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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 narrative is one of evolution, emphasizing the importance of digital transformation in accounting practices, the power of niche specialization, and the continuous journey of learning and adapting to new challenges. [00:00 - 10:00] Introduction and Journey into Cloud Accounting Rachel Fisch shares her initial connection to accounting and the start of her career.Rachel shares how she transitioned from traditional accounting roles to embracing cloud accounting. [10:00 - 20:00] Evolving with Technology: Niche Specialization Adopting and integrating new technologies in accounting practices is vital.They discuss the early days of Receipt Bank (now Dext) and its impact on accounting workflows.Rachel shares her strategic role at Deloitte Canada and the focus on cloud accounting. [20:00 - 30:00] Digital Transformation Beyond Accounting Rachel shares her insights into digital transformation beyond accounting firms to include brokers.There is resistance to change and the push for cloud solutions in real estate.Overcoming resistance to new technologies is crucial for modernizing traditional industries. [30:00 - 40:00] Building a Niche Practice and Refining Services and Simplification What is the strategic decision behind focusing exclusively on agents and brokers at Realty Tax.Deep specialization in a niche can drive significant business growth and client satisfaction.Rachel talks about the realization that simplifying services could lead to better outcomes for both the firm and its clients.Sometimes, less is more. Simplifying offerings can enhance focus and value delivery. [40:00 - 47:42] The Journey to Dext and Full Circle Rachel discusses her new role at Dext and how her diverse experiences led her to this point.Career paths are often non-linear, and diverse experiences can culminate in roles that leverage one's full skill set.Rachel offers advice to accounting firms on envisioning their ideal firm operation and client/team member experience.Keeping an open mind and continuously reevaluating processes can lead to sustained success and innovation in the accounting field. Direct Quotes: "You may find that simplification is actually a better option than adding an additional tech or another dashboard or another KPI." - Rachel Fish "You either understand debits and credits, or you don't." - Rachel Fish "Stepping back and simplifying processes can sometimes be more beneficial than adding complexity." - Rachel Fish Connect with Rachel! LinkedIn: https://www.linkedin.com/in/rachelfisch  Twitter: a href="https://twitter.com/Fischbooks" rel="noopener noreferrer"...

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 business and daily life. They also delve into specific cases they have encountered, such as dealing with issues of workflow, the effectiveness of having a third-party perspective, and how to optimize roles within a business. [00:00 - 12:03] Team Leaders and Group Meetings and Applying Personal Experiences to Business Practices Penny and Damien talk about the onset of tax season, with Penny outlining the office's current tasks.The focus shifts to the importance of team meetings, specifically addressing the recent change from group to individual team leader meetings, Shared problems and goals can benefit from collective problem-solving. [12:03 - 22:07] The Importance of Identifying and Addressing Root Causes and Building a Culture of Trust and Accountability Penny and Damien talk about the importance of identifying and addressing the root causes of problemsExternal perspectives and early problem identification are valuable in teams.They discuss how to improve efficiency and effectiveness in tax return process [22:07 - 39:06] The Role of Firm Administrators in Workflow and The Impact of Different Processes on Team Morale Penny and Damien share strategies for fostering a culture of personal accountability.Creating a supportive work environment, encouraging open acknowledgment of mistakes, and the value of external perspectives are valuable in identifying and solving problems. Direct Quotes: "It takes a great culture to be able to put your hand up and say in front of other people, 'We screwed up the buck stops with me and we're going to fix it.'" - Damien Greathead "You might find that the ten of you together could come up with a solution better than one-on-one." - Penny Breslin ----------------------------------------------------------------------------- Thank you for listening. Please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: @Damien_GH LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/ Twitter: @pennyb57

