Title:

Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!

Quote:

"My clients had and still have amazing reputations in what they do. Most of them don't need huge numbers of new clients; it's more about reputation management and keeping the marketing ticking over." -Chantal Cornelius

Summary:

In this episode of the Modern CPA Success Show, the host and Tom Walton, a virtual CFO at Anders CPA and Advisors, engage with Chantal Cornelius, founder of Appletree Marketing and author of "Stand Out Strategies." The discussion centers on innovative marketing strategies for accounting firms, emphasizing the importance of emotional connections in client relationships. Chantal shares her unique journey into marketing and introduces her five standout strategies: certainty, connection, contribution, growth, and significance. The episode highlights the need for understanding client emotions, gathering feedback, and tailoring marketing messages to resonate emotionally, ultimately fostering stronger client relationships.

Finer Details:

• Innovative marketing strategies for accounting firms
• Importance of emotional connections in client relationships
• Chantal Cornelius's journey into marketing and her expertise
• Concept of "standout strategies" for business differentiation
• Five key emotional strategies: Certainty, Connection, Contribution, Growth, and Significance
• The role of client feedback in improving services
• Challenges of soliciting client feedback in the accounting industry
• Importance of specialization and niche marketing for businesses
• Practical tips for implementing emotional marketing strategies
• Resources for further learning, including Chantal's books and tools for identifying standout strategies

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/

● Take Chantal's StandOut Strategies test: https://appletreeuk.com/take-the-test/

● Check out Chantal's book "StandOut Strategies" : https://appletreeuk.com/products/stand-out-strategies/

Timestamps:

Welcome to the Modern CPA Success Show (00:00:00)

Introduction to the podcast's mission and focus on innovative insights for accounting firms.

Introduction of Guest (00:00:22)

Tom introduces Chantal Cornelius, highlighting her unique emotional approach to marketing strategies.

Chantal’s Background (00:01:17)

Chantal shares her unexpected journey from animal agriculture to founding a marketing business.

Release of "Stand Out Strategies" (00:04:10)

Discussion on Chantal's upcoming book, "Stand Out Strategies," set to be printed soon.

Definition of Standout Strategies (00:04:31)

Chantal explains the concept of standout strategies and their importance in crowded marketplaces.

Five Standout Strategies Overview (00:06:38)

Chantal outlines five key strategies for businesses to differentiate themselves emotionally.

The Strategy of Certainty (00:07:55)

Clients desire a sense of safety and reliability from their service providers.

The Strategy of Connection (00:08:39)

Clients seek a sense of belonging and access to broader resources through their service providers.

The Strategy of Contribution (00:09:08)

Clients want to feel they are making a positive impact on society through their business choices.

The Strategy of Growth (00:09:36)

Clients desire empowerment and motivation for personal and business growth.

The Strategy of Significance (00:10:12)

Clients want to feel valued and respected, seeking a meaningful impact through their services.

Using Language in Marketing (00:10:50)

Chantal discusses the importance of language in marketing to create emotional connections.

Client Needs vs. Company Identity (00:11:57)

Exploration of whether businesses should choose strategies based on their identity or client needs.

Adapting Strategies Over Time (00:12:19)

Discussion on how businesses can evolve their strategies based on client feedback and market needs.

Importance of Client Feedback (00:15:15)

Encouragement for businesses to actively seek out and listen to client feelings and feedback.

Asking the Right Questions (00:16:10)

Chantal emphasizes the importance of asking clients how they feel about the service provided.

Client Communication and Satisfaction (00:18:21)

Discussion on the necessity of open communication to prevent client dissatisfaction and attrition.

Podcast Episode Timestamps

Understanding Client Feedback (00:20:26)

Discusses the importance of direct communication with clients to gather constructive feedback.

Client Advisory Services (00:21:31)

Explores the shift of accounting firms towards client advisory services amidst automation.

Applying Standout Strategies (00:22:20)

Examines how firms can implement standout strategies while transitioning to new market sectors.

Importance of Reputation Management (00:23:39)

Highlights the significance of maintaining a firm's reputation over acquiring new clients.

Identifying Key Strategies (00:24:16)

Tom shares his thoughts on important strategies for growth and client management.

Test Results and Insights (00:25:34)

Discusses the results of a test taken by Tom, revealing insights on client expectations.

Connection Over Certainty (00:26:00)

Emphasizes the value of connection in client relationships over traditional certainty.

Marketing with Connection (00:30:38)

Explores how to leverage connection in marketing strategies for better client engagement.

