Are 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.

Korey is the CEO of STRMS.io, which works within the accounting and finance industry to help firms document, optimize, and automate their workflows and processes. He is not building another app for firms to deploy but is helping build custom automations that help firms scale by connecting their existing apps across their existing workflows. His company supports firms looking to scale without exponentially increasing headcount or costs. Before co-founding STRMS, Korey helped grow and scale an accounting firm, GrowthLab Financial, for over nine years.

[00:00 - 14:45] Intro and The Importance of Process Documentation

• Damien, Penny, and Korey discuss the critical role of process documentation in successful automation.
• Understand the need for standardization before implementing automation solutions.
• Korey explains his company's approach to helping firms identify automation opportunities.
• Clear process mapping is crucial for effective automation implementation.

[14:46 - 27:14] Benefits of Automation

• Automation can improve efficiency, reduce errors, and enhance client experiences.
• Emphasize the importance of transparency with employees about automation goals.
• Identify areas where automation can positively impact employee satisfaction and retention.
• Korey shares insights on focusing on high-value, repetitive tasks for automation.

[27:15 - 35:35] Practical Applications and Implementation Strategies

• They discuss specific areas where automation can be particularly effective, such as client onboarding.
• Utilize automation to streamline internal processes like reporting and communication.
• Korey explains the subscription model approach to make automation services more accessible.
• The group discusses the potential cost-effectiveness of automation compared to traditional solutions.

[35:36 - 44:06] Long-term Benefits and Final Thoughts

• Penny and Damien reflect on how automation can free up mental space for firm owners and employees.
• Regularly review and update processes to maintain efficiency and effectiveness.
• The value of combining process improvement, outsourcing, and automation strategies.
• Invest in automation as a long-term solution for firm growth and employee satisfaction.

Direct Quotes

"Before we even start development or anything, we'll spend a few hours with firms and like help them map and document and understand like what automations are going to be realistic." – Korey Cournoyer

"I think standardization is the first step to becoming flexible." - Penny Breslin

Connect with Korey

Website: http://strms.io/

Company Linkedin:

Are 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 addressing those issues internally before outsourcing.

[00:00 - 10:00] Introduction and Staffing Challenges

• Damien and Penny discuss the constant busy season in the accounting industry and the rising demand for outsourcing services.
• Understand the industry's current state and the increasing need for efficient processes.
• Penny discusses the high demand for remote workers and the increase in outsourcing booths at conferences.
• Competitive salaries and clear role definitions are crucial for attracting and retaining talent.

[10:01 - 20:00] Client Demand, AI Impact, and Effective Outsourcing

• Damien and Penny explore the growing client demand for various accounting services, despite technological advancements.
• Emphasize the unique value and services your firm offers to differentiate from competitors.
• Identify and address internal workflow issues to ensure successful outsourcing.

[20:01 - 30:00] Technology and Client Communication

• Damien and Penny discuss the role of technology in managing workflows and client expectations.
• Utilize technology efficiently and ensure clients are trained to use it properly.
• Penny shares experiences of managing client expectations and internal team coordination.
• Allocate responsibilities effectively within the team to maintain operational efficiency.

[30:01 - 40:00] Reflecting on Processes and The Role of Internal Training

• Penny advises firms to revisit and optimize their processes, especially during slower periods.
• Regularly review and update processes to stay efficient and effective.
• The value of rephrasing questions is to understand and solve workflow issues better.
• Invest in training and clear communication to enhance team performance.

Direct Quotes

"If work isn't getting done for other reasons, outsourcing is the solution because the systems are working well, the teams and you want to grow." - Damien Greathead

"You need to present a value to your clients and that you're worthwhile." - Penny Breslin

"Before you outsource, make sure you're really good at what you do and your processes are standardized." - Damien Greathead

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn:...

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 firms can attract and retain both clients and employees.

Dive in to discover strategic tips on balancing workload and client acquisition!

[00:00 - 05:21] Introduction and Importance of Specific Websites

• Damien Greathead emphasizes the need for accounting firms to have specific, updated websites.
• They discuss basic services like budgeting and forecasting.

[05:22 - 15:10] Importance of Marketing and Communication

• Marketing is important for firms even when overwhelmed with work.
• The hosts give examples of misleading advertising and defining Client Advisory Services (CAS).

[15:11 - 25:30] Effective Use of Websites and Newsletters

• Penny and Damien discuss how an outdated website can negatively impact firm perception.
• What is the role of newsletters in client communication and prompting additional projects?

[25:31 - 36:00] Client and Employee Engagement

• Engaging with both clients and potential employees through clear communication is vital.
• The firm's website and marketing materials reflect the firm's true values and services.

[36:01 - 39:00] Practical Marketing Strategies

• Implement practical marketing strategies such as newsletters and automated follow-ups.
• Penny and Damien highlight the importance of having a clear and defined marketing and sales process.
• They also encourage firms to continuously update their marketing strategies and maintain client engagement.

Direct Quotes:

"I would just encourage accounting firms to take a look at that website and skinny it down. Get more specific." - Damien Greathead

"Even if you're not necessarily looking for new clients, I think there's a real opportunity for firms just to take a look at their shop front." - Damien Greathead

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

Are 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 offer high-value advisory services. The conversation also touches on the necessity of verticalizing services and the importance of attending industry-specific events to better understand client needs.

James Childress, a CPA for over twenty years, has a deep-rooted passion for supporting individuals with their businesses on a grander journey toward growth. His personal experiences navigating significant trauma and the challenges of finding the right support have fueled his dedication to making a difference in others' lives. After enduring hardships within a high-control group during his formative years, James embarked on a quest to rebuild his life and create a nurturing environment for himself and his loved ones. It was through the transformative power of therapy that he found solace and regained control over his destiny.

Recognizing the profound impact mental health support had on his own life, James embarked on a mission to extend this vital assistance to a broader audience. With nearly two decades of experience in accounting, he transitioned his expertise to become a catalyst for growth and profitability across various small to medium-sized businesses. James's journey has led him to specialize in empowering mental health professionals to thrive in their practices. By leveraging his unique blend of financial acumen and compassionate understanding, James and his dedicated team are committed to bridging the gap between trauma and healing. Their goal is to facilitate sustainable growth and prosperity for all businesses while prioritizing the well-being of individuals and communities they serve.

[00:00 - 10:24] James’ Journey to Advisory

• James recounts his career transition from a traditional CPA to focusing on advisory services.
• He shares the challenges of managing a large team and multiple service lines.
• The decision to sell off traditional services and focus on advisory is highlighted.

[10:24 - 20:45] Building a Specialized Team and Embracing Verticalization

• James discusses the importance of having a team that aligns with the firm's goals.
• He explains the decision to let some team members go and support their transition.
• He explains the benefits of focusing on a niche market, specifically mental health private practices.
• The need for businesses to differentiate themselves in the advisory space is discussed.

[20:46 - 38:23] Defining Advisory Services

• James defines advisory services as actions that close the gap between a client’s current state and their goals.
• He emphasizes the importance of data in providing valuable insights and making informed decisions.
• What is the use of Tableau and other data analysis tools in his advisory practice?
• The importance of clean, accurate data and the role of data scientists in achieving this is explained.
• He provides examples of how data visualization helps clients understand their business performance.

[38:24 - 43:42] Closing Thoughts and Insights

• James shares his belief that focusing on what a firm does best leads to...

In 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 Cybersecurity

• Christophe talks about his experience since 2002 and the critical nature of compliance and security in data centers.
• He emphasizes the non-stop nature of cybersecurity efforts in protecting CPAs.

[10:01 - 20:00] WISP, Real World Applications, and Cybersecurity Misconceptions

• Christophe’s explanation of WISP's role in ensuring CPA firms' security.
• He discusses how breaches can occur and the dual approach needed for cybersecurity within local environments and data centers.
• Penny shares anecdotes about implementing security measures in her practice.
• What are the common misconceptions about cybersecurity among CPAs?

[20:01 - 30:00] Technological Advancements in Security

• The conversation shifts to the ongoing need for cybersecurity updates and the pitfalls of complacency.
• The landscape of cyber threats is continuously evolving along with the necessity for CPAs to adapt.
• Christophe discusses the implementation of AI in cybersecurity measures.
• Continuous updates and real-time monitoring are essential due to the fast-paced nature of cyber threats.

[30:01 - 40:00] Security in Various Environments and Ethical Responsibilities

• Christophe and Penny discuss the complexities of securing remote work environments and the specific challenges faced by CPAs.
• Christophe emphasizes the integration of secure practices in everyday operations to protect against sophisticated cyber threats.
• What are the moral imperatives of protecting client data and the reputational risks associated with data breaches?

[40:01 - 50:00] Interactive Q&A, Practical Takeaways, and Future Directions

• Christophe provides practical advice on how CPAs can start improving their cybersecurity measures immediately.

Direct Quotes:

"Cybersecurity is already, of course, a given. If you want to maintain it 100% of the time, you have to be good at what you do." - Christophe Reglat

"We are always on the forefront of helping them with the cybersecurity problems that they have." - Christophe Reglat

“It's not an if, it's when you're going to get hacked." - Christophe Reglat

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Thank you for listening. Please like and share this episode with a friend!

Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter:

Are 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 accounting industry, highlighting the potential benefits and the need for a collective effort to facilitate change.

[00:00 - 05:00] Introduction to the episode

• Damien introduces the theme of accounting technology and transformation.
• Penny shares her location and comments on the changing nature of tax season.
• The accounting industry is evolving beyond traditional seasonal workflows.

[05:01 - 10:00] Discussing continuous tax season and client demands

• Damien and Penny discuss the year-round nature of tax work and client expectations.
• Penny talks about the increase in client onboarding and the pressure on firms.
• Firms must adapt to constant demand and be prepared for continuous operation.

[10:01 - 15:00] Challenges in adopting new technology

• What are the difficulties firms face when integrating new technology?
• Penny shares a story of rejecting a client due to their unpreparedness.
• Successful technology adoption requires readiness and structured processes within the firm.

[15:01 - 20:00] Transformation in accounting practices

• The hosts emphasize the importance of holistic business transformation, not just isolated tasks.
• True transformation involves rethinking business models and processes comprehensively.