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 sessions. In addition, they touch on the importance of continuous learning and training to keep up with the numerous applications they use in their work. [00:00 - 16:23] Daily Stand-Up Meetings Damien and Penny share insights and lessons learned from their work with customers around the world.The episode focuses on the importance and structure of daily stand-up meetings, especially during the busy tax season.The internal team dynamics, specifically how team leaders handle communication and problem-solving within their teams.Damien and Penny emphasize the benefits of these stand-up meetings in solving immediate problems, handling workload distribution, and improving overall team efficiency. [16:23 - 26:50] The Implementation of a Daily Stand-Up Meeting Template Damien and Penny discuss the importance of making meetings more valuable, focusing on daily stand-up meetings.They explore the process of empowering team members to make changes to meeting templates to better suit their needs.They also delve into the dynamics of team collaboration, especially in problem-solving and managing technical issues.The importance of integrating training into the company culture is highlighted, emphasizing its role in maintaining quality service. [26:50 - 46:16] The Importance of Continual Learning and Training Welcoming the management team of S&N Financial from Chennai, India.Damien and Penny engage with the team during their daily stand-up meeting, discussing its purpose and effectiveness.The discussion covers how the team manages daily client requirements, prioritizes tasks, and adapts to staff availability.They explore the dynamic workload management during tax season and how the team efficiently processes tax returns.The importance of continuous learning and training within the firm is emphasized, especially during busy periods like tax season. Quotes: "I think there's a really, really valuable lesson here and a lot of power in the daily stand-up and having it very structured in terms of what we are trying to achieve out of this meeting." - Damien Greathead "It's not an easy feat, and I kept on saying, we have somebody who's been with us for 10 years... Why aren't we using her? Well, she didn't have the right designation to go. No, but she has the right knowledge and she has the right temperament." - Penny Breslin "Build training into your culture and that learning mentality into your culture." - Damien Greathead ----------------------------------------------------------------------------- Thank you for listening. Please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: a...

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 and the evolution over the years. [00:00 - 04:56] Year-End Accounting Challenges and Solutions The episode focuses on various aspects of CAS (Client Accounting and Advisory Services), cloud bookkeeping, virtual controller services, and virtual CFO services.Damien and Penny delve into the activities and tasks that firms and clients are engaged in during the end-of-year period. Penny describes how their firm handles year-end cleanups, tax preparations, and dealing with clients who haven’t reviewed their files throughout the year.Penny emphasizes ensuring that data for tax preparation is comprehensive and up-to-date in different software platforms used by clients.They also touch upon changes in tax processes, like the shift from annual to quarterly or monthly sales tax submissions. [04:56 - 11:52] The Role of Bots in Accounting There is an increasing reliance on automation for financial reconciliations, particularly towards the year-end rush.A specific case study: a firm working with a client's company file for two years, noticing unusual transactions—a series of identical charges from Audible.com flagged by the team leader.It is important to be regularly involved in the financial files to catch such mistakes.Damien and Penny share insight into the limitations of bots and AI in accounting, emphasizing the need for human oversight. [11:52 - 21:14] Regular File Review and Understanding the Logic Behind Automated Transaction Penny and Damien discuss the challenges of relying too heavily on automation and AI in accounting, particularly with reconciliation processes.How close monitoring and a thorough understanding of the client's file helped in quickly identifying and rectifying the mistake.It is important to have a proactive approach in accounting, especially in dealing with automated systems.Changes in technology impact the workflow in accounting, with an example of the transition from desktop accounting to cloud-based systems.They reflect on how technology can disrupt traditional accounting practices but also requires new skills and understanding from practitioners. [21:14 - 31:55] The Unpredictability of Bank Feeds Damien and Penny discuss the end-of-year work rush and the increasing reliance on technology in accounting.They share insights into the proactive approach and quick action taken to rectify the bot error, including getting refunds and making necessary corrections.Some accountants and bookkeepers are reluctant to fully embrace new technology due to past experiences or mistrust.There is a need for continuous learning and adaptation in the accounting profession, especially in relation to technology.It is important to be adaptable and open to learning in the accounting profession, especially with the rapid evolution of technology. [31:55 - 35:47] The Importance of a Learning Culture in a Firm It is important to have a learning mentality within the firm, with a nod to the educational approach in the United States that

