Strategy and the Virtual Controller

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.

K...

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...

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...

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...

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

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...

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...

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...

Ever 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...

How 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...

Are 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...

Explore the dynamic world of accounting and advisory services in today’s episode with Damien Greathead and Penny Breslin!

In this episode, Damien and Penny delve into the intricacies of virtual controller services, discussing the evolving role of accountants in today's digital landscape. They share their experiences from QuickBooks Connect in Las Vegas, comparing it to other industry events and reflecting on the unique energy and challenges of such gatherings.

The conversation navigates through the challenges of adapting to different climates – both weather-wise and within the realms of client advisory and accounting serv...

How 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. 

Are 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...

How 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...

Phishing 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...

What 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...

Why 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...

Why 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...

In 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 Segment

In 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!

In 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...

In 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...

In 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!

[00:01...

In this episode, Damien and Penny dive deep into the importance of organizational structure, service mix, and team building for accountants and bookkeepers who seek to build intentional businesses. They share their experience with new hires who bring fresh ideas and perspectives to the table, emphasizing the importance of surrounding oneself with competent individuals to grow a business.

The conversation today highlights the importance of delegating in growing a business and the focus on integrating different apps and software to provide comprehensive financial reporting and functionality.    

Tune in as Damien and Penny to l...

In this episode, Damien and Penny discuss the impact of tax season on their workload, with the bookkeeping team being busier than usual. They stress the importance of vetting potential clients before taking them on, including reviewing their website and understanding their specific needs. This helps them provide tailor-made services that meet each other client’s unique requirements.

Today's conversation highlights the benefits of cloud-based accounting software over desktop software for controlling data flow and improving timeliness. They share different perspectives on accounting practices and client relationships, one person talks about trying to convince a client to sw...

In this episode, Damien and Penny discuss their recent travels and their experiences with outsourcing and hiring employees. They share their stories of exploring different cultures, meeting new people, and experiencing new things. They emphasize the importance of proper organization and onboarding processes when it comes to hiring employees or outsourcing work.

They discuss how clear communication, space for brainstorming ideas, and proper documentation of processes can avoid situations where clients send work that is not aligned with what was promised. They cover topics such as the importance of onboarding and training when hiring new employees and...

In this episode, Damien and Penny discuss how accounting and bookkeeping firms have been impacted by the pandemic. They discuss Penny’s recent trip to Chennai and how people are shifting towards remote work, businesses have had to adjust to a high rate of turnover, and schools have been on Zoom for two years. They delve into gender inequality and unequal representation in the workforce, as well as the importance of allowing people to tell their own stories.

Tune in as Damien and Penny discuss the current state of accounting firms in the age of the pandemic!

We 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...

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...

Saturday 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.

Happy 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...

There'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...

In 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...

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.

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...

It'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...

In 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...

There 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:

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...

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...