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...