Strategy Before Tactics (00:36:47)

Stresses the importance of establishing a strategy before diving into marketing tactics.

Navigating New Business Challenges (00:38:17)

Addresses the common challenges faced by new business owners in strategic planning.

Niche Marketing Discussion (00:39:29)

Exploration of the importance of defining a niche for accounting firms and overcoming the fear of exclusion.

Specialization Benefits (00:40:11)

Chantal shares how specialization leads to better client understanding and higher fees due to expertise.

Client Relationships (00:41:12)

The significance of emotional connections in client relationships and the advantages of working with specialists.

Diverse Clientele (00:42:31)

Discussion on how having a niche does not mean turning away all other business opportunities.

Expanding Client Base (00:43:13)

Chantal talks about flexibility in client selection while maintaining a focus on service-based businesses.

Closing Remarks (00:44:03)

Chantal expresses gratitude and reflects on the insights shared during the conversation.

Book Promotion (00:44:24)

Chantal discusses her books, "Magnetic Marketing" and "Stand Out Strategies," and where to find them.

Practical Marketing Tips (00:45:29)

Chantal provides actionable advice on integrating connection and certainty into marketing strategies.

Final Thoughts (00:46:35)

The host thanks Chantal and encourages listeners to visit their website for more resources.

"As an owner of a business, it’s really nice to have control, knowing what’s coming in, what’s going out, and how much cash I have." -Adam Hale

Summary:

In this episode of the Modern CPA Success Show, hosts Tom and Adam discuss their firm's cash flow management service. They highlight the critical role of cash flow in business health, distinguishing it from financial forecasting. Their service includes a 13-week cash flow forecast, regular cash flow meetings, and detailed tracking of accounts receivable and payable. Emphasis is placed on the importance of reconciling bank accounts, maintaining communication, and ensuring accountability. The episode underscores how these practices help business owners stay informed, manage expenses, and make proactive financial decisions.

Finer details of this episode:

• Importance of cash flow for businesses
• Distinction between financial forecasting and cash flow management
• Overview of the cash flow management service offered by the firm
• Benefits of regular cash flow meetings for business owners
• Process of tracking cash inflows and outflows
• Role of bank account reconciliation in cash flow management
• Structure and efficiency of cash flow meetings
• Importance of communication and accountability in financial processes
• Best practices for handling invoices and payments
• Proactive approach to collections and managing outstanding invoices

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/

Timestamps:

Introduction to the Podcast (00:00:00)  

The host introduces the Modern CPA Success Show and its mission to support accounting firms.

Discussion on Cash Flow Service (00:00:22)  

Tom and Adam begin discussing the cash flow service offered by their firm.

Importance of Cash Flow (00:00:35)  

Adam emphasizes the critical nature of cash flow for business survival and its management.

Distinction Between Cash Flow Services (00:01:01)  

Adam explains the difference between financial forecasting and the cash flow management service.

Overview of Cash Flow Management (00:01:56)  

Adam discusses the detailed aspects of cash flow management, including tracking income and expenses.

Weekly Cash Flow Meetings (00:02:35)  

Tom highlights the value of weekly meetings for business owners to monitor cash flow.

Bill Payment Process (00:03:16)  

Adam discusses the bill payment process and the importance of client oversight.

Clarification During Meetings (00:05:24)  

Tom and Adam talk about the benefits of asking questions during cash flow meetings for clarity.

Meeting Duration and Frequency (00:06:33)  

The speakers outline the typical duration of cash flow meetings and their frequency.

Best Practices for Invoice Management (00:07:51)  

Tom emphasizes the importance of using a centralized system for managing invoices.

Accountability in Collections (00:08:38)  

Adam stresses the need for accountability in following up on overdue payments.

Preparation for Cash Flow Meetings (00:09:36)  

Adam explains the importance of preparation and reconciliation before meetings.

Maintaining the 13-Week Cash Flow Forecast (00:10:21)  

Tom discusses the critical nature of maintaining a 13-week cash flow forecast for business planning.

Conclusion and Client Dependency (00:10:51)  

The importance of the cash flow service in building client relationships is highlighted.

"If you want to understand your pricing, I need to know what your service packages are. If you want to understand how you're going to onboard a client, I need to know what your service package is." - Adam Hale


The finer details of this episode:
● Importance of service packages for accounting firms, focusing on clarity in offerings, pricing, and alignment with target client segments to enhance relevance and value.

● Structuring service packages using a "small, medium, large" model to cater to different client needs, manage resources, and improve client onboarding and communication.

