning to a virtual practice takes time and involves managing client expectations.
• Penny highlights the challenges of bookkeeping during tax season.
• Damien and Jan discuss the importance of hands-on technical training in the rapidly changing accounting industry.

Connect with Jan on LinkedIn!

Tweetable Quotes

“They think it's a plug-and-play model... but they don't adapt it to the workflow that is required." - Jan Haugo

"Just because someone can do a tax return doesn't mean that they can do the bookkeeping." - Jan Haugo

“Ultimately, CAS actually has to start with bookkeeping. It actually has to start with doing the bookkeeping for the client so that you can then build upon with additional.”  – Damien Greathead

"I have fired clients for not having the right bank account... if I can't get a statement, I can't get the information connected, or I can't even get bookkeeper access." - Jan Haugo

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Thank you for listening, Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

How is the rise of AI and advanced technology reshaping the landscape of accounting? 

In this episode, Damien and Penny sit down with Jody Padar. Sharing her journey, Jody detailed her transition from joining her father's traditional firm to establishing her brand, "the Radical CPA", leveraging cutting-edge tech. She talks about April, an AI-powered tax software aiming to streamline the tax process by melding human expertise with AI's efficiency. While technology, especially AI, may seem intimidating, it stands as an aid rather than a threat. Professionals are encouraged to view AI as a tool for efficiency, much like how marketers have adapted to social media. 

Tune into this episode to uncover the nuances of AI in accounting and grasp the transformative impact of technology on modern accounting practices.

[00:00 - 08:37] The Transitioning from Traditional to Cloud-based Accounting

• Accounting and bookkeeping professionals need to build practices with intention. This means taking a proactive approach to avoid common pitfalls and mistakes in the industry.
• Jodie shares her experience and early adaptation to technological shifts. Though initially seen as 'radical', her proactive embrace of cloud technology paved the way for her firm's success and influenced the broader accounting industry.

[08:38 - 19:56] How April is Revolutionizing the Landscape of Tax Filing

• Jody talks about how April represents the shift towards integrating AI in tax filing, making the process more efficient.
• April is primarily aimed at consumers but does so through a B2B2C model, highlighting the changing paradigms in software distribution.
• The use of AI allows GetApril to swiftly adapt to tax law changes, a vital aspect in the fast-paced tax environment.
• By automating mundane tasks, GetApril gives CPAs the chance to focus on providing more valuable advisory services to clients.

[19:57 - 29:29] How is AI will Impact the Traditional Roles and Responsibilities of CPAs

• AI should be seen as an enabler, assisting in making tasks more efficient, not as a replacement for human jobs.
• Technology expenses should be seen as operational necessities, aligning them with labor costs for more effective financial management.
• Embracing AI can address the existing shortage in the accounting industry, offering solutions to high work demands.
• Firms have a choice in how they want to evolve – they can grow extensively or intensively.

[29:30 - 40:52] How is AI will Impact the Traditional Roles and Responsibilities of CPAs

• How middle managers justify productivity and efficiency over billable hours
• Technology in accounting is not about reducing billable hours but increasing overall efficiency and client reach.
• Successful adaptation to technological advances requires a shift in mindset, not necessarily in age.
• Humanizing the tax preparation process by using relatable language can enhance client engagement.
• The value of a CPA is not just in tax prep but also in advisory roles that tech cannot replace.
• Closing up! 

Connect with Jody Padar on LinkedIn 

Visit: https://www.getapril.com

Read Jody’s Book! The Radical CPA

Visit: https://theradicalcpa.com 

Tweetable Quotes

"One of the things that we're trying to do is help business owners, practitioners in the business of accounting and bookkeeping, avoid the pitfalls and the mistakes that we've made along the way." – Jody Padar

“We don't know what we don’t know. Our jobs are going to change, but they're not going to be any less. They're just going to be different.” – Penny Breslin

"Billable time might be going down, but the technology is allowing them...to do more work." – Jody Padar

"Technology is not an age thing. It's a mindset thing." – Jody Padar

“I can be worried about technology, or I can embrace it, evolve, build my skills, and look at ways in which I can change the relationship or add more value to the relationship with my clients.” – Damien Greathead

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Thank you for listening, Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Phishing emails are common nowadays. How aware are you of these threats? Do you know the magnitude of what these hackers can do? This episode of the podcast Strategy in the Virtual Controller dives into the story of Andrew Lassise, IT for tax professionals & bookkeepers at Rush Tech / Tech 4 Accountants.

Andrew provides insight into common cyber threats such as phishing attempts and ransomware. He also shares a story about a man whose life savings were taken away right in front of him due to his lack of security measures. Through this conversation, we learn the importance of being aware of what is being clicked on and enabling two-factor authentication on all accounts. We also gained advice on developing workflow systems for verifying invoices with vendors over the phone; implementing strong cybersecurity protocols, training, and audit trails; and being cautious when dealing with online files that may contain malicious software. Finally, we discuss the importance of verifying wiring instructions and other details before sending payments to suppliers, as well as developing a cybersecurity awareness policy for employees to review annually.

