The Modern CPA Success Show – Details, episodes & analysis

“If you're only working in the business, you're doing it wrong. Cut your activities in half. You have to free up time to think about the business, to work on the business.” – Simon Severino

The finer details of this episode:
• Transition from traditional tax-based practices to advisory-oriented services in accounting.
• Challenges faced by accounting firms in defining and marketing their services.
• Importance of understanding client needs and delivering tailored solutions.
• Decoupling time from value in professional services to enhance profitability.
• Strategies for effectively packaging and pricing advisory services.
• The role of marketing in differentiating accounting firms in a competitive landscape.
• Implementing structured approaches like "Strategy Sprints" for business growth.
• Identifying operational constraints and improving processes for better service delivery.
• Building long-term client relationships to foster loyalty and satisfaction.
• Emphasizing the need for continuous improvement and agile responses to market demands.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Check out Strategy Sprints here: https://www.strategysprints.com/

Timestamps:
Introduction to the Podcast (00:00:00)
Overview of the podcast's mission to provide insights on accounting firms' growth and innovation.

Guest Introduction (00:00:22)
Co-host introduces Simon Severino, highlighting his expertise and the challenges accounting firms face.

Simon's Background (00:01:29)
Simon shares his non-linear career path, emphasizing his passion for market strategy and problem-solving.

Transitioning to Advisory Services (00:03:09)
Discussion on the shift from tax-based practices to advisory services in accounting firms.

Decoupling Time from Value (00:05:14)
Simon explains the importance of separating time spent from the value delivered to clients.

Client Example: Cash Flow Reporting (00:06:15)
Illustration of how an accounting firm expanded services and improved profitability through automation.

Challenges in Changing Mindsets (00:08:54)
Discussion on the difficulty accountants face in shifting their perception of time-based billing.

High Margins of Advisory Services (00:09:31)
Simon highlights the significant profit margins in advisory services compared to traditional services.

Understanding Entrepreneurial Needs (00:10:51)
Exploration of what entrepreneurs truly need from their accounting services and reports.

Importance of Advisory in Cash Flow (00:12:40)
Discussion on the necessity of advisory services in helping clients interpret cash flow reports.

Strategic Value of Consulting (00:13:37)
Simon emphasizes the value of being a sparring partner for clients in decision-making.

Subscription-Based Services (00:14:45)
Discussion on how subscription models can help disconnect time from billing in professional services.

Impact of AI on Professional Services (00:15:58)
Simon discusses the challenges posed by AI in the financial services sector and competition.

Marketing on LinkedIn (00:17:16)
Emphasis on the importance of LinkedIn for professional services and strategies to gain mindshare.

Mindshare and Marketing Strategies (00:19:59)
Simon discusses the need for consistent marketing efforts to stay top of mind with clients.

Common Marketing Mistakes (00:20:51)
Simon identifies common pitfalls accounting professionals face when starting their marketing efforts.

Responsibility for Marketing (00:21:46)
Discussion on the necessity of assigning dedicated roles for marketing within accounting firms.

Introduction to Strategy Sprints (00:22:50)
Discussion on the importance of external presence in accounting firms.

Client Satisfaction and Acquisition (00:22:59)
The roles of team members in ensuring client satisfaction and bringing in new clients.

Defining Strategy Sprints (00:23:14)
Overview of what a strategy sprint entails and its focus on key activities.

Creating Client Flywheels (00:23:52)
Strategies for generating more work from existing clients through enthusiastic moments.

Distribution Flywheels (00:25:06)
Methods for creating compelling content and building a pipeline of ideal clients.

Defining the Ideal Client (00:26:08)
Importance of identifying and sticking to an ideal client profile for long-term success.

Measurement in Strategy Sprints (00:27:17)
The significance of measuring activities weekly to determine effectiveness.

Reclaiming Time (00:28:17)
How identifying ineffective activities can help reclaim valuable time in business operations.

Focus Card Metrics (00:28:40)
Using the focus card to track three key metrics every week for better results.

Scientific Approach to Business Growth (00:29:55)
Implementing a scientific method for testing and validating business strategies.

Client Onboarding and Constraints (00:31:07)
Identifying constraints in professional services to improve overall throughput.

Addressing Service Offerings (00:33:19)
Discussion on the challenges of adding new services and recognizing value in advisory roles.

Pricing and Packaging Services (00:34:32)
Strategies for increasing service pricing and developing attractive packages.

