Episode Title: Ethical Accounting in the Age of Automation: Insights from Bench's Shutdown

Episode Summary:

Tom and Jesse from FinOptimal return to the show to discuss the Bench shutdown with Hannah and Joey. Along the way they discuss the rise of AI in the industry, changes to the 150 CPE credit rule, memes, and how CPAs can better convey what they do to clients. The conversation underscores the importance of adaptability, effective communication, and maintaining professional standards amidst technological changes, using Bench's experience as a cautionary tale for the profession.

Episode Quote:

"No matter what, whoever stays on the cutting edge of what's new is going to be okay. If you have that much red tape and hesitancy to try new stuff, you're going to get left behind." -Tom Zehentner

The finer details of this episode:

● Recent developments surrounding the company Bench and its implications.

● Impact of artificial intelligence and automation on accounting practices.

● Pricing strategies and the sustainability of low-cost accounting services.

● Importance of effective communication and client engagement in accounting.

● Future of the accounting profession in light of technological advancements and market changes.

Episode resources:

●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/

●       Email us with questions or if you’d like to be a guest on the show: [email protected]

●       We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities

●       Check out Tom and Jesse at https://www.finoptimal.com/

Timestamps:

Podcast Episode Timestamps

Introduction to the Podcast (00:00:00)

Overview of the podcast's purpose for young accounting professionals.

Artificial Intelligence in Accounting (00:00:22)

Discussion on the impact of AI and automation in the accounting industry.

Bench's Downfall (00:01:01)

Speaker reflects on Bench's failure and compares it to similar companies.

Synopsis of Bench's Situation (00:01:46)

Speaker provides a brief history and overview of Bench's business model and challenges.

Bench's Business Strategy (00:03:10)

Analysis of Bench's target market and pricing strategy in the accounting industry.

Bench's Abrupt Closure (00:04:12)

Details about Bench's sudden shutdown and subsequent acquisition.

Discussion on Pricing and Market Position (00:05:16)

Debate on whether Bench's pricing strategy contributed to its failure.

Building a General Ledger (00:06:18)

Insights on the challenges of developing a proprietary general ledger in accounting.

Industry Reaction to Bench's Demise (00:08:00)

Exploration of the accounting community's mixed reactions to Bench's failure.

The Ethics of Offshoring (00:09:15)

Concerns about the ethics of offshoring in the accounting industry.

Echo Chamber of Opinions (00:10:10)

Critique of the repetitive nature of industry opinions following Bench's downfall.

Branding Issues in Accounting (00:14:00)

Discussion on the lack of clear branding and definitions within the accounting profession.

The Need for Standardization (00:15:04)

Debate on the challenges of standardizing roles and services in accounting.

Empowering the Accounting Community (00:17:49)

Call for accounting professionals to charge more and elevate industry standards.

Understanding Legal Fees vs. Accounting Fees (00:18:54)

Discussion on the disparity in perceptions of value between legal fees and accounting services.

The Need for Better Communication in Accounting (00:19:50)

Emphasis on accountants demonstrating their value effectively to clients.

Challenges in Marketing Accounting Services (00:20:59)

Insights on the difficulties accountants face in marketing their services to business owners.

Using Memes to Explain Accounting (00:22:06)

Proposal to use memes as a tool to communicate accounting concepts to clients.

The Importance of Relatable Communication (00:23:05)

Advocating for a more human approach in explaining accounting to clients.

Targeted Marketing Strategies (00:24:26)

Discussion on tailoring marketing strategies to specific demographics like sports fans or millennial moms.

Memes as a Service Concept (00:25:35)

Idea of creating a service dedicated to developing accounting-related memes for marketing.

The Role of Personal Branding (00:26:50)

Exploration of how personal branding and visual cues reflect professional identity.

Curriculum Changes in Accounting Education (00:28:20)

Suggestion that accounting education should include marketing and communication skills.

Concerns Over the 150-Hour CPA Requirement (00:29:26)

Debate on whether reducing the 150-hour requirement will effectively address the accounting profession's challenges.

Need for Practical Skills in CPA Certification (00:31:02)

Call for more practical examinations in CPA certification rather than focusing solely on credit hours.

Addressing the Accounting Pipeline Problem (00:34:09)

Discussion on broader issues affecting the accounting profession, beyond just the 150-hour rule.

Podcast Episode Timestamps

The Impact of AI on Jobs (00:36:38)

Discussion on how AI won't take jobs, but those who adapt will thrive.

Embracing Innovation in Accounting (00:37:00)

The importance of trying new technologies to stay competitive in the accounting field.

Automation Opportunities in Accounting (00:38:41)

Exploration of a tool to automate the closed workbook reconciliation process.

Finding the Right Solutions (00:39:15)

Discussion on the challenges of finding comprehensive accounting solutions.

Leveraging Technology for Efficiency (00:40:03)

Insights on using Google Sheets and QuickBooks for effective accounting practices.

Product Development and Features (00:46:01)

Overview of new products being developed to enhance accounting efficiency.

Building Trust in Technology (00:48:00)

Importance of reliability in accounting software and the skepticism of accountants.

Using Tools in Practice (00:49:10)

The value of actively using developed products in real-world accounting scenarios.

