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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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Episodes
  • Making Sense of Law Firm Metrics with "Judicial Dollars and Cents," with John Scott

    Making Sense of Law Firm Metrics with "Judicial Dollars and Cents," with John Scott
    Apr 29 2024
    “The accounting profession historically has been like taking a trip with an atlas that’s 10 years out of date. However, today, what we can do with modern accounting and advisory services is much like the Waze app or Google Maps; you're getting instantaneous data that will tell you ‘Up ahead there's a roadblock and here's a workaround.’ This real-time info keeps you on track with your financial forecast. You can't make any business decisions on historical information; you must have current information and be able to look forward so that you can make good decisions and stay on track to reach your goals.” –John Scott The finer details of this episode:Importance of thought leadership in the accounting and legal professionsJohn's experience with a law firms’ growth and scaling based on data and metricsDiscussion and insights from John's book, “Judicial Dollars and Cents,” on understanding cash needs and working capital for businesses, including law firmsUnique elements of serving law firms and the complexities of partner compensation plansThe significance of data-driven decision-making in business management 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.comCheck out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Get the book: https://home.virtualcfo.cpa/johnscott Timestamps: The Introduction (00:00:00)Introduction to the podcast and its mission. Discussing Thought Leadership and Writing a Book (00:00:22)Adam and Tom discuss the value of thought leadership and the process of writing a book. John's Background and Experience (00:01:45)John Scott introduces himself and discusses his experience working with law firms and the collaboration between Anders and Summit. Scaling a Law Firm (00:02:58)John shares a story of an entrepreneurial attorney scaling his business and the focus on data and metrics. Inspiration for Writing the Book (00:04:06)John explains the inspiration behind his book, “Judicial Dollars and Cents,” and the need to provide guidance for attorneys in managing their finances. Unique Elements of Serving Law Firms (00:07:32)Discussion on the unique financial aspects of law firms, including trust accounts and fee structures. Forecasting and Real-Time Data (00:05:55)John uses an analogy to emphasize the importance of real-time data in financial forecasting and decision making. Key Metrics and Client Experience (00:12:13)John discusses the importance of key metrics, staff retention, and client experience in law firms. Availability of the Book (00:13:58)John confirms the availability of the book. Challenges of Writing a Book (00:18:49)John shares the challenges and the process of organizing the content of the book. Advice for Aspiring Authors (00:19:58)John offers advice for those aspiring to write a book. These are the timestamps covered in the podcast episode transcription segment, along with the titles for each topic. Dictation and Writing Process (00:20:03)John discusses using dictation software and his process for capturing thoughts and organizing them for writing. Involving Others in the Writing Process (00:20:59)John explains how he involved others to critique, develop thoughts, and help with grammar in the writing process. Book Content and Editing (00:23:15)The discussion covers the challenges of maintaining authenticity while editing and refining the book's content. Importance of Cash Management (00:23:58)The importance of understanding cash needs and reconciling accounts for businesses, including law firms, is emphasized. Meeting Cadence and Financial Review (00:28:23)The frequency and focus of financial meetings with law firms are discussed, highlighting the importance of reviewing financial statements and forecasts. Compensation Models in Law Firms (00:31:54)John shares insights on partner compensation plans and the importance of aligning individual and organizational goals in law firms. Suitability of Services for Law Firms (00:36:30)The discussion focuses on the ideal size of law firms for external financial services and the benefits of specialized niche expertise. Trusting Data and Decision Making (00:39:40)Discussion on the importance of trusting data for making quick decisions and the need for proper implementation. Thought Leadership and Book Promotion (00:40:26)Exploration of the concept of thought leadership, book promotion, and the value of intentional forecasting for small businesses. Excitement for Book Release (00:41:46)John's excitement for the release of his book and the relevance of the content, with a humorous exchange about his age. Accountants' Behavior at a Conference (00:42:12)Anecdote about accountants' reluctance to accept a free football signed by Rudy, with humorous commentary on their behavior. Promotion and Support for the Book (00:44:36)Acknowledgment of the ...
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    45 mins
  • Unlocking Growth and Integration: Benefits of Nearshoring in Mexico with Martin Moll

