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Explore every episode of the podcast The Modern CPA Success Show

Dive into the complete episode list for The Modern CPA Success Show. Each episode is cataloged with detailed descriptions, making it easy to find and explore specific topics. Keep track of all episodes from your favorite podcast and never miss a moment of insightful content.

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TitlePub. DateDuration
Unlocking Profitability: Embrace Advisory Services and Client-Centric Solutions with Simon Severino14 Oct 202400:44:16

“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 mcpasuccessshow@anderscpa.com
● 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.

Mastering Excel: Essential Skills and Strategies to Boost Efficiency with Jeff Lenning30 Sep 202400:41:46

“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 mcpasuccessshow@anderscpa.com
● 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.

The Most Powerful Accounting Tool That You’re Not Using with Jeff Bartsch27 May 202400:45:52

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


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 mcpasuccessshow@anderscpa.com
  • 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.

The Importance of Team Retreats with Zach Montroy and Lillian Hocevar16 Nov 202000:36:03

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

Getting the Right People into the Right Seats with Tom Barrett02 Nov 202000:30:53

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

  

Deep Dive with Virtual CFO Client Greg Bear of Bear Group19 Oct 202000:24:54

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

  

Small Business Loans06 Oct 202000:26:59

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 employees Angie Douglas & Mikala Page talk about traveling while working remotely28 Sep 202000:28:21

Quote

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

 

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

Family Office Integration with VCFO Services with Michael Frost from Heritage14 Sep 202000:32:32

Quote

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

 

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

EOS with Tom Barrett from Navigate the Journey31 Aug 202000:28:06

Quote

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

 

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

Delegation Tips with Emily Morgan from Delegate Solutions17 Aug 202000:27:51

Quote

“We need to be committed to the boring stuff in our business because it is the backbone of how everything runs.” - Emily Morgan 

 

The finer details of this episode 

  • Tips for small businesses on delegating their admin tasks 
  • Advantages of having a virtual assistant 
  • How to start delegating some of your admin work in your business 
  • How to get comfortable letting go of tasks in your business 
  • What the day-to-day looks like working with a virtual assistant 

 

Episode resources

Client Spotlight with Matt Westgate of Lullabot06 Aug 202000:34:12

Quote

“Intentionally fostering serendipity in a distributed company will help keep isolation at bay.” - Matt Westgate

 

The finer details of this episode 

  • What brought Matt to Summit CPA 
  • Why Lullabot decided to become a distributed company 
  • The benefits of working with a distributed team
  • Maintaining company culture when your team is distributed
  • The evolution of the Lullabot leadership team 
  • How Matt pulled his company out of financial hardship 
  • Creating psychological safety in your company culture 

 

Episode resources

Special Guest Justin Hatch of Reach Reporting23 Jul 202000:29:24

Quote

“Every metric tells you what button you need to push to make yourself more profitable.” - Justin Hatch

 

The finer details of this episode 

  • What Reach Reporting does for its clients
  • How Summit CPA found Reach Reporting and why it is so important to us
  • Why visual, simple reports are such important tools for CPA firms
  • How you can get Reach Reporting set up in your firm

 

Episode resources

Crafting Financial Narratives: Strategies for Storytelling in Accounting with Soufyan Hamid13 May 202400:45:33

“Telling the story behind the figures is not about compliance; it's about triggering an action in the heads of business owners.” –Soufyan Hamid


The finer details of this episode:

  • Importance of storytelling in finance
  • Practical tips for effective financial communication
  • Transforming financial data into compelling narratives

 

Episode resources:

 

Timestamps:

Introduction to Financial Storytelling (00:00:00)

Discussion on the importance of storytelling in finance and challenges faced by finance professionals.

 

Practical Tips for Effective Financial Communication (00:01:46)

Introducing the guest, Soufyan Hamid, and his background in financial storytelling and finance.

 

Challenges Faced in Financial Storytelling (00:02:55)

Soufyan shares his personal experience and challenges faced in financial storytelling.

 

Reverse the Narrative Concept (00:07:29)

Explaining the concept of "reverse the narrative" in financial storytelling and its impact on communicating financial information effectively.

 

Adopting Financial Storytelling (00:12:35)

Challenges in adopting financial storytelling, including the struggle to leave out details and focus on the main message.

 

Practicing Effective Presentation and Public Speaking (00:15:19)

Tips for effective presentation and public speaking in financial storytelling, including the importance of practice and engaging the audience.

 

Adapting Financial Communication to Small Group Discussions (00:21:14)

Discussion on adapting financial communication to small group discussions and the importance of anticipating questions and reactions.

 

Visual Aids in Financial Communication (00:23:31)

Discussion on the use of visual aids like dashboards and graphs in financial communication and their role in supporting the narrative.

 

Adapting Visuals for Effective Storytelling (00:24:37)

The importance of visually adapting graphs and charts to focus on specific points and guide the audience's attention in financial storytelling.

 

Preparation and Structuring for Effective Financial Communication (00:27:12)

The significance of preparation, structuring the message, and using visuals to guide the audience's attention in financial presentations.

 

The Four Steps of Financial Storytelling (00:33:07)

The four essential steps in financial storytelling: preparing a message, structuring the story, creating presentation slides, and practicing delivery.

 

Time Management for Preparation (00:38:17)

Discussion on the time required for preparation, practice, and the overall impact of effective storytelling in financial communication.

 

Course Content and Expected Results (00:40:41)

Details about the financial storytelling course, its duration, interactive elements, and the expected outcomes for participants.

 

 

Cash Flow Tools with Justin Pulgrano of Finagraph07 Jul 202000:28:55

Quote

“Cash flow tools allow you to help every client with short term forecasting.” - Justin Pulgrano

 

The finer details of this episode 

  • Why cash flow is a critical piece of data to collect for your business
  • What makes Finagraph a great tool for measuring cash flow
  • What the setup of Finagraph looks like
  • The disadvantages of accrual statements
  • Why you should manage cash flow using a tool instead of a spreadsheet
  • What is next for Finagraph
  • Why cash is so important in these times

 

Episode resources

Onboarding a New Employee with Zach Montroy25 Jun 202000:24:12

Quote

“The three legs of the stool are culture, tech and tools, and client backgrounds.” - Adam Hale 

 

The finer details of this episode 

  • How to communicate your core values with a new employee 
  • The process for teaching new employees the tools and systems 
  • What the schedule looks like for a new employee during their first weeks 
  • Providing real-time feedback to new employees 

 

Episode resources

Hiring Assessments with Zach Montroy08 Jun 202000:26:52

Quote

 

“We are trying to learn about a candidate, know how they are going to fit into the culture, and know how they are going to do the job in a very small amount of time.” - Zach

 

The finer details of this episode 

  • How Summit CPA has struggled in the past with hiring 
  • The hiring assessments that Zach introduced to Summit CPA 
  • Why Emotional Intelligence is such an important factor in a potential employee 
  • How the EQ assessment works and how to read the results 
  • The Kolbe assessment and how to use it in your hiring process 

 

Episode resources

PPP Loan Forgiveness25 May 202000:17:40

Quote

 

“Don’t try to game the system with these. The government is going to be really scrutinizing the details with this.” - Jody Grunden

 

The finer details of this episode 

  • Which expenses are included in loan forgiveness
  • What you should do if your business uses contractors 
  • How to approach documentation 
  • What you need to know about the regulations and guidelines 
  • The timing and process to obtain forgiveness 
  • How to work with any loan that isn’t forgiven 
  • Do you need to pay taxes on the loan forgiveness? 

 

Episode resources

Best Books to Make You a Better CFO12 May 202000:22:12

Quote

“It’s impossible to have all these experiences yourself, so you get that from reading books.” - Adam Hale 

 

The finer details of this episode 

  • How The E-Myth Revisited laid the framework that Jody used to set up Summit CPA
  • How Getting Things Done can help accountants and CFOs stay organized and on top of their work
  • How Summit CPA uses The 4 Disciplines of Execution
  • Tips for how you can develop strong reading habits

 

Episode resources

Using JetPack Workflow for project management with David Cristello27 Apr 202000:36:32

Quote

“Project management tools are built for a defined sprint of work, but there is a big gap in recurring client management tools.” - David Cristello

 

The finer details of this episode 

  • David’s background and how he started JetPack Workflow
  • Why JetPack Workflow is a valuable project management tool for CPA firms
  • How to set up JetPack Workflow in your firm
  • When a firm begins to migrate into JetPack Workflow
  • Why JetPack Workflow is more effective than other project management tools
  • How JetPack Workflow has moved the needle on Summit CPA’s gross profit
  • The best way for smaller firms to adapt to a JetPack Workflow
  • Summit CPA’s approach to maintaining their JetPack Workflow
  • What new things are coming from JetPack Workflow in the future

 

Episode resources

PPP vs EIDL15 Apr 202000:25:08

Quote

“For the clients that are really hit hard, if they are completely shut down, the Employee Retention Credit might be a good move for them.” - Adam Hale 

