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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Economics Management
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Episodes
  • 2024 Year in Review

    2024 Year in Review
    Dec 30 2024

    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.
    • The impact of storytelling in consulting and client relationships.
    • Challenges faced by cannabis companies, including regulatory issues.
    • The importance of community and collaboration in podcasting.
    • Resolutions and goals for the upcoming year in podcasting.
    • The role of technology and AI in the accounting field.
    • Celebrating achievements and growth within the podcasting team.

    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:

    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.
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    38 mins
  • Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!

    Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!
    Dec 9 2024
    Title:Why Did the Accountant Cross the Road? To Connect with Clients on a Deeper Level!Quote:"My clients had and still have amazing reputations in what they do. Most of them don't need huge numbers of new clients; it's more about reputation management and keeping the marketing ticking over." -Chantal CorneliusSummary:In this episode of the Modern CPA Success Show, the host and Tom Walton, a virtual CFO at Anders CPA and Advisors, engage with Chantal Cornelius, founder of Appletree Marketing and author of "Stand Out Strategies." The discussion centers on innovative marketing strategies for accounting firms, emphasizing the importance of emotional connections in client relationships. Chantal shares her unique journey into marketing and introduces her five standout strategies: certainty, connection, contribution, growth, and significance. The episode highlights the need for understanding client emotions, gathering feedback, and tailoring marketing messages to resonate emotionally, ultimately fostering stronger client relationships.Finer Details:Innovative marketing strategies for accounting firmsImportance of emotional connections in client relationshipsChantal Cornelius's journey into marketing and her expertiseConcept of "standout strategies" for business differentiationFive key emotional strategies: Certainty, Connection, Contribution, Growth, and SignificanceThe role of client feedback in improving servicesChallenges of soliciting client feedback in the accounting industryImportance of specialization and niche marketing for businessesPractical tips for implementing emotional marketing strategiesResources for further learning, including Chantal's books and tools for identifying standout strategiesEpisode 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/● Take Chantal's StandOut Strategies test: https://appletreeuk.com/take-the-test/● Check out Chantal's book "StandOut Strategies" : https://appletreeuk.com/products/stand-out-strategies/Timestamps:Welcome to the Modern CPA Success Show (00:00:00)Introduction to the podcast's mission and focus on innovative insights for accounting firms.Introduction of Guest (00:00:22)Tom introduces Chantal Cornelius, highlighting her unique emotional approach to marketing strategies.Chantal’s Background (00:01:17)Chantal shares her unexpected journey from animal agriculture to founding a marketing business.Release of "Stand Out Strategies" (00:04:10)Discussion on Chantal's upcoming book, "Stand Out Strategies," set to be printed soon.Definition of Standout Strategies (00:04:31)Chantal explains the concept of standout strategies and their importance in crowded marketplaces.Five Standout Strategies Overview (00:06:38)Chantal outlines five key strategies for businesses to differentiate themselves emotionally.The Strategy of Certainty (00:07:55)Clients desire a sense of safety and reliability from their service providers.The Strategy of Connection (00:08:39)Clients seek a sense of belonging and access to broader resources through their service providers.The Strategy of Contribution (00:09:08)Clients want to feel they are making a positive impact on society through their business choices.The Strategy of Growth (00:09:36)Clients desire empowerment and motivation for personal and business growth.The Strategy of Significance (00:10:12)Clients want to feel valued and respected, seeking a meaningful impact through their services.Using Language in Marketing (00:10:50)Chantal discusses the importance of language in marketing to create emotional connections.Client Needs vs. Company Identity (00:11:57)Exploration of whether businesses should choose strategies based on their identity or client needs.Adapting Strategies Over Time (00:12:19)Discussion on how businesses can evolve their strategies based on client feedback and market needs.Importance of Client Feedback (00:15:15)Encouragement for businesses to actively seek out and listen to client feelings and feedback.Asking the Right Questions (00:16:10)Chantal emphasizes the importance of asking clients how they feel about the service provided.Client Communication and Satisfaction (00:18:21)Discussion on the necessity of open communication to prevent client dissatisfaction and attrition.Podcast Episode TimestampsUnderstanding Client Feedback (00:20:26)Discusses the importance of direct communication with clients to gather constructive feedback.Client Advisory Services (00:21:31)Explores the shift of accounting firms towards client advisory services amidst automation.Applying Standout Strategies (00:22:20)Examines how firms can implement standout strategies while transitioning to new market sectors.Importance of Reputation Management (00:23:39)Highlights the significance of maintaining a firm's reputation over ...
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    47 mins
  • How Can Effective Cash Flow Management Transform Your Business?

    How Can Effective Cash Flow Management Transform Your Business?
    Nov 25 2024

    "As an owner of a business, it’s really nice to have control, knowing what’s coming in, what’s going out, and how much cash I have." -Adam Hale

    Summary:

    In this episode of the Modern CPA Success Show, hosts Tom and Adam discuss their firm's cash flow management service. They highlight the critical role of cash flow in business health, distinguishing it from financial forecasting. Their service includes a 13-week cash flow forecast, regular cash flow meetings, and detailed tracking of accounts receivable and payable. Emphasis is placed on the importance of reconciling bank accounts, maintaining communication, and ensuring accountability. The episode underscores how these practices help business owners stay informed, manage expenses, and make proactive financial decisions.

    Finer details of this episode:

    • Importance of cash flow for businesses
    • Distinction between financial forecasting and cash flow management
    • Overview of the cash flow management service offered by the firm
    • Benefits of regular cash flow meetings for business owners
    • Process of tracking cash inflows and outflows
    • Role of bank account reconciliation in cash flow management
    • Structure and efficiency of cash flow meetings
    • Importance of communication and accountability in financial processes
    • Best practices for handling invoices and payments
    • Proactive approach to collections and managing outstanding invoices

    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:

    Introduction to the Podcast (00:00:00)

    The host introduces the Modern CPA Success Show and its mission to support accounting firms.

    Discussion on Cash Flow Service (00:00:22)

    Tom and Adam begin discussing the cash flow service offered by their firm.

    Importance of Cash Flow (00:00:35)

    Adam emphasizes the critical nature of cash flow for business survival and its management.

    Distinction Between Cash Flow Services (00:01:01)

    Adam explains the difference between financial forecasting and the cash flow management service.

    Overview of Cash Flow Management (00:01:56)

    Adam discusses the detailed aspects of cash flow management, including tracking income and expenses.

    Weekly Cash Flow Meetings (00:02:35)

    Tom highlights the value of weekly meetings for business owners to monitor cash flow.

    Bill Payment Process (00:03:16)

    Adam discusses the bill payment process and the importance of client oversight.

    Clarification During Meetings (00:05:24)

    Tom and Adam talk about the benefits of asking questions during cash flow meetings for clarity.

    Meeting Duration and Frequency (00:06:33)

    The speakers outline the typical duration of cash flow meetings and their frequency.

    Best Practices for Invoice Management (00:07:51)

    Tom emphasizes the importance of using a centralized system for managing invoices.

    Accountability in Collections (00:08:38)

    Adam stresses the need for accountability in following up on overdue payments.

    Preparation for Cash Flow Meetings (00:09:36)

    Adam explains the importance of preparation and reconciliation before meetings.

    Maintaining the 13-Week Cash Flow Forecast (00:10:21)

    Tom discusses the critical nature of maintaining a 13-week cash flow forecast for business planning.

    Conclusion and Client Dependency (00:10:51)

    The importance of the cash flow service in building client relationships is highlighted.
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    11 mins

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