[20:01 - 25:00] Importance of community and collective effort

• Penny illustrates transformation through the community effort to restore the monarch butterfly population.
• Like ecological restoration, business transformation requires a collective, sustained effort.

[25:01 - 30:00] Concluding thoughts on transformation and readiness

• There is a need for firms to be brave and commit to long-term transformation.
• Firm transformation is a long-term commitment that requires patience and strategic planning.

Resources Mentioned:

• https://leaders.com/articles/leadership/transformational-leadership/
• https://www.valamis.com/hub/transformativelearning
• https://www.wri.org/insights/business-what-transformativechange
• https://www.ipbes.net/news/what-transformative-change-how-do-we-achieve-it

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Thank you for listening. Please like and share this episode with a friend!

Websites:

Have 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 Practice and the Role of Technology and Pricing

• Amanda discusses the necessity of choosing clients that align with your values and contribute to a joyful practice.
• Damien Greathead and Penny Breslin talk about the ongoing challenges of managing a busy season and the importance of strategic client selection.
• The conversation touches on the importance of pricing services correctly to reflect the value provided and to cover the costs of technological advancements.

[10:46 - 20:55] Achieving Work-Life Balance and the Power of Intentional Client Selection

• They share insights on how to structure your practice to support personal goals, including a four-day workweek and setting boundaries for client communications.
• Amanda elaborates on the importance of intentionally selecting clients to work with, which not only enhances profitability but also job satisfaction.
• Strategies for evaluating and adjusting the client base to align with firm values and goals are discussed.

[20:56 - 31:45] Navigating Challenges and Embracing Technology for Efficiency

• Amanda discusses the common pitfalls in practice management, such as underpricing and overworking, and how to overcome them.
• She emphasizes the need for a mindset shift towards more strategic thinking about practice management and client service.
• Adopting the right technology can streamline operations, improve service delivery, and enhance client relationships.

[31:46 - 44:15] Cultivating a Healthy Work Culture

• The conversation shifts to the importance of creating a work culture that supports employee well-being and fosters a sense of community.
• Amanda shares tips on implementing policies that promote work-life balance, such as flexible working hours and remote work options.
• She shares her vision for the future of accounting practices, focusing on personalized service, technological integration, and sustainable growth.

Direct Quotes:

"You don't need to work for everyone. And you need to work out who are those people that bring you joy, who are those people that aren't going to make you feel like you're always busy." - Amanda Gascoigne

"I always really wanted to go into public accounting...and I think that's the business we're in. We're in the business of building client relationships." - Amanda Gascoigne

"But some people make that real conscious choice...and I think we need to celebrate that, that not everyone wants a million-dollar practice, some people want more flexibility." - Amanda Gascoigne

Connect with Amanda!

Website: https://www.amandagascoigne.com/home

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Thank you for listening. Please like and share this episode with a...

Damien 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 narrative is one of evolution, emphasizing the importance of digital transformation in accounting practices, the power of niche specialization, and the continuous journey of learning and adapting to new challenges.

[00:00 - 10:00] Introduction and Journey into Cloud Accounting

• Rachel Fisch shares her initial connection to accounting and the start of her career.
• Rachel shares how she transitioned from traditional accounting roles to embracing cloud accounting.

[10:00 - 20:00] Evolving with Technology: Niche Specialization

• Adopting and integrating new technologies in accounting practices is vital.
• They discuss the early days of Receipt Bank (now Dext) and its impact on accounting workflows.
• Rachel shares her strategic role at Deloitte Canada and the focus on cloud accounting.

[20:00 - 30:00] Digital Transformation Beyond Accounting

• Rachel shares her insights into digital transformation beyond accounting firms to include brokers.
• There is resistance to change and the push for cloud solutions in real estate.
• Overcoming resistance to new technologies is crucial for modernizing traditional industries.

[30:00 - 40:00] Building a Niche Practice and Refining Services and Simplification

• What is the strategic decision behind focusing exclusively on agents and brokers at Realty Tax.
• Deep specialization in a niche can drive significant business growth and client satisfaction.
• Rachel talks about the realization that simplifying services could lead to better outcomes for both the firm and its clients.
• Sometimes, less is more. Simplifying offerings can enhance focus and value delivery.

[40:00 - 47:42] The Journey to Dext and Full Circle

• Rachel discusses her new role at Dext and how her diverse experiences led her to this point.
• Career paths are often non-linear, and diverse experiences can culminate in roles that leverage one's full skill set.
• Rachel offers advice to accounting firms on envisioning their ideal firm operation and client/team member experience.
• Keeping an open mind and continuously reevaluating processes can lead to sustained success and innovation in the accounting field.

Direct Quotes:

"You may find that simplification is actually a better option than adding an additional tech or another dashboard or another KPI." - Rachel Fish

"You either understand debits and credits, or you don't." - Rachel Fish

"Stepping back and simplifying processes can sometimes be more beneficial than adding complexity." - Rachel Fish

Connect with Rachel!

LinkedIn: https://www.linkedin.com/in/rachelfisch 

Twitter: