Podcast

Summary

In this episode of Growing Your Firm, brought to you by Jetpack Workflow, host David Cristello welcomes back Geni Whitehouse, founder of The Impactful Advisor and Information Technology Alliance (ITA) president, who specializes in the wine industry. 

Geni, also known as the Countess of Communication and author of “How to Make a Boring Subject Interesting: 52 Ways Even a Nerd Can Be Heard,” discusses the latest trends in her membership base, the importance of niche advisory services, and effective communication strategies. 

Join us as we explore insights into talent acquisition and dive deep into various industry-specific challenges and opportunities.

What you’ll learn

The listener will learn about the book “How to Make a Boring Subject Interesting” and the author’s journey from being a tax professional to finding ways to resonate with clients and deliver value. 

They will also learn about leveraging humor, embracing unique qualities, improving communication skills, transitioning to advisory roles, and addressing challenges in the accounting industry.

Guest Bio

Geni Whitehouse: A Visionary in the Accounting and Advisory Landscape

Geni Whitehouse stands as a beacon of innovation and expertise in the accounting industry, particularly known for her deep specialization in the wine industry. 

As the founder of the Impactful Advisor and the President of ITA (Information Technology Alliance), Geni has carved a niche for herself by blending traditional accounting practices with modern advisory services, thereby transforming how accounting professionals engage with and deliver value to their clients.

Career and Contributions

Geni’s career trajectory is marked by a significant shift from being a tax professional to an influential advisor and educator in the accounting field. Her journey began in the rigorous environments of prominent firms, including Deloitte, where she honed her skills in tax accounting. 

However, it was her realization of the limited impact of traditional tax services on client businesses that propelled her towards advisory services. This pivot was not just a career change but a mission to revitalize the accounting profession.

At the core of Geni’s philosophy lies a profound commitment to making accounting services more engaging, valuable, and understandable to clients. This commitment is vividly illustrated in her role as the Countess of Communication for “Even a Nerd Can Be Heard,” an initiative aimed at empowering accounting professionals to improve their communication skills. Her book, “How to Make a Boring Subject Interesting: 52 Ways Even a Nerd Can Be Heard,” encapsulates her innovative approach to communication within the technical realms of accounting and technology.

Achievements and Impact

Geni’s impact on the accounting industry is multifaceted. Through her leadership at ITA, she has been instrumental in shaping the dialogue around the integration of technology in accounting practices, helping firms navigate the complexities of digital transformation. Her efforts are geared towards not just adopting technology but also ensuring that it enhances the advisory capabilities of accountants.

Her specialization in the wine industry through her firm, which focuses exclusively on this niche, showcases her belief in the power of specialized knowledge. By deeply understanding the nuances of the wine industry, Geni has been able to offer tailored advisory services that go beyond generic financial advice, addressing the specific challenges and opportunities within this sector.

Moreover, Geni’s educational initiatives, particularly her free classes and workshops, reflect her dedication to elevating the industry by sharing knowledge and best practices. These sessions, often filled with humor and relatable anecdotes, make complex accounting concepts accessible and engaging, thereby fostering a community of well-informed and communicative accounting professionals.

Philosophy and Ethos

At the heart of Geni’s professional ethos is a commitment to transformation and empowerment. She firmly believes that accountants can and should be more than just number crunchers; they can be advisors, educators, and innovators. Her approach to accounting emphasizes the importance of asking the right questions, embracing technology, and communicating effectively, all aimed at delivering real value to clients.

Geni’s philosophy extends to her views on talent development within the industry. She advocates for nurturing the next generation of accounting professionals by equipping them with the tools and skills necessary to thrive in a rapidly evolving business environment. Her leadership in various educational and professional platforms serves as a testament to her commitment to this cause.

In summary, Geni Whitehouse is a distinguished figure in the accounting industry, known for her innovative approach to advisory services, her specialization in the wine industry, and her relentless pursuit of enhancing the communicative prowess of accounting professionals. Her career and achievements not only highlight her expertise but also her dedication to transforming the accounting landscape for the better.

Detailed Synopsis

Embracing and Leveraging Unique Traits in Communication

In the podcast a prominent theme discussed is the power of embracing and leveraging one’s unique traits, such as being a “nerd,” to enhance communication and make complex topics more engaging. Geni, who identifies as a “nerd” herself, has successfully used this aspect of her personality to connect with her audience and deliver content in a relatable and interesting manner.

The Power of Self-Acceptance

Geni discusses how accepting and even highlighting her nerdy traits has allowed her to break down barriers in communication. By acknowledging these traits, she not only makes herself more approachable but also turns potential weaknesses into strengths. 

For instance, she mentions using humor and self-deprecation as tools to engage her audience. This approach is evident when she talks about her interactions with industry thought leader Greg La Follette, who admitted he was surprised at how good her book was despite his initial low expectations. This anecdote underscores the impact of embracing one’s identity to overturn stereotypes and exceed expectations.

Making Complex Topics Accessible

One of Geni’s key achievements is her ability to make complex topics accessible and engaging. Her book, “How to Make a Boring Subject Interesting: 52 Ways Even a Nerd Can Be Heard,” is a testament to her approach. 