●Overcoming challenges in creating service packages, including transitioning existing clients, ensuring pricing transparency, and utilizing technology like AI tools for 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 [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps
Welcome to the Modern CPA Success Show (00:00:00)
Introduction to the podcast's mission and focus on innovative accounting insights.

Discussion on Service Packages (00:00:22)
Tom and Adam explain the importance of service packages for CAS and CFO services.

Clarity in Deliverables (00:00:50)
Emphasis on the need for clarity in service delivery through defined service packages.

Marketing and Client Attraction (00:01:51)
Aligning service packages with target client demographics for effective marketing.

Access and Time Considerations (00:02:46)
Discussion on the importance of access frequency in determining service package pricing.

Team Understanding of Packages (00:04:48)
How defined packages help team members understand client onboarding and service delivery.

Pricing and Scope Management (00:05:04)
The role of service packages in managing client expectations and pricing structures.

Refining Onboarding Processes (00:06:40)
Importance of revisiting service packages during onboarding to clarify responsibilities.

Promoting the Virtual CFO Playbook (00:07:02)
Advertisement for the Virtual CFO Playbook and its benefits for accounting firms.

Psychology of Package Creation (00:07:44)
Discussion on why many firms hesitate to create service packages and how to overcome this.

Overcoming Writer's Block (00:08:39)
Tom and Adam share insights on getting started with service package development.

Client-Centric Package Development (00:10:05)
Strategies for brainstorming and organizing service packages based on client needs.

Learning from Other Firms (00:11:05)
Encouragement to review other firms' packages for inspiration without copying directly.

Transitioning to New Packages (00:12:11)
Advice on implementing new service packages without alienating existing clients.

Testing New Packages (00:12:41)
The importance of prospectively evaluating service packages and client relationships.

Initial Pricing Transparency (00:13:52)
Benefits of presenting clear pricing options during the initial client call.

Utilizing AI in Package Development (00:16:13)
Exploration of using AI tools to brainstorm and refine service packages.

Continuous Package Improvement (00:16:47)
Encouragement to regularly update service packages to meet evolving client needs.

Closing Remarks (00:17:04)
Final thoughts on the importance of service packages and an invitation for further discussion.

In this special episode of The Modern CPA Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.

"They swapped out ‘accounting’ for ‘advisory’ in CAS, but I still believe it’s 'client accounting and advisory services.' At scale, especially with small businesses, it’s hard to separate the two. You need a foundational understanding of their accounting model to help architect it in a way that truly tells their story." – Adam Hale

The finer details of this episode:

• The shift from compliance work to advisory roles in accounting.
• Differences between traditional accounting firm structures and mature CAS practices.
• Importance of leveraging resources and delegating tasks within accounting firms.
• Financial metrics and profitability considerations in CAS practices.
• The concept of selling access rather than time in service pricing.
• The role of regular meetings in managing client expectations and scope creep.
• Adoption of a corporate-like structure for improved efficiency and adaptability.
• The impact of a subscription model on client relationships and service delivery.
• Strategies for accounting firms to remain competitive in a changing industry.

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/

Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.

Overview of CAS (00:00:22)
Tom and Adam discuss Client Accounting Services (CAS) and advisory services, highlighting their significance.

Defining CAS (00:00:46)
Adam explains the evolution of CAS from "Client Accounting Services" to "Client Accounting and Advisory Services."

Importance of Accounting in CAS (00:01:02)
Adam emphasizes understanding accounting models for effective advisory services, especially for small businesses.

Traditional vs. CAS Structures (00:01:52)
Discussion on differences between traditional accounting firms and mature CAS practices, focusing on corporate structure.

Leveraging Resources in CAS (00:02:06)
Adam talks about the importance of leveraging resources and delegating tasks for scaling CAS practices.

Transitioning from Traditional Models (00:03:29)
Tom shares challenges faced by accounting firms transitioning from traditional models to more scalable structures.

Financial Metrics in CAS (00:04:35)
Adam discusses financial metrics, contrasting traditional firm profitability with CAS models and their structures.

Understanding Profit Margins (00:06:19)
Tom and Adam analyze profit margins in CAS compared to traditional firms, aiming for higher profitability.

Building Client Relationships (00:09:24)
Tom highlights the importance of long-term relationships with clients for smoother operations and better service.

Delegation and Offshoring (00:10:06)
Discussion on the necessity of delegating work and utilizing offshore teams to enhance efficiency.

Measuring Performance in CAS (00:11:59)
Adam explains the shift from traditional hourly metrics to responsibility-based performance measures in CAS.