[00:00 - 16:07] How Cybersecurity Threats Evolve Today

• Andrew's background story of how he ended up working in the accountant vertical

• Bad actors scrape information from social media to send phishing emails

• Phishing emails often ask for help with filing taxes or offer a zip file with returns

• If opened, malware is installed, which encrypts data and demands payment for its return

[16:08 - 25:06] Protect Yourself from Malware and Ransomware

• Cybersecurity threats have evolved over the last few years, becoming more targeted and calculated

• Examples of cyberattacks include bypassing two-factor authentication and wiring out life savings

• For those with a company portal, questions should be asked regarding their security measures

• A layered approach should be taken for protection against malware and ransomware

[25:07 - 47:57] Cybersecurity Training: The Key to Avoiding Fraudulent Wire Instructions

• Always call to confirm the wire instructions

• Look out for changes in the volume of purchases, payment details, and sudden increases in payments

• Be aware of apps that require personal information and be cautious when engaging with things on social media

• Hackers don't always manually try to gain access but can use information from breaches or social media posts

[47:58 - 50:03] Closing Segment

• Connet with Andrew and book a complimentary IT audit for your accounting firm

• Andrew's closing advice: develop cybersecurity awareness policies and training

Tweetable Quotes

“The front line of defense on everything is your people. So in that specific example of somebody that's working in AP, I think it's going to come down to something workflow related to have some sort of check-in balance because there isn't a communication in that exact scenario.” - Andrew Lassise

“Getting that awareness, I think, is really the best first step. And it's also doesn't cost anything.” – Andrew Lassise

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

What are the new perspectives in technology in relation to the current financial landscape? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss how accountants and financial planners are adapting to the current financial landscape in the midst of the pandemic. They share their experiences from a conference they attended focusing on staying healthy during this time, how to be an effective master of ceremonies at a panel discussion, and what services can work together for mutual benefit.

The conversation covers the importance of communication of technology to provide a high-quality service to clients as well as suggestions for success such as identifying the right clients, understanding what kind of business you want to build, paying referral fees, taking extra care with client prep work, and putting clients on extensions automatically. 

Tune in as Damien and Penny as they bring new perspectives to work such as valuing healthy work-life balance and open communication with colleagues!

[00:00 - 00:27] Opening Segment

• Damien and Penny discuss AI, Accounting, Bookkeeping, and technology
• How different people handle being a master of ceremonies at a panel discussion  

[00:28 - 14:03] Reinventing the Traditional Accounting Firm

• Communication and technology are key in the accounting industry
• It is important to be on the same page with clients
• Recommendations from others can help identify potential mistakes
• User marketing to build relationships with potential competitors

[14:04 - 26:23] Working Together To Achieve The Same Value Set

• Centers of influence is a great way to do marketing without putting a lot of money into it
• Referral fees can be beneficial for both parties and should be discussed
• Response times, communication tools, and client expectations should be transparent
• The traditional business model of an accounting firm has changed for all the businesses we service

[26:24 - 30:48] Closing Segment

• Tune in as Damien and Penny share how a growing practice is marketing about being clear on what it is you do, who you serve, and what’s your value proposition!

Tweetable Quotes

“I'm not the sharpest knife in the draw and I'm not a whiz-bang CPA, with all those degrees behind me, but I look at what it takes to be connected with a client.” - Penny Breslin

“Take some time to work out what it is you want. Go back to chapter one of the book, it's not just the numbers to say, “What sort of a business do you want to build?".” – Damien Greathead

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Thank you for listening, Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Why is it important to be trained when working with AI-driven solutions? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss their recent getaways and how they managed to get back to work after taking a break. They talk about the importance of training when working with AI-driven solutions. They highlight why training is essential in the accounting industry, from understanding different applications to better understanding customers.          

The conversation covers ways to provide ongoing training, such as dedicating time every week, assigning trainers based on their experience, and having team members share what they learned. 

Tune in as Damien and Penny as they explore how to successfully use technology while staying trained and informed about the latest developments in the accounting industry!

[00:00 - 05:16] Opening Segment

• Damien and Penny share their experiences after returning from holiday
• They discuss the importance of understanding the impact of AI on bookkeeping       

[05:17 - 10:24] How to Implement an Effective Training Program

• The need for skilled workers to understand the end-to-end process of data flow
• Quality of information is paramount for accurate bookkeeping
• Training in accounting processes is just as important, if not more difficult, than helping technicians understand the bookkeeping process better
• Internal knowledge of the client is key to assisting the bottom line and helping organize their expenses

[10:25 - 27:27] Unlocking The Benefits Of AI And Technology

• Dedicated training sessions and communication channels should be set up to ensure everyone is on the same page
• AI is built in many ways and can save an enormous amount of time
• Fostering a culture of sharing and constant learning helps get more out of technology
• Client intricacy is critical to understanding the goal of the process

[27:28 - 36:55] Closing Segment

• Tune in as Damien and Penny share how networking with others at conferences can lead to comradery and sharing of knowledge!