She uses various techniques to spice up presentations and discussions, such as incorporating humor, varying content delivery, and connecting with current events or personal anecdotes. By doing so, she maintains audience interest and makes dense material more digestible.

Leveraging Unique Traits for Effective Communication

Geni’s strategy involves leveraging her nerdy reputation to enhance her communication. She describes using a Monty Python video in presentations to highlight and poke fun at the stereotypical image of accountants. 

This not only lightens the mood but also makes her more relatable to her audience. It’s a clever way of acknowledging the stereotype while also demonstrating that she can provide valuable and engaging content despite, or perhaps because of, her nerdiness.

Conclusion

Geni Whitehouse’s experience and strategies provide valuable lessons in communication, particularly in how embracing and leveraging one’s unique traits can transform potential drawbacks into powerful tools for engagement. 

By owning her identity as a “nerd,” she not only challenges stereotypes but also enhances her ability to communicate complex topics in a way that is both informative and entertaining. This approach not only makes her a better communicator but also serves as an inspiring example for professionals in any field looking to improve their communication skills.

The Importance of Demonstrating Advisory Services to Potential Clients

In the podcast episode, Geni Whitehouse, a seasoned professional in the accounting industry, emphasizes the importance of demonstrating the value of advisory services to potential clients through practical demonstrations and training, rather than relying solely on traditional marketing methods. 

This approach is particularly effective in shifting the perception of accounting firms from mere tax service providers to strategic advisors.

Practical Demonstrations Over Traditional Marketing

Geni discusses her experience with a winery-focused accounting firm, where traditional marketing methods like mailers were initially used but did not effectively communicate the firm’s advisory capabilities. 

The firm then shifted to offering free training classes as a form of marketing, which proved to be a more effective strategy. These classes were designed to show potential clients what advisory services look like in action, rather than just telling them about the services.

Benefits of Training and Demonstrations

1. Engagement and Education : By conducting training sessions, the firm engages potential clients in an educational experience that helps them understand the depth and value of advisory services. This hands-on approach allows clients to see firsthand how these services can impact their business.
2. Building Trust : Practical demonstrations help build trust between the firm and potential clients. When clients can see the expertise and value offered by the firm through real-world examples and interactive sessions, they are more likely to trust the firm’s ability to handle their more complex business needs.
3. Differentiation : This approach also differentiates the firm from competitors who may only offer traditional accounting services. By showcasing their advisory expertise, the firm positions itself as a thought leader and innovator in the industry.
4. Feedback and Interaction : Live training sessions provide an opportunity for immediate feedback and interaction, which can be invaluable for both the firm and potential clients. This interaction helps the firm tailor their services to better meet the specific needs of their clients.

Implementation Strategy

Geni’s firm partnered with industry associations to offer these training sessions as a member benefit, which helped in reaching a targeted audience effectively. They also created a fake winery to use as a case study, making the sessions more relatable and engaging without exposing real client data.

Conclusion

The shift from traditional marketing to practical demonstrations and training is a strategic move that can significantly enhance the perceived value of advisory services. As Geni Whitehouse’s experience illustrates, this approach not only educates potential clients about the benefits of advisory services but also builds a stronger, trust-based relationship that is likely to lead to business growth and client retention.

Ongoing Challenges in the Accounting Industry Related to Talent Management

The accounting industry is currently facing significant challenges in talent management, which include issues related to recruitment, retention, and adapting to new expectations for work-life balance and professional growth opportunities. These challenges are multifaceted and impact firms of various sizes and specializations.

Recruitment and Retention

The industry is experiencing a talent shortage, which is exacerbated by the high demands of compliance work and the intense workload during tax seasons. As discussed in the podcast, many firms are not taking on new clients because they are at capacity and cannot handle additional work with the current staff levels. This situation highlights the critical need for efficient recruitment strategies to attract new talent to the industry.

However, recruitment alone isn’t sufficient; retention is equally challenging. The traditional model of long hours, especially during tax season, is increasingly at odds with the expectations of newer generations entering the workforce. They are looking for a better work-life balance and opportunities that allow for personal and professional growth without sacrificing their well-being.

Adapting to New Expectations

The accounting industry must adapt to these new expectations by rethinking work models and offering more flexible working conditions. This includes reconsidering mandatory overtime during busy seasons and finding ways to distribute workloads more evenly throughout the year. 

Technology and automation are seen as potential solutions to alleviate some of the workload by streamlining processes and reducing the time spent on repetitive tasks. Like Jetpack Workflow. 

Professional Growth Opportunities

For the accounting industry to attract and retain talent, it must also offer clear paths for professional growth and development. This involves not only traditional accounting skills but also advisory roles and technological proficiency. 

As the industry evolves, accountants are expected to take on more consultative roles, helping clients navigate complex financial landscapes rather than just managing books or tax filings.

Conclusion

The accounting industry is at a crossroads where it must address these talent management challenges head-on. 

By embracing technology, reevaluating work practices, and enhancing the value proposition for new and existing employees, firms can better position themselves to attract and retain the talent needed to thrive in the changing business environment.

Timestamps

[00:01:14] Niching in the wine industry.

[00:03:37] Embracing nerdiness in communication.