Episode Title:

Insights on Navigating Busy Season

Episode Summary:

In this podcast episode, Joey and Hannah delve into the rigors of busy season in the accounting industry, discussing the personal and professional challenges it presents. They share their experiences with long hours, work-life balance, and the need for industry change. While highlighting the importance of leadership in creating sustainable work environments and the role of self-care, they also explore the value of mentorship and being open to advice and constructive criticism, emphasizing the significance of empathy and communication in the workplace.

Episode Quote:

 "The 'it just is what it is' mentality is to me a piece of bad advice. I really struggle with accepting that to just be truth when there are alternate ways to get a job done effectively." -Hannah Hood

The finer details of this episode:

●     Impact of leadership on addressing workload and personal challenges

●     Effects of automation and delegation on busy season workload

●     Staffing shortage as a significant challenge in the industry

●     Importance of self-care and empathy in the workplace

Episode resources:

●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/

●       Email us with questions or if you’d like to be a guest on the show: [email protected]

●       We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities

Timestamps:

Understanding Busy Season (00:00:23)

Joey and Hannah share their childhood experiences and initial challenges during busy seasons in the accounting industry.

Personal Boundaries and Work-Life Balance (00:02:17)

Hannah discusses setting boundaries and maintaining work-life balance while managing a busy accounting job with a family.

Finding Little Wins and Industry Changes (00:05:29)

Joey talks about finding small victories during busy seasons and discusses changes in the industry's approach to busy seasons.

The Future of Busy Season (00:08:16)

Joey and Hannah discuss the likelihood of busy season ever ending and the impact of automation and staffing shortages.

Challenging the Status Quo (00:11:42)

Hannah challenges the notion that busy season just "is what it is" and advocates for change in work-life balance expectations.

Leadership and Cultural Change (00:14:06)

Joey criticizes outdated leadership advice and discusses the need for cultural change in the accounting industry.

Individual vs. Leadership Responsibility (00:17:39)

The conversation shifts to the role of individuals and leadership in driving change and improving work conditions in the industry.

Self-care and Leadership (00:18:01)

Importance of self-care and leadership in bringing about change in the industry.

Empathy and Management (00:19:06)

Discussion on empathy in management and understanding the struggles of team members.

Work-Life Balance and Culture (00:20:04)

Challenges of work-life balance, creating an environment for employees' well-being, and changing corporate culture.

Communication and Responsibility (00:22:30)

Importance of open communication and individual responsibility in addressing work-related challenges.

Mentorship and Influence (00:24:51)

The significance of mentorship in office culture and the influence of mentors in early careers.

Constructive Criticism and Mentorship (00:31:15)

Struggles with constructive criticism and evolving perspectives on mentorship as one matures in their career.

Tactical Conversations and Learning (00:34:46)

The value of tactical conversations and learning from mentors in professional growth.

Investment in the Process (00:36:33)

The importance of mutual investment in professional relationships and the learning process.

Being Comfortable with Being Wrong (00:37:31)

Discussion on being comfortable with not having all the answers and seeking constructive criticism.

The Impact of Grades on Learning (00:39:29)

Exploration of the relationship between grades, learning, and success, with a focus on the millennial generation's perspective.

Athletes and Mentorship (00:42:03)

Anecdotal discussion on the potential advantages of athletes in mentor-mentee relationships and their comfort with taking instruction.

The Role of Coachability in Success (00:42:47)

Exploration of the importance of coachability and willingness to accept help, particularly in relation to athletes and their success.

Intentionality in Seeking Mentorship (00:49:59)

Advice on being intentional and proactive in seeking mentorship, including reaching out and showing understanding for busy schedules.

Building Mentorship Relationships (00:51:04)

Advice on initiating mentorship conversations by asking about the other person's expertise and seeking their advice, reframing the conversation to focus on the mentor.

Opportunities for Career Development (00:52:44)

Promotion of remote work opportunities and open positions for career development at Summit Virtual CFO and Anders CPAs and Advisors.

Episode Title:

Defined Benefit Plans Demystified: Expert Insights for Young CPAs with David Podell

Episode Summary:

Co-host Hannah shares her experiences with tax planning and defined benefit plans, setting the stage for guest expert David Podell from Business Benefits Consultants. David demystifies defined benefit plans, emphasizing their relevance and tax advantages. The discussion covers identifying client opportunities, the importance of advisory roles, and resources for further learning.

Episode Notes:

"You could increase your retirement benefit, take money out of the business pre-tax, and I'm going to save you this on your taxes." -David Podell

The finer details of this episode:

●       Common misconceptions about defined benefit plans and their relevance in modern financial strategies.

●       Importance of collaboration with financial advisors, third-party administrators, and attorneys in implementing defined benefit plans.

●       Resources available for CPAs to deepen their understanding of defined benefit plans and tax strategies.

●       Encouragement for young CPAs to engage with clients and explore tailored financial solutions.

Episode resources:

●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/

●       Email us with questions or if you’d like to be a guest on the show: [email protected]

●       We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities

●       Check out Business Benefits Consulting! https://businessbenefitsconsultants.com/

Timestamps:

Introduction to the Episode (00:00:00)

The host welcomes listeners and introduces the podcast's purpose for young accounting professionals.

New Format Announcement (00:00:23)

Hannah discusses the new episode format after attending a podcast convention, aiming for shorter content.

