Shows
CPA Trendlines PodcastsBeyond the Numbers: Be Your Client's Advocate | The DisruptorsProvide clients with actionable information they can use to move their businesses forward. The DisruptorsWith Liz FarrBack in 2013, before CAS became part of the accounting vernacular, Penny Breslin and Damien Greathead taught a roomful of accountants how to do what Breslin called bookkeeping and back office support, or BOS. “We had 200 accountants sitting in the room wanting to know how to grow this part of their business,” Greathead recalls. Cloud-based accounting tools like Xero and QuickBooks Online were just entering the U.S. market, and the two recognized an op...2025-05-061h 21
The Woodard Report Podcast: Featuring Heather Satterley and Joe WoodardEpisode 109 - Mastering the Back Office: The BOSS Model for CAS Practices - The Woodard Report PodcastOn this episode, Joe speaks with Penny Breslin and Damien Greathead about their innovative BOSS (Back Office Support) model, designed to help Client Accounting Services (CAS) practices streamline operations and scale effectively. They discuss key insights from their book, including defining a clear business focus, building the right team, selecting ideal clients, leveraging technology, and refining pricing and communication strategies. By implementing these structured steps, firms can enhance efficiency, improve client relationships, and establish a sustainable, high-performing practice. Resources: It’s NOT Just the Numbers via CPA Trendlines CFO Services: A Practical How-To Guide for Accountants by...2025-02-1246 min
Strategy and the Virtual ControllerSmart Ways to Streamline Your Accounting FirmAre your accounting firm's processes truly optimized, or are you considering automation as a quick fix to deeper workflow issues? In this episode, hosts Damien Greathead and Penny Breslin are joined by Korey Cournoyer to explore the world of automation within accounting firms. They discuss the importance of process documentation, the benefits of strategic automation, and how to approach implementation effectively. The conversation highlights the need for standardization, efficient workflows, and proper utilization of technology to ensure success. Korey emphasizes the significance of understanding why automation is needed and addressing those issues internally before implementation.K...2024-08-0944 minStrategy and the Virtual ControllerOutsourcing Your Accounting: Tips and StrategiesAre your accounting firm's processes truly optimized, or are you considering outsourcing as a quick fix to deeper workflow issues?In this episode, hosts Damien Greathead and Penny Breslin delve into the topic of outsourcing within the accounting industry. They discuss the challenges firms face with staffing shortages, the increasing client demand for accounting services, and the importance of having robust internal processes before considering outsourcing. The conversation highlights the need for clear communication, efficient workflows, and proper utilization of technology to ensure success. Penny emphasizes the significance of understanding why work is not getting done and...2024-07-2642 minStrategy and the Virtual ControllerPodcast Marketing: Why Do It?Are you maximizing your firm's potential by effectively marketing your services, even when you're swamped with work?In this episode of "Strategy and the Virtual Controller," Penny Breslin interviews Damien Greathead about marketing for accounting firms. They discuss the importance of maintaining an updated and specific website, effective client communication, and strategic marketing even when firms feel they are overwhelmed with work. They highlight the value of newsletters and automated communication to keep clients engaged and address their needs proactively. The conversation also covers the significance of defining ideal clients and creating a clear referral system, ensuring...2024-06-1440 min
Accounting Apps Podcast🌍 A Global Journey in Accounting Technology Marketing | Damien GreatheadToday I’m speaking with Damien Greathead Head of Marketing - Accountant & Advisor Group, Intuit Australia Our guest is a dynamic sales and marketing leader who excels in helping venture-funded software companies build robust sales and marketing functions. With a specialised focus on the accounting and fintech verticals, he has a proven track record of establishing brands and expanding customer bases across North America, EMEA, and Asia Pacific regions. He has successfully collaborated with both small and large teams across various time zones, driving impressive growth in scale-up companies, achieving over 70% growth year-on-year. He is the co-host of...2024-06-1350 minStrategy and the Virtual ControllerData-Driven Advisory Success with James ChildressAre you leveraging data effectively to close the gap between your business goals and your current performance?In this episode, co-hosts Damien Greathead and Penny Breslin interview James Childress, a former CPA who transitioned his firm to focus exclusively on advisory services. James shares his journey from a traditional CPA firm to specializing in providing advisory services, emphasizing the importance of data-driven decision-making. He discusses the challenges of reducing his client base and team size, the significance of choosing the right clients and team members, and the need for specialized tools like Tableau and data analysis to...2024-05-2443 minStrategy and the Virtual ControllerNavigating Cyber Threats with Christophe ReglatIn this episode, hosts Damien Greathead and Penny Breslin delve into cybersecurity within the realm of CPA operations with guest Christophe Reglat. Christophe discusses his extensive background in managing data centers and the evolution of cybersecurity, particularly focusing on the challenges CPAs face. The conversation covers the importance of continuous vigilance in cybersecurity practices, the development and function of the WISP (Written Information Security Program), and how cybersecurity isn't just a technical requirement but a moral one to protect clients' sensitive information.