The Modern CPA Success Show

“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.   

“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.

“The pipeline meeting delivers so much value; it's a strategic conversation around the best way to allocate resources.” – Adam Hale The finer details of this episode:Need for accurate data in pipeline managementStrategic implications of pipeline meetingsChallenges of waiting percentages in pipeline managementMethods for evaluating and forecasting pipeline opportunitiesTools and strategies for pipeline managementAdvice for looking forward and utilizing pipeline management Timestamps:Pipeline Management (00:00:44)Importance of understanding sales cycle, activities creating pipeline, and strategic implications of pipeline meetings. Data Analysis and Forecasting (00:02:47)Evaluating committed projects, analyzing potential opportunities, and using historical data for forecasting. Operational and Financial Alignment (00:03:36)Bringing finance, operations, and pipeline management together in meetings, and using pipeline data as guardrails for improvement. Strategic Resource Planning (00:09:49)Evaluating the impact of big contracts on pipeline size, considering the need for increased resources, and the role of finance in decision-making. Shortening Sales Cycle (00:12:21)Advising on ways to shorten the sales cycle, improving sales efficiency, and the relationship between sales cycle length and pipeline size. Challenges of Waiting Percentages (00:14:59)Disadvantages of waiting percentages in pipeline management and the preference for categorizing deals into simple buckets. Pipeline conversation for service-based clients (00:18:00)Discussion on tools and strategies for service-based and project-based clients, including sales, pricing, and seasonality. Strategic implications of pipeline management (00:19:20)Importance of pipeline management for advising clients and looking forward, and the various ways it can help businesses. Conclusion and call to action (00:19:36)Promotion of the podcast's website for more tips and strategies for achieving success in the accounting industry. 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/  

“ESG is not a measure of ‘good company versus bad company.’ ESG is a collection of roughly 200 different metrics around environmental, social, and government governance data. The way I look at ESG is, it's a measure of transparency; how much information do I have to make an informed decision about a company?” – Kai Gray The finer details of this episode:The changing landscape of ESG adoption and its extension to smaller companiesRegulations and disclosures required by federal agencies for government contractsOpportunities for the accounting profession in the ESG field 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/https://www.esgmotive.comhttps://www.linkedin.com/in/kaigray/  

The finer details of this episode:Challenges of finding and retaining CPAsStrategies for attracting and retaining talentHiring local talent vs. offshoring 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/https://jcgcpafirm.com/https://www.linkedin.com/in/jcgcpa/ 

The finer details of this episode:Ideal clients for tax savings and retirement planning strategies, including cash balance plansFlexibility and tailoring of retirement plans to client's financial situationMaximizing contributions to reduce tax liabilities and increase retirement savingsStrategic planning and minimizing disruption in retirement savings strategies 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/https://www.linkedin.com/in/bbconsultants/https://businessbenefitsconsultants.com/https://census-form.com/tax-strategy-form/ 

“I believe that business thrives when it's driven by human connection. And that human connection happens when you take ordinary messages and elevate them into something extraordinary. And you can do the exact same thing in business; you can take what some people might consider ordinary and connect humanity to it—driving business results in the process.” – Jeff BartschThe finer details of this episode:Importance of storytelling in engaging clients in the accounting industryApplications of storytelling in client interactions, team communication, and marketingThe importance of incorporating personal stories to engage clients 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/Story Greenlight is a coaching company that helps accounting executive and advisors become confident, memorable communicators and thought leaders. Connect with Jeff at https://www.storygreenlight.com/ or hello@storygreenlight.com.

“Don't let the needs of the present get in the way from the needs of the future. Build that future, invest now, and it'll pay for itself in the long run.” – Joey Kinney The finer details of this episode:Importance of training and developing the advisory mindsetChallenges of merging existing processes during onboardingBuilding relationships and personal connections with clients 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/ 

“I don't necessarily think that AI is going to replace accountants, but the accountants who use AI are going to really succeed.” – Kyle GeersThe finer details of this episode:Time-saving opportunities for AI in accounting, particularly in data entry and bookkeepingTechnical work and incorporation of AI in complex areasImportance of maintaining a review process when using AI, especially for accuracy and confidentiality 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/https://www.zeroed-inconsulting.com/https://www.linkedin.com/in/kylegeers/ 

“A lot of people wonder if they can afford an executive assistant. So, let’s say that you have an executive assistant whom you delegate ten hours of work to every week. How would you spend those ten hours? What high-level work could you get done? I think we're all willing to work a hard day. But then, we want to go home satisfied and fulfilled. It’s about quality of life.” - Gina CotnerThe finer details of this episode:Discussion of “delegate and elevate” and the types of tasks that can be delegatedDifferences between executive assistants and virtual assistantsImportance of communication expectations and finding the right communication channelsPricing models and considerations when choosing an executive assistant serviceEpisode 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://athenaexecutiveservices.com/https://www.linkedin.com/in/athenaea/

“A complaint is nothing more than a request in disguise. If we approach it from a place of curiosity and hear what they have to say, that's where the conflict resolution comes in; that's where the trust comes.” – Carol BowserThe finer details of this episode:Challenges of establishing trust and rapport without in-person interactionsShifting from blaming to a curiosity mindsetAsking questions to understand changes in behaviorExploring underlying requests in complaints 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/https://conflictmanagementstrategies.com/https://www.linkedin.com/in/carol-bowser/

“The systems of your business are already there. The work is already happening. We help you get better at the work by standardizing and optimizing it. We're going to revolutionize little pieces of your business one at a time, and that’s what make the difference.” – Josh FongerThe finer details of this episode:Focus on the problem of being too busy and not having systems in place to work on the businessImportance of putting the principles into practice and working with diverse clientsGoal of helping businesses become more productive and effective through systematic strategiesImportance of having a systems mindset, clear vision, and documented proceduresEpisode 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://wtsenterprises.com/https://www.linkedin.com/in/joshfonger/

“There are a lot of emotions tied to money. If you don't have a good forecast or good roadmap of what to expect from the business journey you're about to go on, your emotions are going to be all over the place.” -Terrell TurnerThe finer details of this episode:Importance of effective communication and understanding financial metrics for non-finance professionalsBridging the gap between accounting and non-finance professionals in law firmsImportance of cash-flow forecasting for law firmsEvolution of forecasting tools and the importance of real-time updatesLeveraging outside resources and networking for fresh ideas 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/www.TLTurnerGroup.comhttps://www.linkedin.com/in/terrellturner/ 

The finer details of this episode:Obstacles faced by cannabis businesses, such as banking and expense reportingOverview of the cannabis industry and its various sectors Importance of forecasting for cannabis businessesMetrics valuable for retailers in the cannabis spaceEpisode 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/Virtual CFO services for the cannabis industry: https://anderscpa.com/virtual-cfo-cannabis/

“I started working with CPA firms and law firms and realized that there's a huge disconnect out there, and the same thing is happening with family offices. As a result, we figured out how to become that connection point and how to bridge the gap between the best firms in the country and then the best tax attorneys, the best specialists, and the best resources out there.” - Alex SonkinThe finer details of this episode:Services provided by Virtual Family Office, including tax elimination and cost-reduction strategiesIntroduction to the Virtual Family Office model and its benefits for accessing global resourcesDiscussion on the challenges of navigating the tax code and the disconnect between top CPA firms and tax strategiesHow CPAs with specialized tax knowledge differentiate themselves from other players in the financial service industryEpisode 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://vfohub.com/https://www.linkedin.com/in/alexsonkin/

“One of the pros of niching is that it facilitates being able to dial in your process and create more consistent results for your clients. And when your results for your clients are more consistent, it becomes much easier to advocate, to articulate, the value that you're creating, and you get more confident in your ability to deliver those results because you've systematized it and you've seen it again and again.” Geraldine CarterThe finer details of this episode:Advice on navigating the difficult conversation of firing clients and the potential benefits of focusing on a niche marketCreating packages or tiers of services to provide options and avoid one-size-fits-all pricingThe importance of finding a niche market and understanding pain points to effectively communicate value and serve clientsEpisode 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://geraldinecarter.com/Download Geraldine’s Master Value Creation Checklist for free! https://geraldinecarter.com/valuehttps://www.linkedin.com/in/geraldine-carter/

“That five-minute explanation of your ingenious tax strategy that you gave your client was the combination of your experience–school, studying, training, conferences; all of these things culminate into that five-minute answer, so give yourself credit where it's due. You're a professional and deserve that value.” - Roger KnechtThe finer details of this episode:The three core services in accounting firms: accounting and bookkeeping, tax planning and preparation, and CFO and advisoryEmpowering accounting professionals to recognize their worth and valuePermission and clarity in transitioning to an advisory role  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/https://universalaccountingschool.com/Roger Knecht | LinkedIn

“Selling is actually something you do with people. It's a collaboration. Your objective of sales is not to try to convince people to buy from you; that's where you get into that place that feels uncomfortable and manipulative.” - Nikki RauschThe finer details of this episode:Utilizing your network to make connectionsCreating curiosity in sales calls Improving communication with sales techniques  Episode resources:Summit Virtual CFO by Anders website – summitcpa.netIf you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.comSales Training and Mentoring Specialists | Professional Sales Trainer (yoursalesmaven.com)

“You have to care about your clients and how you can help them. Then, you have to have the confidence to communicate to the client–not by bragging on yourself but just by believing in yourself.” - Mike MeilingerThe finer details of this episode:Client Retention and referralsThe Importance of mindsetFollowing a Sales process Episode resources:Summit Virtual CFO by Anders website – summitcpa.netIf you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.comCPA Firm Greenville SC | Accounting Tax Services (meilinger.us)

“The cannabis industry is really pushing forward to help people have their own freedom to choose their path to well-being through non-conventional medicine. I decided I really wanted to be a part of that.” - Guillermo Rodriguez The finer details of this episode:Importance of having a strong why in pursuing a particular industryThe unique requirement in the industry to capture customer informationTrends and hurdles in the cannabis industry  Episode resources:Summit Virtual CFO by Anders website – summitcpa.netIf you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.comVirtual CFO Services for Cannabis - Anders CPA