[00:07:47] Defining advisory services.

[00:12:27] Increasing revenue without raising prices.

[00:15:51] Elevating the wine industry.

[00:19:19] Communicating with humor.

[00:23:21] Talent dilemma communication problem.

[00:26:10] Starting new firm opportunities.

[00:28:03] Scaling small and medium businesses.

Podcast

Summary

Today’s episode features Samantha Santaniello, partner at R.S.K Tax & Consulting. Samantha discusses the importance of setting boundaries to manage time effectively as a business owner. 

Host David Cristello explores topics like systems and processes for scaling a firm, balancing work and family life, and utilizing AI transcription tools. Tune in to gain insights on optimizing workflow and achieving work-life balance in the accounting industry.

What you’ll learn

The listener will learn about setting boundaries, systems and processes for scaling a firm, managing personal routines and juggling multiple responsibilities as a business owner and parent. They will also hear about the services provided by R.S.K Tax & Consulting, focusing on small business owners and real estate investors. 

The importance of tax planning and strategy for small business owners, real estate investors, and individuals will also be discussed, along with insights into building a successful business with a sibling and managing personal systems effectively.

Additionally, the benefits of having a morning routine, utilizing an administrative assistant, and implementing tools like Jetpack Workflow for organization and task management will be highlighted. 

The episode will also cover the significance of building a great team, incorporating ideas from others, and utilizing digital assistants in virtual meetings.

Guest Bio

Samantha Santaniello is a distinguished partner at R.S.K Tax & Consulting, a thriving firm based in New York that specializes in serving small business owners and real estate investors in the tri-state area of Connecticut, New Jersey, and New York. 

With years of experience in the industry, Samantha, alongside her sister, founded R.S.K Tax & Consulting with a focus on tax planning and strategy rather than just tax preparation. Their unique approach of being tax strategists has set them apart in the industry, allowing them to provide comprehensive support to their clients throughout the year.

Samantha’s career journey began in the corporate world, where she worked at one of the big four firms before transitioning to private not-for-profit organizations. However, it was in the realm of entrepreneurship that Samantha found her true passion and purpose. 

As a partner at R.S.K Tax & Consulting, Samantha’s dedication to helping clients achieve their financial goals and navigate the complexities of tax planning has been instrumental in the firm’s success.

One of Samantha’s key philosophies is the importance of setting boundaries and prioritizing self-care, especially as a business owner with a family. She emphasizes the significance of establishing routines and systems to manage the various roles she juggles, from being a business owner to a parent and partner. 

Samantha’s commitment to personal growth and development is evident in her disciplined morning routine, which includes waking up at 4 a.m. to plan her day, work out, and set the tone for success.

In her role at R.S.K Tax & Consulting, Samantha has been a driving force behind the firm’s growth and success. She is a firm believer in the power of teamwork and values the contributions of her team members, recognizing that a cohesive and supportive team is essential for achieving business goals. Her approach to hiring and team management is centered around fostering a collaborative and results-driven environment where team members feel valued and empowered to contribute their ideas and feedback.

Samantha’s commitment to continuous improvement and innovation is exemplified in her adoption of technology tools like Jetpack Workflow and AI transcription tools to streamline processes and enhance client service. By leveraging these tools, Samantha has been able to optimize the firm’s operations, improve client communication, and stay ahead of industry trends.

Beyond her professional accomplishments, Samantha is also dedicated to sharing her knowledge and expertise with others. Through her active presence on social media platforms like Instagram, she educates her followers on tax planning strategies and financial literacy, contributing to the broader conversation around financial empowerment.

Detailed Synopsis

Setting boundaries and delegating tasks to an administrative assistant can significantly help business owners manage their time effectively. 

In this podcast episode, Samantha Santaniello, a partner at R.S.K Tax & Consulting, shared her experience of how having an administrative assistant transformed her time management and productivity.

Samantha highlighted that her administrative assistant plays a crucial role in setting boundaries for her, particularly in scheduling meetings with clients. 

By having the assistant manage her calendar and email, Samantha no longer needs to worry about overcommitting or struggling to find time for her family. This delegation of tasks allows her to focus on high-priority activities and ensures that her schedule is optimized for maximum efficiency.

Moreover, the administrative assistant assists Samantha with various tasks, such as booking trips, onboarding new clients, and handling client communication. By offloading these responsibilities to the assistant, Samantha can free up valuable time to concentrate on strategic aspects of her business, such as tax planning and business growth.

Additionally, Samantha emphasized the importance of having a proactive administrative assistant who can anticipate needs and take initiative. This proactive approach not only streamlines processes but also enhances overall productivity within the firm. The assistant’s ability to manage tasks efficiently and communicate effectively with the team contributes to a more organized and cohesive work environment.

Overall, Samantha’s experience underscores the significance of setting boundaries and delegating tasks to an administrative assistant in effectively managing time as a business owner. 

By entrusting certain responsibilities to a capable assistant, business owners can focus on core business activities, improve productivity, and achieve a better work-life balance.

Implementing systems and processes, such as using tools like Jetpack Workflow, can streamline operations and improve client service. 

She also highlighted the importance of systems and processes in scaling a firm while maintaining high-quality client service.