Guest Introduction (00:01:00)

Hannah introduces David Podell, an expert on defined benefit plans and tax planning.

Complexity of Defined Benefit Plans (00:02:57)

David explains the confusion surrounding defined benefit plans due to their complexity and lack of understanding.

Multiple Players Involved (00:04:42)

Discussion on the various professionals needed to manage defined benefit plans effectively.

Trigger Words for Advisory Conversations (00:06:18)

David shares key phrases that indicate a client may benefit from defined benefit plans.

Selling a Business and Tax Structuring (00:08:13)

Hannah discusses using defined benefit plans for tax benefits when selling a business.

Retirement Planning and Asset Building (00:09:37)

The benefits of using defined benefit plans for retirement savings while minimizing taxes.

Plan Design Considerations (00:10:37)

David emphasizes the importance of tailoring plan designs to meet specific client needs.

Learning Resources for Defined Benefit Plans (00:12:46)

David suggests resources for understanding defined benefit plans and associated terminology.

Acronyms and Terminology Clarification (00:15:03)

Discussion on common acronyms in the industry and the need for clear understanding.

Importance of Coordination Among Advisors (00:16:25)

The significance of having a coordinated approach among various financial advisors.

Final Thoughts and Call to Action (00:19:09)

David encourages listeners to evaluate clients who may benefit from defined benefit plans.

Value of Defined Benefit Plans (00:20:06)

Discussion on how defined benefit plans can enhance retirement benefits and provide tax savings.

Call to Action (00:20:41)

Encouragement for listeners to engage and ask questions about defined benefit plans.

Contact Information (00:20:57)

Details on how to reach Business Benefits Consultants for further inquiries and support.

Gratitude and Reflection (00:21:30)

Acknowledgment of the guest's insights and the value added to the listeners' understanding.

Career Development Opportunities (00:21:41)

Information on job opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.

Episode Title: Bridging the Generational Gap: Transforming Leadership for a New Era with Madeline Miller

Episode Notes:

In this episode of the Young CPA Success Show, the host and co-hosts Joey and Hannah discuss the challenges faced by young professionals, particularly in accounting, with guest Madeline Miller, a coach with a background in law and entertainment. They explore generational stereotypes, the importance of good leadership, and the need for purpose and recognition in the workplace. Madeline shares her journey and emphasizes the significance of empathy, mentorship, and building supportive work environments. The conversation highlights the evolving expectations of younger generations and the role of leaders in fostering inclusive and fulfilling workplaces.

"I had been thinking a lot about how I was showing up at work, and whether I was showing up as the leader I wanted to be, and I really had to go back and reinvent the wheel and teach myself what that meant." – Madeline Miller

The finer details of this episode:

• Challenges faced by young accounting professionals and early-career individuals.
• Generational stereotypes and perceptions in the workplace.
• The impact of remote and hybrid work environments on workplace dynamics.
• The importance of interpersonal skills and relationship-building.
• The need for training in conflict management and leadership skills.

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/

● You can find more from Madeline at her website: https://coachingwithmadeline.com/about-madeline-miller/

Timestamps:

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

Introduction to the podcast and its focus on guiding young accounting professionals.

Setting the Scene (00:00:23)

Discussion of excitement around the episode featuring guest Madeline Miller.

Generational Assumptions in the Workplace (00:01:04)

Hannah reflects on assumptions made about millennials in the workplace.

Bad Managers vs. Bad Jobs (00:02:08)

Joey emphasizes that employees leave bad managers, not just bad jobs.

Creating Good Workspaces (00:03:12)

Call to action for leaders to foster better work environments for younger generations.

Epiphanies During the Conversation (00:04:22)

Hannah shares insights gained from the conversation with Madeline.

Madeline's Background (00:05:07)

Madeline discusses her journey from law to coaching, emphasizing purpose and direction.

Searching for Fulfillment (00:08:42)

Discussion on the common feeling of searching for fulfillment in one's career.

Identifying Common Themes (00:08:55)

Madeline explains what she looks for in clients feeling lost in their careers.

Purpose and Recognition in Work (00:09:28)

Madeline highlights the importance of feeling purposeful and recognized in work.

Coaching for Authenticity (00:11:07)

Discussion on closing the gap between current and desired workplace behavior.

Nurturing Future Leaders (00:13:34)

Madeline discusses coaching leaders on nurturing purpose in their teams.

Shifting from Technical to Leadership Skills (00:16:23)

Joey and Madeline explore the challenges of transitioning to leadership roles in careers.

The Importance of Developing Future Leaders (00:18:20)

Madeline discusses her approach to shaping the next generation of leaders and the importance of mentorship.

Shifting Skills in the Workforce (00:19:02)

Joey highlights the transition from technical skills to advisory roles in accounting and other industries.

Gen Z's Desire for Impact (00:20:09)

Joey shares insights on Gen Z's eagerness to make a positive impact compared to previous generations.

Empathy in Leadership (00:20:37)

Madeline discusses Gen Z's demand for empathy from managers, reflecting on generational differences in expectations.

Intergenerational Challenges (00:21:47)

Hannah notes the challenges faced by different generations in the workplace, particularly regarding career fulfillment.

Communicating Purpose in the Industry (00:22:58)

Hannah emphasizes the need for leaders to effectively communicate purpose to attract Gen Z to accounting careers.