 

The finer details of this episode 

  • Should you apply for the PPP or EIDL?
  • What you can do for businesses that are shut down for the foreseeable future
  • Your responsibility as a CPA in this crisis
  • How we are approaching COVID-19 with our clients
  • Forecasting tips to help clients work through the near future

 

Episode resources

How to Help Your Clients Through Difficult Times30 Mar 202000:26:52

Quote

“Times are different now with COVID-19, but these are conversations we need to have when the economy is doing really well.” - Adam Hale 

 

The finer details of this episode 

  • What conversations you want to be having with your clients during difficult times
  • How to approach making a plan with your clients to get them back on track
  • How to have difficult conversations with clients
  • Why weekly meetings with a CFO can help businesses survive a rough patch
  • Talking through layoffs, furlows, and pay cuts with your clients
  • What you can do for your clients during the COVID-19 crisis

 

Episode resources

Distributed Working Models20 Mar 202000:31:02

Quote

“Creating a dedicated space for your work is one of the most essential things you can do when working from home.” - Adam Hale 

 

The finer details of this episode 

  • How Summit CPA became a virtual company 
  • Work from home tips from the Summit CPA team 
  • Perks of working from home 
  • Our favorite tools for working online
  • How this can actually be a blessing in disguise for your company 
  • How to support yourself and your coworkers through this quarantine period 
  • How virtual teams can support business growth even better than in-person teams 

 

Episode resources

Onboarding A New Client16 Mar 202000:31:05

Quote

“Every good client relationship we’ve had with Summit CPA started out positive from the very beginning.” - Adam Hale 

 

The finer details of this episode 

  • How Summit CPA approaches the onboarding process
  • Why we have a team designated for onboarding new clients (and why we charge extra fees)
  • The keys to a successful onboarding process
  • Expectations we always set with our clients
  • Best practices for communicating with clients
  • Who is involved in onboarding? What are the roles to fill?
  • How long onboarding takes for us and what the timeline looks like

 

Episode resources

Making Sense of Law Firm Metrics with "Judicial Dollars and Cents," with John Scott29 Apr 202400:44:55

“The accounting profession historically has been like taking a trip with an atlas that’s 10 years out of date. However, today, what we can do with modern accounting and advisory services is much like the Waze app or Google Maps; you're getting instantaneous data that will tell you ‘Up ahead there's a roadblock and here's a workaround.’ This real-time info keeps you on track with your financial forecast. You can't make any business decisions on historical information; you must have current information and be able to look forward so that you can make good decisions and stay on track to reach your goals.” –John Scott

 

The finer details of this episode:

  • Importance of thought leadership in the accounting and legal professions
  • John's experience with a law firms’ growth and scaling based on data and metrics
  • Discussion and insights from John's book, “Judicial Dollars and Cents,” on understanding cash needs and working capital for businesses, including law firms
  • Unique elements of serving law firms and the complexities of partner compensation plans
  • The significance of data-driven decision-making in business management

 

Episode resources:

 

Timestamps: 

The Introduction (00:00:00)

Introduction to the podcast and its mission.

 

Discussing Thought Leadership and Writing a Book (00:00:22)

Adam and Tom discuss the value of thought leadership and the process of writing a book.

 

John's Background and Experience (00:01:45)

John Scott introduces himself and discusses his experience working with law firms and the collaboration between Anders and Summit.

 

Scaling a Law Firm (00:02:58)

John shares a story of an entrepreneurial attorney scaling his business and the focus on data and metrics.

 

Inspiration for Writing the Book (00:04:06)

John explains the inspiration behind his book, “Judicial Dollars and Cents,” and the need to provide guidance for attorneys in managing their finances.

 

Unique Elements of Serving Law Firms (00:07:32)

Discussion on the unique financial aspects of law firms, including trust accounts and fee structures.

 

Forecasting and Real-Time Data (00:05:55)

John uses an analogy to emphasize the importance of real-time data in financial forecasting and decision making.

 

Key Metrics and Client Experience (00:12:13)

John discusses the importance of key metrics, staff retention, and client experience in law firms.

 

Availability of the Book (00:13:58)

John confirms the availability of the book.

 

Challenges of Writing a Book (00:18:49)

John shares the challenges and the process of organizing the content of the book.

 

Advice for Aspiring Authors (00:19:58)

John offers advice for those aspiring to write a book.

 

These are the timestamps covered in the podcast episode transcription segment, along with the titles for each topic.

 

Dictation and Writing Process (00:20:03)

John discusses using dictation software and his process for capturing thoughts and organizing them for writing.

 

Involving Others in the Writing Process (00:20:59)

John explains how he involved others to critique, develop thoughts, and help with grammar in the writing process.

 

Book Content and Editing (00:23:15)

The discussion covers the challenges of maintaining authenticity while editing and refining the book's content.

 

Importance of Cash Management (00:23:58)

The importance of understanding cash needs and reconciling accounts for businesses, including law firms, is emphasized.

 

Meeting Cadence and Financial Review (00:28:23)

The frequency and focus of financial meetings with law firms are discussed, highlighting the importance of reviewing financial statements and forecasts.

 

Compensation Models in Law Firms (00:31:54)

John shares insights on partner compensation plans and the importance of aligning individual and organizational goals in law firms.

 

Suitability of Services for Law Firms (00:36:30)

The discussion focuses on the ideal size of law firms for external financial services and the benefits of specialized niche expertise.

 

Trusting Data and Decision Making (00:39:40)

Discussion on the importance of trusting data for making quick decisions and the need for proper implementation.

 

Thought Leadership and Book Promotion (00:40:26)

Exploration of the concept of thought leadership, book promotion, and the value of intentional forecasting for small businesses.

 

Excitement for Book Release (00:41:46)

John's excitement for the release of his book and the relevance of the content, with a humorous exchange about his age.

 

Accountants' Behavior at a Conference (00:42:12)

Anecdote about accountants' reluctance to accept a free football signed by Rudy, with humorous commentary on their behavior.

 

Promotion and Support for the Book (00:44:36)

Acknowledgment of the book's potential value and support for its promotion, expressing anticipation for its release.

Structuring client meetings for success02 Mar 202000:27:25

Quote

“You don’t need a silver bullet every time you meet with your client” - Jamie Nau 

 

The finer details of this episode 

  • How to prepare yourself and your client for your meetings 
  • How Summit CPA has done this in the past and how we do it now 
  • The core meetings that you need to have with your client 
  • Conversations that are important to have in your meetings 
  • How to decide and communicate who should be in each meeting 
  • What the meetings look like for each service your CPA firm offers 
  • How long your meetings should be and how frequently you should hold meetings 

 

Episode resources

Marketing Your CPA Firm17 Feb 202000:26:11

Quote

“The marketing for Summit CPA is focused on building relationships. ” - Kelly Schuknecht

 

The finer details of this episode 

  • How to choose which priorities to focus on when marketing your CPA firm
  • Why good marketing is education-based and why you shouldn’t be afraid to “give out too much information”
  • How to determine if a marketing tactic is effective or not
  • How to leverage the different social media platforms for brand awareness
  • Leveraging the team at your CPA firm for a strong marketing strategy
  • How to choose the right tools for marketing your business
  • Tools we use at Summit CPA to make our marketing easier

 

Episode resources

The Virtual CFO Process03 Feb 202000:30:32

Quote

“If you really want to grow your firm and scale your practice, you have to have a process.” - Adam Hale  

 

The finer details of this episode 

  • What it was like in the early days of Summit CPA
  • How Summit CPA uses the 80/20 rule to embrace creativity with clients while also keeping solid systems behind the scenes
  • Tools we use to standardize our systems
  • What our processes look like at Summit CPA
  • How creating videos is the best way to standardize processes
  • How to standardize meetings without being too rigid
  • How standardizing and recording systems helps in onboarding new team members
  • Why you should be careful about over-standardizing

 

Episode resources

Tax Integration with Virtual CFO Services21 Jan 202000:25:06

Quote

“Taxes are a natural fit with any kind of CPA services you provide.” - Adam Hale  

 

 

The finer details of this episode 

  • How the tax services fit in with the other Virtual CFO services at Summit CPA
  • Why we don’t lead with tax services
  • Why CPA firms should departmentalize their tax work
  • Why taxes should be a small part of your CPA firm
  • The tax strategy we use with our Virtual CFO clients
  • How we are going to continue to improve our tax services in the future
  • Why doing taxes for Virtual CPA clients improves the overall client experience
  • Why it is so much easier to do taxes for Virtual CFO clients

 

Episode resources

Tips for Selling Virtual CFO Services06 Jan 202000:30:05

“For us, it’s about a long-term relationship. It’s about being a part of our client’s business for years to come, not just about cranking out one tax return.” - Adam Hale

 

The finer details of this episode

 

  • How we sell our services through education.
  • Why you should give away as much information as possible to your client base.
  • How to position yourself as the subject matter expert.
  • Why finding a niche is valuable.
  • What to consider when choosing your ideal client.
  • What the Summit CPA sales process looks like.
  • How Summit CPA’s sales process is unique and why it works so well.

 

Episode resources

How accounting firms can keep up with technology31 Dec 201900:19:18

“One of our strengths as a firm is that we are not afraid to move on to the next best software.” - Jamie Nau

 

The finer details of this episode

 

  • The different types of software that Jake and Adam learned about at Live 360, an IT conference they attended in Orlando.
  • The software programs that Adam and Jake want to bring to the firm to upgrade how things work on the back end.
  • The advantages of the Microsoft platform and what they think it will bring into the workspace.
  • The advantage of Sharepoint and why the firm is moving in that direction.
  • The logistics of how they got members of the team to the conference.
  • The advantages of sending your team members to conferences.

 

Episode resources

 

Why hiring is SO important11 Dec 201900:26:54

“We’re not just looking to hire someone with an accounting degree. Customer interaction is very important to us.” - Zach Montroy 

The finer details of this episode 

  • The Summit CPA hiring process.
  • Are passionate people driving HR?
  • Culture, values, and EQi.
  • The tough questions Summit asks in the interview process.
  • How Summit CPA’s leadership team is involved in the process.

Episode resources

Becoming the firm of the future28 Nov 201900:27:32

“They don’t feel like they have to guess while they grow. There’s a concrete plan.” - Jake Grimm

The finer details of this episode

  • Why Adam thinks Summit is the firm of today.
  • What Summit CPA is doing with tech to be efficient.
  • How to save 30 minutes a week per client
  • The keys to evaluating tech tools.
  • The Summit CPA tech stack.
  • The power of forecasting.

Episode resources

How we built our team using a distributed model19 Nov 201900:26:33

“If they’re not willing to get on camera, then they likely won’t be a good prospect.” - Jody Grunden

The finer details of this episode

  • What is a distributed model and terms used to describe it.
  • How Summit CPA became distributed.
  • The logistics of working from home.
  • The tools used to support a distributed model.
  • Why in-person events are important.

Episode resources

How we bootstrapped the firm of the future22 Oct 201900:29:59

“If we want to make an impact in the industry, if we want to change the way everyone is thinking, then we have to get our peers to do the same.” - Adam Hale 

The finer details of this episode 

  • Jody and Adam share how they got into the accounting industry
  • What Jody wanted to differently when starting Summit CPA
  • Moving from an hourly model to value-based pricing and achieving a negative AR
  • The type of services that Summit CPA provides to clients
  • How Summit CPA helps accountants go virtual
  • What role does core values play in the organization

Episode resources

Unlocking Growth and Integration: Benefits of Nearshoring in Mexico with Martin Moll15 Apr 202400:40:44

“We did a lot of due diligence; we landed on Guadalajara, Mexico not only because of time zone, cultural assimilation, and a direct flight from the west coast but its citizens are highly educated, so there's a big pool of talented individuals working there.” – Martin Moll


The finer details of this episode:

  • Discussion of nearshoring and its benefits for accounting firms
  • Differences between nearshoring in Mexico and offshoring in India
  • Challenges and advantages of nearshoring, including nurturing and training nearshore team members
  • Experiences with offshore teams and challenges faced when working with teams in India
  • Importance of critical thinking and cultural differences in offshore work
  • Challenges of finding talent and benefits of outsourcing for smaller firms
  • Importance of building a strong bond with the offshore team and treating them as an extension of the firm

Episode resources:

 

Timestamps:

Introduction (00:00:00) 

Introduction to the podcast and its mission to provide insights on accounting and related topics.

 

Martin Moll's Career Story (00:00:54)

Martin Moll shares his career journey from being a lawyer to becoming the president of Cadencia, emphasizing his experience with CPA firms and offshore operations.

 

Choosing Guadalajara for Nearshoring (00:03:58)

Martin explains the decision-making process behind choosing Guadalajara, Mexico, as a nearshore location, considering factors such as education, economy, and safety.

 

Cultural Assimilation and Language Barrier (00:06:47)

Discussion on the importance of cultural assimilation and the differences in exposure to tech stacks between nearshore locations like Mexico and offshore locations like India.

 

Benefits of Nearshoring and Staff Integration (00:10:51)

Martin highlights the benefits of nearshoring, emphasizing the potential for highly motivated and well-educated professionals and the integration of nearshore team members with the onshore firm.

 

Advertisement for Virtual CFO Playbook (00:08:24)

An advertisement for the Virtual CFO Playbook, offering essential tools for creating and delivering scalable CFO services.

 

Comparative Analysis of Offshoring and Nearshoring (00:15:39)

Comparison of offshoring and nearshoring, focusing on the cost, effectiveness, and the approach to hiring and training team members in Mexico.

 

Career Development and Critical Thinking Training (00:17:28)

Discussion on the career development opportunities and critical thinking training provided to nearshore team members, highlighting the focus on long-term career growth and skills enhancement.

 

The learning curve (00:19:49)

Discussion about the learning curve when working with offshore teams and the challenges of cultural differences.

 

Outsourcing challenges (00:21:08)

Addressing the challenges faced by smaller firms in finding people and considering outsourcing as an alternative.

 

Community support (00:22:08)

The importance of community support and sharing best practices among firms, especially for smaller firms.

 

Establishing a bond (00:23:30)

The significance of establishing a strong bond with offshore teams, including visiting them and integrating them into the firm's culture.

 

Cost benefit for smaller firms (00:25:25)

Highlighting the cost benefit of offshore staffing for smaller firms compared to larger competitors.

 

Talent shortage and client-facing roles (00:26:20)

Discussion on the talent shortage and the transition of team members to client-facing roles.

 

Language fluency and communication skills (00:28:18)

Ensuring team members are fluent in English and developing communication skills for client interactions.

 

Security and trust (00:33:26)

Addressing security concerns and the importance of building trust with offshore team members.

 

Insurance and liability (00:36:23)

Clarifying the insurance coverage for dishonest acts and professional liability.

 

Onboarding and integration (00:37:28)

Discussion on best practices for onboarding and integrating offshore team members into the firm's culture.

 

Engaging with Cadencia (00:39:00)

Information on how to engage with Cadencia and the initial process for reaching out.

 

Martin Moll's Insights (00:39:14)

Martin discusses the importance of meeting the team and the impact on hiring decisions.

 

Closing Thoughts (00:39:39)

Wrap-up discussion and hope for audience understanding.

 

Near Shoring and Talent Competition (00:39:46)

Adam highlights the competition for talent and the growing trend of near shoring.

 

Mission-Driven Industry (00:40:08)

Martin and Adam express their passion for the accounting industry and small firms.

 

Valuable Discussion (00:40:26)

Appreciation and closing remarks from the hosts and guest.

 

 

 

Mastering the Art of Onboarding: Why Even Small CPA Firms Should Invest01 Apr 202400:16:56

“At the end of the day, it's first impressions. If you get a flat tire those first couple of weeks, it’s just going to really resonate through the entire relationship. You're never going to be able to win back that trust." -Adam Hale

 

The finer details of this episode:

● Importance of onboarding for CPA firms

● Setting clear expectations and creating a process for onboarding

● Activities involved in the onboarding process (accounting discovery, advisory discovery)

● Role of project management and client success managers in onboarding

● Significance of ongoing evaluation and improvement of the onboarding process

● Impact of successful onboarding on long-term client relationships

 

Episode resources:

● Summit Virtual CFO by Anders website: https://www.summitcpa.net/

● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com

● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

 

Timestamps:

The importance of onboarding (00:01:07)

Adam discusses the importance of onboarding and setting expectations for new clients, emphasizing the need for a structured process.

Discovery meetings and setting client expectations (00:02:21)

Tom explains the process of accounting and advisory discovery meetings, setting specific dates for deliverables, and aligning on priorities with the client.

Organizing work and project management (00:05:51)

Adam suggests organizing the team to focus on one area together, emphasizing the need for a solid process and project management for effective onboarding.

Client communication and feedback (00:08:04)

The importance of setting communication policies and feedback loops with clients during the onboarding process is discussed, ensuring clear expectations are established.

Role of a project manager and client success manager (00:11:02)

The role of a project manager in organizing the onboarding process and the importance of a client success manager for communication and issue resolution are highlighted.

Continual improvement of onboarding process (00:15:59)

The discussion emphasizes the continual evolution and improvement of the onboarding process to ensure a positive initial impression for clients.

Sales Pipeline Analysis with Adam and Tom: How to Lead Revenue Forecasting Meetings18 Mar 202400:19:48

“The pipeline meeting delivers so much value; it's a strategic conversation around the best way to allocate resources.” – Adam Hale 


The finer details of this episode:

  • Need for accurate data in pipeline management
  • Strategic implications of pipeline meetings
  • Challenges of waiting percentages in pipeline management
  • Methods for evaluating and forecasting pipeline opportunities
  • Tools and strategies for pipeline management
  • Advice for looking forward and utilizing pipeline management

 

Timestamps:

Pipeline Management (00:00:44)

Importance of understanding sales cycle, activities creating pipeline, and strategic implications of pipeline meetings.

