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
  • 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
  • Spooktacular Showdown: A Halloween Movie Draft Special

    Spooktacular Showdown: A Halloween Movie Draft Special
    Oct 31 2024

    In this special episode of The Modern CPA Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.
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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

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