Samantha mentioned that when she first started her business, they were using Excel to manage everything. However, as the number of clients grew, it became challenging to handle everything efficiently. This led her to explore tools like Jetpack Workflow, which significantly improved their operations.

One key feature Samantha highlighted was the use of labels in Jetpack Workflow. These labels allowed her team to be proactive with clients, especially in following up on missing information. 

By running reports on missing information weekly and assigning team members to follow up, they were able to ensure that clients provided the necessary information promptly. This proactive approach not only improved efficiency but also enhanced client satisfaction.

Additionally, Samantha discussed how Jetpack Workflow’s communication and note section facilitated better collaboration within the team. 

The ability to communicate effectively and track progress on client work ensured that everyone was on the same page and could seamlessly transition tasks if needed. This level of transparency and communication is crucial for maintaining high standards of service delivery.

Moreover, Samantha also mentioned the use of AI transcription tools during client meetings. These tools automatically generate summaries of meetings, allowing her to focus on the client’s needs and goals rather than taking notes. 

This not only saves time but also ensures that important details are captured accurately, leading to better client understanding and service.

Overall, the implementation of systems and processes, including tools like Jetpack Workflow and AI transcription tools, has been instrumental in streamlining operations at R.S.K Tax & Consulting. By leveraging these tools effectively, Samantha and her team have been able to enhance efficiency, improve client service, and ultimately drive the growth of their firm.

Having a Proactive Team for Continuous Improvement and Growth

In the podcast episode, Samantha Santaniello from R.S.K Tax & Consulting emphasized the importance of having a proactive team that contributes ideas and feedback. 

She highlighted that a team is essential for growth and that without them, she would not be where she is today. Here are some key points from the episode that support the idea that having a proactive team can lead to continuous improvement and growth within the firm:

1. Team Contribution : Samantha mentioned that her team members want to feel like they are part of something bigger and are results-driven. This indicates that team members are motivated to contribute to the firm’s success and growth.
2. Open Communication : Samantha holds quarterly meetings with her team to discuss what can be done better and how they can improve processes. This open communication allows team members to share their ideas and feedback, leading to a collaborative approach to problem-solving and innovation.
3. Learning from Team Members : Samantha mentioned that she hires people who know more than she does in specific subjects because she wants to learn from them. This approach not only fosters a culture of continuous learning within the firm but also encourages team members to share their expertise and contribute to the firm’s growth.
4. Cultural Fit : Samantha highlighted the importance of the team vibe and mentioned that they all get along well. This positive team dynamic fosters a supportive environment where team members feel comfortable sharing their ideas and feedback, leading to a more collaborative and innovative work culture.
5. Feedback Loop : By soliciting feedback from team members on a regular basis, Samantha ensures that everyone has a voice in the firm’s decision-making processes. This feedback loop allows for continuous improvement and helps identify areas where the firm can grow and evolve.

In conclusion, having a proactive team that contributes ideas and feedback is crucial for continuous improvement and growth within a firm. 

By fostering open communication, encouraging learning from team members, promoting a positive team culture, and maintaining a feedback loop, firms can create an environment where innovation thrives, leading to sustained growth and success.

Timestamps

[00:01:57] Real estate investors and tax planning.

[00:03:29] Building a business with a sibling.

[00:07:14] Balancing work and motherhood.

[00:10:48] Labels for proactive client management.

[00:15:31] What makes a great hire.

[00:19:12] Automating client meeting notes.

[00:21:47] Instagram for finance advice.

Podcast

Summary

In this episode of Growing Your Firm, host David Cristello interviews Jordan Sublette, the CEO and founder of Cloud Accountant Staffing. Jordan shares his journey of building and selling his firm, and dives into the world of outsourcing talent. 

They discuss the challenges of talent crunches and how Jordan navigated through them. Tune in to gain insights on building a successful firm and leveraging outsourcing effectively.

What you’ll learn

The listener will learn about the journey of Jordan Sublette, CEO and founder of Cloud Accounting Staffing, including building his firm, outsourcing talent, structuring a sale, and navigating the world of outsourcing.

Guest Bio

Jordan Sublette: A Visionary Leader in Cloud Accounting

Jordan Sublette is a visionary leader in the field of cloud accounting, known for his innovative approach to building successful accounting firms. With a background in public accounting and a passion for entrepreneurship, Jordan has carved out a unique path in the industry, transforming traditional practices into modern, cloud-based operations.

After starting his career in a top 100 accounting firm, Jordan gained valuable experience in financial statement reviews, compilations, audits, and tax returns. This foundation gave him the confidence to venture into the world of small firm ownership. In 2019, Jordan took a bold step by acquiring a small legacy firm, leveraging an SBA loan to kickstart his entrepreneurial journey.

Under Jordan’s leadership, the firm experienced exponential growth, with revenues skyrocketing from half a million to 1.5 million in just three years. His strategic decision to pivot to a monthly recurring revenue model and capitalize on the opportunities presented by the Paycheck Protection Program during the COVID-19 pandemic proved to be game-changers for the firm’s success.