[00:00 - 10:00] Christophe's Experiences and the Importance of CybersecurityChristophe talks about his experience since 2002...2024-04-1947 minStrategy and the Virtual ControllerTransforming Accounting: Embracing Change for Sustained SuccessAre your accounting practices ready for the transformative wave of technology, or are you stuck in the compliance grind?In this episode, hosts Damien Greathead and Penny Breslin discuss the importance of transformation in accounting firms. They touch on the continuous nature of tax season, the challenges firms face in adopting new technology, and the necessity of internal readiness for successful outsourcing. Penny shares experiences of firms struggling to adapt and emphasizes the need for clear processes and acceptance of change for successful transformation. The conversation also delves into the broader implications of technological transformation in the...2024-03-2232 minStrategy and the Virtual ControllerBalancing the Books and Life: Transforming Your Accounting Practice for Joy and Profit with Amanda GascoigneHave you ever wondered how to transform the endless busy season into a well-balanced, profitable practice?This episode features an enlightening conversation with Amanda Gascoigne, who shares her insights on creating a more balanced and profitable accounting practice. The discussion covers the importance of selecting ideal clients, the benefits of fixed fee pricing while tracking time for internal purposes, and the strategic use of technology to enhance efficiency. Amanda emphasizes the significance of aligning practice operations with personal goals and values to ensure both professional satisfaction and personal well-being.[00:00 - 10:45] A Balanced...2024-03-0844 minStrategy and the Virtual ControllerStrategic Journey to Dext with Rachel FischDamien Greathead, alongside co-host Penny Breslin, welcomes Rachel Fisch for an insightful episode that delves into the nuances of modern accounting practices, leveraging technology for growth, and the journey of niche specialization. The discussion covers Rachel's extensive background in the accounting industry, from her early days of recognizing her aptitude in accounting to her entrepreneurial venture into Fisch Books and beyond. It spans her experiences on the road, teaching QuickBooks Online, her strategic role at Deloitte Canada in adopting cloud technologies, and eventually leading to her venture into Realty Tax, a niche firm specializing in real estate accounting. Rachel's...2024-02-2148 minStrategy and the Virtual ControllerSymptoms Versus CausesEver wondered how tackling the root causes of business problems instead of just the symptoms can transform your efficiency, especially during the hectic tax season? Hosts Damien Greathead and Penny Breslin discuss the crucial topic of identifying and addressing the symptoms and root causes of problems in a business process, especially in the accounting field. They emphasized the importance of stand-up meetings, having cross-team communication, and using the right tools to increase efficiency. They also highlight the need for identifying the root causes of problems rather than masking the symptoms, drawing parallels between dealing with problems in b...2024-02-0639 minStrategy and the Virtual ControllerMaximizing Efficiency: The Power of Daily StandupsHow does the implementation of a daily stand-up meeting empower team members, and what role does continuous learning and training play in maintaining quality service in a rapidly evolving work environment?In this episode, Damien and Penny delve into the power of daily stand-up meetings with the team of S&N Financial in Chennai, India. The team discusses how such meetings, structured clearly around priorities and challenges, can alleviate stress and increase efficiency, especially during busy seasons like tax time. The team also shares their experience about the overall benefits of having a daily meeting versus one-on-one...2024-01-1546 minStrategy and the Virtual ControllerStrategizing in the Digital Age: Insights from Damien and PennyAre you curious about how technology is transforming the accounting profession and what skills are now essential for success in this evolving landscape?In this episode, co-hosts Damian Gracehead and Penny Breslin discuss the impact of bots on accounting, the importance of human review in automation, and how keen learners can help keep professionals updated. They also explore the fluid part of advisory consulting in a Client Accounting and Advisory Services (CAS) model. As they delve into their favorite past episodes and events, they also share insights about the face of business operations in their sector today...2023-12-2835 minStrategy and the Virtual ControllerGlobal Perspectives in Accounting and AdvisoryExplore 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 serv...2023-12-0637 minStrategy and the Virtual ControllerHow to Build a Business with Intention ft. Dawn W. Brolin, CPA, CFE and More! Live at QuickBooks Connect in Las VegasHow 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. 2023-12-0143 minStrategy and the Virtual ControllerCAS, what does it take? With Jan HaugoAre 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.T...2023-11-1448 minStrategy and the Virtual ControllerThe Future of Accounting and Revolutionizing Tax Filing with AIHow is the rise of AI and advanced technology reshaping the landscape of accounting? In this episode, Damien and Penny sit down with Jody Padar. Sharing her journey, Jody detailed her transition from joining her father's traditional firm to establishing her brand, "the Radical CPA", leveraging cutting-edge tech. She talks about April, an AI-powered tax software aiming to streamline the tax process by melding human expertise with AI's efficiency. While technology, especially AI, may seem intimidating, it stands as an aid rather than a threat. Professionals are encouraged to view AI as a tool for efficiency, much l...2023-10-2747 minStrategy and the Virtual ControllerExpert Cybersecurity Tips for AccountantsPhishing emails are common nowadays. How aware are you of these threats? Do you know the magnitude of what these hackers can do? This episode of the podcast Strategy in the Virtual Controller dives into the story of Andrew Lassise, IT for tax professionals & bookkeepers at Rush Tech / Tech 4 Accountants.Andrew provides insight into common cyber threats such as phishing attempts and ransomware. He also shares a story about a man whose life savings were taken away right in front of him due to his lack of security measures. Through this conversation, we learn the importance of...2023-09-2550 minStrategy and the Virtual ControllerReinventing the Traditional Accounting FirmWhat are the new perspectives in technology in relation to the current financial landscape? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss how accountants and financial planners are adapting to the current financial landscape in the midst of the pandemic. They share their experiences from a conference they attended focusing on staying healthy during this time, how to be an effective master of ceremonies at a panel discussion, and what services can work together for mutual benefit.The conversation covers the importance of communication of technology to provide a high-quality service to...2023-09-1530 minStrategy and the Virtual ControllerHow to Implement an Effective Training ProgramWhy is it important to be trained when working with AI-driven solutions? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss their recent getaways and how they managed to get back to work after taking a break. They talk about the importance of training when working with AI-driven solutions. They highlight why training is essential in the accounting industry, from understanding different applications to better understanding customers. The conversation covers ways to provide ongoing training, such as dedicating time every week, assigning trainers based on their experience, and having team members share what they learn...2023-08-1836 minStrategy and the Virtual ControllerCarving Out Time To Achieve Anticipated ResultsWhy do you need to keep tasks easy to understand? In this episode of Strategy and the Virtual Controller, Damien, and Penny tackle the importance of taking a step back before implementing any technology or workflow changes. They discuss how to set up an anticipatory set that will help employees work more efficiently and effectively, reduce misunderstandings, and minimize write-offs due to incorrect processes.The conversation covers how COVID has impacted internships and new workers coming out of college who may lack experience in executing tasks.Tune in as Damien and Penny...2023-07-2840 minStrategy and the Virtual Controller“Scaling New Heights” With AI TechnologyIn this episode, Damien and Penny discuss the importance of leveraging AI to build more intentional businesses, allowing accountants to focus on building relationships and providing value-added services.The conversation covers topics such as managing data, automating processes, making predictions based on prior history, the need for standardized business models in Australia, and more. Tune in as Damien and Penny as they discuss the different ways that AI can be used as deductive, predictive, or generative![00:01 - 03:23] Opening SegmentDamien and Penny discuss helping accountants and bookkeepers build more intentional businessesTheir program fo...2023-07-1436 minStrategy and the Virtual ControllerStreamline Your Workflow And Organize ChaosIn this episode, Damien and Penny explore how accounting firms and bookkeepers can use workflow, AI, and technology to build their business with intentionality, help their clients better understand their business, and deliver value to them, as well as create a great workplace for their team.The conversation focuses on the benefits of workflow, such as workflows, such as better visibility, accountability, and organization. Tune in as Damien and Penny as they advise listeners on what questions to ask when reviewing workflow applications and suggestions on setting up the workflow!2023-06-2335 minStrategy and the Virtual ControllerEnhancing Efficiency With AI AutomationIn this episode, Damien and Penny explore the changing job environment due to the increasing use of AI in accounting and tax processes. They share their experiences with Carbon, an AI-powered workflow tool that some of their clients are using.The conversation dives into the potential of AI to automate tasks in the accounting process, such as checklists, emails, and other administrative tasks that would allow accountants to spend more time on the work they were trained for.Tune in as Damien and Penny as they discuss using AI in accounting and...2023-06-0940 minStrategy and the Virtual ControllerExploring The Frontier Of Artificial IntelligenceIn this episode, Damien and Penny discuss the potential of Artificial Intelligence (AI) to revolutionize tax season. From simplifying bookkeeping processes to improving communication between businesses and their clients, they explore how AI is transforming the way accounting teams work and how it can help reduce time spent waiting for client responses.The conversation today takes a look at how AI can be used to write marketing materials, job descriptions, and communications, as well as create autoresponder emails tailored to individual clients’ needs.Tune in as Damien and Penny take an inside lo...2023-05-2528 minStrategy and the Virtual ControllerSetting Clear Expectations with ClientsIn this episode, Damien and Penny share their experiences working with accounting firms around the world and provide valuable insights on how to avoid dropped balls and miscommunications with clients. They emphasize the importance of intentionally building businesses in the accounting and bookkeeping industry.The conversation today highlights setting clear expectations with clients and ensuring that both parties are aware of their responsibilities. Tune in as Damien and Penny for an engaging and insightful conversation on the importance of building strong client relationships and not letting perfectionism get in the way of progress
Strategy and the Virtual ControllerSpecial Episode: Celebrate International Women's DayWe have a treat for you for our 51st episode. You may have heard Penny talk about her business partners Nirmala and Sharmila who run the accounting firm in Chennai, India. With Penny in Chennai, we figured it was a great opportunity to chat with them to learn about what inspired them to take the entrepreneurial leap and start their own accounting firm.Two women starting their own firm may not be big news in some countries, but in India it's quite remarkable. Even more remarkable is that they've grown from two people to 45. And this all-female...2023-03-0841 min
