By Summit Virtual CFO by Anders
5
99 ratings
The podcast currently has 133 episodes available.
"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:
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:
Episode resources:
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:
Episode resources:
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.
“The total relationship is about making life better for the client, focusing on what they need in the next 6 to 12 months, and helping them prioritize their financial decisions.” –Tyson Ray
The finer details of this episode:
Episode resources:
Timestamps:
The welcome and introduction (00:00:00)
Introduction to the podcast and the mission of providing insights for accounting firms.
Guest introduction and perspective (00:00:30)
Discussion about the unique perspective of the guest, Tyson Ray, and the value he brings to the audience.
Introduction to the show and guest (00:00:53)
The host and guest host introduce themselves and welcome the audience to the show.
Tyson Ray's background and mission (00:01:19)
Tyson Ray introduces himself, his role, and his mission to help clients and the community.
The total relationship and client value (00:02:43)
Discussion about the importance of understanding the client's needs and building a valuable relationship.
Expanding services and expertise (00:03:40)
Tyson Ray's decision to expand his expertise and focus on business exit planning.
The Total Relationship book (00:05:05)
Introduction to the book "The Total Relationship" and its focus on client relationships and communication.
Client-focused planning approach (00:06:31)
Explanation of the three parts of the total relationship: life plan, wealth plan, and care plan.
Client relationship parallels (00:08:10)
Discussion about the similarities in client-focused approaches between wealth management and financial business services.
Prioritizing client needs (00:08:31)
The importance of prioritizing client needs and guiding them through their financial journey.
Life plan and client background (00:10:04)
Exploration of the life plan, including family, health, and personal goals, to better understand the client's needs.
Client's family and personal life (00:11:28)
The significance of understanding the client's family dynamics, including parents, children, and personal experiences.
Life plan and client's lifestyle (00:14:18)
Discussion about the life plan, including travel, recreation, home improvements, and major purchases, to enhance the client's lifestyle.
Client's life plan and financial decisions (00:15:53)
The importance of aligning financial decisions with the client's life plan and rewarding themselves for their hard work.
The Total Relationship and client permission (00:17:10)
Exploration of the client's permission to prioritize their life plan and the role of advisors in supporting their goals.
Life Plan (00:19:16)
Advisors asking forward-looking questions, encouraging clients to enjoy their wealth and plan for personal goals.
Virtual CFO Playbook (00:19:57)
Promotion of a comprehensive online series to equip firms with essential tools for scalable CFO services.
Wealth Advisor Conversations (00:20:40)
Discussing the process of building trust with clients, understanding motivations, and opening conversations about personal and business goals.
Life Plan and Wealth Plan Intersection (00:22:03)
Exploring the connection between life and wealth plans, emphasizing the importance of understanding clients' personal and business needs.
Wealth Plan Proactivity (00:23:58)
Identifying cash management, business debt, and proactive planning to navigate financial crises and business transitions.
Business Succession and Life Plan (00:27:03)
Addressing business owners' plans for exiting their businesses, including transitions and contingency planning.
Collaboration and Tax Planning (00:28:50)
Highlighting the benefits of collaboration between financial advisors, CPAs, and law firms for better client outcomes.
Future-Focused Financial Advice (00:30:44)
Emphasizing the importance of future-focused financial advice and the collaboration between wealth management and tax planning.
Caring for Financial Future (00:31:23)
Reminding clients of their goals, proactive service, and helping clients make informed financial decisions.
Personal Wealth Building (00:34:09)
Encouraging clients to consider personal wealth-building options and the impact on business sustainability.
Tax Planning and Client Education (00:35:01)
Educating clients on tax deductions, structure, planning, and the importance of making informed financial decisions.
Wealth Building Strategies (00:35:49)
Encouraging personal wealth building for business owners to reduce stress and secure financial stability.
Roth Tax-Free and Deductions (00:36:45)
Navigating discussions on Roth tax-free options, deductions, and the impact on future tax liabilities.
Client Engagement and Care Plan (00:37:48)
Frequency of client engagement, revisiting life plans, and maintaining a standard cadence for care planning.
Clients' Meeting Frequency (00:37:48)
Tyson discusses the importance of tailoring meeting frequency to clients' needs and life events.
Adjusting Meeting Frequency (00:38:42)
Tyson explains how the frequency of client meetings should be adjusted based on the rhythm of life and life events.