Jordan’s commitment to innovation and efficiency led him to explore the world of outsourcing talent, particularly in the Philippines. Recognizing the cost-saving benefits and the quality of talent available, Jordan established Cloud Accounting Staffing, a company specializing in connecting US-based accounting firms with skilled professionals in the Philippines.

Through Cloud Accounting Staffing, Jordan has helped numerous small and mid-sized firms optimize their operations, reduce costs, and scale their businesses effectively. His hands-on approach to recruiting and sourcing talent ensures that clients receive top-notch professionals tailored to their specific needs.

Jordan’s ethos revolves around the belief that leveraging technology and global talent is essential for the growth and sustainability of modern accounting practices. His philosophy centers on building strong client relationships, fostering a culture of continuous improvement, and staying ahead of industry trends to deliver exceptional service.

As a thought leader in the accounting industry, Jordan’s insights and expertise have been 

instrumental in guiding firms towards success in an increasingly competitive landscape. His dedication to excellence, strategic vision, and commitment to innovation make him a trusted advisor and mentor for aspiring entrepreneurs and established professionals alike.

Detailed Synopsis

Jordan’s journey from acquiring a small accounting firm to transforming it into a successful business with a focus on outsourcing talent in the Philippines is a testament to strategic decision-making and entrepreneurial spirit.

Acquiring a Small Firm:

• In 2019, Jordan purchased a small accounting firm with a revenue of just under half a million dollars, marking the beginning of his ownership journey.
• Recognizing the potential for modernization and efficiency, Jordan saw an opportunity to transform the traditional nature of the acquired firm.

Transition to Outsourcing Talent:

• Understanding the advantages of outsourcing talent to the Philippines, where skilled professionals could be hired at a fraction of the cost compared to local hires, Jordan made the strategic decision to build a team with 10 staff members based in the Philippines out of a total of 15 employees.
• By leveraging outsourcing, Jordan effectively delegated various accounting tasks to his offshore team, enhancing operational efficiency.

Growth and Success:

• Through a strategic focus on outsourcing and catering to small to mid-sized firms as clients, Jordan successfully tripled the firm’s revenue within 36 months, reaching $1.5 million.
• Jordan’s emphasis on a subscription-based revenue model, operational streamlining, and the use of cloud-based tools contributed significantly to the firm’s success.

Cloud Accounting Staffing:

• Building on his success with outsourcing talent, Jordan founded Cloud Accounting Staffing, a company specializing in connecting accountants in the Philippines with firms in the US and Canada.
• The company’s commitment to providing cost-effective talent solutions to small and mid-sized firms has been pivotal in its rapid growth and achievements.

Key Takeaways:

• Jordan’s journey underscores the importance of strategic decision-making, adaptability, and the utilization of global talent to drive business growth.
• His ability to identify opportunities, implement changes, and scale the business exemplifies the power of innovation and forward-thinking in the accounting industry.

In a podcast episode, Jordan emphasized the significance of establishing strong client relationships by personally engaging in sales calls and building rapport with clients. 

By involving himself in sales calls, Jordan demonstrated his commitment to understanding client needs and fostering trust, ultimately connecting with clients on a deeper level and effectively communicating the value of his services.

Furthermore, Jordan highlighted the importance of hiring the right staff and empowering them to manage client relationships effectively. By investing in talented individuals like Matt Johnston, who eventually bought out the firm, Jordan showcased the value of capable staff who can take on leadership roles and drive the firm’s growth.

Regarding sales strategies, Jordan discussed the impact of outbound marketing and cold outreach in acquiring new clients. By implementing successful strategies learned from industry experts, Jordan attracted new clients and expanded the firm’s client base.

Overall, the episode emphasizes the importance of building strong relationships with clients and staff, as well as implementing effective sales strategies to drive firm growth. By prioritizing client engagement, investing in talented staff, and utilizing proven sales tactics, firms can enhance their reputation, attract new clients, and achieve sustainable growth and success.

Outsourcing Talent to the Philippines for Small and Mid-Sized Accounting Firms

Outsourcing talent to the Philippines can offer significant cost savings and benefits for small and mid-sized accounting firms, as highlighted by Jordan Sublette, CEO and founder of Cloud Accounting Staffing.

Cost Savings:

• Outsourcing to the Philippines can result in approximately 50% cost savings compared to local hires in the US, depending on the level of expertise required.
• For instance, a full-time bookkeeping role in the Philippines may cost around $2,000 a month, while a specialized role like a tax senior with a CPA designation could cost around $4,000 a month.
• Cloud Accounting Staffing’s average placement cost of approximately $3,000 a month is notably lower than the US salary range for similar roles.

Benefits:

• Skilled Talent: The Philippines boasts a large pool of skilled accounting professionals well-versed in US accounting practices, providing firms access to quality talent at a reduced cost.
• Scalability: Outsourcing to the Philippines offers small and mid-sized firms the flexibility to scale their team based on business needs, crucial for growth or seasonal fluctuations.
• Focus on Core Activities: By outsourcing routine tasks to the Philippines, firms can allocate more resources to higher-value activities like advisory services and client relationships.
• 24/7 Operations: With a team in the Philippines, firms can operate round-the-clock, ensuring faster turnaround times for clients due to the time zone difference.

