Strategy and the Virtual Controller

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...