The Modern CPA Success Show

In our year end wrap up: Jody, Brett, Tom, Hannah, and Jamie share favorite moments from the show, podcasting resolutions and holiday gift wishes. the hosts reflect on personal anecdotes and provide their aspirations for the upcoming year. They also introduce a new behind-the-scenes team member.

"If we have the ability to make our clients feel like heroes, that’s a complete home run. For me, that was very impactful and has changed the way we present things." – Tom Wadelton

The finer details of this episode:

• Personal anecdotes and reflections on podcasting experiences.
• Highlights of memorable podcast episodes and guests..
• Resolutions and goals for the upcoming year in podcasting.

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 [email protected]

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

Timestamps:

Timestamps by PodSqueezeWelcome to the Modern CPA Success Show (00:00:00)

Introduction to the podcast's mission and focus on accounting insights.

Jodi's Productivity Comment (00:00:22)

Jodi humorously notes low productivity due to the team gathering for the podcast.

Brett Congratulates Indiana University (00:00:48)

Brett celebrates Indiana University's sports victory while discussing online gambling.

Introduction of Christine (00:01:38)

Jodi introduces Christine, highlighting her contributions to the podcast team.

Minna Joins the Team (00:04:11)

Minna shares her background and new role in the podcast.

Podcast Ranking Discussion (00:04:48)

Discussion about the podcast ranking as number four among accounting firms.

Minna's Podcasting Resolution (00:05:46)

Minna expresses her goal to improve scheduling for future podcast episodes.

Brett's Podcast Experience (00:07:01)

Brett shares insights from his podcast, "The Cannabis Access Show," and its educational value.

Hannah's Favorite Episode (00:10:07)

Hannah reflects on her favorite episode featuring guests from analytics discussing AI and innovation.

Tom's Storytelling Insights (00:13:44)

Tom discusses the importance of storytelling in consulting and how it relates to clients.

Jodi's Favorite Moments (00:16:12)

Jodi shares her enjoyment of hosting the podcast and connecting with guests.

Podcast Episode Timestamps

Jodi's Reflection on Past Guests (00:18:18)

Jodi shares memorable moments from past podcast episodes, including insights from John and Zeta Marion.

Podcasting Resolutions and Christmas Lists (00:19:03)

The speakers discuss their podcasting resolutions and what they want for Christmas.

Brett's Conference Experience (00:19:50)

Brett reflects on the impact of their podcast during conferences and the joy of audience interactions.

Tom's Podcasting Goals (00:21:26)

Tom shares his aspirations for exploring storytelling and AI in future podcast episodes.

Hannah's Community Focus (00:23:33)

Hannah emphasizes the importance of creating a fun and inviting atmosphere through their podcast.

Brett on Cannabis Regulation (00:26:00)

Brett discusses the challenges cannabis businesses face due to IRS regulation 280E and its implications.

Christine's Personal Listening Goals (00:31:26)

Christine aims to minimize distractions while listening to podcasts to enhance her engagement with the content.

Gift-Giving Preferences (00:30:00)

Brett and other speakers discuss their preferences for giving and receiving gifts during the holidays.

Jamie's Resolution for Guest Follow-Up (00:35:05)

Jamie expresses a desire to improve follow-up with potential podcast guests met at events.

“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 Severino

The 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 [email protected]
● 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 smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke

The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional 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 [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.

Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.

Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.

Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.

Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.

Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.

Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.

Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.

Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.

Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.

Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.

Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.

Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.

Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.

Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintaining quality.

Building a Reliable Referral Network (25:09)
Michael shares insights on developing a trustworthy referral network for business growth.

Creating Effective Partnerships (27:34)
He explains how partnerships can enhance client services and improve business outcomes.

Edifying Team Members (32:21)
Michael stresses the importance of building up colleagues to foster trust and collaboration.

Managing Client Growth (33:17)
Discussion on the common belief of firing low-priced clients to make room for better ones.

Building What Should Exist (39:43)
Michael defines his philosophy of creating optimal solutions for client care within CPA firms.

Practical Changes in Practice (00:41:08)
Discusses how professionals can implement small, incremental changes rather than overhauling their entire practice.

Importance of Support Staff (00:41:58)
Emphasizes the role of support staff in making professionals look good and the need to value them properly.

Learning to Manage (00:42:41)
Michael reflects on his journey to becoming...

“In the American workplace, 80% of workers feel stress on the job, and nearly half say they need help in learning how to manage stress. If your people are stressed and they're not talking to you about it, that's a clue that you need to change something in your organization.” – Joey Kinney

The finer details of this episode:

●Stress management in the workplace and at home

●Challenges of setting boundaries and prioritizing tasks in work-life balance

●Impact of stress on personal lives and managing competing interests

●Role of leaders in addressing recurring structural problems contributing to stress

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 [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• For more on David Allen’s Getting Things Done® approach mentioned in the episode, check out the Modern CPA Success Show’s episode with Tom and David Allen: https://podcasts.apple.com/us/podcast/getting-things-done-with-david-allen/id1485035727?i=1000595997191

Timestamps:

The podcast introduction (00:00:00)

Introduction to the podcast and its purpose.

Discussing the intention of merging podcasts (00:00:33)

Exploring the idea of merging podcasts to create intentional opportunities for audiences to interact.

The impact of stress in the workplace (00:01:04)

Exploring the impact of stress on individuals in the workplace and the need for stress management.

Challenges in managing work-life balance (00:03:07)

Challenges in compartmentalizing work and home life, and the evolving understanding of work-life balance.