Strategy and the Virtual ControllerSay (YES to saying) No to new clients**We're trying to keep it positive here at Strategy & the Virtual Controller, and today we're discussing saying no to new clients at this time of the year. Of course there's new business to be won at this time of year, but are you set up to onboard clients and get the work done successfully? If not, then just say no. Most firms will fall into this category. Saying yes, just puts unnecessary stress on the team, on the systems and on you (and likely your loves ones). So just say no. Your team will appreciate you all...2023-02-2835 min
Strategy and the Virtual ControllerLive in Las VegasSaturday Special! Today's episode comes to you 'live' from last year's QuickBooks Connect. We were lucky enough to get 8+ attendees in the room to discuss their thoughts not only on the return of QuickBooks Connect to live and in person, but also what's happening in their firm, common challenges and how they're tackling them. It was a great session of sharing and encouraging - hope you enjoy!Don't forget to connect with us via LinkedIn and if you liked the episode, remember to rate us.2023-01-2154 min
Strategy and the Virtual ControllerIt's time to say yesHappy new year! Will it be new year new you? Or will it be same old same old. We're back with a new episode of Strategy and the Virtual Controller and today we're talking about saying no to things that don't align with your vision for your business. But instead of the negative, let's turn it into a positive and focus on what we're saying yes to. Yes to specific clients, yes to increasing prices, yes to new roles and responsibilities in your firm. So rather than same as last year, let's focus on what changing for the positive...2023-01-1939 min
Strategy and the Virtual ControllerNo need to wait until JanuaryThere's no need to wait until January to start specific tasks in the year-end process. It's the start of December, so why not start communicating with your clients about what's coming up. Whether it's W9s for the 1099 process or just helping your clients get better organized, we discuss tactics that will help firms get better prepared for a less stressful tax season.If you'd like to pick our brains on software or workflow (including to share feedback), please connect with us on LinkedIn or Twitter. And remember to rate us, like us and share us, so...2022-12-0545 min
Strategy and the Virtual ControllerCapturing the context in a remote worldIn this episode we discuss how firms can better leverage technology to not only move tasks around the office, but also move knowledge around the firm. Regardless of where your team works - virtually, physically or likely a blend of both - you need to be able to capture all of the small conversations, the small tidbits that are critical to getting the client file completed. The working papers and last year’s return tell one part of the story, so what’s the other part? You tell us, well more importantly tell your team. And make sure they can...2022-11-2845 min
Strategy and the Virtual ControllerMarketing is not a dirty word!In this episode of the tax season pre-season mini-series we talk marketing! A lot of accountants don’t like to talk about marketing, Penny included. However, you can easily reframe marketing to communicating. How are you communicating with your clients? What’s the comms plan to get them organized before the year-end?What are the frequently asked questions you know you’re going to get?The lesson here is don’t wait until mid January to start this. Get your team involved now and create a comms plan to communicate with your clients in small bite sized pi...2022-11-1040 min
Strategy and the Virtual ControllerTax season pre-seasonIt's the time of year again - the tax season pre-season. You've now got a small window of opportunity to make changes in your business to create a better, smoother tax season. You can't change everything, so what are 2-3 things you will focus on? This episode kicks off the pre-season, and over the next few episodes we'll be deep diving into key areas including marketing, pricing, workflow, technology and managing a remote workforce. So tune in to each episode and hopefully pick up one or two tips to help make this upcoming tax season your best...2022-11-0341 min
Strategy and the Virtual ControllerGetting specific: MFA for a virtual workforceIn this episode we get super specific and talk tools. We've had a bunch of emails come in from listeners asking about how to work with multi factor authentication (MFA) for all the different apps in and accounting tech stack.We talk about tools in Penny's workflow namely yodel.io which is is VoIP company that has a bunch of integrations including Slack and Relay Financial which is a new fin tech bank designed specifically for small business and the advisors that serve them.Both these tools present different ways of working. That means you...2022-10-1933 min
Strategy and the Virtual ControllerW is for workflowThere are many ways to define a workflow, but, put simply, it’s the organization of work so you can see how it should move from one stage to the next. Today's episode we discuss key elements to consider when it comes to workflow. Most firms have recognized the importance of workflow software, but few have it fully implemented, let alone reaping the benefits of it. The benefits are there, and it'll be worth the pain of change in the short term.Below is the content of the document Penny referenced regarding workflow:Workflow There are many...2022-09-2939 min
Strategy and the Virtual ControllerWho’s driving this bus anyway?We discuss two interesting conversations this week. Both with practitioners that are struggling to find people. Coincidently the firm is also struggling with going paperless and scared to introduce new technology to clients. Unfortunately the pre-Covid excuse of my clients won’t do that just doesn’t fly. So the question is who or ‘what’ is driving this bus? Are you in control or are you letting your clients dictate? Or worse still are you letting the fear of talking to your clients hold you back? To ask us any questions or share any feedback, please connect with us...2022-09-1236 min
Strategy and the Virtual ControllerChange will cause tension (and that's OK)In this episode we discuss an interesting article about change and understanding that change will cause tension, and that's OK. In fact the author contends it's required and uses the analogy of rope requiring tension to perform its key task - pulling something/hanging something etc. We also discuss the importance of getting out of the way to allow change to happen, and recognizing that you will need a team of people with different skills to drive the change through your organization. Check out the Kolbe-A assessment (similiar-ish to Myers-Briggs/StrengthsFinders etc) to help you identify the strengths of...2022-08-2434 min
Strategy and the Virtual ControllerWhen to call a turkey a turkeyToo many times it's happened when we've ignored our gut, broken our own rules and taken on a client that we didn't feel quite right about. In this episode we discuss moving clients on or being forthright and saying no to a new client that you know doesn't quite fit. And no surprises, but the sooner you make the call the better.To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.Penny Breslin - LinkedIn | @PennyB57Damien Greathead - LinkedIn | @Damien_GH2022-08-1731 min
Strategy and the Virtual ControllerOnsite visit, in the trenchesWe've got something special for you in this episode You might remember Rachel Siegel from a previous episode sharing how she has been building her firm. In this episode Penny and Rachel head into a firm that wants to better focus on their clients throughout the year rather than just tax season. Penny and Rachel really dig into the firm and it sounds like have some challenging conversations with both the owner and the the team. A big thank you to Kevin, Brian and Chuck for having us along for the ride and sharing your experience with Rachel and...2022-08-0745 min
Strategy and the Virtual ControllerWhere are all the good accounting grads?According to the AICPA record numbers of students are graduating with accounting degrees, but accounting firms at graduate job fairs aren't seeing these candidates. In this episode we discuss what might be causing this dearth of graduate talent for public accounting firms. A common theme throughout this podcast has been that same as last year (or SALY) will not cut it when it comes to finding and keeping good people. If you're a firm owner you have the opportunity to give up-and-coming accountants an exciting career helping business owners better understand and get more from their business...2022-08-0136 min
Strategy and the Virtual ControllerEvery Firm Needs a 'Beth'As you start to build your CAS (or is it CAAS?) one of the things you'll need to think about is your organizational structure. Typical accounting and bookkeeping firms grow by adding more accountants and bookkeepers, however what we've found, for your CAS business to grow you'll need a different skill set in your next hire. We've named this person Beth, namely because that's her name in one of the firms we work with and she's the gel that holds the firm together. She's the first point of call for both the clients, when they need help, and the...2022-07-1838 min
Strategy and the Virtual ControllerIs it CAS or CAAS? What's it matter?So what is it? Client Accounting Services? Client Advisory Services? Or Client Accounting and Advisory Services? And does it matter? Well yes, because you have to be very clear to your clients as to what services you're providing and to your team what tasks need to be completed to deliver on your promise to clients.Without proper definition these services can quickly become everything that's not tax. And this makes it difficult to create processes, workflows and tech stacks etc. While it might be easy to utilize a 'blueprint' from a speaker on stage if...2022-07-0636 min
Strategy and the Virtual ControllerOn the road again - key lessons from recent conferencesWe've been on the road and in today's episode we share our insights picked up from AICPA's Engage Conference in Las Vegas, and Scaling New Heights and BKX in Orlando. Were you at any of the conferences? What were your key take aways?Plus we've seen a number of apps close their doors as funding dries up and we share some questions you should be asking your technology providers.To ask us any questions or share any feedback, please connect with us on LinkedIn or Twitter.Penny Breslin - LinkedIn | @PennyB572022-06-2642 min
Strategy and the Virtual ControllerCan technologists be taught accountingAn interesting article on Accounting Today asked the question do you train accountants on tech, or technologists in accounting? Ultimately where we landed was agreeing with Geni Whitehouse who said hire the attitude and train for what you need. The old way of building an accounting firm was to hire more accountants and bookkeepers, but what we know is they're in short supply and they certainly don't want to be doing things the old way. As we were discussing a few common threads became apparent, and if you've been listening to this podcast, then they shouldn't be foreign to...2022-06-0435 min
Strategy and the Virtual ControllerConferences IRLToday's episode we catch up following a few weeks of being on the road and attending conferences in real life again. We talk through the AccountingWeb Summit in San Diego and Intuit's Get Connected conference in Sydney. Not surprisingly, themes were consistent across both conferences - What's the new normal for the workplace? How AI and automation are continuing to advance;How to understand and meet the changing needs of clients; and,How the pandemic has changed people's perspective on what's important.Also no surprises, attendees were delighted to be back in person, learning...2022-05-2535 min
Strategy and the Virtual ControllerWhen Tech Goes Down...Early on when talking to accountants and bookkeepers about the cloud, we always got the question, well what happens when the internet goes down...Thankfully our look into the crystal ball proved successful (big gamble) and the internet got better and better, and faster and faster, meaning we got fewer of these types questions. And what happened this week? AWS went down. It happens and it will happen. Don't worry all is not lost!Today we talk through tech stability concerns and how to talk with your clients.Enjoy! And keep sending us...2022-05-0836 min
