Strategy and the Virtual Controller
Jun 17, 2021
Doing what's obvious, but not easy
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What are you in business to do? Today's episode focuses on asking yourself the hard question of do you enjoy what you're doing? Or have you just fallen into being a Jack (or Jill) of all trades. Especially what we've been through in the last 15 months, now is the time to be very intentional about what you want to do. It's OK to say no, and in fact you need to become comfortable with saying no. Saying no will give you the capacity to focus on what's important to growing your business.
We discuss a Harvard Business Review article Creating a Purpose Driven Organization.
Make sure you read the book that gave us the inspiration for this podcast: Strategy and the Fat Smoker. Buy it on Amazon.
Connect with us and send us your questions:
Penny Breslin - LinkedIn | @PennyB57
Damien Greathead - LinkedIn | @Damien_GH
More episodes from Strategy and the Virtual Controller
4 days ago
Global Perspectives in Accounting and Advisory
Explore the dynamic world of accounting and advisory services in today’s episode with Damien Greathead and Penny Breslin!
In this episode, Damien and Penny delve into the intricacies of virtual controller services, discussing the evolving role of accountants in today's digital landscape. They share their experiences from QuickBooks Connect in Las Vegas, comparing it to other industry events and reflecting on the unique energy and challenges of such gatherings.
The conversation navigates through the challenges of adapting to different climates – both weather-wise and within the realms of client advisory and accounting services. They discuss the critical aspects of client relationships, from managing expectations to handling complex payroll situations and the emotional weight that comes with it.
Damien and Penny also tackle the topic of verticalization in accounting services, emphasizing the need for specialization to enhance efficiency and client satisfaction. They explore the nuances of client advisory, from budgeting and payroll management to the delicate art of having difficult conversations with clients.
Whether you're a seasoned professional or just starting, join Damien and Penny for a deep dive into the world of strategy and virtual controlling, where they share valuable lessons from their extensive experience and lively discussions.
[00:00 - 07:01] Discussion on Business Growth and Hiring
* Exploring the necessity of adapting to different client needs in accounting, including the transition from bookkeeping to more comprehensive advisory roles.
* Penny and Damien discuss challenges and strategies for having difficult conversations with clients.
* It is important to set boundaries, manage client expectations, and share insights on balancing direct client work with broader firm management.
[07:01 - 18:25] The Importance of Communication in Client Relationships
* The evolution of client advisory and accounting services highlights the differences in conversations between CAS advisors and traditional tax or bookkeeping roles.
* Penny recounts a particularly stressful situation involving a payroll error and its resolution, emphasizing the emotional aspect of client interactions.
* There is a need for accountants to have difficult conversations with clients, including discussions on budget adherence and expense management.
* Discussing the broader aspects of running an accounting firm, including the challenges of managing a diverse client base and integrating technology for efficiency.
[18:25 - 25:07] Understanding Your Limitations and Dealing with Employee Issues
* Penny discusses the importance of acknowledging when a question is beyond her expertise and the value of finding someone who can provide an answer.
* Damian and Penny explore the concept of managing client expectations and being honest about areas of expertise and limitations.
* The idea of drawing from personal experiences in business to provide clients with more relatable and practical advice.
[25:07 - 35:18] Managing Client Expectations and Improving Business Model
* Penny discusses prioritizing client needs, setting aside time for important clients, and managing less critical tasks accordingly.
* The conversation covers the importance of asking clients about their timelines and urgency for resolving issues, highlighting the need for flexibility in client management.
* The hosts delve into the role of a CAS (Client Advisory Services).
* They explore the idea of using monthly meetings or calls to discuss predefined topics, such as credit card usage and ROI, internal controls, and financial...
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Dec 1, 2023
How to Build a Business with Intention ft. Dawn W. Brolin, CPA, CFE and More! Live at QuickBooks Connect in Las Vegas
How are today's accounting firms harnessing technology and AI to enhance efficiency and streamline operations? What are the cutting-edge trends in cloud-based accounting, and how can these strategies be effectively implemented in your firm?
Welcome back to Strategy and the Virtual Controller! Penny Breslin and Damien Greathead dive into cloud accounting, firm management, workflows, and the intentional building of businesses. In this episode, recorded live at QuickBooks Connect in Las Vegas, they’re joined by Dawn W. Brolin, CPA, CFE, and they are later joined by Sharmila Raj Kumar and Nirmala Lakshminarayanan from MoneyPenny, LLC in Chennai.
With Dawn, they discuss the importance of adaptability and setting clear goals for business growth. Dawn shares her experiences with the challenges of running a successful accounting firm, from payment models to dealing with client expectations, and the nuances of providing actionable, honest advice.
They also discuss the broader picture of the accounting industry, highlighting key trends such as AI integration, cybersecurity, and the shift towards more personalized client services. Sharmila and Nirmala discuss their experience at the conference, particularly their insights on managing client communication, workflow optimization, and embracing technological advancements.