Learning from Other Industries (00:36:08)
Insights on how professional services can benefit from models used in franchising.

Creating a Scalable Business Model (00:38:00)
Transforming a consultancy into a scalable model by professionalizing brand and processes.

Resources for Further Learning (00:40:32)
Information on where to find tools and resources for implementing strategy sprints.

Main Takeaway (00:42:20)
The importance of cutting activities in half to free up time for strategic thinking.

“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff Lenning

The finer details of this episode:
• Strategies for leveraging Excel to improve efficiency
• Continuous learning and development in Excel
• Common pitfalls and challenges in Excel usage
• Mindset shift from "if" to "how" in using Excel
• Role of AI in enhancing Excel skills
• Structure and offerings of Excel University
• Key Excel functions and features for accountants
• Real-world applications and case studies using Excel
• Importance of presentation skills in Excel reporting

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/
● Check out Excel University here: https://www.excel-university.com/tips

Timestamps:
Introduction to the Episode (00:00:00)
Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.

Guest Introduction (00:00:22)
Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.

Why Excel University? (00:01:18)
Jeff explains his passion for Excel and how it transformed his workflow efficiency.

Continuous Improvement in Excel (00:02:27)
Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.

The "Last Year" Trap (00:04:06)
Jeff addresses how accountants often stick to familiar methods without seeking improvements.

Mindset Shift in Excel Usage (00:05:53)
Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.

Learning with AI Tools (00:07:00)
Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.

Excel University Experience (00:09:02)
Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.

Continuing Education Credits (00:11:44)
Information on CPE credits offered through Excel University’s programs.

Focus on Presentation Skills (00:12:11)
Discussion on improving both functionality and presentation of Excel reports for better client communication.

Charting in Excel (00:14:16)
Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.

Key Excel Functions for Accountants (00:15:25)
Jeff highlights essential Excel functions that every accountant should master.

Power Query's Benefits (00:16:59)
Jeff explains how Power Query automates data processing, saving time and improving efficiency.

Real-Time Data Refresh (00:18:07)
Benefits of using Excel for live updates during client meetings, enhancing responsiveness.

The Impact of Spreadsheets (00:19:01)
Discussion on the historical significance of spreadsheets in making personal computers indispensable.

Microsoft's Ongoing Investment in Excel (00:19:51)
Discussion on Microsoft's continuous updates and new features in Excel.

Learning Excel Functions (00:20:17)
Importance of learning new Excel functions beyond the basics through courses and online resources.

YouTube Channel Promotion (00:20:38)
Jeff shares his YouTube channel for quick Excel tips and updates.

Searching for Excel Functions (00:21:06)
Common issue of not knowing advanced functions like Power Query and XLOOKUP.

Benefits of XLOOKUP (00:22:00)
Explanation of XLOOKUP as a more resilient alternative to VLOOKUP.

Excel University Audience (00:22:28)
Overview of diverse student demographics, including CPAs and accounting professors.

Student Confidence Boost (00:23:49)
Feedback on how Excel training increases students' confidence in interviews.

Underestimating Excel's Importance (00:24:33)
Discussion on college students' misconceptions about Excel's relevance in their careers.

Using Excel for Client Projects (00:25:35)
Example of using Excel to model client scenarios and decision-making.

Introverts and Problem Solving (00:25:48)
Jeff shares his enjoyment of solving problems with Excel as an introvert.

Google Sheets vs. Excel (00:26:27)
Comparison of Google Sheets and Excel for collaborative work.

Sharing Documents in Google Sheets (00:27:39)
Discussion on the ease of sharing documents in Google Sheets compared to Excel.

Gateway Computers Experience (00:28:25)
Jeff reminisces about working at Gateway Computers and its rapid growth.

Gateway's Growth Challenges (00:29:28)
Stories of Gateway's ongoing expansion and the challenges faced.

Excel Training at Gateway (00:31:08)
Jeff's initial experience teaching Excel at Gateway's training centers.

Role of Excel in Career Progression (00:32:53)
Discussion on how various roles contributed to Jeff's Excel expertise.

Daily Excel Usage (00:34:38)
Jeff explains his daily engagement with Excel and content development.

Office Hours Collaboration (00:35:34)
The supportive environment of office hours where students share and learn from each other.

Learning from Peer Demonstrations (00:36:08)
Reflections on how sharing simple Excel techniques can lead to broader learning.

Pivot Tables' Impact (00:37:09)
Discussion on the transformative power of pivot tables in Excel.

