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

    Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!
    Dec 9 2024
    Title:Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!Quote:"My clients had and still have amazing reputations in what they do. Most of them don't need huge numbers of new clients; it's more about reputation management and keeping the marketing ticking over." -Chantal CorneliusSummary:In this episode of the Modern CPA Success Show, the host and Tom Walton, a virtual CFO at Anders CPA and Advisors, engage with Chantal Cornelius, founder of Appletree Marketing and author of "Stand Out Strategies." The discussion centers on innovative marketing strategies for accounting firms, emphasizing the importance of emotional connections in client relationships. Chantal shares her unique journey into marketing and introduces her five standout strategies: certainty, connection, contribution, growth, and significance. The episode highlights the need for understanding client emotions, gathering feedback, and tailoring marketing messages to resonate emotionally, ultimately fostering stronger client relationships.Finer Details:Innovative marketing strategies for accounting firmsImportance of emotional connections in client relationshipsChantal Cornelius's journey into marketing and her expertiseConcept of "standout strategies" for business differentiationFive key emotional strategies: Certainty, Connection, Contribution, Growth, and SignificanceThe role of client feedback in improving servicesChallenges of soliciting client feedback in the accounting industryImportance of specialization and niche marketing for businessesPractical tips for implementing emotional marketing strategiesResources for further learning, including Chantal's books and tools for identifying standout strategiesEpisode 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/● Take Chantal's StandOut Strategies test: https://appletreeuk.com/take-the-test/● Check out Chantal's book "StandOut Strategies" : https://appletreeuk.com/products/stand-out-strategies/Timestamps:Welcome to the Modern CPA Success Show (00:00:00)Introduction to the podcast's mission and focus on innovative insights for accounting firms.Introduction of Guest (00:00:22)Tom introduces Chantal Cornelius, highlighting her unique emotional approach to marketing strategies.Chantal’s Background (00:01:17)Chantal shares her unexpected journey from animal agriculture to founding a marketing business.Release of "Stand Out Strategies" (00:04:10)Discussion on Chantal's upcoming book, "Stand Out Strategies," set to be printed soon.Definition of Standout Strategies (00:04:31)Chantal explains the concept of standout strategies and their importance in crowded marketplaces.Five Standout Strategies Overview (00:06:38)Chantal outlines five key strategies for businesses to differentiate themselves emotionally.The Strategy of Certainty (00:07:55)Clients desire a sense of safety and reliability from their service providers.The Strategy of Connection (00:08:39)Clients seek a sense of belonging and access to broader resources through their service providers.The Strategy of Contribution (00:09:08)Clients want to feel they are making a positive impact on society through their business choices.The Strategy of Growth (00:09:36)Clients desire empowerment and motivation for personal and business growth.The Strategy of Significance (00:10:12)Clients want to feel valued and respected, seeking a meaningful impact through their services.Using Language in Marketing (00:10:50)Chantal discusses the importance of language in marketing to create emotional connections.Client Needs vs. Company Identity (00:11:57)Exploration of whether businesses should choose strategies based on their identity or client needs.Adapting Strategies Over Time (00:12:19)Discussion on how businesses can evolve their strategies based on client feedback and market needs.Importance of Client Feedback (00:15:15)Encouragement for businesses to actively seek out and listen to client feelings and feedback.Asking the Right Questions (00:16:10)Chantal emphasizes the importance of asking clients how they feel about the service provided.Client Communication and Satisfaction (00:18:21)Discussion on the necessity of open communication to prevent client dissatisfaction and attrition.Podcast Episode TimestampsUnderstanding Client Feedback (00:20:26)Discusses the importance of direct communication with clients to gather constructive feedback.Client Advisory Services (00:21:31)Explores the shift of accounting firms towards client advisory services amidst automation.Applying Standout Strategies (00:22:20)Examines how firms can implement standout strategies while transitioning to new market sectors.Importance of Reputation Management (00:23:39)Highlights the significance of maintaining a firm's reputation over ...
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    47 mins
  • How Can Effective Cash Flow Management Transform Your Business?

    How Can Effective Cash Flow Management Transform Your Business?
    Nov 25 2024

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

    Summary:

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

    Finer details of this episode:

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

    Episode resources:

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

    ● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com

    ● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

    Timestamps:

    Introduction to the Podcast (00:00:00)

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

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

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

    Importance of Cash Flow (00:00:35)

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

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

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

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

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

    Weekly Cash Flow Meetings (00:02:35)

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

    Bill Payment Process (00:03:16)

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

    Clarification During Meetings (00:05:24)

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

    Meeting Duration and Frequency (00:06:33)

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

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

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

    Accountability in Collections (00:08:38)

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

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

    Adam explains the importance of preparation and reconciliation before meetings.

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

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

    Conclusion and Client Dependency (00:10:51)

    The importance of the cash flow service in building client relationships is highlighted.
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    11 mins
  • Defining Service Packages: A Comprehensive Guide for Modern Accounting Firms

    Defining Service Packages: A Comprehensive Guide for Modern Accounting Firms
    Nov 11 2024

    "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 mcpasuccessshow@anderscpa.com
    ● 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.
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    18 mins

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