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 services. They discuss the critical aspects of client relationships, from managing expectations to handling complex payroll situations and the emotional weight that comes with it. Damien and Penny also tackle the topic of verticalization in accounting services, emphasizing the need for specialization to enhance efficiency and client satisfaction. They explore the nuances of client advisory, from budgeting and payroll management to the delicate art of having difficult conversations with clients. Whether you're a seasoned professional or just starting, join Damien and Penny for a deep dive into the world of strategy and virtual controlling, where they share valuable lessons from their extensive experience and lively discussions. [00:00 - 07:01] Discussion on Business Growth and Hiring Exploring the necessity of adapting to different client needs in accounting, including the transition from bookkeeping to more comprehensive advisory roles.Penny and Damien discuss challenges and strategies for having difficult conversations with clients.It is important to set boundaries, manage client expectations, and share insights on balancing direct client work with broader firm management. [07:01 - 18:25] The Importance of Communication in Client Relationships The evolution of client advisory and accounting services highlights the differences in conversations between CAS advisors and traditional tax or bookkeeping roles.Penny recounts a particularly stressful situation involving a payroll error and its resolution, emphasizing the emotional aspect of client interactions.There is a need for accountants to have difficult conversations with clients, including discussions on budget adherence and expense management.Discussing the broader aspects of running an accounting firm, including the challenges of managing a diverse client base and integrating technology for efficiency. [18:25 - 25:07] Understanding Your Limitations and Dealing with Employee Issues Penny discusses the importance of acknowledging when a question is beyond her expertise and the value of finding someone who can provide an answer.Damian and Penny explore the concept of managing client expectations and being honest about areas of expertise and limitations.The idea of drawing from personal experiences in business to provide clients with more relatable and practical advice. [25:07 - 35:18] Managing Client Expectations and Improving Business Model Penny discusses prioritizing client needs, setting aside time for important clients, and managing less critical tasks accordingly.The conversation covers the importance of asking clients about their timelines and urgency for resolving issues, highlighting the need for flexibility in client management.The hosts delve into the role of a CAS (Client Advisory Services).They explore the idea of using monthly meetings or calls to discuss predefined topics, such as credit card usage and ROI, internal controls, and financial...

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.  With Dawn, they discuss the importance of adaptability and setting clear goals for business growth. Dawn shares her experiences with the challenges of running a successful accounting firm, from payment models to dealing with client expectations, and the nuances of providing actionable, honest advice. They also discuss the broader picture of the accounting industry, highlighting key trends such as AI integration, cybersecurity, and the shift towards more personalized client services. Sharmila and Nirmala discuss their experience at the conference, particularly their insights on managing client communication, workflow optimization, and embracing technological advancements. Dawn Brolin, CPA and CFE, is the CEO of Powerful Accounting, LLC, focusing on accounting, tax, fraud services, and QuickBooks consulting. An author, motivational speaker, and trainer, she has worked with entities like Intuit and MSNBC. Recognized consistently among the "Top 25 Most Powerful Women in Accounting," Dawn has also been named a “Top 10 Managing Partner Elite” and a “Top 40 Under 40.” Her dynamic approach has led to media appearances and speaking roles at key conferences. [00:00 - 06:41] From Bookkeeping to Business Growth with Dawn of Powerful Accounting, LLC Dawn shares her journey from starting as a bookkeeper to becoming a CPA and moving into tax advisory and consultancy work. She shares some challenges and growth in her career.Business growth is a personal journey. Running an accounting firm requires ongoing adjustment and self-reflection. We discuss how Dawn handles the challenges of implementing a subscription business model, managing scope creep, and client expectations.It’s important to value your expertise and not feel guilty to charge for your knowledge. [06:41 - 17:40] Navigating Scope Creep, Liability, Audits, and Effective Client Management The challenges of scope creep in accounting, and how to cover areas such as liability and unforeseen events like IRS audits.It's important to set clear expectations around E&O insurance coverage, especially when advising on forecasting, budgeting, and insurance policies.Dawn elaborates on pricing strategies for complex accounting situations like IRS audits, and how to determine when services are out of the typical scope.Proactive client communication in financial decision-making is key! Especially in situations like capital purchases or business investments.We discuss implementing a subscription-based pricing model tailored to individual client needs, including consultation time.Asses the kind of lifestyle you want from your business: Do you want 100 low-scope and low-paying clients, or 20 high-scope and higher-paying clients? [17:41 - 28:41] Reflections from QuickBooks Connect Las Vegas We welcome Sharmila Raj Kumar and Nirmala Lakshminarayanan from MoneyPenny, LLC who are managing the Chennai operation.They share their experience at Quickbooks Connect 2023 and their highlights and learnings. Sharmila shares her learnings from nonprofit workflows and utilizing