Pivot Tables and Formatting (00:38:07)
Discussion on the importance of pivot tables and their time-saving formatting features.

Power Query Feature (00:38:32)
Jeff highlights Power Query as the most impressive Excel feature in the last two decades.

Using Tables for Efficiency (00:38:44)
Tables help eliminate errors and automatically adjust ranges in Excel functions.

Indirect Function Discovery (00:39:12)
Tom shares how the INDIRECT function simplified his work with changing templates from multiple countries.

Time-Saving with INDIRECT (00:39:52)
Tom explains how the INDIRECT function dramatically reduced turnaround time for presenting data.

Learning from Excel University (00:40:46)
Tom expresses motivation to improve Excel skills and acknowledges the value of Excel University.

Time Efficiency Gains (00:41:11)
Jeff mentions the significant time efficiency benefits experienced by his students.

“These aren't just numbers; numbers represent things that people care about, and when you start thinking about it that way, that's when you get clients who stay with you for life.” –Jeff Bartsch

The finer details of this episode:

• Importance of storytelling and communication skills in the accounting industry
• Strategic use of storytelling, empathy, and understanding deeper motivations of clients in the context of financial numbers and business strategy
• The role of communication skills in human connection, client retention, team management, and business growth
• The core outcome of storytelling as human connection and building trust

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• Jeff Bartsch is the founding communication strategist at Story Greenlight, which empowers accounting advisors to attract and keep their ideal advisory clients.  With over 20 years of experience in the entertainment industry and client coaching, Jeff has helped shape content for clients including ABC, NBC, Disney, Apple, Netflix, and many others. Jeff has been recognized as a Top 30 thought leader in the accounting advisory world, and his commentary has been featured in publications including Accounting Today, the Associated Press, Time Magazine, and USA Today. He believes that the power of story is within reach of everyone, and that human connection is everything.Connect with Jeff at https://www.storygreenlight.com/moderncpa/

Timestamps:

Introduction (00:00:00)

Welcoming listeners to the podcast and discussing the upcoming conversation with Jeff Bartsch.

Demystifying Storytelling (00:00:22)

The importance of storytelling in becoming a better communicator and advisor in the accounting industry.

Jeff Bartsch's Background (00:02:00)

Jeff Bartsch introduces himself, highlighting his background in communication strategy and thought leadership coaching, including his experience in Hollywood.

The Power of Storytelling (00:03:49)

Jeff Bartsch shares a personal experience about the transformative power of storytelling and its impact on human connection.

Transition to Accounting Industry (00:05:51)

Jeff Bartsch explains his transition from Hollywood to working with the accounting industry, emphasizing the importance of human connection and trust-building in the accounting profession.

Strategic Communication and Storytelling (00:10:15)

Discussion on the strategic level of storytelling, including the definition of a story and its impact on communication with clients.

Virtual CFO Playbook Advertisement (00:13:08)

An advertisement for a virtual CFO playbook, offering essential tools for creating and delivering scalable CFO services.

Strategic Communication and Tough Questions (00:15:20)

Exploring the role of strategic communication in asking tough questions and guiding clients through challenging financial situations.

Empathy in Strategic Storytelling (00:16:55)

Jeff Bartsch discusses the importance of empathy in strategic storytelling and understanding the deeper motivations of clients beyond just the numbers.

The importance of strategic storytelling (00:20:28)

Strategic storytelling as a crucial element in client advisory services, influencing clients' perceptions and willingness to pay.

The experience of creating the movie (00:21:38)

Drawing parallels between mastering tools in Hollywood and applying that to client advisory services to create a powerful experience.

Adapting communication strategies in the digital age (00:23:19)

Discussing the evolving role of digital platforms and technologies in communication strategies, and the importance of making tools invisible in client interactions.

Maintaining the human element in the age of AI (00:26:27)

Addressing the challenge of preserving the human element in client advisory services amidst technological advancements like AI.

The power of asking great questions (00:27:48)

Emphasizing the significance of asking powerful questions to uncover clients' true desires and needs, guiding them to find their own answers.

Avoiding pitfalls in client communication (00:36:08)

Identifying pitfalls, such as hammering on different problems and telling tactical stories for the wrong reasons and emphasizing the role of the advisor as a guide rather than self-promotion.

Strategic Communication and Storytelling (00:40:18)

Discussion on the use of storytelling in strategic communication and how it can guide strategic conversations in the accounting industry.