Tweetable Quotes

“I can't believe the speed of information changing not information change. The information is always there, the information is always the same, but our ways of accessing it, utilizing it and generating information out of it is changing drastically and it's changing daily.” - Penny Breslin

“It's really important that you foster that particular type of culture within your firm. And then that constant never-ending improvement and constant learning starts to flow. And most importantly, you start to get more and more out of the technology that you're paying a lot of money for.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Why do you need to keep tasks easy to understand? In this episode of Strategy and the Virtual Controller, Damien, and Penny tackle the importance of taking a step back before implementing any technology or workflow changes. They discuss how to set up an anticipatory set that will help employees work more efficiently and effectively, reduce misunderstandings, and minimize write-offs due to incorrect processes.

The conversation covers how COVID has impacted internships and new workers coming out of college who may lack experience in executing tasks.

Tune in as Damien and Penny as they stress the need to make sure that tasks are easy to understand and complete in order to ensure successful outcomes!

[00:00 - 01:20] Opening Segment

• Damien and Penny discuss accounting, client accounting services, virtual accounting, and virtual controller services
• Helping practitioners build intentional businesses and avoid mistakes

[01:21 - 13:50] Avoid Tax Write-Offs Through Anticipatory Set

• They share their advice on taking a step back and making sure there’s a mutual understanding of objectives and outcomes before rushing to a solution
• Anticipatory set:
• Define title
• Define objectives
• Define what learners should learn

[13:51 - 36:33] Carving Out Time To Achieve Anticipated Results

• Remote workers and new employees may not have experience of internships due to COVID
• The anticipatory set is the objective, which includes the tasks, the trial balance, and the objectives of the trial balance
• Objectives is what we should achieve, whereas anticipatory set is the result that we anticipate to happen
• It’s important to consider what client the client see on their side of the app, as it may be different than what you see

[36:34 - 40:10] Closing Segment

• Tune in as Damien and Penny share why you need to make sure that tasks are easy to understand and complete in order to ensure successful outcomes!

Tweetable Quotes

“I did not define both ends of it and you would think, well, why should I? Well, because she's a valuable employee and I don't need to constantly berate her because of my lack of communication.” - Penny Breslin

“The client's coming to you because of your accounting and tax expertise. And so a great way in which you can demonstrate your accounting and tax expertise is just to get them better organized and tell them how you want them to submit information.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny discuss the importance of leveraging AI to build more intentional businesses, allowing accountants to focus on building relationships and providing value-added services.

The conversation covers topics such as managing data, automating processes, making predictions based on prior history, the need for standardized business models in Australia, and more.  

Tune in as Damien and Penny as they discuss the different ways that AI can be used as deductive, predictive, or generative!

[00:01 - 03:23] Opening Segment

• Damien and Penny discuss helping accountants and bookkeepers build more intentional businesses
• Their program focuses on tips and tricks for apps as well as defining CAS (Client Accounting Services)  

[03:24 - 17:09] Leveraging Technology To Build Intentional Businesses

• Accountants need to differentiate themselves by talking about the outcomes their CAS services will deliver
• AI, ChatGPT, Barta, and RPA were discussed as ways to personalize relationships with clients
• Accounting firms need to decide which clients they want to provide value-added services to
• Promoting the idea of standardized banking to standardize bank feeds and experience

[17:10 - 25:31] Scaling New Heights With AI Technology

• AI can cut down time spent on administrative tasks by:
• AI has evolved from being deductive to predictive and generative
• AI can automate processes and generate personalized information
• AI can help firms build strategic relationships with their clients
• AI provides insights that need to be converted into actionable steps for the client
• Focus on clients that are willing to pay for the services and increase the value of the relationship

[25:32 - 36:41] Closing Segment

• Tune in as Damien and Penny share how accounting firms can utilize AI for their company!

Tweetable Quotes

“Don't look at AI as an enemy. Look at it as your friend who's going to allow you to say, “Okay, that part of the business runs on AI. This part of the business runs a relationship.” And I get to choose which one I want to do that with.” - Penny Breslin

“What does that mean to have a business coach and partial CFO? It's cashflow planning, it's forecasting, and budgeting, actually explaining to clients what it is that you do, what you just said in terms of helping them make better decisions. They're all outcomes and that's what you have to be talking about on your website.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny explore how accounting firms and bookkeepers can use workflow, AI, and technology to build their business with intentionality, help their clients better understand their business, and deliver value to them, as well as create a great workplace for their team.

The conversation focuses on the benefits of workflow, such as workflows, such as better visibility, accountability, and organization. 

Tune in as Damien and Penny as they advise listeners on what questions to ask when reviewing workflow applications and suggestions on setting up the workflow!