Strategy and the Virtual ControllerWe Don't Have All Your AnswersThank you to everyone who has dropped us an email, or connected with us on LinkedIn - keep your emails coming in! That being said we've had a couple of questions from listeners looking for all the answers - a blueprint of sorts to follow. However when we've dug a little deeper in conversations with these folks, one thing is particularly apparent - they haven't yet created their vision for what they want in their firm. And while we can provide you a list of apps, make recommendations etc without your vision and knowing what it is you want...2022-05-0236 min
Strategy and the Virtual ControllerBad clients? Take a look at your onboardingSweat Jar Warning! And here's the link about customer dissatisfaction article that we discuss.Post tax season many consultants will be recommending to fire your pain in the a#@ (PITA) clients. Before you do, ask yourself what makes them a pain? Yes there are some clients who truly are a pain in the you know what... But today we ask listeners before they put clients on the chopping block, have a look in the mirror, and ask yourself how well did we "onboard" our client?Onboarding is a common term for your software providers. Think...2022-04-2538 min
Strategy and the Virtual ControllerProposing for the workNew business doesn't just walk through the door - especially not the properly priced value added work that many accountants and bookkeepers want to add to their firm. Winning this type of work requires a defined sales process that includes good discovery of not only the numbers, but also what non-financial challenges the business owner is facing. If you only focus on the numbers you'll miss much of the disfunction that will impede your ability to do a good job, plus you'll likely leave a bunch of money on the table. Whether it's in person or virtual meetings, web...2022-04-1139 min
Strategy and the Virtual ControllerPost Tax Season Review - A how to guideWe know! Tax season isn’t even over and we’re talking about a tax season review. Don’t worry, we’re just planting the seed. In fact we’re recommending taking the rest of April off! But when you do come back in May, be intentional about your business. The risk is it’ll quickly be the fall and extension season and you won’t have done any of the big projects you wanted to.Here’s an easy agenda for your after tax season review:ClientsServicesTechnologySystems & ProcessEventsGet your team together. If you can, get off...2022-04-0633 min
Strategy and the Virtual ControllerPricing: How do you price your value?This is the third episode we've done on pricing and today we tackle how to pricing the value added services you provide. Take a listen to the previous episodes as they do build on each other. As we've said before we're not pricing experts, instead we've shared our insights from being in practice and working with firms to help them implement a practical pricing model. We've attempted to keep it simple and do talk about an hourly rate for the value add services - when you are thinking critically about your clients business. In fact we recommend building it...2022-04-0139 min
Strategy and the Virtual ControllerWhy niches make senseIt’s been said many time before - the riches are in the niches. However making the most of an industry vertical requires more than marketing. It’s actually the systems, process and the tools you use that will bring the riches. With the April 15 deadline looming, you may not have the space to be thinking strategically about your niches, but you might be able to start building that list of clients you like working with and the services you enjoy providing. Just doing this exercise will likely identify potential industry verticals to focus on once tax season is behi...2022-03-2836 min
Strategy and the Virtual ControllerOnboarding and why it's critical in Tax SeasonOften in the heat of tax season we overlook our own policies and procedures, including during the recruitment and onboarding process of new team members. And nine times out of ten, this is where problems first arise. We might speed up the recruitment process, we might put cultural fit to the side for the time being - just to get the capacity we need. And once they're in the firm, we want them to hit the ground running, so we'll likely race through the orientation and training process - I mean who has the time for this......2022-03-0339 min
Strategy and the Virtual ControllerPricing: Moving to Fixed PricingThis is our second episode on pricing. If you missed the first episode, check out Pricing: Don't trash the time sheet...Yet.This episode focuses on fixed pricing - where it makes sense in your firm, and how to go about creating a fixed price. Probably no surprises, but it does start with a time sheet. We cover off on cost accounting of accounting and bookkeeping with simple time motion studies and then simply applying an appropriate rate for the transaction, the team meetings, the client meetings and even the training required. It's relatively simple, but a...2022-02-1838 min
Strategy and the Virtual Controller1099s are late and tax season starts earlyAs is always the way, some 1099s are late, and tax season seems to be starting early...again. For all the change we have had over the last couple of years, some things never change. However we all have a different lens through which to look this year. The pandemic has changed the way we do business, it has changed our expectations - whether you're a client, an employer or an employee.Some firms owners will think it's back to pre-pandemic tax seasons, but they're in for a nasty surprise. Employees not only know their value, but...2022-02-1136 min
Strategy and the Virtual ControllerPricing: Don't Trash the Time Sheet...YetPricing is difficult and by no means are we experts! We have made a lot of screw ups along the way however and we'd like you to learn from our collective mistakes. Pricing is part science, part art, and a bit of luck thrown in as well. This is part one on pricing. Of how many episodes we don't quite know just yet. We decided to start with the billable hour and when it makes sense. Interestingly we both disagree with the trash the timesheet folks - we both believe timesheets play an important role in a...2022-02-0331 min