How to Get Started:

• Small and mid-sized accounting firms can engage with outsourcing companies like Cloud Accounting Staffing to begin outsourcing to the Philippines.
• Conduct a discovery call to outline requirements and the type of talent needed.
• The outsourcing company will handle recruitment and sourcing, providing a candidate pipeline for the firm to select from.
• Once onboarded, the firm is responsible for training and integration, while the outsourcing company manages HR and IT support.

In conclusion, outsourcing talent to the Philippines presents small and mid-sized accounting firms with a cost-effective solution to access skilled professionals, achieve scalability, and focus on core activities. By leveraging outsourcing benefits, firms can enhance operational efficiency and competitiveness in the market.

Timestamps

[00:03:30] Acquiring a small accounting firm.

[00:07:35] Structuring business growth during COVID.

[00:10:13] Cold outbound tactics effectiveness.

[00:14:22] Key hires discussion.

[00:17:27] Nimble, customizable recruiting services.

[00:21:20] Sourcing talent in different countries.

[00:24:47] Remote work and labor shortage.

[00:27:59] Post-sale relationship project management.

[00:31:39] Cost savings in hiring talent.

Podcast

Summary

In this insightful episode of the “Growing Your Firm” podcast, brought to you by Jetpack Workflow, host David Cristello is joined by special guest Adam Lean, CEO and co-founder of The CFO Project. 

Adam shares his expertise on how accountants can go beyond traditional number-crunching by engaging with clients through meaningful conversations that resemble therapeutic sessions. By asking open-ended questions about clients’ businesses and aspirations, accountants can foster a deeper connection and provide greater value.

Adam also delves into the importance of CFO advisory services as a scalable way for accountants, CPAs, bookkeepers, and enrolled agents to grow their firms and increase their earnings. The episode discusses the rise of advisory services in the accounting industry, from integration in mid-market firms to adoption by smaller practices as a lucrative service offering. 

What you’ll learn

Listeners will learn about the importance of asking clients questions to get them talking, the benefits of adding CFO advisory services to accounting firms, and the current state of advisory services in the industry.

Guest Bio

Adam Lean is a renowned figure in the world of accounting and financial advisory services. As the CEO and Co-founder of The CFO Project, Adam has dedicated his career to helping accountants, CPAs, bookkeepers, and enrollment agents start or add CFO advisory services to their offerings. 

With a focus on escaping the accountant’s trap and providing a scalable way for firms to grow and earn what they’re worth, Adam’s expertise and insights have transformed the way financial professionals approach their businesses.

Throughout his career, Adam has worked with a diverse range of clients, from small businesses to mid-market firms, helping them navigate the complexities of financial management and strategic planning. His training and certification program have empowered countless professionals to expand their services and provide high-value advisory solutions to their clients.

Adam’s philosophy revolves around the idea of building trust and relationships with clients by understanding their needs and aspirations. He emphasizes the importance of appealing to clients’ emotions and guiding them towards achieving their business goals. By focusing on the human aspect of financial advisory services, Adam has been able to establish himself as a trusted advisor and mentor in the industry.

With a deep understanding of the challenges faced by business owners, Adam approaches each client interaction as a unique opportunity to make a meaningful impact. By asking insightful questions and listening attentively, he uncovers the underlying issues and opportunities for growth within a business. This personalized approach has earned him a reputation for delivering tailored solutions that drive success and profitability for his clients.

Adam’s credentials and achievements speak volumes about his expertise in the field of financial advisory services. His program at the CFO Project has equipped numerous professionals with the tools and knowledge needed to excel in the competitive landscape of accounting and finance. 

By focusing on building long-term relationships and delivering value-driven services, Adam continues to inspire and empower financial professionals to reach new heights of success in their careers.

Detailed Synopsis

To effectively market CFO advisory services to small business owners, establishing an emotional connection is crucial. 

Adam Lean from the CFO Project highlights in a podcast episode that many business owners, while experts in their respective fields like culinary arts, dentistry, or HVAC services, may not have a keen interest or deep understanding of financial intricacies. Consequently, when promoting CFO advisory services, it’s vital to engage business owners by inquiring about their business passions and objectives.

For example, an accountant might initiate a conversation by asking the business owner about the inspiration behind starting their business or their vision for the business in five years, assuming all goes well. This approach fosters a sense of trust and understanding, allowing the business owner to feel supported. It also provides the accountant with insights into the owner’s ambitions and challenges, which can be addressed through the advisory services.

Adam points out that business owners often make decisions based on emotion, later rationalizing them with logic. By tapping into emotional drivers—such as the aspiration for a thriving business that supports their family, garners peer respect, or fulfills personal ambitions—an accountant can present CFO advisory services as a solution that resonates with the owner’s emotional motivations.

The podcast also underscores the importance of simplifying service offerings. Presenting a single, well-defined package helps avoid overwhelming prospects with choices and makes it easier for them to grasp the value offered. The services should be portrayed as a straightforward solution to help the business owner realize their dreams, rather than a complex financial mechanism.

In essence, conversations about CFO advisory services with small business owners are more impactful when they revolve around the owners’ emotional needs and aspirations. By demonstrating an understanding of what is truly important to the business owner and how CFO services can facilitate the achievement of those goals, accountants can effectively advocate for their advisory services.