[00:01 - 01:36] Opening Segment

• Damien and Penny discuss workflow, AI, and technology
• AI is becoming more useful from a marketing and productivity standpoint

[01:37 - 13:49] How To Increase Efficiency And Accountability Through Workflow

• AI can help with client communication and workflow
• Push communication into Slack and Zoom chats
• What is workflow?
• Cloud-based services require proper cloud-based workflow for tracking

[13:50 - 28:21] Streamline Your Workflow And Organize Chaos

• Simple workflow tools can be used even by one-person firms to help manage tasks
• It is important for business owners to create space for themselves to think about their business and recharge
• Set reminders and use a triage mentality to prioritize tasks
• Take time out of the office or go offline to step away and think about your business
• Penny shares the key capabilities required for any workflow software you're investigating

1. All of client communication linked to the client record in the WF
2. Assigned allocation of resource let's one know who has the task
3. Status tells one where the task is on time to completion, what is holding up the task, what is missing
4. Due dates, recurrence and priority cuts down on the question that revolve around administrating the tasking
5. History of prior Q/A is helpful with not repeating mistakes or repeating questions

[28:22 - 35:07] Closing Segment

• Damien and Penny advise listeners to review workflow applications to improve their business workflow!

Tweetable Quotes

“Life is too short. Nobody ever knows when they're going to be the one getting hit by a bus, so don't waste it.” - Penny Breslin

“If you need to take time out of the office or want to take time and go offline, will your team have everything that they need at their fingertips to keep the work moving.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny explore the changing job environment due to the increasing use of AI in accounting and tax processes. They share their experiences with Carbon, an AI-powered workflow tool that some of their clients are using.

The conversation dives into the potential of AI to automate tasks in the accounting process, such as checklists, emails, and other administrative tasks that would allow accountants to spend more time on the work they were trained for.

Tune in as Damien and Penny as they discuss using AI in accounting and how it can save practitioners time and effort!

[00:01 - 04:57] Opening Segment

• Damien and Penny discuss how AI is being implemented in different apps to automate communications
• Carbon is one of the workflow tools being used with AI technology to write emails and summarize client communication into bullet points  

[04:58 - 27:04] How Practitioners Are Leveraging AI To Automate Communication And Workflow

• How AI is being used to automate administrative functions and emails
• A seamless experience for clients
• It is easier for team leaders, less administrative time, and more detail is put in
• AI is taking a part of the job that doesn’t require much training, such as administrative tasks

[27:05 - 28:01] Enhancing Efficiency With AI Automation

• AI can help with communication and marketing
• AI has yet to separate itself based on sales receipts or review transactions
• Embracing the benefits of AI in communication and administrative tasks
• Accountants need to be trained to become KPOs (Knowledge Process Outsourcing)

[28:02 - 40:56] Closing Segment

• Damien and Penny explore how AI is being used in accounting and how it can save practitioners time and effort!

Tweetable Quotes

“Give me something more, give me something that a bot can't do. Show me that you didn't just click a button, that you actually considered what you were doing when you did it based on what you know about the client because that is what you're getting paid for.” - Penny Breslin

“ At the end of the day, there's going to be so much nuance in each and every client that yes, it might, maybe 60% of transactions, that's fine. But I think we've been doing that for a long time already. I don't see the same speed to market in that space as I do on say, the comms and the administrative capabilities of AI.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny discuss the potential of Artificial Intelligence (AI) to revolutionize tax season. From simplifying bookkeeping processes to improving communication between businesses and their clients, they explore how AI is transforming the way accounting teams work and how it can help reduce time spent waiting for client responses.

The conversation today takes a look at how AI can be used to write marketing materials, job descriptions, and communications, as well as create autoresponder emails tailored to individual clients’ needs.

Tune in as Damien and Penny take an inside look at the potential of AI to make filing taxes easier and more efficient!

[00:01 - 05:14] Opening Segment

• Damien and Penny discuss the potential of Artificial Intelligence (AI) and Machine Learning (ML)
• AI and ML are being used to look for patterns in data, code, etc.

[05:15 - 17:29] Exploring The Frontier Of Artificial Intelligence

• AI integration is being tested to facilitate communication between clients and accounting firms
• This eliminates the need for the client to leave their native app and enter a new one
• Clients can respond in their own way, making them more comfortable and quicker to respond
• AI can be used to facilitate more seamless interaction with clients

[17:30 - 23:00] Leveraging AI To Streamline Bookkeeping Process And Improve Client Relationships

• Identify the correct person to speak to in a business
• AI can help write emails, marketing materials, job descriptions, etc.
• The iterative process of creating templates and using AI to improve them

[23:01 - 28:08] Closing Segment

• Damien and Penny take an inside look at the potential of AI to make filing taxes easier and more efficient!

Tweetable Quotes

“It doesn't matter to us which way it goes. We tell the AI to default to that for that client, and now the client owns it because they decided how they wanted to respond and when they wanted to respond. So, they now own that process.” - Penny Breslin

“Leveraging AI in this instance, what it means is that we still don’t know about these transactions. But then the process immediately starts into more familiar forms of communication back and forth with the client to speed that process up.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny share their experiences working with accounting firms around the world and provide valuable insights on how to avoid dropped balls and miscommunications with clients. They emphasize the importance of intentionally building businesses in the accounting and bookkeeping industry.