Dawn Brolin, CPA and CFE, is the CEO of Powerful Accounting, LLC, focusing on accounting, tax, fraud services, and QuickBooks consulting. An author, motivational speaker, and trainer, she has worked with entities like Intuit and MSNBC. Recognized consistently among the "Top 25 Most Powerful Women in Accounting," Dawn has also been named a “Top 10 Managing Partner Elite” and a “Top 40 Under 40.” Her dynamic approach has led to media appearances and speaking roles at key conferences.
[00:00 - 06:41] From Bookkeeping to Business Growth with Dawn of Powerful Accounting, LLC
* Dawn shares her journey from starting as a bookkeeper to becoming a CPA and moving into tax advisory and consultancy work. She shares some challenges and growth in her career.
* Business growth is a personal journey. Running an accounting firm requires ongoing adjustment and self-reflection.
* We discuss how Dawn handles the challenges of implementing a subscription business model, managing scope creep, and client expectations.
* It’s important to value your expertise and not feel guilty to charge for your knowledge.
[06:41 - 17:40] Navigating Scope Creep, Liability, Audits, and Effective Client Management
* The challenges of scope creep in accounting, and how to cover areas such as liability and unforeseen events like IRS audits.
* It's important to set clear expectations around E&O insurance coverage, especially when advising on forecasting, budgeting, and insurance policies.
* Dawn elaborates on pricing strategies for complex accounting situations like IRS audits, and how to determine when services are out of the typical scope.
* Proactive client communication in financial decision-making is key! Especially in situations like capital purchases or business investments.
* We discuss implementing a subscription-based pricing model tailored to individual client needs, including consultation time.
* Asses the kind of lifestyle you want from your business: Do you want 100 low-scope and low-paying clients, or 20 high-scope and higher-paying clients?
[17:41 - 28:41] Reflections from QuickBooks Connect Las Vegas
* We welcome Sharmila Raj Kumar and Nirmala Lakshminarayanan from MoneyPenny, LLC who are managing the Chennai operation.
* They share their experience at Quickbooks Connect 2023 and their highlights and learnings.
* Sharmila shares her learnings from nonprofit workflows and utilizing
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Nov 14, 2023
CAS, what does it take? With Jan Haugo
Are you having trouble navigating the complexities of integrating Client Accounting Services (CAS) into your accounting practice?
In this episode, Damien and Penny have on Jan Haugo to dive deep into the journey of adopting CAS. They explore how this isn't just about embracing new technology but fundamentally evolving your business model to align with the dynamic demands of CAS. From the significance of starting with robust bookkeeping practices to managing client expectations and adapting to real-time needs, this episode is packed with invaluable advice for firms ready to blend traditional knowledge with modern practices.
They discuss the broad scope of CAS, the critical role of bookkeeping as a foundation for successful implementation, and the challenges in aligning partners' visions within a firm. They also dive into the nuances of client management, the necessity of consistency in bookkeeping, and the importance of strategic client selection and verticalization. Tune in for an episode that demystifies the journey toward integrating CAS to revolutionize your accounting practice!
[00:00 - 10:48] The Challenges of Implementing CAS in Traditional Accounting Firms
* Jan is introduced and shares her insights and passion for technology and her interest in new startups.
* Jan describes her journey from traditional accounting to going virtual in 2010, her involvement with the Institute of Certified Bookkeepers, and her current roles, including COO and head of bookkeeping.
* We discuss CAS in accounting and the challenges faced by firms in integrating it.
* Traditional firms struggle to adapt CAS into their existing models and the misconception of it being a 'plug and play' addition.
* The discussion highlights the difference between skills needed for tax returns and bookkeeping and the importance of having staff with the right skill set for CAS.
* Converting clients to regular CAS clients is difficult due to a lack of preparation and mindset change needed in firms.
* We discuss the complexity of offering a mix of CAS, traditional, advisory, and other services by the same team, leading to performance and scalability issues.
[10:49 - 27:30] Successful CAS Starts With Bookkeeping
* Jan used ChatGPT to analyze the QuickBooks Connect agenda and identify sessions related to CAS and AI, highlighting the utility of AI in categorizing and defining complex topics.
* Firms face difficulties in clearly defining CAS. This can lead to challenges in implementation and integration.
* Successful CAS implementations often start with bookkeeping
* Effective CAS requires control over data flow and cooperation from clients, which is not always straightforward.
* Firms sometimes need to let go of clients who don’t comply with the necessary changes for effective CAS implementation.
[27:31 - 32:25] Navigating Change and Client Relationships in Transitioning
* We discuss how to navigate client relationships, especially when changes in banking or technology are involved.
* Find practical solutions like opening an operating account to maintain the client's existing banking relationships while facilitating the firm’s work.
* Uses easy-to-follow demos to convince clients to adapt to new systems.
* Get a good client success manager!
* Our discussion emphasizes the need for clear communication and setting expectations with clients regarding service changes and requirements.
[32:25 - 48:37] Going Virtual Takes a Lot of Work, But It’s Worth It
* Jan Haugo emphasizes the importance of consistency in bookkeeping and accounting services.
* Penny and Jan discuss the challenges of transitioning from a traditional accounting practice to a virtual one.
* Damien...
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