Simple Steps to Foster Purpose (00:23:50)

Madeline outlines basic actions leaders can take to help employees feel purposeful and engaged at work.

The Impact of Good Management (00:25:01)

Discussion on how good managers can significantly influence employee satisfaction and retention.

The Role of Interpersonal Skills (00:26:20)

The speakers reflect on the importance of interpersonal relationships in the workplace for long-term fulfillment.

Conflict Management Skills (00:27:12)

Madeline discusses the necessity of teaching conflict management skills to navigate workplace relationships effectively.

Building Resilience in the Workplace (00:29:27)

The conversation shifts to the importance of resilience and continuous practice in handling workplace challenges.

Understanding Gen Z's Unique Challenges (00:31:02)

Joey highlights the distinct challenges Gen Z faces in the workforce compared to previous generations.

Curiosity in Leadership (00:31:54)

Madeline encourages leaders to adopt a curious mindset to better understand and support younger employees.

Independence and Entrepreneurship (00:34:35)

Joey discusses how Gen Z's independence challenges traditional business structures and offers opportunities for growth.

Nurturing Staff Through Coaching (00:35:45)

Madeline advocates for group coaching as a cost-effective way to support and develop younger employees.

Leadership Mindset Shift (00:36:41)

Discussion on the need for leadership to proactively engage with younger generations.

Creating Infrastructure for Engagement (00:37:07)

Emphasis on building systems that facilitate communication and support for younger professionals.

Assumptions in the Workplace (00:37:11)

Importance of avoiding assumptions and encouraging open dialogue among colleagues.

Building Camaraderie in the Workplace (00:38:21)

Sharing experiences of how informal interactions fostered strong work relationships.

Impact of Remote Work on Relationships (00:38:44)

Reflection on how remote work limits opportunities for bonding and relationship building.

Networking Through Work Relationships (00:39:55)

How professional connections made in early career stages can influence future opportunities.

Personal Vision and Mission Statements (00:41:15)

Discussion on the value of personal mission statements in guiding career paths.

Two-Way Value in Sharing Goals (00:42:23)

Exploration of how sharing personal goals with managers can enhance workplace relationships.

Leadership Opportunities at All Levels (00:43:46)

Encouragement that every role in an organization has the potential for leadership.

Empowering Younger Staff (00:45:36)

The benefits of encouraging younger employees to adopt a leadership mindset.

Contacting Madeline for Resources (00:46:28)

Information on how to reach Madeline Miller for coaching and resources.

Episode Title: 2024 Year in Review

Episode Notes:

In our year end wrap up: Jody, Brett, Tom, Hannah, and Jamie share favorite moments from the show, podcasting resolutions and holiday gift wishes. the hosts reflect on personal anecdotes and provide their aspirations for the upcoming year. They also introduce a new behind-the-scenes team member.

"It’s super common for us to go into a conference and have someone say, "Hey, I love that podcast you’re on." It’s really cool, and we really enjoy it." – Jody Grunden

The finer details of this episode:

• Reflection on the past year in podcasting, particularly in the accounting industry.
• Personal anecdotes and memorable moments from individual podcasts.
• Insights gained from interviews with guests in various fields, including cannabis and accounting.
• Personal resolutions and goals for the upcoming year related to podcasting.

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 Young CPA Success Show (00:00:00)

Introduction to the podcast, highlighting its purpose for young accounting professionals.

Jodi's Favorite Podcast (00:00:23)

Jodi humorously comments on productivity loss due to the team gathering for the podcast discussion.

Indiana University Sports Victory (00:00:49)

Brett congratulates Indiana University on a sports win, engaging in light banter about online gambling.

Introducing Christine (00:01:39)

Jodi introduces Christine, acknowledging her contributions and excitement about being on camera.

Christine's Favorite Podcast (00:02:15)

Christine shares her favorite podcast episode, highlighting its relevance to her as a college student.

Introduction of Minna (00:04:12)

Minna is introduced as a new team member, sharing her background and podcasting role.

Podcast Ranking Discussion (00:04:49)

Discussion about the podcast's ranking as number four among accounting firms in the nation.

Mina's Podcasting Resolution (00:05:47)

Mina expresses her goal to improve scheduling for podcast episodes moving forward.

Brett's Podcast Insights (00:07:02)

Brett discusses his podcast, "The Cannabis Access Show," and the educational value of his guests.

Team Collaboration Acknowledgment (00:09:04)

Brett thanks Christine for her behind-the-scenes support during a successful event.

Hannah's Favorite Episode (00:10:08)

Hannah reflects on her favorite podcast episode featuring guests from analytics discussing AI and innovation.

Tom's Humorous Podcast Moment (00:11:41)

Tom shares a funny moment about being recognized for another podcast, leading to a humorous realization.

Storytelling in Podcasting (00:13:45)

Tom discusses the importance of storytelling in consulting, inspired by his podcast guests.

Jodi's Favorite Moment (00:16:13)

Jodi expresses his enjoyment of spending time with Jamie during the podcast, highlighting the camaraderie.

Insights from Speakers (00:17:35)

Discussion on the value of listening to diverse podcasts and collaborating beyond company silos.

Memorable Podcast Moments (00:17:59)

Jodi recalls memorable episodes, including a dinner club discussion and a curious question about targeted ads.