Strategy and the Virtual ControllerThe (over)promise of AIToday's episode focuses on artificial intelligence (AI) in the accounting industry. Unfortunately software providers (and Damien's guilty of it early on) have over promised what AI can do. This episode isn't to bash AI, but rather help listeners understand where AI excels and with this understanding identify the tasks that are perfectly suited to it. The apps that leverage AI are an incredibly important part of an accountant/bookkeeper's toolkit, just be wary of it's limitations. And while AI is constantly improving, don't worry, it's not replacing you anytime soon. You will continue to play a critical role, just...2022-01-2839 min
Strategy and the Virtual ControllerHiring your office enforcerEnforcer might be too strong of a term to describe who your next hire should be, but one thing is for sure they shouldn’t be an accountant nor should they be trained to do bookkeeping.One of the biggest limiting factors we see firms doing over and over again is thinking they need to hire more accountants and bookkeepers. Instead you should be hiring documenters, client relationship managers, and/or office administrators. It is this persons job to handle the non-billable activities in your firm such as scheduling, documenting processes, managing workflow, and organizing the intake of...2022-01-2131 min
Strategy and the Virtual ControllerKeeping good peopleIn this episode we respond to emails we received about firm owners struggling to keep good people despite the fact they “run good firms”. Many firms owners will lament the work ethic of young people these days, others will assume their staff will eventually steal their clients, so why bother training, but the problem isn’t with staff. Instead we challenge listeners to take a constructive look at their own firm - and is it a great place to come to work each day. What’s the employee experience like? Start at the front door and the front office and the...2022-01-1834 min
Strategy and the Virtual ControllerSkipping the Tax Season ChaosWith tax season on the horizon we kick off this episode discussing how we communicate with clients. Owners and staff are quick to blame clients, for all their tax season troubles, but more often than not it's because we haven't set clear boundaries with our clients that tax season gets derailed. For the most part clients are very understanding - with good communication that manages their expectations you'll be a-ok.So before you accept that new client (that you know is not a good fit) or before you introduce new technology to clients (and staff), take a...2022-01-1034 min
Strategy and the Virtual ControllerThat awkward post-Thanksgiving, pre tax season feelingPost thanksgiving, pre tax season is an interesting time in an accounting firm. For most providers it’s considered peak selling time, or alternatively the last chance to close a deal before tax season. For practitioners many think it’s their last chance to get new systems and tools implemented.We’ve recently received a number of emails from listeners trying to fast track their software selections asking for our recommendations. But unfortunately it’s not that easy and our responses always begin with “it depends”. It depends on what your trying to build. And this takes us back to o...2021-12-0536 min
Strategy and the Virtual ControllerBuilding out the LBDPreviously we have teased the Little Black Dress (LBD) concept - if you haven't checked out that episode (13) go ahead and have a listen as it'll help you to get the most out of this episode. Penny uses the LBD to help practitioners understand a tech stack. The term tech stack hadn't even come into the accounting vernacular, but the LBD analogy had everyone in the room nodding along - well 50% of the room anyway😂😂.We discuss the importance of having a standard technology set to not only help you scale, but also help you delive...2021-11-2229 min
Strategy and the Virtual ControllerPutting it into Practice - Special GuestWhile we love discussing all things firm development with just the two of us, it's always enjoyable to welcome guests to the podcast especially when they're clients of ours and are putting into practice a lot of what we talk about in the podcast.Rachael Siegel, CPA is the founder of Go Figure Accounting, and she joins us today to share her experiences since going it alone and starting her own firm just 4 years ago. We discuss her approach to her team and her clients as well as how considers the staff at MoneyPenny an extension of...2021-11-1250 min
Strategy and the Virtual ControllerIntroducing the Little Black DressLucky episode 13!In this episode we introduce listeners to your newest team member - your tech stack. Your technology should be working for you and should be doing the work of a few FTEs whether it comes to workflow, document management or data processing.We break the tech stack down into the back of house - apps for your firm - and the front of house - apps that you and your clients use to facilitate the flow of data. Penny suggests focusing on your back of house first which will then allow your to...2021-10-2535 min
Strategy and the Virtual ControllerBuilding the BOS(S) teamOne of the biggest mistakes we see in accounting firms is the team members not working on the appropriate tasks. Most often it's the partners doing the technician's work such as data entry, but it's also the technician's (and the partners) doing the administrative work. This means your team members aren't working on those tasks where they bring the most value. Another challenge we have seen in the industry is the lack of a quality supervisory and managerial level in a lot of firms. That's not to say the managers aren't great accountants, it's that supervisor and...2021-10-1241 min
Strategy and the Virtual ControllerSquare Pegs and Round HolesNo surprises but clients are a critical part of your business. But too often firm owners try to adapt their business plan to their clients instead of the other way round. We've both seen too many firms attempts at change being derailed by (Pain in the Ass) clients. It's important to recognise that you can't be everything to everyone, so focus on the clients you enjoy - they listen to you, they like new ideas, they're willing to try new things and most importantly they value your input. These are the clients that are going to set you up...2021-10-0136 min