The conversation today highlights setting clear expectations with clients and ensuring that both parties are aware of their responsibilities.

Tune in as Damien and Penny for an engaging and insightful conversation on the importance of building strong client relationships and not letting perfectionism get in the way of progress!

[00:01 - 06:27] Opening Segment

• Damien and Penny focus on client relationships and progress over perfection
• They emphasize clear communication and systemized follow-up to maintain strong client relationships  

[06:28 - 14:14] Setting Clear Expectations With Clients

• The importance of setting clear expectations with clients - who's responsible for what (and by when)
• The need for checklists and tasks for clients to follow - maybe even calendar appointments
• Onboarding contract with clear bullet points and due dates
• Challenging the client hierarchy changes and access to applications

[14:15 - 21:29] The Importance Of Checklists And Communications

• Asking clients what they want/need in terms of communication frequency
• Consider changes in the client’s business and adjust communication accordingly, from monthly meeting to quarterly once milestones are hit
• Accountants/bookkeepers should look at changes in the client’s business (revenue/employees/transactions) to suggest improvements

[21:30 - 36:06] Closing Segment

• Damien and Penny shares their advice with their listeners about building trust with clients through extra work and value-add services

Tweetable Quotes

“Make sure that the client knows that to help you achieve your goals, this is what you need to do for us, so that we (your accountant/advisor) can give you what you've signed up for.” - Penny Breslin

“I don't think we often ask the client, if they getting what they need, in the right sort of timeframes that they need the information. So, I think that's something that we can definitely incorporate into the engagement process and the re-engagement process. An actually why wait, just ask your client today. Are you getting what you need from us” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend! And connect with us on LinkedIn if you have any questions you'd like us to tackle on an episode.

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny dive deep into the importance of organizational structure, service mix, and team building for accountants and bookkeepers who seek to build intentional businesses. They share their experience with new hires who bring fresh ideas and perspectives to the table, emphasizing the importance of surrounding oneself with competent individuals to grow a business.

The conversation today highlights the importance of delegating in growing a business and the focus on integrating different apps and software to provide comprehensive financial reporting and functionality.    

Tune in as Damien and Penny to learn how to build intentional businesses as accountants and bookkeepers!

[00:01 - 01:32] Opening Segment

• Damien and Penny discuss their experiences with new hires, encouraging them to bring fresh ideas to the table
• The importance of thematic reporting and using data in different ways 

[01:33 - 14:00] Creating Capacity for Technology Management and Client Relationships in Accounting Firms

• The need to create two different reports for sales due to overriding commissions
• Delegating tasks and fear of not being clear enough in expectations
• Surrounding oneself with good people and letting them do their thing
• Hiring employees to manage workload and provide quality service to clients/customers
• The importance of app integration and building a tech stack for businesses

[14:01 - 16:32] Regularly Reviewing Your Tech Stack for Business Growth and Success

• Integration and communication between apps is important
• Managing to onboard of employees using apps
• Performance center allows customization of reports for clients
• Procedures should be reviewed regularly as technology and apps are constantly changing

[16:33 - 30:16] Closing Segment

• Damien and Penny’s advice to the listeners the importance of building relationships with app providers and creating a space for creative thinking in the team

Tweetable Quotes

“Everything is on the table. If you want to look at something, here's access to everything you need to have, and you tell me if you have a better idea.” - Penny Breslin

“Surround yourself with good people, and nine times out of 10, they'll come back with something better.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny discuss the impact of tax season on their workload, with the bookkeeping team being busier than usual. They stress the importance of vetting potential clients before taking them on, including reviewing their website and understanding their specific needs. This helps them provide tailor-made services that meet each other client’s unique requirements.

Today's conversation highlights the benefits of cloud-based accounting software over desktop software for controlling data flow and improving timeliness. They share different perspectives on accounting practices and client relationships, one person talks about trying to convince a client to switch to cloud-based accounting while another discusses helping a coach with tax returns.  

Tune in as Damien and Penny to learn valuable insights into running a successful accounting firm during tax season and beyond, making it a must-listen for all business owners looking for expert advice on building an intentional business!

[00:01 - 01:32] Opening Segment

• Damien and Penny discuss accounting and bookkeeping for firms and businesses
• Tax season and increased demand for bookkeeping services
• Importance of vetting potential clients before taking them on
• The benefits of cloud-based accounting software over desktop software

[01:33 - 14:00] Accountants Find Happiness And Value In Client Accounting Services

• Helping a coach with his tax return, fixing mistakes due to lack of information
• Small businesses have complex transactions that cannot be fully automated
• Checking accounting firms’ websites and reviews should be part of client selection criteria
• Maintaining apps and tracking transactions can improve client relationships and security

[14:01 - 16:32] Unlocking Valuable Relationships And Opportunities In The Accounting Industry