Podcasting Resolutions and Christmas Lists (00:19:51)

Panelists share their podcasting resolutions and Christmas wishes in a combined fun question format.

Jody's Gift Philosophy (00:20:46)

Jody expresses a preference for giving experiences over receiving gifts, emphasizing meaningful connections.

Tom's Podcasting Aspirations (00:21:27)

Tom discusses his podcasting goals, focusing on client connections and exploring AI's impact on the industry.

Hannah's Community Building (00:24:34)

Hannah shares her goal to maintain a fun and approachable podcast atmosphere, encouraging community connections.

Brett on Cannabis Regulations (00:26:01)

Brett highlights the challenges of cannabis businesses under IRS 280E regulations and hopes for future changes.

Christine's Supportive Role (00:31:27)

Christine aims to support her co-hosts and improve podcast quality while sharing her personal listening habits.

Christmas Gift Preferences (00:33:43)

Christine shares her practical Christmas gift request for a blender, reflecting her love for cooking.

Jamie's Podcasting Resolution (00:35:06)

Jamie expresses a desire to improve follow-up with potential podcast guests met at events.

Discussion on Podcast Guests (00:36:37)

Jodi reflects on the importance of considering potential podcast guests during conversations.

Fun Episode Recap (00:36:55)

Jodi shares his enjoyment of the episode, highlighting the camaraderie and relaxed atmosphere.

Appreciation for Contributions (00:37:14)

Jodi expresses gratitude to everyone for their insights and participation in the podcast.

Career Development for Young CPAs (00:37:23)

The host promotes remote work opportunities for young CPAs at Summit Virtual CFO and Anders CPAs.

“It’s just so important to show up positive, to show up kind, to just put forth the best that you can because you just don’t know what’s going on in the background.” – Hannah Hood

The finer details of this episode:

• Guidance for young accounting professionals in their early careers
• Importance of mindset and adaptability in navigating change within the accounting profession
• Personal anecdotes highlighting lessons learned from mentors
• The role of empathy and positivity in client interactions
• Understanding emotional responses to change and its impact on communication
• Transitioning from technical skills to advisory roles in accounting
• Building meaningful relationships with clients beyond transactional interactions
• Embracing discomfort as a pathway to growth and effective communication
• The significance of being present and adaptable during client conversations
• Encouragement to invest in personal development through learning from experiences and others

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: [email protected]
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Chris here: https://www.linkedin.com/in/chrispapin/
• Check out Papin CPA here: https://www.papincpa.com/

Timestamps: 

Introduction to the Podcast (00:00:00)

The host welcomes young accounting professionals and introduces the purpose of the podcast.

Theme of Growth and Learning (00:00:23)

Joey discusses the importance of mindset for growth in accounting careers and shares personal lessons.

Mentorship Anecdote (00:00:49)

Joey reflects on lessons learned from his first mentor, Ralph, emphasizing opportunity cost and life lessons.

Mindset and Change (00:02:03)

Joey connects his mentor's lessons to adapting to change in the accounting profession and personal mindset.

Empathy in Client Interactions (00:03:24)

Hannah shares experiences working with clients, highlighting the importance of empathy and positivity.

Inevitability of Change (00:04:23)

Joey emphasizes that change is certain and discusses preparing oneself to respond effectively.

Comfort with Change (00:05:28)

Joey reflects on the comfort of structure in accounting and the need to adapt to change.

Psychology of Change Management (00:06:31)

Chris discusses the psychological aspects of change management and how emotions influence client behavior.

Skills Gap in Accounting (00:08:53)

Hannah notes the changing landscape of the accounting industry and the skills gap in change management.

Importance of Flexibility (00:10:58)

Chris emphasizes the necessity of being adaptable in client conversations and the evolving expectations.

Balancing Processes and Flexibility (00:12:25)

Joey discusses the need for foundational processes to enable agile conversations with clients.

Interconnectedness of Planning and Financials (00:14:08)

Chris highlights the relationship between business plans and financial statements in advisory roles.

Building Trust with Clients (00:17:09)

Chris shares strategies for fostering trust and open communication with clients for effective advisory work.

Practice and Real Conversations (00:19:10)

Joey talks about the importance of practice in preparing for difficult conversations in a professional setting.

Football Analogy for Preparation (00:20:43)

Joey and Chris discuss the relevance of practice in various fields, using football as a metaphor for preparation.

Tom Brady's Legacy (21:01)

Discussion on how perseverance and fundamentals can lead to success, illustrated by Tom Brady's comeback.

Embracing Discomfort (22:31)

The importance of being comfortable with discomfort for long-term success in client interactions and conversations.

Learning from Experience (23:34)

Sharing personal experiences of learning through practice and adapting one's style to improve client communication.

The Psychology of Communication (24:52)

Understanding emotional responses and the need for adaptability in client interactions to foster deeper relationships.

Redefining Success (27:34)

A conversation on how generational views on success and failure impact personal growth and professional development.

The Value of Conversations (33:29)

Highlighting the importance of meaningful conversations over rigid agendas in client meetings for building trust.

Creating Safe Spaces (35:09)

Discussing the vulnerability in financial conversations and the need for advisors to create a safe environment.

Making a Difference (38:15)

Illustrating the impact of timely assistance in client relationships and the importance of servant leadership in advisory roles.

Personal Fulfillment in Client Relationships (00:40:54)

Hannah shares a personal story about overcoming a difficult client interaction and the fulfillment gained from perseverance.

Understanding Client Reactions (00:42:42)

Discussion on how client reactions often stem from their own issues, not the service provider's actions.

The Reality of Client Interactions (00:43:27)

Hannah acknowledges that client relationships can be challenging and are influenced by clients' personal lives.

Connecting with Chris Papin (00:43:56)

Hannah invites listeners to connect with Chris Papin for additional resources and insights on LinkedIn.

Opportunities for Young CPAs (00:44:47)

Joey encourages young CPAs to explore career development and remote work opportunities with their organization.

“We need to get the phrase ‘exit planning’ out of our vocabulary. I like to call it business transition planning or transitioning you from wherever you are today to wherever you want to be.” – Adam 

The finer details of this episode:

• Importance of fiduciary responsibility in financial planning.
• Relationship dynamics between financial advisors and CPAs.
• Challenges and implications of fiduciary principles for clients.
• The significance of being a fee-only financial advisor to minimize conflicts of interest.
• Strategies for young CPAs to build relationships with financial advisors.
• The role of transparency and communication in investment strategies.
• Evolving responsibilities of CPAs in the financial advisory landscape.
• Emotional aspects of financial decision-making and their impact on clients.
• Importance of having a clear financial plan and regular assessments.
• Educational resources and strategies for clients to enhance financial understanding.

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: [email protected]
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Adam here: https://www.linkedin.com/in/adamkoos/
• Check out Libertas Wealth Management here: https://www.libertaswealth.com/

Timestamps:

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

Introduction to the podcast, focusing on career navigation for young accounting professionals.

Understanding Fiduciary Responsibility (00:00:22)

Discussion on the significance of fiduciary responsibility in financial planning and its implications for clients.

The Importance of Being a Fiduciary (00:00:53)

An expert explains why fiduciary status is crucial and the potential conflicts in the advisory industry.

Questions to Ask Financial Advisors (00:02:37)

Key questions for clients to ask financial advisors regarding fees and commissions to ensure fiduciary service.

Conflicts of Interest in Financial Advisory (00:03:27)

Exploration of how personal financial pressures can create conflicts of interest for financial advisors.

What Defines a Fiduciary (00:04:14)

Clarification on what being a fiduciary means and its importance in client-advisor relationships.

Personal Experiences with Fiduciary Models (00:05:01)

Discussion on personal experiences concerning fiduciary roles and the challenges faced in advisory firms.

Navigating Non-Fee Only Relationships (00:06:15)

Advice on how to engage with non-fee only advisors while maintaining respect and safety.

Judging Character and Ethics (00:07:11)

The importance of assessing moral and ethical standards when choosing a financial advisor.

Building Portfolios and Ethical Considerations (00:09:04)

Discussion on portfolio management and the ethical implications of investment choices.

Understanding Red Flags in Portfolios (00:11:19)

Identifying potential red flags in investment portfolios that may indicate conflicts of interest.

The Role of CPAs in Financial Planning (00:12:17)

Exploring the need for better communication between CPAs and financial advisors for effective planning.

Venn Diagram of CPA and Advisor Roles (00:14:01)

Illustrating the overlap of roles between CPAs and financial advisors in client financial planning.

The Importance of Dialogue in Financial Planning (00:15:14)

Emphasizing the need for ongoing conversations between CPAs and financial advisors for better outcomes.

Fee Structures and Mutual Funds (00:15:34)

Discussion on the implications of mutual fund fees and the importance of transparency in financial planning.

Philosophical Views on Investment Choices (00:17:12)

Sharing personal investment philosophies and the preference for ETFs over mutual funds in practice.

Building Relationships with CFPs (00:17:28)

Discusses the importance of young professionals developing relationships with Certified Financial Planners (CFPs).

Navigating Financial Advisor Prospects (00:18:23)

Advice on being selective with financial advisor outreach and building meaningful connections.

Finding the Right Financial Partner (00:19:08)

Emphasizes the need to choose trusted financial advisors over casting a wide net for referrals.

The Exit Planning Institute (00:20:04)

Recommends the Exit Planning Institute for networking with qualified financial professionals.

Understanding Roles in Advisory (00:20:48)

Clarifies the distinct roles of CPAs, financial advisors, and other professionals in business planning.

Importance of Questionnaires (00:21:29)

Suggests using detailed questionnaires to foster understanding and trust between financial professionals.

Transitioning Businesses (00:22:17)

Discusses the value of early stakeholder involvement in business transition planning.

Reframing Exit Planning (00:23:06)

Proposes renaming 'exit planning' to 'business transition planning' for a broader perspective.

Enhancing Business Value (00:23:59)

Explains how proper planning increases a business's enterprise value and operational efficiency.

Avoiding Last-Minute Sales (00:24:34)

Warns against procrastination in planning to avoid rushed sales or dissolutions.

Creating Legacy Businesses (00:26:05)

Encourages building businesses that can sustain income and value over time, regardless of sale.

Collaborative Conversations (00:26:28)

Highlights the benefits of gathering diverse stakeholders for productive discussions.

Delaware Statutory Trusts (00:27:12)

Introduces DSTs as a strategy for managing real estate investments and deferring taxes.

