The Modern CPA Success Show

“The accounting profession historically has been like taking a trip with an atlas that’s 10 years out of date. However, today, what we can do with modern accounting and advisory services is much like the Waze app or Google Maps; you're getting instantaneous data that will tell you ‘Up ahead there's a roadblock and here's a workaround.’ This real-time info keeps you on track with your financial forecast. You can't make any business decisions on historical information; you must have current information and be able to look forward so that you can make good decisions and stay on track to reach your goals.” –John Scott The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://home.virtualcfo.cpa/johnscott Timestamps: The Introduction (00:00:00) Introduction to the podcast and its mission. Discussing Thought Leadership and Writing a Book (00:00:22) Adam and Tom discuss the value of thought leadership and the process of writing a book. John's Background and Experience (00:01:45) John Scott introduces himself and discusses his experience working with law firms and the collaboration between Anders and Summit. Scaling a Law Firm (00:02:58) John shares a story of an entrepreneurial attorney scaling his business and the focus on data and metrics. Inspiration for Writing the Book (00:04:06) John explains the inspiration behind his book, “Judicial Dollars and Cents,” and the need to provide guidance for attorneys in managing their finances. Unique Elements of Serving Law Firms (00:07:32) Discussion on the unique financial aspects of law firms, including trust accounts and fee structures. Forecasting and Real-Time Data (00:05:55) John uses an analogy to emphasize the importance of real-time data in financial forecasting and decision making. Key Metrics and Client Experience (00:12:13) John discusses the importance of key metrics, staff retention, and client experience in law firms. Availability of the Book (00:13:58) John confirms the availability of the book. Challenges of Writing a Book (00:18:49) John shares the challenges and the process of organizing the content of the book. Advice for Aspiring Authors (00:19:58) John offers advice for those aspiring to write a book. These are the timestamps covered in the podcast episode transcription segment, along with the titles for each topic. Dictation and Writing Process (00:20:03) John discusses using dictation software and his process for capturing thoughts and organizing them for writing. Involving Others in the Writing Process (00:20:59) John explains how he involved others to critique, develop thoughts, and help with grammar in the writing process. Book Content and Editing (00:23:15) The discussion covers the challenges of maintaining authenticity while editing and refining the book's content. Importance of Cash Management (00:23:58) The importance of understanding cash needs and reconciling accounts for businesses, including law firms, is emphasized. Meeting Cadence and Financial Review (00:28:23) The frequency and focus of financial meetings with law firms are discussed, highlighting the importance of reviewing financial statements and forecasts. Compensation Models in Law Firms (00:31:54) John shares insights on partner compensation plans and the importance of aligning individual and organizational goals in law firms. Suitability of Services for Law Firms (00:36:30) The discussion focuses on the ideal size of law firms for external financial services and the benefits of specialized niche expertise. Trusting Data and Decision Making (00:39:40) Discussion on the importance of trusting data for making quick decisions and the need for proper implementation. Thought Leadership and Book Promotion (00:40:26) Exploration of the concept of thought leadership, book promotion, and the value of intentional forecasting...