• Demand for client advisory and accounting services is increasing
• Payroll was the starting point for unlocking relationships with clients
• Regular interaction with clients leads to more value-add opportunities
• Bookkeeping and accounting firms are crucial for success in client accounting services

[16:33 - 30:16] Closing Segment

• Damien and Penny to listeners that new ideas and pitching to prospective clients can reinvigorate accountants

Tweetable Quotes

“We have to deal with the fact that we can see how things aren’t load leveling, at least when a client is really good with cast and the data is flowing through, I mean, it is just easy to work.” - Penny Breslin

“The accountants working in those cast divisions, I think are having much more enjoyable professional roles where they're working with interesting clients on interesting problems, the bookkeeping's getting done. But actually, where they add real value is helping the clients on that advice side.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny discuss their recent travels and their experiences with outsourcing and hiring employees. They share their stories of exploring different cultures, meeting new people, and experiencing new things. They emphasize the importance of proper organization and onboarding processes when it comes to hiring employees or outsourcing work.

They discuss how clear communication, space for brainstorming ideas, and proper documentation of processes can avoid situations where clients send work that is not aligned with what was promised. They cover topics such as the importance of onboarding and training when hiring new employees and outsourcing work.

Tune in as Damien and Penny to learn more about outsourcing and hiring employees!

[00:01 - 01:07] Opening Segment

• The conversation is about outsourcing and hiring employees, emphasizing the importance of proper organization and preparation before bringing on new team members
• Their recent hiring experiences and the importance of onboarding programs for new employees

[01:08 - 14:57] Navigating The Challenges Of Outsourcing

• Outsourcing operations have high expectations and little room for error
• Some firms are not prepared for outsourcing despite claiming to be
• Communication breakdowns can occur when different people are involved in the process
• Process and procedures are crucial for successful outsourcing
• Communication and understanding are key to resolving issues in outsourcing

[14:58 - 23:47] The Importance Of Onboarding And Workflow Management

• A story where an employee was unprepared to do a task, leading to an apology and a promise to fix
• Recording of training sessions for audit trail and better preparation
• Importance of individual user accounts for security and control
• Learning opportunities from mistakes and open communication between parties
• Hiring employees or outsourcing work requires setting them up for success

[23:48 - 34:00] Closing Segment

• Damien and Penny to listeners that workflow and task management tools are becoming increasingly important for smaller firms to successful

Tweetable Quotes

“Don't beat yourself up when things fall through the cracks… And use it as a learning opportunity.” - Penny Breslin

“Being prepared before this person walks through the door. And what those first minutes, hours, and days are going to be and hint, hint, it's not billable.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

In this episode, Damien and Penny discuss how accounting and bookkeeping firms have been impacted by the pandemic. They discuss Penny’s recent trip to Chennai and how people are shifting towards remote work, businesses have had to adjust to a high rate of turnover, and schools have been on Zoom for two years. They delve into gender inequality and unequal representation in the workforce, as well as the importance of allowing people to tell their own stories.

Tune in as Damien and Penny discuss the current state of accounting firms in the age of the pandemic!

[00:00 - 01:55] Opening Segment

• Penny recently traveled to Chennai and noticed some similarities between India and the US in terms of remote work preferences and difficulty finding employees
• Business owners in Chennai are having difficulty filling jobs due to a lack of education caused by the pandemic

[01:56 - 13:12] Growth And Transformation Through Technology and Coaching

• Investment in the office space, HR person, and administrative assistant
• Change is difficult for accountants
• Hiring technology people to work with apps and train on the accounting part
• Building camaraderie among team members
• Leadership classes for team leaders
• Openness and freedom of employees to state what they want

[13:13 - 25:42] Exploring Opportunities For Change In Accounting And Bookkeeping Firms

• They talk about clients having problems with QuickBooks
• Accounting firms struggling to communicate the value of services effectively
• Tax business model doing the rest of the profession a disservice
• Providing timely, paperless, digital access, and good communication back and forth leads to little price resistance

[25:43 - 37:19] Closing Segment

• Damien and Penny share with the listeners that having control of the flow of accounting data starting January 1st makes doing the tax return easier!

Tweetable Quotes

“If you could control the flow of the accounting data starting January 1st, and you can do it under the control of you are going to have access to everything you need when you need it to close those books every month. Then doing the tax return is easy.” - Penny Breslin

“At the end of the day, it's an accounting firm, probably just like yours with people, with technology, with the process and, and challenges and, and, and solving those challenges, and instead of the individual clients being the business client, and the actual client is the accounting firm.” – Damien Greathead

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Thank you for listening, please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

We have a treat for you for our 51st episode. You may have heard Penny talk about her business partners Nirmala and Sharmila who run the accounting firm in Chennai, India. With Penny in Chennai, we figured it was a great opportunity to chat with them to learn about what inspired them to take the entrepreneurial leap and start their own accounting firm.

Two women starting their own firm may not be big news in some countries, but in India it's quite remarkable. Even more remarkable is that they've grown from two people to 45. And this all-female firm is set for their next phase of growth with their recently expanded office.