 

Data Analysis and Forecasting (00:02:47)

Evaluating committed projects, analyzing potential opportunities, and using historical data for forecasting.

 

Operational and Financial Alignment (00:03:36)

Bringing finance, operations, and pipeline management together in meetings, and using pipeline data as guardrails for improvement.

 

Strategic Resource Planning (00:09:49)

Evaluating the impact of big contracts on pipeline size, considering the need for increased resources, and the role of finance in decision-making.

 

Shortening Sales Cycle (00:12:21)

Advising on ways to shorten the sales cycle, improving sales efficiency, and the relationship between sales cycle length and pipeline size.

 

Challenges of Waiting Percentages (00:14:59)

Disadvantages of waiting percentages in pipeline management and the preference for categorizing deals into simple buckets.

 

Pipeline conversation for service-based clients (00:18:00)

Discussion on tools and strategies for service-based and project-based clients, including sales, pricing, and seasonality.

 

Strategic implications of pipeline management (00:19:20)

Importance of pipeline management for advising clients and looking forward, and the various ways it can help businesses.

 

Conclusion and call to action (00:19:36)

Promotion of the podcast's website for more tips and strategies for achieving success in the accounting industry.

 

Episode resources:

 

 

ESG Consulting: How Accountants Can Advise on Environmental, Social and Governance Initiatives with Kai Gray04 Mar 202400:55:01

“ESG is not a measure of ‘good company versus bad company.’ ESG is a collection of roughly 200 different metrics around environmental, social, and government governance data. The way I look at ESG is, it's a measure of transparency; how much information do I have to make an informed decision about a company?” – Kai Gray

 

The finer details of this episode:

  • The changing landscape of ESG adoption and its extension to smaller companies
  • Regulations and disclosures required by federal agencies for government contracts
  • Opportunities for the accounting profession in the ESG field

 

Episode resources:

 

 

Attract and Retain Accountants Amid a CPA Shortage: A Conversation with Cory Gayman19 Feb 202400:48:58

The finer details of this episode:

  • Challenges of finding and retaining CPAs
  • Strategies for attracting and retaining talent
  • Hiring local talent vs. offshoring

 

Episode resources:

 

Cash Balance Plans: Maximizing Client Tax Savings with David Podell05 Feb 202400:45:56

The finer details of this episode:

  • Ideal clients for tax savings and retirement planning strategies, including cash balance plans
  • Flexibility and tailoring of retirement plans to client's financial situation
  • Maximizing contributions to reduce tax liabilities and increase retirement savings
  • Strategic planning and minimizing disruption in retirement savings strategies

 

Episode resources:

 

Drive Success in Your Accounting Firm Through Storytelling with Jeff Bartsch22 Jan 202400:42:53

“I believe that business thrives when it's driven by human connection. And that human connection happens when you take ordinary messages and elevate them into something extraordinary. And you can do the exact same thing in business; you can take what some people might consider ordinary and connect humanity to it—driving business results in the process.” – Jeff Bartsch


The finer details of this episode:

  • Importance of storytelling in engaging clients in the accounting industry
  • Applications of storytelling in client interactions, team communication, and marketing
  • The importance of incorporating personal stories to engage clients

 

Episode resources:

Tips for Building a Firm Worth Growing: Ideal Clients and Strong Networks with Michael Clarke16 Sep 202400:46:45

“The smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke

The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional development.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.

Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.

Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.

Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.

Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.

Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.

Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.

Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.

Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.

Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.

Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.

Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.

Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.

Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.

Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintaining quality.

Building a Reliable Referral Network (25:09)
Michael shares insights on developing a trustworthy referral network for business growth.

Creating Effective Partnerships (27:34)
He explains how partnerships can enhance client services and improve business outcomes.

Edifying Team Members (32:21)
Michael stresses the importance of building up colleagues to foster trust and collaboration.

Managing Client Growth (33:17)
Discussion on the common belief of firing low-priced clients to make room for better ones.

Building What Should Exist (39:43)
Michael defines his philosophy of creating optimal solutions for client care within CPA firms.

Practical Changes in Practice (00:41:08)
Discusses how professionals can implement small, incremental changes rather than overhauling their entire practice.