Book of Business Targets (00:12:57)
Tom and Adam discuss the importance of setting clear book of business targets for team members.

Compensation Structure in CAS (00:13:39)
Adam outlines how compensation structures differ in CAS, focusing on book of business rather than hours worked.

Efficiency Over Hours (00:16:32)
Tom advocates for valuing efficiency and client satisfaction over the number of hours worked.

Promoting the Virtual CFO Playbook (00:17:33)
An unnamed speaker promotes a virtual CFO playbook aimed at helping firms scale and improve client experience.

Selling Access in Advisory Services (00:18:30)
Tom and Adam discuss the concept of selling access in high-level advisory services, shifting the value proposition.

Access to Advisory Services (00:18:51)
Discussion on the unpredictability of advisory work time and the subscription model for client access.

Managing Client Expectations (00:19:41)
Strategies for addressing scope creep through scheduled meetings and clear communication with clients.

Rethinking Practice Structure (00:20:20)
Encouragement to adopt innovative practices beyond traditional models for growth and efficiency.

Corporate Structure in Accounting (00:20:31)
Exploring the benefits of a corporate-like structure in accounting practices for better resource sharing.

Closing Remarks and Resources (00:21:01)
Invitation to visit the website for more tips on achieving success in modern CPA firms.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“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 [email protected]
● 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.

“Procrastination is a huge problem, but the bigger problem is the lack of awareness of the need for owners to start planning now, whether you're selling in three years or 13 years.” – Adam Koós 

The finer details of this episode:

• Financial strategies for clients with appreciated properties
• Challenges faced by business owners in managing real estate assets and company structures
• Tax implications of selling a business and recasting financials
• Importance of proactive financial planning and business transition for business owners

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• If you have questions or would like to be a guest on the show, email us at [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• Connect with Adam here: https://www.linkedin.com/in/adamkoos/
• Check out Libertas Wealth here: http://www.LibertasWealth.com

Timestamps:

The introduction (00:00:00)

The hosts introduce the podcast and its mission, providing insights on accounting strategies and innovative tools.

Adam's career story (00:00:55)

Adam shares his unconventional career journey from pre-med to becoming a financial advisor and the founding of Libertas Wealth Management Group.

Services provided by Libertas (00:04:45)

Adam discusses Libertas' services, including financial planning, retirement planning, exit planning for business owners, and working with working professionals.

Financial strategies for clients with appreciated properties (00:07:26)

Adam explains the 1031 exchange and passive real estate investing as a solution for clients with appreciated properties who want to avoid active management and taxes.

Liquidity and risk management in passive real estate investing (00:13:51)

The discussion explores the liquidity and risk management aspects of passive real estate investing, including spreading risk by investing in multiple properties.

Impact of COVID-19 on commercial real estate (00:15:39)

Adam discusses the potential impact of COVID-19 on commercial real estate, including lease expirations and mortgage debt held at community banks.

Elevate your firm with a virtual CFO playbook (00:16:36)

An advertisement for a comprehensive online series to create and deliver scalable CFO services.

Real estate and business ownership (00:17:18)

Discussion on the strategy of keeping the building and retaining an income stream after retirement.

Transition planning and exit planning (00:18:00)

Clients' experiences in selling their companies, keeping properties, and the process of selling properties.

Engagements with business owners (00:18:55)

Exploration of the two types of engagements with business owners, focusing on personal and business guidance.

12-step process for business owners (00:19:47)

Explanation of the 12-step process to increase the value of the company, decrease time in the business, and increase efficiencies.

Risk assessment and advisory work (00:21:34)

Discussion on risk assessment, tax planning, and the need for expert assistance in various aspects of business planning.

Recasting and tax strategies (00:23:47)

Importance of recasting business expenses and tax strategies for business owners preparing to sell.

Cash balance plan and retirement strategies (00:26:27)

Explanation of cash balance plans, retirement contributions, and tax reduction strategies for business owners.

Exit planning and retirement (00:31:05)

Discussion on optimizing cash, Roth conversions, and planning for retirement and exit strategies.

Procrastination and Lack of Awareness (00:33:17)

Consequences of procrastination in business planning and the lack of awareness about the need for owners to start planning now.

Running a Good Business (00:35:22)

The importance of running a good business and differentiating between a lifestyle business and building an asset.

Transition Planning and Business Value (00:36:32)

The importance of business transition planning and its impact on the value of the company, providing an analogy for understanding the benefits.

Selling a Business and Pitfalls (00:39:46)

The speakers discuss the pitfalls of selling a business without proper planning and the impact of disagreements between owners on the selling process.

