It's not Just the Numbers

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/

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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 

-----------------------------------------------------------------------------

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 

-----------------------------------------------------------------------------

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 

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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

-----------------------------------------------------------------------------

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