“We did a lot of due diligence; we landed on Guadalajara, Mexico not only because of time zone, cultural assimilation, and a direct flight from the west coast but its citizens are highly educated, so there's a big pool of talented individuals working there.” – Martin Moll The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://www.cadencia.io/ Timestamps: Introduction (00:00:00) Introduction to the podcast and its mission to provide insights on accounting and related topics. Martin Moll's Career Story (00:00:54) Martin Moll shares his career journey from being a lawyer to becoming the president of Cadencia, emphasizing his experience with CPA firms and offshore operations. Choosing Guadalajara for Nearshoring (00:03:58) Martin explains the decision-making process behind choosing Guadalajara, Mexico, as a nearshore location, considering factors such as education, economy, and safety. Cultural Assimilation and Language Barrier (00:06:47) Discussion on the importance of cultural assimilation and the differences in exposure to tech stacks between nearshore locations like Mexico and offshore locations like India. Benefits of Nearshoring and Staff Integration (00:10:51) Martin highlights the benefits of nearshoring, emphasizing the potential for highly motivated and well-educated professionals and the integration of nearshore team members with the onshore firm. Advertisement for Virtual CFO Playbook (00:08:24) An advertisement for the Virtual CFO Playbook, offering essential tools for creating and delivering scalable CFO services. Comparative Analysis of Offshoring and Nearshoring (00:15:39) Comparison of offshoring and nearshoring, focusing on the cost, effectiveness, and the approach to hiring and training team members in Mexico. Career Development and Critical Thinking Training (00:17:28) Discussion on the career development opportunities and critical thinking training provided to nearshore team members, highlighting the focus on long-term career growth and skills enhancement. The learning curve (00:19:49) Discussion about the learning curve when working with offshore teams and the challenges of cultural differences. Outsourcing challenges (00:21:08) Addressing the challenges faced by smaller firms in finding people and considering outsourcing as an alternative. Community support (00:22:08) The importance of community support and sharing best practices among firms, especially for smaller firms. Establishing a bond (00:23:30) The significance of establishing a strong bond with offshore teams, including visiting them and integrating them into the firm's culture. Cost benefit for smaller firms (00:25:25) Highlighting the cost benefit of offshore staffing for smaller firms compared to larger competitors. Talent shortage and client-facing roles (00:26:20) Discussion on the talent shortage and the transition of team members to client-facing roles. Language fluency and communication skills (00:28:18) Ensuring team members are fluent in English and developing communication skills for client interactions. Security and trust (00:33:26) Addressing security concerns and the importance of building trust with offshore team members. Insurance and liability (00:36:23) Clarifying the insurance coverage for dishonest acts and professional liability. Onboarding and integration (00:37:28) Discussion on best practices for onboarding and integrating offshore team members into the firm's culture. Engaging with Cadencia (00:39:00) Information on how to engage with Cadencia and the initial process for reaching out. Martin Moll's Insights (00:39:14) Martin discusses the importance of meeting the team and the impact on hiring decisions. Closing Thoughts (00:39:39) Wrap-up discussion and hope for audience understanding. Near Shoring and Talent Competition (00:39:46) Adam...

“At the end of the day, it's first impressions. If you get a flat tire those first couple of weeks, it’s just going to really resonate through the entire relationship. You're never going to be able to win back that trust." -Adam Hale The finer details of this episode: ● Importance of onboarding for CPA firms ● Setting clear expectations and creating a process for onboarding ● Activities involved in the onboarding process (accounting discovery, advisory discovery) ● Role of project management and client success managers in onboarding ● Significance of ongoing evaluation and improvement of the onboarding process ● Impact of successful onboarding on long-term client relationships 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 mcpasuccessshow@anderscpa.com ● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/ Timestamps: The importance of onboarding (00:01:07) Adam discusses the importance of onboarding and setting expectations for new clients, emphasizing the need for a structured process. Discovery meetings and setting client expectations (00:02:21) Tom explains the process of accounting and advisory discovery meetings, setting specific dates for deliverables, and aligning on priorities with the client. Organizing work and project management (00:05:51) Adam suggests organizing the team to focus on one area together, emphasizing the need for a solid process and project management for effective onboarding. Client communication and feedback (00:08:04) The importance of setting communication policies and feedback loops with clients during the onboarding process is discussed, ensuring clear expectations are established. Role of a project manager and client success manager (00:11:02) The role of a project manager in organizing the onboarding process and the importance of a client success manager for communication and issue resolution are highlighted. Continual improvement of onboarding process (00:15:59) The discussion emphasizes the continual evolution and improvement of the onboarding process to ensure a positive initial impression for clients.

“The pipeline meeting delivers so much value; it's a strategic conversation around the best way to allocate resources.” – Adam Hale The finer details of this episode: Timestamps: Pipeline Management (00:00:44) Importance of understanding sales cycle, activities creating pipeline, and strategic implications of pipeline meetings. Data Analysis and Forecasting (00:02:47) Evaluating committed projects, analyzing potential opportunities, and using historical data for forecasting. Operational and Financial Alignment (00:03:36) Bringing finance, operations, and pipeline management together in meetings, and using pipeline data as guardrails for improvement. Strategic Resource Planning (00:09:49) Evaluating the impact of big contracts on pipeline size, considering the need for increased resources, and the role of finance in decision-making. Shortening Sales Cycle (00:12:21) Advising on ways to shorten the sales cycle, improving sales efficiency, and the relationship between sales cycle length and pipeline size. Challenges of Waiting Percentages (00:14:59) Disadvantages of waiting percentages in pipeline management and the preference for categorizing deals into simple buckets. Pipeline conversation for service-based clients (00:18:00) Discussion on tools and strategies for service-based and project-based clients, including sales, pricing, and seasonality. Strategic implications of pipeline management (00:19:20) Importance of pipeline management for advising clients and looking forward, and the various ways it can help businesses. Conclusion and call to action (00:19:36) Promotion of the podcast's website for more tips and strategies for achieving success in the accounting industry. Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/

“ESG is not a measure of ‘good company versus bad company.’ ESG is a collection of roughly 200 different metrics around environmental, social, and government governance data. The way I look at ESG is, it's a measure of transparency; how much information do I have to make an informed decision about a company?” – Kai Gray The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://www.esgmotive.comhttps://www.linkedin.com/in/kaigray/

The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://jcgcpafirm.com/https://www.linkedin.com/in/jcgcpa/

The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://www.linkedin.com/in/bbconsultants/https://businessbenefitsconsultants.com/https://census-form.com/tax-strategy-form/

“I believe that business thrives when it's driven by human connection. And that human connection happens when you take ordinary messages and elevate them into something extraordinary. And you can do the exact same thing in business; you can take what some people might consider ordinary and connect humanity to it—driving business results in the process.” – Jeff Bartsch The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://www.storygreenlight.com/hello@storygreenlight.com

“Don't let the needs of the present get in the way from the needs of the future. Build that future, invest now, and it'll pay for itself in the long run.” – Joey Kinney The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/

“I don't necessarily think that AI is going to replace accountants, but the accountants who use AI are going to really succeed.” – Kyle Geers The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://www.zeroed-inconsulting.com/https://www.linkedin.com/in/kylegeers/

“A lot of people wonder if they can afford an executive assistant. So, let’s say that you have an executive assistant whom you delegate ten hours of work to every week. How would you spend those ten hours? What high-level work could you get done? I think we're all willing to work a hard day. But then, we want to go home satisfied and fulfilled. It’s about quality of life.” - Gina Cotner The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://athenaexecutiveservices.com/https://www.linkedin.com/in/athenaea/

“A complaint is nothing more than a request in disguise. If we approach it from a place of curiosity and hear what they have to say, that's where the conflict resolution comes in; that's where the trust comes.” – Carol Bowser The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://conflictmanagementstrategies.com/https://www.linkedin.com/in/carol-bowser/

“The systems of your business are already there. The work is already happening. We help you get better at the work by standardizing and optimizing it. We're going to revolutionize little pieces of your business one at a time, and that’s what make the difference.” – Josh Fonger The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://wtsenterprises.com/https://www.linkedin.com/in/joshfonger/

“There are a lot of emotions tied to money. If you don't have a good forecast or good roadmap of what to expect from the business journey you're about to go on, your emotions are going to be all over the place.” -Terrell Turner The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/www.TLTurnerGroup.comhttps://www.linkedin.com/in/terrellturner/

The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/Virtual CFO services for the cannabis industry: https://anderscpa.com/virtual-cfo-cannabis/

“I started working with CPA firms and law firms and realized that there's a huge disconnect out there, and the same thing is happening with family offices. As a result, we figured out how to become that connection point and how to bridge the gap between the best firms in the country and then the best tax attorneys, the best specialists, and the best resources out there.” - Alex Sonkin The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://vfohub.com/https://www.linkedin.com/in/alexsonkin/

“One of the pros of niching is that it facilitates being able to dial in your process and create more consistent results for your clients. And when your results for your clients are more consistent, it becomes much easier to advocate, to articulate, the value that you're creating, and you get more confident in your ability to deliver those results because you've systematized it and you've seen it again and again.” Geraldine Carter The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://geraldinecarter.com/https://geraldinecarter.com/valuehttps://www.linkedin.com/in/geraldine-carter/

“That five-minute explanation of your ingenious tax strategy that you gave your client was the combination of your experience–school, studying, training, conferences; all of these things culminate into that five-minute answer, so give yourself credit where it's due. You're a professional and deserve that value.” - Roger Knecht The finer details of this episode: Episode resources: https://www.summitcpa.net/mcpasuccessshow@anderscpa.comhttps://vcfoplaybook.summitcpa.net/https://universalaccountingschool.com/Roger Knecht | LinkedIn

“Selling is actually something you do with people. It's a collaboration. Your objective of sales is not to try to convince people to buy from you; that's where you get into that place that feels uncomfortable and manipulative.” - Nikki Rausch The finer details of this episode: Episode resources: summitcpa.netmcpasuccessshow@anderscpa.comSales Training and Mentoring Specialists | Professional Sales Trainer (yoursalesmaven.com)

“You have to care about your clients and how you can help them. Then, you have to have the confidence to communicate to the client–not by bragging on yourself but just by believing in yourself.” - Mike Meilinger The finer details of this episode: Episode resources: summitcpa.netmcpasuccessshow@anderscpa.comCPA Firm Greenville SC | Accounting Tax Services (meilinger.us)