Offering a single, clear, and comprehensive package for CFO advisory services is a strategic move that benefits both the service provider and the client. As discussed in the podcast episode, this approach reduces confusion and clarifies the value proposition for the client.

Simplifying the Offering

Adam stresses the significance of simplicity in service offerings. A single package helps firms:

• Avoid Overwhelming Clients : Multiple options can cause decision paralysis. One offering ensures clients are not bombarded with choices, which can lead to indecision or a focus on price over value.
• Clarify the Value Proposition : A singular package allows firms to succinctly communicate the expected outcomes and value. This clarity is essential for clients who may be unfamiliar with CFO services.

The Single Package Approach

The recommended approach includes a productized CFO service with two primary deliverables:

1. Scoreboard : A color-coded scoreboard that simplifies the business’s performance without complex financial statements. This visual aid uses green, yellow, and red indicators to show the health of various business aspects.
2. Action Plan : A detailed plan outlining steps to address critical issues identified in the scoreboard. This plan offers clear directions on actions to take before the next meeting to keep the business progressing toward its goals.

Pricing Strategy

Lean advises firms to charge a flat monthly fee for their services, suggesting a range between $1,500 and $5,000 per month. This pricing aligns with the service’s value and ensures clients understand the cost upfront, reducing confusion and fostering trust.

Emotional Appeal

The podcast also emphasizes the importance of appealing to the client’s emotions rather than solely logical arguments. By aligning the single package with the client’s business goals and personal aspirations, the firm makes the service more attractive and relevant to the client’s needs.

Conclusion

In conclusion, offering a single, clear, and comprehensive package for CFO advisory services meets the needs of small to medium-sized business owners who may not fully understand the CFO’s role. This approach simplifies the client’s decision-making process, communicates the service’s value clearly, and focuses on the emotional aspects of business ownership, which are often key to securing the deal.

Understanding Business Goals and Challenges in Initial Conversations

When engaging with prospects, prioritizing a deep understanding of their business before discussing specific services is crucial. This approach builds trust and a relationship, proving more effective than immediately attempting to sell services or delve into financial details.

Ask About Their Business and Motivations

Start the conversation with open-ended questions that prompt the prospect to discuss their business and personal motivations, such as:

• “Tell me about your business.”
• “Why did you start your business?”

These questions allow the prospect to share their story and passions, offering valuable insights into their goals and challenges.

Focus on Their Future Vision

It’s also important to understand the business owner’s future vision. Consider asking:

• “If we were to meet five years from today, and everything went perfectly with your business plan, what would your business look like?”

This question helps you understand their long-term vision and desired milestones, informing how you might tailor your services to support those objectives.

Listen More Than You Speak

Active listening is key in these initial conversations. As the podcast mentions, if you’re speaking more than 5% of the time, you’re likely talking too much. Letting the prospect do most of the talking ensures they feel heard and understood.

Build Emotional Connection

Focusing on the business owner’s emotions and priorities creates a connection beyond the transactional nature of business services. When a business owner feels like they’ve had a “therapy session,” it indicates a successful emotional connection.

Provide Context Before Solutions

Before presenting solutions, it’s essential to set the context. If you’ve identified growth opportunities or red flags, arrange a follow-up meeting to discuss these in detail. This ensures the business owner is receptive to your insights and sees the value in the services you offer.

By taking the time to understand the prospect’s business and personal goals, you establish yourself as a trusted advisor who can guide them to success, rather than just another service provider.

Timestamps

[00:01:09] CFO advisory services growth.

[00:06:11] Outsourced CFO package essentials.

[00:08:43] High ticket advisory service.

[00:13:55] Improving Conversion Rate.

[00:19:25] Inventory Cash Flow Problem.

[00:23:28] Context in Sales Strategy

[00:29:00] Emotional Business Strategy.

[00:30:35] Growth and red flags.

[00:34:34] Dating analogy in sales.

[00:37:05] Scaling small businesses.

Podcast

Summary

On this episode of Growing Your Firm, host David Cristello interviews Daniel Hood, the editor-in-chief of Accounting Today. With over two decades of experience in the industry, Daniel shares insights into the evolving trends in accounting firms and the push for advisory services. Tune in to gain a deeper understanding of the future of accounting and the role of technology in shaping the industry.

What you’ll learn

The listener will learn about the evolution of accounting firms, advisory services, trends in the accounting profession, and the impact of AI on the industry.

Guest Bio

Daniel Hood is a distinguished figure in the accounting profession, known for his extensive experience and insightful contributions to the field. 

With a career spanning over two decades at Accounting Today, Daniel has established himself as a prominent voice in the industry. Starting as a managing editor and now serving as the editor-in-chief, Daniel has played a pivotal role in shaping the content and direction of the publication.

Throughout his tenure, Daniel has demonstrated a deep understanding of the trends and challenges facing the accounting profession. His work at Accounting Today has provided valuable insights into the latest regulations, tax laws, and industry standards, helping professionals stay informed and navigate the evolving landscape of accounting.