Strategy and the Virtual ControllerAvoiding an Attack of the ClonesNo, we're not talking Star Wars in this episode. Instead we're talking about a common trap many practitioners fall into when they're thinking about their next hire. Too often the default next hire is another technician, another accountant or another bookkeeper. In other words trying to clone yourself. If that's the case, you're likely thinking about this wrong. Instead of hiring another you, what about hiring someone to take on more of the administrative and client service functions - take those duties off your plate, and off your accounting team's plate. Allow them focus on what they do best...2021-09-2436 min
Strategy and the Virtual ControllerDefining advisory - A deeper diveToday we dig deeper into defining "Advisory Services". Building on Penny's four quadrants from episode 6 we discuss the AICPA definition outlined in this article. Ultimately it comes down to defining the deliverable so that the clients understands the benefits of that deliverable. Rather than hiding behind 'reporting' it's important to make it tangible for the client. Likewise technology is not the differentiator, or where the value is, instead it's facilitator. Ultimately it's about helping your clients better understand the numbers of their business. So jump in and get going, your clients will love you for it.If...2021-09-1736 min
Strategy and the Virtual ControllerOvercoming sabotageWithout a clear vision, and your constant leadership your team can sometimes get led astray buy other team members with their own agenda. As the the business owner you can't delegate this leadership responsibility. If it's not constant and consistent, someone will fill this void for you. Penny shared an email she received this week from a client with an internal saboteur. Unfortunately the owner lost a couple of longstanding employees because of them, and now faced potentially losing clients if they were to fire that employee. The business owner got themselves into this pickle because they...2021-09-0940 min
Strategy and the Virtual ControllerWe have guests 🎉 And technical difficulties 😕We have our first guests! We also have our first major technical difficulties.We’re delighted to be joined on the show by Brian Lang and Mike Chawner, two CPAs out of Austin Texas who are former colleagues and former business partners. They share with us their journey from starting their firm together through to later dissolving the partnership and going their separate ways.As Brian and Mike will attest both have learned a lot, have been able to gain clarity on what it is that they want out of their business and importantly, have re...2021-08-2430 min
Strategy and the Virtual ControllerAttempt #1 at defining advisoryIn today's episode we make our first attempt at defining 'advisory' and provide listeners with a framework to help better define their service offering. In Penny's upcoming book she breaks advisory services into four quadrants:The CatalystThe StrategistThe StewardThe OperatorWhere you choose to operate is up to you, but it's important to put a stake in the ground and help your clients understand what advisory services means to you and the client. Don't think that that you have to offer services across the 4 quadrants, and that's an important part of being a trusted advisor - r...2021-07-2352 min
Strategy and the Virtual ControllerThere's No I in TeamWe're focusing today's episode on bringing your team along for this ride. Your success is dependant on your team delivering an exceptional level of service day in day out and remember they're the ones who will be using these tools, implementing new workflows, and a whole lot more. But don't forget that change is hard, so you'll need to be clear and consistent when you communicate what you're doing and why you're doing it.As you bring your team together recognize that we're all created differently, and cloning more accountants won't help you towards your goal. People...2021-07-1641 min
Strategy and the Virtual ControllerWho's playing quarterback?In episode 4 of Strategy and the Virtual Controller, we discuss the importance of leadership in business. Too many firm owners get stuck as the technician doing the work and are never able to set an intentional direction for the firm. For those firm owners that are able to set time aside for strategic thinking, the next biggest challenge is to lead the team and get their buy in.We talk through different ways to engage the team in this strategic planning process, including the same traffic light activity that we encouraged you to do. To achieve your...2021-07-0631 min
Strategy and the Virtual ControllerBonus Episode: Digital Bookkeeper Conference WrapPenny is on the road! And has attended her first conference since this whole pandemic kicked off. We decided to catch up on Friday afternoon (Saturday morning Sydney time) to debrief on the key themes.What conferences are you headed to in 2021? Send us a message:Find us on Twitter - @SATVCpodcastPenny Breslin - LinkedIn | @PennyB57Damien Greathead - LinkedIn | @Damien_GH2021-06-2730 min
Strategy and the Virtual ControllerDeciding on what YOU want to doBig news!We have intro music - we're almost a proper podcast.Episode 3 feels like a #selfhelp class, but it's an important episode because we get to the heart of what makes a business a success - and that's being very clear on what you do and what you don't do. To get to this clarity, you need to go through a challenging process identifying what you love and don't love about your business (processes, services, clients etc). Without it, it's going to be Same As Last Year (SALY). You need to do...2021-06-2533 min
Strategy and the Virtual ControllerDoing what's obvious, but not easyWhat 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...2021-06-1749 min
Strategy and the Virtual ControllerIntroducing Strategy and the Virtual Controller PodcastWelcome to episode 1 of the brand new podcast, Strategy and the Virtual Controller. The podcast title comes from David Maister's great book Strategy and the Fat Smoker. We often (or even usually) know what we should be doing in both personal and professional life. We also know why we should be doing it and (often) how to do it. Figuring all that out is not too difficult. What is very hard is actually doing what you know to be good for you in the long-run, in spite of short-run temptations. The same is true for...2021-06-0133 min