Tax Strategies and Investments (00:30:07)

Discusses the importance of long-term tax strategies over short-term tax minimization.

Holistic Tax Loss Harvesting (00:32:00)

Explains a strategy for tax loss harvesting while maintaining investment exposure.

Understanding Concentrated Stock Positions (00:33:46)

Discussion on the emotional and financial risks of holding onto highly appreciated stock.

Emotional Decision-Making in Finance (00:36:15)

Exploration of how emotions impact investment decisions and market behavior.

The Importance of Education in Financial Planning (00:38:12)

Emphasizing the need for client education and analogies to bridge understanding gaps.

Emotional vs. Financial Decisions (00:39:48)

Balancing emotional comfort with sound financial planning in client discussions.

Client Engagement Strategies (00:40:31)

Suggestions for actionable plans to enhance client relationships and decision-making.

Connecting with Clients on Emotional Levels (00:41:05)

Discussion on the significance of understanding clients' emotional ties to their businesses.

Final Thoughts and Future Connections (00:46:03)

Wrap-up conversation reflecting on ongoing education and future webinars to assist clients.

“You have to demonstrate that you care—not only to those whom you're working for but also to the clients and customers that you work with. Every customer, every client, has to think that they are your priority.” – John Scott

The finer details of this episode:

• Journey of young accounting professionals in establishing their careers.
• Identifying and demonstrating interest in a specific niche within accounting.
• Role of mentorship in career development and guidance.
• Significance of effective communication skills in client relationships and teamwork.
• Strategies for building strong client relationships and understanding client needs.
• Value of asking questions and seeking clarification to enhance understanding 
• Learning from mistakes as a crucial part of professional development.
• Proactive engagement in projects and responsibilities to build trust and expertise.
• Continuous learning and self-assessment to align with career advancement goals.
• Balancing opportunities with personal limits to maintain a manageable workload.

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: [email protected]
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with John here: https://www.linkedin.com/in/john-c-scott-cpa/
• Check out Anders here: https://anderscpa.com/

Timestamps:

Welcome and Introduction (00:00:00)

The host welcomes listeners and introduces the podcast's focus on young accounting professionals.

Finding Your Niche (00:00:23)

Discussion on how young CPAs can establish themselves as subject matter experts in their firms.

Demonstrating Interest (00:01:28)

Insights on how young professionals can show interest in their career paths.

Learning from Experience (00:02:06)

Reflecting on early career experiences and the importance of mentorship.

Taking Notes (00:03:00)

Emphasizing the necessity of taking notes during meetings to retain information.

Client Prioritization (00:04:00)

The importance of making clients feel prioritized and valued in service roles.

Being Present (00:06:10)

Discussing the significance of being fully present during client interactions.

Learning from Mistakes (00:08:00)

The value of asking questions and learning from early career mistakes.

Asking Questions (00:09:00)

Encouragement for young professionals to ask questions for better understanding.

Understanding Financial Statements (00:12:00)

The importance of analyzing financial statements for trends and insights.

Telling the Financial Story (00:13:33)

Discussing how to effectively communicate financial information to clients.

Advisory Skills (00:14:40)

Highlighting the shift from technical skills to advisory roles in accounting.

Practice and Repetition (00:14:52)

The need for practice and learning through trial and error in developing skills.

Aligning Interests with Expertise (00:16:00)

Advice on following personal interests to develop expertise in a specific area.

Constructive Debates (00:18:36)

The benefits of engaging in constructive debates to enhance understanding and perspectives.

Effective Communication with Clients (00:19:45)

Importance of understanding client communication styles to build effective relationships.

Being Available for Opportunities (00:21:11)

Encouragement for less experienced professionals to show interest and be available for new projects.

Continuous Improvement and Comfort Zone (00:22:43)

Advice on pushing oneself beyond comfort zones to progress in career and expertise.

Reading Client-Relevant Books (00:23:08)

Value of reading materials that clients engage with to enhance understanding and communication.

Demonstrating Care for Clients (00:23:50)

Emphasizing the importance of giving clients undivided attention to show genuine care.

Saying Yes to Opportunities (00:24:17)

Encouragement to accept additional responsibilities to foster career growth.

Managing Workload and Delegation (00:25:09)

Advice on assessing current tasks to allow for new opportunities without overloading.

Learning from Client Interactions (00:26:08)

The value of participating in discussions with successful business owners for professional growth.

Trust and Responsibility in Delegation (00:27:00)

Building trust through delegation and training to empower less experienced staff.

Navigating Career Advancement Conversations (00:34:26)

Strategies for discussing career advancement respectfully with partners in the firm.

Establishing Control Over Career Progression (00:35:35)

Importance of having a clear plan and goals to navigate career advancement.

Addressing Impostor Syndrome (00:37:15)

Managing fears regarding career paths and aligning expectations with supervisors.

Understanding Job Responsibilities (00:38:10)

Recognizing the differences in responsibilities at various career levels to ensure alignment.

Travel Experiences (00:39:27)

Discussion about personal travel experiences, highlighting favorite destinations and memorable moments.

Italy Trip (00:39:55)

Speaker shares insights on their recent trip to Italy, emphasizing beautiful scenery and local dining.

Travel Delays (00:41:11)

Narrative about flight delays affecting travel plans and the resulting hectic schedule.