We hope you enjoy the episode as Sharmila and Nirmala share what drives them and how they build a culture of inclusion, constant and never ending learning, and a passion for technology that makes client relationships more and more seamless.

As we celebrate International Women's Day, we celebrate Sharmila, Nirmala and their team.

We're trying to keep it positive here at Strategy & the Virtual Controller, and today we're discussing saying no to new clients at this time of the year. Of course there's new business to be won at this time of year, but are you set up to onboard clients and get the work done successfully?

If not, then just say no. Most firms will fall into this category. Saying yes, just puts unnecessary stress on the team, on the systems and on you (and likely your loves ones). So just say no. Your team will appreciate you all the more for it.

If saying no to new business is such a foreign concept, then go ahead and say yes, but yes with caveats**. We will take you on, but you're going on extension and we'll schedule your work for June. How does that sound?

It's a stressful time of year for you, your team and your clients. Don't put undue pressure on the team, and manage your clients expectations. Open and honest communication is what it's all about. With plenty of advanced notice your clients will understand, and hopefully with plenty of advanced notice, won't put you in the sticky situation in the first place🤞🤞🤞.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

Saturday Special! Today's episode comes to you 'live' from last year's QuickBooks Connect. We were lucky enough to get 8+ attendees in the room to discuss their thoughts not only on the return of QuickBooks Connect to live and in person, but also what's happening in their firm, common challenges and how they're tackling them. It was a great session of sharing and encouraging - hope you enjoy!

Don't forget to connect with us via LinkedIn and if you liked the episode, remember to rate us.

Happy new year! Will it be new year new you? Or will it be same old same old. We're back with a new episode of Strategy and the Virtual Controller and today we're talking about saying no to things that don't align with your vision for your business. But instead of the negative, let's turn it into a positive and focus on what we're saying yes to. Yes to specific clients, yes to increasing prices, yes to new roles and responsibilities in your firm. So rather than same as last year, let's focus on what changing for the positive. Whatever you're saying yes to, know that you're not alone, many business owners have gone down a similar path - stay focused to your vision and chip away at each day and week, and you'll be surprised how much progress you'll make in 3, 6 & 12 months.

As usual, keep your questions coming - let us know how we can be helpful, and be sure to connect with us on LinkedIn and drop us a review on your favorite podcast platform.

There's no need to wait until January to start specific tasks in the year-end process. It's the start of December, so why not start communicating with your clients about what's coming up. Whether it's W9s for the 1099 process or just helping your clients get better organized, we discuss tactics that will help firms get better prepared for a less stressful tax season.

If you'd like to pick our brains on software or workflow (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

In this episode we discuss how firms can better leverage technology to not only move tasks around the office, but also move knowledge around the firm. Regardless of where your team works - virtually, physically or likely a blend of both - you need to be able to capture all of the small conversations, the small tidbits that are critical to getting the client file completed. The working papers and last year’s return tell one part of the story, so what’s the other part? You tell us, well more importantly tell your team. And make sure they can access that story wherever and whenever they choose to work.

In this episode of the tax season pre-season mini-series we talk marketing! A lot of accountants don’t like to talk about marketing, Penny included. However, you can easily reframe marketing to communicating.

• How are you communicating with your clients?
• What’s the comms plan to get them organized before the year-end?
• What are the frequently asked questions you know you’re going to get?

The lesson here is don’t wait until mid January to start this. Get your team involved now and create a comms plan to communicate with your clients in small bite sized pieces to get them ready for your tax season.

We hope this helps identify a few things you can be doing now in the pre-season to make your tax season more streamlined and less stressful.

If you'd like to pick our brains on software or workflow (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

It's the time of year again - the tax season pre-season. You've now got a small window of opportunity to make changes in your business to create a better, smoother tax season. You can't change everything, so what are 2-3 things you will focus on?

This episode kicks off the pre-season, and over the next few episodes we'll be deep diving into key areas including marketing, pricing, workflow, technology and managing a remote workforce. So tune in to each episode and hopefully pick up one or two tips to help make this upcoming tax season your best yet.

If you'd like to pick our brains on software or workflow (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

In this episode we get super specific and talk tools. We've had a bunch of emails come in from listeners asking about how to work with multi factor authentication (MFA) for all the different apps in and accounting tech stack.

We talk about tools in Penny's workflow namely yodel.io which is is VoIP company that has a bunch of integrations including Slack and Relay Financial which is a new fin tech bank designed specifically for small business and the advisors that serve them.

Both these tools present different ways of working. That means you will have to talk to your clients about changing banks, about setting up access profiles for your team. To help you do that we chat about the additional layers of security that tools like these bring as well as the increased access that your team needs to deliver the services that your client has invested in.

Please note: These are just some of the tools used, there are many out there and we the hosts of this podcast are not in anyway compensated by the providers.