De-escalating Client Situations (00:41:14)

The importance of starting with common ground to de-escalate client situations and guide them towards a different plan.

The Power of Storytelling and Neuroscience (00:42:23)

Exploration of the brain's response to storytelling and the impact on contentious conversations, emphasizing the need to start from a common ground.

Differentiating as an Advisor (00:43:27)

The significance of building the skill of making connections with clients as a key differentiator for a good advisor.

Jeff's Hollywood Experience (00:43:58)

Jeff shares his experience of meeting Britney Spears in Hollywood and reflects on the impact of her celebrity status.

Closing Remarks and Podcast Promotion (00:45:40)

The conclusion of the conversation and promotion of the podcast for more tips and strategies in the accounting industry.

Quote

“Taking this time and investment in your team will show dividends in the future.” - Zach

The finer details of this episode 

• How to choose the right venues, restaurants, and activities for the group 
• Tips for structuring the content of your company retreat 
• Balancing team-building and business development activities 
• Choosing the right location for your retreat 
• The importance of working with the right team to organize your retreat 
• Budgeting and forecasting to cover your retreat financially 

Episode resources

• Summit CPA website - www.summitcpa.net  
• Email us with questions - [email protected]   
• Contact Lily - [email protected]

Quote

“The key to keeping employees happy is to get the right people on the bus, the wrong people off the bus, and the right people in the right seats.” - Tom Barrett

The finer details of this episode 

• How to keep your employees happy 
• Using accountability charts to get everyone into “the right seat” 
• Processes for transitioning and onboarding employees into their roles 
• Making sure that everyone gets into seats that fit their strengths 
• Seeing people’s potential for leadership or supervising 
• Tips for the interview process to assess potential new team members 
• The importance of solidifying your company values when it comes to getting teammates into the right seat 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]

Quote

“We were growing, I was wearing a lot of hats, and I started to realize our finances should be doing better.” - Greg Bear 

The finer details of this episode 

• How Bear Group got started and their experience as a remote company 
• Their process of hiring a CFO 
• How Summit CPA has helped Bear Group to uplevel their business 
• New financial management tricks Greg learned during the onboarding process 
• Bear Group’s financial workflow 
• Factors that attributed to fast cash growth for The Bear Group 
• What to consider if your business is looking to hire a CFO 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]

Quote

“I have the ability to play financial offense for clients, getting them the cash they need to continue to grow.” - Dan Kalis

The finer details of this episode 

• How to create good relationships with your bank
• Keeping your business in a good financial position
• The three C’s of lending
• The importance of building your business credit profile
• What to do when you don’t have the capital to grow your business
• When you should borrow from a bank and when you should go a different route
• Creative ways to meet your business’s cash needs

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions - [email protected]

Quote

“Scope out the wifi situation before you arrive somewhere. The worst workweeks have been when I had to use my phone hotspot to work.” - Mikala Paige 

The finer details of this episode 

• Angie and Mikala’s stories and how they joined Summit CPA 
• Tips for creating a remote/travel lifestyle 
• Things to research before moving to a new location 
• How Angie worked from a van 
• Having a social life when you work remotely and travel 
• Challenges and advantages of working remotely and traveling 
• Equipment you will need for remote work 

Episode resources

• Summit CPA website - www.summitcpa.net  
• Email us with questions - [email protected]   

Quote

“You have four professionals under one roof, so if you can’t genuinely respect and understand everyone’s industry, you are going to have a hard time implementing family services into your office” - Michael Frost 

The finer details of this episode 

• Why bringing in a family office may be a good compliment to what you are doing as a VCFO
• Where to start with moving towards a family office 
• The relationship the CPA firm has with the other professionals 
• How building a family office creates a better client experience 
• How professionals are able to serve each other within a family office 
• Best practices for onboarding a client onto a family practice 
• Questions to ask to determine if someone is going to be a successful partner 

Episode resources

• Summit CPA website - www.summitcpa.net  
• Email us with questions - [email protected]   

Quote

“The time you spend on EOS tools, you are going to save that time and more in the long run.” - Tom Barrett

The finer details of this episode 

• How to determine if your organization needs EOS 
• The process of implementing EOS 
• Advantages of working with an EOS implementer 
• The six key components of EOS 
• Setting priorities using the EOS model 

Episode resources

• Summit CPA website - www.summitcpa.net  
• Email us with questions - [email protected]   
• Navigate the Journey - https://navigatethejourney.com/