Taking Action and Accountability (00:42:12)

The need for taking action, breaking down steps into smaller tasks, and the importance of accountability in business planning.

Spreading Awareness and Seeking Expertise (00:44:23)

Adam urges CPAs to spread awareness about business planning and transition, emphasizing the role of experts in facilitating the process.

“The reason I started Modeliks is because it took me three weeks to create a proper financial model in Excel for every new client. With our predefined financial model template, you have that handed to you on a plate.” – Blagoja Hamamdjiev

The finer details of this episode:

• Discussion about business planning and financial reporting software for startups and small businesses
• Main features of Modeliks software, including financial planning, budgeting, and advisory services
• Importance of driver-based financial planning and its impact on business results
• Cost-effectiveness and pre-defined financial model templates by industry within the software
• Integration of financial tables and charts with pitch decks and business plans
• Efficiency and time-saving benefits of using the software for financial modeling and planning
• Dashboard functionality, including tracking financial progress and accessing various charts
• User experience and flexibility of the software, including multi-user collaboration and planned AI integration
• Levels of support provided by Modeliks, including customer support and live sessions with screen sharing

Episode resources:

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

Timestamps:

The introduction (00:00:00)

The hosts introduce the podcast and its mission, setting the stage for the upcoming episode.

Guest Introduction and Background (00:01:48)

The hosts introduce Blagoja Hamamdjiev, CEO and founder of Modeliks, and discuss his personal and professional background.

Global Nature of Modeliks (00:04:22)

Blagoja discusses the global footprint of Modeliks, including the location of their team and their incorporation in Ireland.

Using Modeliks for Financial Planning and Advisory Services (00:07:51)

Blagoja explains how Modeliks can be used for creating financial plans, pitch decks, and business plans, including its applications for advisory services.

Driver-Based Financial Planning (00:11:32)

Blagoja delves into the concept of driver-based financial planning and its importance in managing and improving businesses.

Integration of Financials with Pitch Deck and Business Plan (00:16:29)

Discussion on how Modeliks integrates financials with pitch decks and business plans, providing a unique and efficient solution for businesses.

Cost and Industry-Specific Financial Model Templates (00:19:31)

Blagoja highlights the cost-effectiveness of Modeliks compared to other software and the availability of industry-specific financial model templates within the software.

Creating Financial Models (00:20:26)

Blagoja explains the time-consuming process of creating financial models in Excel and the efficiency of using Modeliks templates.

Flexibility and Data Integration (00:22:31)

Discussion on the flexibility and data integration capabilities of Modeliks, including the current and planned data input methods and integrations.

Dashboard and Reporting Functionality (00:28:12)

Blagoja details the dashboard and reporting functionalities of Modeliks, including variance analysis, charts, ratios, and custom KPIs.

Future AI Integration (00:32:01)

The planned integration of AI features in Modeliks, such as generative writing and AI analysis of financial numbers, is discussed.

Challenges in Financial Planning (00:34:29)

The challenges CPAs face in creating financial models and the barriers to providing advisory services are explored.

Excel vs. Other Tools (00:36:26)

The use of Excel in financial planning and the challenges and benefits of using other software tools are discussed.

Collaboration and Pricing (00:38:53)

The flexibility and real-time collaboration capabilities of Modeliks, as well as the pricing structure and value proposition, are explained.

Support and Training (00:40:22)

The support and training options available for users of Modeliks, including live support and demo calls, are discussed.

Live Support and Niche Industry Models (00:40:54)

Discussion about live support, niche industry financial models, and personalized assistance for clients.

Help Center and Training Videos (00:42:00)

Explanation of the extensive help center with training videos and the value of personalized onboarding and training sessions.

Consolidation Feature and Multi-Dimensional Planning (00:43:52)

Upcoming features in the software, including a consolidation feature and multi-dimensional planning for more complex businesses.

Future Software Updates (00:45:29)

Anticipation for upcoming software updates, including QuickBooks integration, multi-dimensional planning, and localization in different languages.

Advisory Services and Financial Planning (00:45:55)

The importance of advisory services and the value of creating a useful financial plan based on drivers.

Passion for Driver-Based Financial Planning (00:47:01)

The speaker's passion for creating logical and impactful financial plans based on drivers, and the importance of setting targets.

Role of Advisors in Business Management (00:48:08)

The role of advisors in helping entrepreneurs with the analytical part of running a business and the value of collaboration.

Conclusion and Podcast Promotion (00:48:27)

Closing remarks and promotion of the podcast website for more resources on modern CPA firm success.