If you'd like to pick our brains on software or workflow (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

There are many ways to define a workflow, but, put simply, it’s the organization of work so you can see how it should move from one stage to the next. Today's episode we discuss key elements to consider when it comes to workflow. Most firms have recognized the importance of workflow software, but few have it fully implemented, let alone reaping the benefits of it. The benefits are there, and it'll be worth the pain of change in the short term.

Below is the content of the document Penny referenced regarding workflow:

• It will decentralize the work and the information 
• Increase visibility 
• Streamline collaboration—automate routing of information 
• Less chances of repeating conversations over and over again 
• A quicker search capacity for conversations 
• Less need to rely on memory  
• Ultimately better teamwork  

• You need to allocate or (old school) input transactions 
• Gather the statements 
• Confirm any unknowns 
• Check for any new accounts 
• Look for any app inputs 
• Create final report 

• Customizable 
• Bring EVERYTHING into one place--- internal and external work 
• Allow for sharing easily  
• Automate repetitive steps 
• Reduce delays 
• Have great reporting on what when where and how 
• Be adaptable to Changes (it does after all point out when change is needed) 

If you'd like to pick our brains on workflow software or ask us any questions (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

We discuss two interesting conversations this week. Both with practitioners that are struggling to find people. Coincidently the firm is also struggling with going paperless and scared to introduce new technology to clients. Unfortunately the pre-Covid excuse of my clients won’t do that just doesn’t fly. So the question is who or ‘what’ is driving this bus? Are you in control or are you letting your clients dictate? Or worse still are you letting the fear of talking to your clients hold you back?

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

In this episode we discuss an interesting article about change and understanding that change will cause tension, and that's OK. In fact the author contends it's required and uses the analogy of rope requiring tension to perform its key task - pulling something/hanging something etc. We also discuss the importance of getting out of the way to allow change to happen, and recognizing that you will need a team of people with different skills to drive the change through your organization. Check out the Kolbe-A assessment (similiar-ish to Myers-Briggs/StrengthsFinders etc) to help you identify the strengths of your team and who you should allow to step into their roles and facilitate this change process.

What did you think of the article? Have you and your team taken the Kolbe assessments? Were they helpful?

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so we can spread the word.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

Too many times it's happened when we've ignored our gut, broken our own rules and taken on a client that we didn't feel quite right about. In this episode we discuss moving clients on or being forthright and saying no to a new client that you know doesn't quite fit. And no surprises, but the sooner you make the call the better.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

We've got something special for you in this episode You might remember Rachel Siegel from a previous episode sharing how she has been building her firm. In this episode Penny and Rachel head into a firm that wants to better focus on their clients throughout the year rather than just tax season. Penny and Rachel really dig into the firm and it sounds like have some challenging conversations with both the owner and the the team. A big thank you to Kevin, Brian and Chuck for having us along for the ride and sharing your experience with Rachel and Penny.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

According to the AICPA record numbers of students are graduating with accounting degrees, but accounting firms at graduate job fairs aren't seeing these candidates. In this episode we discuss what might be causing this dearth of graduate talent for public accounting firms. A common theme throughout this podcast has been that same as last year (or SALY) will not cut it when it comes to finding and keeping good people.

If you're a firm owner you have the opportunity to give up-and-coming accountants an exciting career helping business owners better understand and get more from their business. You will have to be very intentional about about the clients you want to work with as well as the services you want and don't want to provide. And recognize that part of your employees career path might mean going elsewhere to gain new experiences (you never know they might come back).

So the question is not what are you doing to keep your talent, but what are you doing to continually develop your talent and giving them challenging, engaging responsibilities.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

As you start to build your CAS (or is it CAAS?) one of the things you'll need to think about is your organizational structure. Typical accounting and bookkeeping firms grow by adding more accountants and bookkeepers, however what we've found, for your CAS business to grow you'll need a different skill set in your next hire. We've named this person Beth, namely because that's her name in one of the firms we work with and she's the gel that holds the firm together. She's the first point of call for both the clients, when they need help, and the accounting team when they're chasing the client for more information. Job titles include Client Administrator, Client Success Manager, and Client Relationship Manager. Regardless of title it's important that this person never gets sucked into tax season, or 1099 season, or other busy accounting work. And for the most part they're not billable, but rest assured they'll quickly demonstrate their value.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

So what is it? Client Accounting Services? Client Advisory Services? Or Client Accounting and Advisory Services?

And does it matter? Well yes, because you have to be very clear to your clients as to what services you're providing and to your team what tasks need to be completed to deliver on your promise to clients.

Without proper definition these services can quickly become everything that's not tax. And this makes it difficult to create processes, workflows and tech stacks etc. While it might be easy to utilize a 'blueprint' from a speaker on stage if you're not crystal clear on what you are and are not doing you'll struggle to realize the potential of CAS (or is it CAAS?).

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

We've been on the road and in today's episode we share our insights picked up from AICPA's Engage Conference in Las Vegas, and Scaling New Heights and BKX in Orlando.

Were you at any of the conferences? What were your key take aways?

Plus we've seen a number of apps close their doors as funding dries up and we share some questions you should be asking your technology providers.

To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH