Podcast

Summary

In this episode of the Growing Your Firm podcast, host David Cristello interviews Stephanie Mack, the founder of Account Mobility, a fully remote accounting practice. Stephanie shares her insights on how she’s positioning her practice for growth, particularly in the area of tax advisory and tax prep. 

She discusses the importance of workflow automation and software in streamlining accounting processes and talks about the increasing number of CPAs and EAs retiring, creating opportunities for her practice. Tune in to learn more about Stephanie’s unique approach to growth and her perspective on the future of the accounting industry.

What you’ll learn

What can you expect to learn in this episode with Stephanie Mack? You will learn about 

• • The benefits of accounting workflow automation

• • Challenges of transitioning to digital processes

• • Downsizing challenges for CPA firms

• • The use of tax advisory software

• • The importance of proactive tax advisory

• • Subscription-based model for tax preparation services

• • Challenges faced by small businesses when CPAs retire

• • The importance of adopting new technology

• • Maximizing returns for accounting firms and CPAs.

Guest Bio

Stephanie Mack is the founder and owner of Account Mobility, a fully remote accounting practice based in Vermont. 

With over eight years of experience, Stephanie started out with bookkeeping, QuickBooks consulting, and conversions before expanding her services to include tax advisory and tax prep. She has positioned her practice for growth by transitioning to business clients and leveraging software for efficient tax advisory. 

Stephanie’s unique approach includes implementing automation and subscription-based pricing models. She is also known for her expertise in the trend of CPA firms outsourcing bookkeeping services. Stephanie believes in the power of sharing ideas and collaborating with fellow firm owners to drive innovation in the accounting industry.

Get everything you need to manage projects and meet deadlines.

Subscribe to our weekly newsletter, and get 32 free accounting workflow templates today!​​

sign me up!

Detailed Synopsis

Stephanie Mack is the founder of Account Mobility, a fully remote accounting practice. With a focus on bookkeeping, QuickBooks consulting, and conversions, Stephanie started the practice eight years ago. 

However, recognizing the changing landscape of the accounting industry, she expanded her services to include tax advisory and tax preparation in the past two years. This strategic decision was driven by the upcoming retirement of many CPAs and EAs, presenting a significant growth opportunity.

Despite operating remotely, Stephanie has successfully navigated the accounting ecosystem and developed a unique model for growth. To connect with her, individuals can visit the Account Mobility Facebook business page or reach out via email at stephanie@AccountMobility.com. 

Our discussion covered quite a bit in the half hour episode, but you won’t want to miss this episode. Check out the timestamp below for important topics discussed. 

Timestamps

[00:01:55] CPAs retiring and aging out.

[00:04:31] Transitioning to business clients.

[00:10:32] Team structure is unique.

[00:13:30] Subscription-based pricing model.

[00:17:30] Transitioning clients to the new pricing model.

[00:19:10] Price resistance and client transition.

[00:22:33] Maximizing returns for accounting firms.

Podcast

Summary

In this episode of Growing Your Firm, host David Cristello interviews Deneen Dias, Vice President of Growth and Strategic Partnerships at Botkeeper. Daneen shares her expertise in helping top firms undergo digital transformation and discusses the world of CAS (Client Accounting Services).

She also delves into the definition of CAS, where to start, and how to successfully implement and scale up CAS. Additionally, she explores the implications of AI in building CAS teams.

What you’ll learn

In this episode, you will learn about the world of Client Accounting Services (CAS) and how it has evolved with the introduction of technology, such as the cloud and AI. 

And you will learn about the shift in revenue generation for accounting firms, the trend of offering advisory services, and the importance of accountants as trusted advisors.

The episode also covers the different themes around: 

• • Financial advisory outsourcing

• • The journey of building a CAS team

• • The importance of hiring a leader and standardizing processes

• • The struggles of budget approval, 

• • The importance of investing in technology for scaling up advisory services

• • The lack of training in the industry

• • Impact of  incentives on technology adoption

And more! 

Guest Bio

Deneen Dias is the Vice President of Growth and Strategic Partnerships at Botkeeper. She has spent over a decade at CPA.com helping top 100 firms with digital transformation. 

Her extensive experience in the industry and her role at Botkeeper demonstrate her expertise and leadership in the field of growth and strategic partnerships. Deneen is dedicated to driving growth and fostering strategic partnerships to help businesses succeed in the digital age.

Detailed Synopsis

Advances in technology have led to a significant increase in the use of AI and learning models. The transcript highlights the advancements in computer-assisted systems (CAS) since around 2008, including chat GBT, open AI, and platforms like Google’s AI. 

Deneen acknowledges the positive impact of AI and learning models on the profession, as they are now being widely utilized in various industries, including accounting firms.

She also emphasizes that AI has the potential to uncover trends in data that may not be visible to the human eye. This is particularly valuable for accounting firms, as it enables them to provide more effective advisory services to their clients. 

With the abundance of untapped data, AI-powered data analytics and predictive analytics can help firms analyze client data, identify trends, and offer valuable insights and advisory services. This shift towards a more analytical and advisory-focused approach is transforming the way work is done.

Deneen also highlights how platforms like Netflix, Instagram, and Facebook are using different types of AI to personalize user experiences and keep users engaged. 

In the accounting profession, AI is seen as a technology that is reshaping revenue generation, with the accounting side becoming the primary revenue generator and the advisory space being seen as the future.

AI has the capability to analyze data and identify trends that may not be visible to the human eye. This is particularly valuable for firms in the accounting profession as it enables them to provide more effective advisory services to their clients. 

Traditionally, firms have generated revenue primarily through tax and audit services. However, with the advent of technology and the ability to access client data in real-time, there has been a shift towards the accounting side becoming the main revenue generator and the fastest-growing area. 

Get everything you need to manage projects and meet deadlines.

Subscribe to our weekly newsletter, and get 32 free accounting workflow templates today!​​

sign me up!

The episode suggests that the future of the accounting profession lies in the advisory space, where AI can play a significant role. 

By leveraging AI technology, firms can utilize the power of data analytics and predictive analytics to uncover trends and insights that can help clients make informed decisions. 

This not only enhances the value of the services provided but also changes the way the work is done, making it more analytical and advisory-focused. AI is seen as a powerful tool that can bring the power of data to firms, enabling them to offer more valuable and impactful services to their clients.

AI is revolutionizing the accounting profession by changing the role of accountants and automating various tasks. The episode highlights how AI technology, such as virtual assistants like Alexa, can provide financial information to customers upon request. For example, customers may be able to ask Alexa about their Q4 earnings, and the AI-powered assistant will provide them with the relevant information. This demonstrates how AI is transforming the way accountants interact with clients and deliver financial information.

Additionally, the episode mentions that AI is also being integrated into audit processes. While audit revenue has been relatively stagnant, AI technology is expected to bring about significant changes in this area. 

By leveraging AI, auditors can analyze vast amounts of data and identify trends that may have been overlooked by the human eye. This data-driven approach enhances the efficiency and effectiveness of audits, ultimately improving the quality of financial reporting.

Overall, AI is seen as a powerful tool that accountants can utilize to leverage the power of data. 

The availability of large amounts of data, combined with AI technology, enables accountants to perform data analytics and predictive analytics. This allows them to identify trends, patterns, and anomalies in client data, which can then be used to provide valuable insights and advisory services to clients. 

AI is not replacing accountants but rather changing the way their work is done, making it more analytical and advisory-focused.

Timestamps

[00:02:25] AI changing the accounting profession.

[00:04:00] Expanding advisory services.

[00:07:40] Shifting focus towards larger clients.

[00:11:06] Standardizing processes and technology.

[00:14:23] Lack of budget for new talent.

[00:18:01] Upscaling talent in CAS.

[00:22:33] AI impact in the industry.

[00:24:39] Changing the way work is done.

[00:28:43] AI in accounting.