“Spending time onboarding can be tough for firms because it's not billable, but it is probably more important for the value proposition.” – Chris Papin

The finer details of this episode:

• Scoping, setting boundaries, and having next step conversations with clients
• Subscription-based model and building slack into engagements
• Managing scope creep in advisory work
• Impact of economic changes on client needs
• Aligning client and firm expectations
• Implementing change orders for additional services
• Onboarding and spending time on non-billable activities

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• https://www.papincpa.com/
• https://www.linkedin.com/in/chrispapin/

Timestamps:

The Introduction (00:00:00)

Introducing the podcast and its mission to provide insights on accounting strategies and services.

Chris Papin's Background (00:00:56)

Chris Papin shares his journey and the motivation behind his multi-disciplinary approach to accounting, law, and insurance.

Ethical Trust Advisor (00:04:24)

Chris discusses the importance of ethical trust advisor pillars and the difference between scope and boundaries in client relationships.

Scope and Boundaries (00:06:45)

The discussion delves into the approach to defining tasks and boundaries in accounting services, emphasizing the need for flexibility and communication.

Strategic Advisor and Boundaries (00:13:18)

Chris explains the role of a strategic advisor and the ongoing conversation needed to establish and maintain boundaries with clients.

Client Communication and Education (00:17:02)

The conversation revolves around the challenges of communicating technical accounting concepts to clients and the importance of client education and trust-building.

The slippery slope of advisory work (00:20:32)

Discussion on the challenges of defining boundaries and managing scope creep in advisory work.

Talking about talking about it (00:21:48)

Emphasizing the need for action and the impact of missed deadlines on client behavior.

Value and hard conversations (00:25:00)

Exploring the importance of adding value, having opinions, and asking tough questions in client meetings.

Client expectations and firm alignment (00:33:06)

Aligning client and firm expectations early in the process to determine next steps and potential change orders.

Empowerment and change order process (00:38:55)

Discussion on team empowerment to handle conversations and initiate change orders, with consideration for unique client situations.

The client's expectations (00:40:05)

Managing client expectations and limitations when dealing with out-of-state matters.

Client engagement model (00:40:56)

Discussing the importance of clarity in scoping, fees, and trust in client relationships.

Value proposition and onboarding (00:42:47)

Emphasizing the significance of understanding client needs and effective onboarding for a successful value proposition.

Reflecting on client boundaries (00:43:11)

Recognizing the need to assess and address potential client relationship boundaries and discomfort in addressing i