Over-servicing Clients (00:39:37)
Tyson shares his experience of over-servicing clients and emphasizes the need to align service frequency with clients' actual needs.
Client Scheduling Expectations (00:41:11)
Jamie and Tyson discuss the importance of understanding clients' preferences for meeting schedules and setting expectations.
Final Thoughts and Relationship Building (00:43:51)
Adam and Tyson emphasize the value of building relationships and learning from professionals in different industries.
Virtual Relationship Building (00:45:04)
Tyson highlights the opportunity to build relationships virtually and reach clients beyond traditional demographics.
Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.
Episode Notes:
“Our mission is to educate, inspire, and support accountants, financial advisors, and CFOs who are representing a client with a need for any type of entity filings, entity setup, entity expansion, or payroll tax registration services.” – Nellie Akalp
The finer details of this episode:
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 Nellie here: https://www.linkedin.com/in/nellieakalp/
Check out CorpNet here: https://www.corpnet.com/
Timestamps:
Introduction to podcast (00:00:00)
Introduction to the podcast, mission statement, and topics covered.
Overview of CorpNet.com services (00:00:58)
Introduction to CorpNet.com and its services for accountants and their clients.
Nellie Akalp's entrepreneurial journey (00:01:18)
Nellie Akalp shares her entrepreneurial journey and the vision behind CorpNet.com.
Challenges faced by accountants (00:05:06)
Discussion on the challenges accountants face in offering comprehensive services to their clients.
Benefits of CorpNet.com partner program (00:11:09)
Explanation of the benefits of CorpNet.com's partner program for accountants.
Core services offered by CorpNet.com (00:17:14)
Description of the core services provided by CorpNet.com, including business filings, compliance, and payroll tax registration.
Impact of COVID-19 on CorpNet.com (00:19:22)
Discussion on the increased demand for services during COVID-19, particularly regarding payroll registration in multiple states.
Differences in starting a company in the past and present (00:22:26)
Comparison of the entrepreneurial experience in the past and present, including the challenges and differences in market entry.
Client consultation and advice (00:24:29)
Discussion on typical new client scenarios and advice provided when starting a new company.
Educational services for new business owners (00:24:44)
Nellie Akalp discusses the educational aspect of CorpNet.com's services for new business owners, including guides, webinars, and podcasts.
Support for accountants starting their own firm (00:25:19)
Nellie Akalp explains how CorpNet.com assists accountants in starting their own firm by providing guidance, resources, and educational materials.
Benefits of partnering with CorpNet.com (00:26:41)
Nellie Akalp outlines the advantages for accountants in partnering with CorpNet.com, including early client engagement, business growth, and a complete advisory service.
Enhancing firm capabilities through partnerships (00:28:02)
The discussion centers around the benefits of partnering with CorpNet.com for small firms to offer comprehensive services and appear as a larger, full-service firm.
The mistake accountants make in not offering services (00:29:49)
Nellie Akalp emphasizes the missed opportunities for accountants by not offering services like entity filings and compliance, and the potential benefits of such offerings.
Corporate compliance portal for accountants (00:33:19)
The conversation focuses on CorpNet.com's corporate compliance portal, which simplifies tracking and monitoring compliance requirements for accountants and their clients.
Challenges and consequences of compliance errors (00:40:25)
The discussion highlights the challenges and consequences of compliance errors, emphasizing the importance of staying current and the potential repercussions of non-compliance.
The value of corporate compliance services (00:39:27)
Nellie Akalp discusses the benefits of corporate compliance services for accountants, emphasizing the time-saving and reputation-building aspects.
Initiating partnership with CorpNet.com (00:45:32)
Nellie Akalp provides details on initiating a partnership with CorpNet.com, including the process of signing up, onboarding, and accessing marketing materials.
Account Manager and Onboarding Process (00:47:35)
Discusses the benefits of having a dedicated account manager and the importance of onboarding process for success.
Client Engagement and Delegation (00:48:56)
Compares the process of client engagement and delegation to the success of the program.
Signing Up and Partner Options (00:49:50)
Provides information on how accountants can sign up for the partner program and the various options available.
Contact Information and Upcoming Event (00:51:01)
Shares contact details for signing up and promotes the upcoming event where CorpNet.com will be present.
Podcast Promotion (00:52:47)
Promotes the podcast and directs listeners to the website for more resources.
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