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. They discuss the broad scope of CAS, the critical role of bookkeeping as a foundation for successful implementation, and the challenges in aligning partners' visions within a firm. They also dive into the nuances of client management, the necessity of consistency in bookkeeping, and the importance of strategic client selection and verticalization. Tune in for an episode that demystifies the journey toward integrating CAS to revolutionize your accounting practice! [00:00 - 10:48] The Challenges of Implementing CAS in Traditional Accounting Firms Jan is introduced and shares her insights and passion for technology and her interest in new startups.Jan describes her journey from traditional accounting to going virtual in 2010, her involvement with the Institute of Certified Bookkeepers, and her current roles, including COO and head of bookkeeping.We discuss CAS in accounting and the challenges faced by firms in integrating it.Traditional firms struggle to adapt CAS into their existing models and the misconception of it being a 'plug and play' addition.The discussion highlights the difference between skills needed for tax returns and bookkeeping and the importance of having staff with the right skill set for CAS.Converting clients to regular CAS clients is difficult due to a lack of preparation and mindset change needed in firms.We discuss the complexity of offering a mix of CAS, traditional, advisory, and other services by the same team, leading to performance and scalability issues. [10:49 - 27:30] Successful CAS Starts With Bookkeeping Jan used ChatGPT to analyze the QuickBooks Connect agenda and identify sessions related to CAS and AI, highlighting the utility of AI in categorizing and defining complex topics.Firms face difficulties in clearly defining CAS. This can lead to challenges in implementation and integration.Successful CAS implementations often start with bookkeepingEffective CAS requires control over data flow and cooperation from clients, which is not always straightforward.Firms sometimes need to let go of clients who don’t comply with the necessary changes for effective CAS implementation. [27:31 - 32:25] Navigating Change and Client Relationships in Transitioning We discuss how to navigate client relationships, especially when changes in banking or technology are involved.Find practical solutions like opening an operating account to maintain the client's existing banking relationships while facilitating the firm’s work.Uses easy-to-follow demos to convince clients to adapt to new systems.Get a good client success manager!Our discussion emphasizes the need for clear communication and setting expectations with clients regarding service changes and requirements. [32:25 - 48:37] Going Virtual Takes a Lot of Work, But It’s Worth It Jan Haugo emphasizes the importance of consistency in bookkeeping and accounting services.Penny and Jan discuss the challenges of transitioning from a traditional accounting practice to a virtual one.Damien...

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 like how marketers have adapted to social media.  Tune into this episode to uncover the nuances of AI in accounting and grasp the transformative impact of technology on modern accounting practices. [00:00 - 08:37] The Transitioning from Traditional to Cloud-based Accounting Accounting and bookkeeping professionals need to build practices with intention. This means taking a proactive approach to avoid common pitfalls and mistakes in the industry.Jodie shares her experience and early adaptation to technological shifts. Though initially seen as 'radical', her proactive embrace of cloud technology paved the way for her firm's success and influenced the broader accounting industry. [08:38 - 19:56] How April is Revolutionizing the Landscape of Tax Filing Jody talks about how April represents the shift towards integrating AI in tax filing, making the process more efficient.April is primarily aimed at consumers but does so through a B2B2C model, highlighting the changing paradigms in software distribution.The use of AI allows GetApril to swiftly adapt to tax law changes, a vital aspect in the fast-paced tax environment.By automating mundane tasks, GetApril gives CPAs the chance to focus on providing more valuable advisory services to clients. [19:57 - 29:29] How is AI will Impact the Traditional Roles and Responsibilities of CPAs AI should be seen as an enabler, assisting in making tasks more efficient, not as a replacement for human jobs.Technology expenses should be seen as operational necessities, aligning them with labor costs for more effective financial management.Embracing AI can address the existing shortage in the accounting industry, offering solutions to high work demands.Firms have a choice in how they want to evolve – they can grow extensively or intensively. [29:30 - 40:52] How is AI will Impact the Traditional Roles and Responsibilities of CPAs How middle managers justify productivity and efficiency over billable hoursTechnology in accounting is not about reducing billable hours but increasing overall efficiency and client reach.Successful adaptation to technological advances requires a shift in mindset, not necessarily in age.Humanizing the tax preparation process by using relatable language can enhance client engagement.The value of a CPA is not just in tax prep but also in advisory roles that tech cannot replace.Closing up!  Connect with Jody Padar on LinkedIn  Visit: https://www.getapril.com Read Jody’s Book! The Radical CPA Visit: https://theradicalcpa.com  Tweetable Quotes "One of the things that we're trying to do is help business owners,...