Daniel’s expertise extends beyond traditional accounting topics, as he delves into strategies for building successful firms, advancing careers in public accounting, and adapting to technological advancements. His broad perspective on the profession encompasses not only technical aspects but also the strategic and practical considerations that drive success in the industry.

One of Daniel’s key contributions has been his exploration of the evolving models of accounting firms. He has highlighted the shift towards advisory services and the potential impact of AI on the profession, offering valuable insights into the future direction of accounting practices. By engaging with experts and thought leaders, Daniel has facilitated discussions on the changing dynamics of the industry and the opportunities for firms to innovate and thrive.

Daniel’s philosophy centers around the importance of specialization, innovation, and client-centric service. He advocates for firms to embrace new models, adapt to technological advancements, and focus on delivering high-value advisory services to clients. By encouraging firms to think differently and explore niche areas of expertise, Daniel promotes a culture of continuous learning and growth within the profession.

Overall, Daniel’s career trajectory and contributions to the accounting profession reflect a commitment to excellence, innovation, and strategic thinking. His insights and perspectives have shaped the industry discourse and inspired professionals to embrace change, adapt to new challenges, and drive success in the ever-evolving world of accounting.

Detailed Synopsis

Firms in the accounting profession are undergoing a transformation towards more specialized models, akin to the creator economy, by focusing on super niching down and utilizing AI tools.

In a podcast episode, Daniel Hood delves into the evolving models of accounting firms, emphasizing a trend towards specialization and super niching down. He discusses how firms are honing in on specific services, such as payroll for a particular industry or tax returns for corporate jet ownership. This specialization enables firms to excel in a particular niche and deliver high-quality services tailored to the unique needs of their clients.

Drawing a parallel to the creator economy, accounting firms are shifting towards a model where individual practitioners or small teams can thrive by offering specialized services. Just as individual creators in the media industry have built million-dollar businesses, accounting firms are leveraging their expertise in specific areas to effectively cater to niche markets.

Furthermore, the integration of AI tools is revolutionizing the delivery of accounting services. AI technology allows firms to streamline processes, boost efficiency, and offer more accurate and insightful advice to clients. By incorporating AI into their operations, accounting firms can handle complex tasks with greater speed and precision, enabling them to focus on delivering value-added services to their clients.

The move towards specialized models in the accounting profession, combined with the adoption of AI tools, reflects a broader trend towards innovation and adaptation in response to changing client needs and technological advancements. This evolution mirrors the dynamics seen in the creator economy, where specialization and technology are key drivers of success and growth for individual practitioners and small firms.

The concept of an ecosystem model in accounting, where firms with specific skill sets form alliances to serve clients, is gaining traction. Daniel discusses how this model could transform the accounting profession by allowing firms to specialize in niche services and collaborate with other firms to provide comprehensive solutions to clients.

Hood cites the example of a firm in Florida specializing in reporting and tax calculations for corporate jet ownership. By forming alliances with various accounting firms with clients interested in owning planes, this specialized firm can offer its unique service to a broader client base, creating a network of expertise that benefits all parties involved.

This ecosystem model enables individual practitioners or small firms to focus on their core strengths and partner with other service providers offering complimentary services. By leveraging the strengths of each firm within the ecosystem, clients can access a wide range of specialized services tailored to their specific needs. This approach not only enhances the value proposition for clients but also opens up new opportunities for firms to differentiate themselves in the market.

Overall, the ecosystem model in accounting signifies a shift towards collaboration, specialization, and innovation within the profession. As firms continue to adapt to changing client demands and technological advancements, forming alliances with other specialized firms can be a strategic way to deliver high-quality services and remain competitive in a rapidly evolving industry.

The acquisition of firms by private equity and the subsequent roll-ups can disrupt the profession, prompting new perspectives on firm structures and models. Daniel shares how private equity ownership of accounting firms can impact the profession. He notes that private equity ownership can empower firms to think innovatively about their structure, freeing them from traditional constraints.

Moreover, Hood explains that private equity ownership can drive changes in the profession, encouraging firms to explore different models and approaches. 

For instance, the episode highlights the potential for specialization and super-niching down in accounting services, focusing on specific services or industries like payroll for a particular sector or expertise in complex areas such as corporate jet ownership. This level of specialization can create a diverse landscape of accounting services, offering clients a variety of specialized options.

Ultimately, the influence of private equity ownership on accounting firms can prompt a shift in thinking about firm structures and models, inspiring firms to innovate, specialize, and adapt to better serve clients. This shake-up in the profession can lead to a more dynamic and diverse accounting industry, with firms exploring unique and specialized service offerings to meet the evolving needs of clients.

Timestamps

[00:01:33] Evolution of advisory services.

[00:03:25] Advisory services in firms.

[00:07:26] The trend of selling clients.

[00:10:45] Pricing trends in tax returns.

[00:14:49] The future of accounting models.

[00:15:28] Podcasts and AI collaboration.

[00:19:10] Future of professions.

[00:21:34] Client relationship insights.

[00:25:52] Small business owners and finance.

[00:29:20] Financial data visualization and analysis.

[00:31:32] Super specialization in accounting firms.

[00:33:26] Ecosystem model of business alliances.

[00:37:25] Impact of private equity in professions.