Statistics on workplace stress (00:04:52)

Statistics on workplace stress, including the percentage of workers feeling stress and the need for stress management.

Personal experience with stress and its impact on health (00:06:00)

Personal experience with stress-related health issues and the impact on blood pressure.

Impact of stress on decision-making and anxiety (00:09:20)

The impact of stress on decision-making, anxiety triggers, and external locus of control.

Managing conflicting priorities and setting boundaries (00:14:31)

Strategies for managing conflicting priorities, setting boundaries, and learning to say no.

Practical tips for stress management (00:16:02)

Practical tips for stress management, including exercise, meditation, and acknowledging anxiety.

Defining Boundaries (00:18:01)

Discusses setting clear limits and commitments to avoid stress and exploding on others.

Making Decisions to Reduce Stress (00:18:41)

Explores the concept of making one decision now to avoid making multiple decisions later.

Saying No and Prioritizing (00:19:38)

Discusses the importance of saying no to tasks and commitments and prioritizing responsibilities.

Recognizing Personal Limits (00:20:23)

Shares experiences of struggling with certain tasks and the importance of acknowledging personal limitations.

Getting Things Done Approach (00:22:55)

Discusses the approach by David Allen for organizational models and stress management.

Acknowledging Stress and Anxiety (00:25:21)

Emphasizes the importance of acknowledging stress and anxiety instead of denying or internalizing it.

Creating a Safe Space for Stress Discussions (00:26:13)

Encourages leaders to create an environment where employees feel safe discussing stress and challenges.

Leadership's Role in Stress Management (00:29:21)

Highlights the role of leaders in initiating conversations about stress and creating a supportive environment.

Addressing Structural Problems (00:32:54)

Emphasizes the importance of leaders addressing recurring structural problems causing stress.

Managing Stress in the Workplace (00:33:32)

Encourages individuals to manage stress rather than seeking a stress-free job, acknowledging personal responsibility.

Stress Management Tools (00:35:02)

Discussion on effective stress management tools for creating a positive work environment and improving productivity.

Closing Remarks (00:35:18)

Tom expresses gratitude for the conversation, and Joey reciprocates the sentiment.

“The reason I started Modeliks is because it took me three weeks to create a proper financial model in Excel for every new client. With our predefined financial model template, you have that handed to you on a plate.” – Blagoja Hamamdjiev

The finer details of this episode:

• Discussion about business planning and financial reporting software for startups and small businesses
• Main features of Modeliks software, including financial planning, budgeting, and advisory services
• Importance of driver-based financial planning and its impact on business results
• Cost-effectiveness and pre-defined financial model templates by industry within the software
• Integration of financial tables and charts with pitch decks and business plans
• Efficiency and time-saving benefits of using the software for financial modeling and planning
• Dashboard functionality, including tracking financial progress and accessing various charts
• User experience and flexibility of the software, including multi-user collaboration and planned AI integration
• Levels of support provided by Modeliks, including customer support and live sessions with screen sharing

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 [email protected]
• Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
• Check out Modeliks, here: www.modeliks.com

Timestamps:

The introduction (00:00:00)

The hosts introduce the podcast and its mission, setting the stage for the upcoming episode.

Guest Introduction and Background (00:01:48)

The hosts introduce Blagoja Hamamdjiev, CEO and founder of Modeliks, and discuss his personal and professional background.

Global Nature of Modeliks (00:04:22)

Blagoja discusses the global footprint of Modeliks, including the location of their team and their incorporation in Ireland.

Using Modeliks for Financial Planning and Advisory Services (00:07:51)

Blagoja explains how Modeliks can be used for creating financial plans, pitch decks, and business plans, including its applications for advisory services.

Driver-Based Financial Planning (00:11:32)

Blagoja delves into the concept of driver-based financial planning and its importance in managing and improving businesses.

Integration of Financials with Pitch Deck and Business Plan (00:16:29)

Discussion on how Modeliks integrates financials with pitch decks and business plans, providing a unique and efficient solution for businesses.

Cost and Industry-Specific Financial Model Templates (00:19:31)

Blagoja highlights the cost-effectiveness of Modeliks compared to other software and the availability of industry-specific financial model templates within the software.

Creating Financial Models (00:20:26)

Blagoja explains the time-consuming process of creating financial models in Excel and the efficiency of using Modeliks templates.

Flexibility and Data Integration (00:22:31)

Discussion on the flexibility and data integration capabilities of Modeliks, including the current and planned data input methods and integrations.

Dashboard and Reporting Functionality (00:28:12)

Blagoja details the dashboard and reporting functionalities of Modeliks, including variance analysis, charts, ratios, and custom KPIs.

Future AI Integration (00:32:01)

The planned integration of AI features in Modeliks, such as generative writing and AI analysis of financial numbers, is discussed.

Challenges in Financial Planning (00:34:29)

The challenges CPAs face in creating financial models and the barriers to providing advisory services are explored.

Excel vs. Other Tools (00:36:26)

The use of Excel in financial planning and the challenges and benefits of using other software tools are discussed.

Collaboration and Pricing (00:38:53)

The flexibility and real-time collaboration capabilities of Modeliks, as well as the pricing structure and value proposition, are explained.

Support and Training (00:40:22)

The support and training options available for users of Modeliks, including live support and demo calls, are discussed.

Live Support and Niche Industry Models (00:40:54)

Discussion about live support, niche industry financial models, and personalized assistance for clients.

Help Center and Training Videos (00:42:00)

Explanation of the extensive help center with training videos and the value o...