Conference Speaking Slot (00:41:46)

Speaker discusses confusion over speaking schedule at a conference, leading to an unexpected situation.

French Air Traffic Incident (00:42:52)

Speaker reminisces about a past travel incident involving flight delays due to a strike in France.

Connecting with John (00:43:45)

Information on how listeners can reach out to John for advice and mentorship.

Book Publication (00:45:05)

Announcement of John's newly published book, "Judicial Dollars and Cents," available on Kindle.

“One thing that I love so much about this firm is that you've got the resources and the leadership to back you up when it comes to trying something new.” – Trey Meier 

The finer details of this episode:

• Current state of recruiting at Anders accounting firm
• Firm's growth and expansion beyond St. Louis
• Strategies for attracting entry-level and experienced professionals
• Importance of company culture and professional development opportunities
• Adaptability to remote work and creating a welcoming environment
• Networking and relationship-building initiatives for young professionals
• Differences in recruiting strategies for various candidate experience levels
• Emphasis on personal attention and treating employees as individuals
• Use of technology and innovative practices in recruitment
• Encouragement for candidates to actively engage and advocate for themselves during the hiring process

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: [email protected]
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Trey here: https://anderscpa.com/team-member/trey-r-meier/
• Check out Anders here: https://anderscpa.com

Timestamps:

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

Introduction to the podcast and its purpose for young accounting professionals.

Introduction of Guests (00:00:23)

Joey welcomes Trey Meier from Anders Recruiting and discusses their long-awaited conversation.

Firm's Growth and Culture (00:01:06)

Trey shares insights on Anders' positive changes and culture during his five years with the firm.

Recruiting Strategy Overview (00:01:43)

Discussion on Anders' strategy to enhance its reputation and attract talent beyond St. Louis.

Expanding Recruitment Efforts (00:02:29)

Trey explains outreach to more universities and early engagement with students.

Experiential vs. Campus Recruitment (00:04:44)

Differentiating the experiential side of recruiting from university outreach efforts.

Recruiting Strategies for Different Audiences (00:06:01)

Trey discusses tailored approaches for recruiting entry-level and experienced professionals.

Networking Importance (00:07:03)

Highlighting the significance of networking for young professionals at Anders.

Selling Points for Anders (00:09:44)

Trey identifies the firm’s unique culture and personal attention as key recruiting advantages.

Work-Life Balance and Flexibility (00:11:06)

Discussion on the firm's adaptation to flexible work environments and its benefits.

Personal Experience with Hybrid Work (00:12:45)

Joey shares a positive experience with Anders' hybrid work arrangements and technology.

Welcoming Environment at Anders (00:14:08)

Trey emphasizes the firm’s commitment to making all employees feel valued and welcome.

Adapting to Global Reach (00:15:11)

Exploration of how Anders is adjusting internal practices for a broader, remote workforce.

Recruiting Strategies and Brand Awareness (00:15:27)

Discussion on expanding Anders' brand recognition beyond St. Louis through marketing partnerships.

Adapting to Remote Work (00:15:59)

Exploration of maintaining firm culture and engagement with remote employees through internal events.

Learning and Pivoting (00:16:44)

Emphasis on continuous learning and adapting recruiting strategies based on what works and what doesn’t.

Family Feel at Anders (00:17:30)

Description of the supportive, family-like environment within the firm, fostering collaboration across teams.

Leadership Engagement (00:18:21)

Personal anecdote about feeling acknowledged by firm leadership, highlighting a unique company culture.

Advice for College Graduates (00:20:04)

Encouragement for college students to reach out and explore job opportunities actively.

Importance of Outreach (00:21:10)

Highlighting the necessity of direct communication with firms to understand their culture and opportunities.

Advocating for Yourself (00:24:02)

Discussion on the importance of candidates advocating for their needs during the job search process.

Interviewing the Company (00:25:03)

Encouragement for candidates to interview potential employers to ensure mutual fit.

Networking and Building Connections (00:27:02)

The significance of networking and maintaining relationships for future job opportunities.

Current Hiring Opportunities (00:28:38)

Overview of the firm's rapid growth and diverse hiring needs across multiple departments.

Engagement with Anders (00:30:00)

Encouragement for candidates to engage with the firm through social media and career pages for updates.

Introduction to Partner Stories (00:30:51)

Discussion on the success stories of new partners from non-traditional accounting backgrounds.

Opportunities in the Firm (00:31:53)

Emphasis on the vast opportunities available within the firm for various skill sets.

Referrals and Networking (00:31:56)

Importance of referrals and connecting with like-minded individuals for recruitment.

Personal Interests Outside Work (00:32:25)

Trey shares his hobbies, including sports and family activities outside of recruiting.

Sports Culture in St. Louis (00:33:30)

Conversation about St. Louis sports events and the firm’s connection to local sports.

Office Environment and Location (00:34:12)

Discussion on the firm’s modern office space and its proximity to sports venues.

Flexibility in Work Locations (00:35:03)

Overview of hybrid work options and the benefits of working from different office locations.

Engaging with Recruiters (00:36:15)

Encouragement for audience to connect with recruiters for networking and opportunities.

Contacting Trey (00:36:38)

Trey shares his availability and willingness to connect through various communication channels.

Closing Remarks (00:37:34)

Appreciation for Trey’s contributions to recruitment and the firm’s growth.

In this special episode of The Young 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.