Importance of Support Staff (00:41:58)
Emphasizes the role of support staff in making professionals look good and the need to value them properly.

Learning to Manage (00:42:41)
Michael reflects on his journey to becoming a better boss and the importance of self-improvement.

Transitioning from Doing to Managing (00:43:12)
Highlights the urgency for professionals to transition from doing the work to effectively managing their business.

Collaborative Learning in Networks (00:44:48)
Michael advocates for joining networks to learn from peers and create a collaborative environment for growth.

Inspiration and Continuous Learning (00:46:05)
Encourages surrounding oneself with inspiring individuals and cultivating a habit of reading for personal and professional growth.

Mail Call: Answering Your Onboarding Questions with Jamie Nau and Joey Kinney08 Jan 202400:50:40

“Don't let the needs of the present get in the way from the needs of the future. Build that future, invest now, and it'll pay for itself in the long run.” – Joey Kinney 


The finer details of this episode:

  • Importance of training and developing the advisory mindset
  • Challenges of merging existing processes during onboarding
  • Building relationships and personal connections with clients

 

Episode resources:

 

The Power of AI to Reshape the Accounting Landscape with Kyle Geers11 Dec 202300:48:35

“I don't necessarily think that AI is going to replace accountants, but the accountants who use AI are going to really succeed.” – Kyle Geers


The finer details of this episode:

  • Time-saving opportunities for AI in accounting, particularly in data entry and bookkeeping
  • Technical work and incorporation of AI in complex areas
  • Importance of maintaining a review process when using AI, especially for accuracy and confidentiality

 

Episode resources:

 

Benefits of Adding Outsourced Executive Services to Your Firm with Gina Cotner27 Nov 202300:45:31

“A lot of people wonder if they can afford an executive assistant. So, let’s say that you have an executive assistant whom you delegate ten hours of work to every week. How would you spend those ten hours? What high-level work could you get done? I think we're all willing to work a hard day. But then, we want to go home satisfied and fulfilled. It’s about quality of life.” - Gina Cotner

The finer details of this episode:

  • Discussion of “delegate and elevate” and the types of tasks that can be delegated
  • Differences between executive assistants and virtual assistants
  • Importance of communication expectations and finding the right communication channels
  • Pricing models and considerations when choosing an executive assistant service

Episode resources:

Mastering Conflict Resolution in the Workplace with Carol Bowser13 Nov 202300:48:36

“A complaint is nothing more than a request in disguise. If we approach it from a place of curiosity and hear what they have to say, that's where the conflict resolution comes in; that's where the trust comes.” – Carol Bowser


The finer details of this episode:

  • Challenges of establishing trust and rapport without in-person interactions
  • Shifting from blaming to a curiosity mindset
  • Asking questions to understand changes in behavior
  • Exploring underlying requests in complaints

 

Episode resources:

Implementing Systems to Transform Your Firm with Josh Fonger30 Oct 202300:42:48

“The systems of your business are already there. The work is already happening. We help you get better at the work by standardizing and optimizing it. We're going to revolutionize little pieces of your business one at a time, and that’s what make the difference.” – Josh Fonger


The finer details of this episode:

  • Focus on the problem of being too busy and not having systems in place to work on the business
  • Importance of putting the principles into practice and working with diverse clients
  • Goal of helping businesses become more productive and effective through systematic strategies
  • Importance of having a systems mindset, clear vision, and documented procedures

Episode resources:

Helping Non-finance Professionals Utilize Cash Flow Forecasting with Terrell Turner16 Oct 202300:56:34

“There are a lot of emotions tied to money. If you don't have a good forecast or good roadmap of what to expect from the business journey you're about to go on, your emotions are going to be all over the place.” -Terrell Turner


The finer details of this episode:

  • Importance of effective communication and understanding financial metrics for non-finance professionals
  • Bridging the gap between accounting and non-finance professionals in law firms
  • Importance of cash-flow forecasting for law firms
  • Evolution of forecasting tools and the importance of real-time updates
  • Leveraging outside resources and networking for fresh ideas

 

Episode resources:

 

What Every Advisor Should Know About the Cannabis Industry with Guillermo Rodriguez02 Oct 202300:48:48

The finer details of this episode:

  • Obstacles faced by cannabis businesses, such as banking and expense reporting
  • Overview of the cannabis industry and its various sectors 
  • Importance of forecasting for cannabis businesses
  • Metrics valuable for retailers in the cannabis space

Episode resources:

Virtual CFO services for the cannabis industry: 

https://anderscpa.com/virtual-cfo-cannabis/

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