It's not Just the Numbers

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

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

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

[00:01 - 06:27] Opening Segment

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

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

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

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

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

[21:30 - 36:06] Closing Segment

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

Tweetable Quotes

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

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

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

Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

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

Twitter: @pennyb57

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

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

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

[00:01 - 01:32] Opening Segment

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

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

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

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

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

[16:33 - 30:16] Closing Segment

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

Tweetable Quotes

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

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

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

Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

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

Twitter: @pennyb57

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

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

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

[00:01 - 01:32] Opening Segment

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

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

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

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

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

[16:33 - 30:16] Closing Segment

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

Tweetable Quotes

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

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

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

Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

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

Twitter: @pennyb57

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

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

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

[00:01 - 01:07] Opening Segment

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

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

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

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

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

[23:48 - 34:00] Closing Segment

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

Tweetable Quotes

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

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

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

Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

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

Twitter: @pennyb57

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

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

[00:00 - 01:55] Opening Segment

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

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

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

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

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

[25:43 - 37:19] Closing Segment

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

Tweetable Quotes

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

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

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

Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

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

Twitter: @pennyb57

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

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

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

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

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

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

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

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

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

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

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

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

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

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

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

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

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH