The Modern CPA Success Show

By: Summit Virtual CFO by Anders
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  • Summary

  • Are you the owner of an accounting firm? Do you want to make your firm more profitable? Are you interested in providing Virtual CFO services to clients? Dedicated to perfecting Virtual CFO Services since our inception in 2002, Summit CPA Group, now Summit Virtual CFO Services by Anders, serves as Virtual CFOs for over 100 clients throughout North America. While most accounting firms focus on the past, our Virtual CFO team focuses on the future. This podcast seeks to help accounting firm owners like you learn how to provide successful Virtual CFO Services and become profitable. Tune in bi-weekly as our hosts Tom Wadelton, Virtual CFO, and Adam Hale, Partner at Anders CPAs + Advisors, interview industry-leading experts to share knowledge, as well as Adam’s experience acquired from more than 20 years as the lead provider of Virtual CFO services in North America. We'll answer some of the most common questions like how do I provide accounting services virtually? What's it like running a distributed team? And much, much more.
    2023 Summit Virtual CFO by Anders
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Economics Management
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Episodes
  • Spooktacular Showdown: A Halloween Movie Draft Special

    Spooktacular Showdown: A Halloween Movie Draft Special
    Oct 31 2024

    In this special episode of The Creative Agency 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.
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    47 mins
  • How Client Accounting Services Are Redefining the Role of Accountants in Business Growth

    How Client Accounting Services Are Redefining the Role of Accountants in Business Growth
    Oct 28 2024
    "They swapped out ‘accounting’ for ‘advisory’ in CAS, but I still believe it’s 'client accounting and advisory services.' At scale, especially with small businesses, it’s hard to separate the two. You need a foundational understanding of their accounting model to help architect it in a way that truly tells their story." – Adam Hale The finer details of this episode:The shift from compliance work to advisory roles in accounting.Differences between traditional accounting firm structures and mature CAS practices.Importance of leveraging resources and delegating tasks within accounting firms.Financial metrics and profitability considerations in CAS practices.The concept of selling access rather than time in service pricing.The role of regular meetings in managing client expectations and scope creep.Adoption of a corporate-like structure for improved efficiency and adaptability.The impact of a subscription model on client relationships and service delivery.Strategies for accounting firms to remain competitive in a changing industry.Episode resources:● Summit Virtual CFO by Anders website: https://www.summitcpa.net/● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com● 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.
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    21 mins
  • Unlocking Profitability: Embrace Advisory Services and Client-Centric Solutions with Simon Severino

    Unlocking Profitability: Embrace Advisory Services and Client-Centric Solutions with Simon Severino
    Oct 14 2024
    “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 SeverinoThe 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 mcpasuccessshow@anderscpa.com● 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 ...
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    44 mins

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