    Unlocking Growth and Integration: Benefits of Nearshoring in Mexico with Martin Moll
    Apr 15 2024
    “We did a lot of due diligence; we landed on Guadalajara, Mexico not only because of time zone, cultural assimilation, and a direct flight from the west coast but its citizens are highly educated, so there's a big pool of talented individuals working there.” – Martin MollThe finer details of this episode:Discussion of nearshoring and its benefits for accounting firmsDifferences between nearshoring in Mexico and offshoring in IndiaChallenges and advantages of nearshoring, including nurturing and training nearshore team membersExperiences with offshore teams and challenges faced when working with teams in IndiaImportance of critical thinking and cultural differences in offshore workChallenges of finding talent and benefits of outsourcing for smaller firmsImportance of building a strong bond with the offshore team and treating them as an extension of the firmEpisode 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.comCheck out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/https://www.cadencia.io/ Timestamps:Introduction (00:00:00) Introduction to the podcast and its mission to provide insights on accounting and related topics. Martin Moll's Career Story (00:00:54)Martin Moll shares his career journey from being a lawyer to becoming the president of Cadencia, emphasizing his experience with CPA firms and offshore operations. Choosing Guadalajara for Nearshoring (00:03:58)Martin explains the decision-making process behind choosing Guadalajara, Mexico, as a nearshore location, considering factors such as education, economy, and safety. Cultural Assimilation and Language Barrier (00:06:47)Discussion on the importance of cultural assimilation and the differences in exposure to tech stacks between nearshore locations like Mexico and offshore locations like India. Benefits of Nearshoring and Staff Integration (00:10:51)Martin highlights the benefits of nearshoring, emphasizing the potential for highly motivated and well-educated professionals and the integration of nearshore team members with the onshore firm. Advertisement for Virtual CFO Playbook (00:08:24)An advertisement for the Virtual CFO Playbook, offering essential tools for creating and delivering scalable CFO services. Comparative Analysis of Offshoring and Nearshoring (00:15:39)Comparison of offshoring and nearshoring, focusing on the cost, effectiveness, and the approach to hiring and training team members in Mexico. Career Development and Critical Thinking Training (00:17:28)Discussion on the career development opportunities and critical thinking training provided to nearshore team members, highlighting the focus on long-term career growth and skills enhancement. The learning curve (00:19:49)Discussion about the learning curve when working with offshore teams and the challenges of cultural differences. Outsourcing challenges (00:21:08)Addressing the challenges faced by smaller firms in finding people and considering outsourcing as an alternative. Community support (00:22:08)The importance of community support and sharing best practices among firms, especially for smaller firms. Establishing a bond (00:23:30)The significance of establishing a strong bond with offshore teams, including visiting them and integrating them into the firm's culture. Cost benefit for smaller firms (00:25:25)Highlighting the cost benefit of offshore staffing for smaller firms compared to larger competitors. Talent shortage and client-facing roles (00:26:20)Discussion on the talent shortage and the transition of team members to client-facing roles. Language fluency and communication skills (00:28:18)Ensuring team members are fluent in English and developing communication skills for client interactions. Security and trust (00:33:26)Addressing security concerns and the importance of building trust with offshore team members. Insurance and liability (00:36:23)Clarifying the insurance coverage for dishonest acts and professional liability. Onboarding and integration (00:37:28)Discussion on best practices for onboarding and integrating offshore team members into the firm's culture. Engaging with Cadencia (00:39:00)Information on how to engage with Cadencia and the initial process for reaching out. Martin Moll's Insights (00:39:14)Martin discusses the importance of meeting the team and the impact on hiring decisions. Closing Thoughts (00:39:39)Wrap-up discussion and hope for audience understanding. Near Shoring and Talent Competition (00:39:46)Adam highlights the competition for talent and the growing trend of near shoring. Mission-Driven Industry (00:40:08)Martin and Adam express their passion for the accounting industry and small firms. Valuable Discussion (00:40:26)Appreciation and closing remarks from the hosts and guest.
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    41 mins
  • Mastering the Art of Onboarding: Why Even Small CPA Firms Should Invest

    Mastering the Art of Onboarding: Why Even Small CPA Firms Should Invest
    Apr 1 2024

    “At the end of the day, it's first impressions. If you get a flat tire those first couple of weeks, it’s just going to really resonate through the entire relationship. You're never going to be able to win back that trust." -Adam Hale

    The finer details of this episode:

    ● Importance of onboarding for CPA firms

    ● Setting clear expectations and creating a process for onboarding

    ● Activities involved in the onboarding process (accounting discovery, advisory discovery)

    ● Role of project management and client success managers in onboarding

    ● Significance of ongoing evaluation and improvement of the onboarding process

    ● Impact of successful onboarding on long-term client relationships

    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:

    The importance of onboarding (00:01:07)

    Adam discusses the importance of onboarding and setting expectations for new clients, emphasizing the need for a structured process.

    Discovery meetings and setting client expectations (00:02:21)

    Tom explains the process of accounting and advisory discovery meetings, setting specific dates for deliverables, and aligning on priorities with the client.

    Organizing work and project management (00:05:51)

    Adam suggests organizing the team to focus on one area together, emphasizing the need for a solid process and project management for effective onboarding.

    Client communication and feedback (00:08:04)

    The importance of setting communication policies and feedback loops with clients during the onboarding process is discussed, ensuring clear expectations are established.

    Role of a project manager and client success manager (00:11:02)

    The role of a project manager in organizing the onboarding process and the importance of a client success manager for communication and issue resolution are highlighted.

    Continual improvement of onboarding process (00:15:59)

    The discussion emphasizes the continual evolution and improvement of the onboarding process to ensure a positive initial impression for clients.
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    17 mins
Management Economics
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