Phishing emails are common nowadays. How aware are you of these threats? Do you know the magnitude of what these hackers can do? This episode of the podcast Strategy in the Virtual Controller dives into the story of Andrew Lassise, IT for tax professionals & bookkeepers at Rush Tech / Tech 4 Accountants. Andrew provides insight into common cyber threats such as phishing attempts and ransomware. He also shares a story about a man whose life savings were taken away right in front of him due to his lack of security measures. Through this conversation, we learn the importance of being aware of what is being clicked on and enabling two-factor authentication on all accounts. We also gained advice on developing workflow systems for verifying invoices with vendors over the phone; implementing strong cybersecurity protocols, training, and audit trails; and being cautious when dealing with online files that may contain malicious software. Finally, we discuss the importance of verifying wiring instructions and other details before sending payments to suppliers, as well as developing a cybersecurity awareness policy for employees to review annually. [00:00 - 16:07] How Cybersecurity Threats Evolve Today • Andrew's background story of how he ended up working in the accountant vertical • Bad actors scrape information from social media to send phishing emails • Phishing emails often ask for help with filing taxes or offer a zip file with returns • If opened, malware is installed, which encrypts data and demands payment for its return [16:08 - 25:06] Protect Yourself from Malware and Ransomware • Cybersecurity threats have evolved over the last few years, becoming more targeted and calculated • Examples of cyberattacks include bypassing two-factor authentication and wiring out life savings • For those with a company portal, questions should be asked regarding their security measures • A layered approach should be taken for protection against malware and ransomware [25:07 - 47:57] Cybersecurity Training: The Key to Avoiding Fraudulent Wire Instructions • Always call to confirm the wire instructions • Look out for changes in the volume of purchases, payment details, and sudden increases in payments • Be aware of apps that require personal information and be cautious when engaging with things on social media • Hackers don't always manually try to gain access but can use information from breaches or social media posts [47:58 - 50:03] Closing Segment • Connet with Andrew and book a complimentary IT audit for your accounting firm • Andrew's closing advice: develop cybersecurity awareness policies and training Tweetable Quotes “The front line of defense on everything is your people. So in that specific example of somebody that's working in AP, I think it's going to come down to something workflow related to have some sort of check-in balance because there isn't a communication in that exact scenario.” - Andrew Lassise “Getting that awareness, I think, is really the best first step. And it's also doesn't cost anything.” – Andrew Lassise ----------------------------------------------------------------------------- Thank you for listening. Please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: a href="https://twitter.com/damien_gh?lang=en" rel="noopener noreferrer"...

What are the new perspectives in technology in relation to the current financial landscape? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss how accountants and financial planners are adapting to the current financial landscape in the midst of the pandemic. They share their experiences from a conference they attended focusing on staying healthy during this time, how to be an effective master of ceremonies at a panel discussion, and what services can work together for mutual benefit. The conversation covers the importance of communication of technology to provide a high-quality service to clients as well as suggestions for success such as identifying the right clients, understanding what kind of business you want to build, paying referral fees, taking extra care with client prep work, and putting clients on extensions automatically.  Tune in as Damien and Penny as they bring new perspectives to work such as valuing healthy work-life balance and open communication with colleagues! [00:00 - 00:27] Opening Segment Damien and Penny discuss AI, Accounting, Bookkeeping, and technologyHow different people handle being a master of ceremonies at a panel discussion   [00:28 - 14:03] Reinventing the Traditional Accounting Firm Communication and technology are key in the accounting industryIt is important to be on the same page with clientsRecommendations from others can help identify potential mistakesUser marketing to build relationships with potential competitors [14:04 - 26:23] Working Together To Achieve The Same Value Set Centers of influence is a great way to do marketing without putting a lot of money into itReferral fees can be beneficial for both parties and should be discussedResponse times, communication tools, and client expectations should be transparentThe traditional business model of an accounting firm has changed for all the businesses we service [26:24 - 30:48] Closing Segment Tune in as Damien and Penny share how a growing practice is marketing about being clear on what it is you do, who you serve, and what’s your value proposition! Tweetable Quotes “I'm not the sharpest knife in the draw and I'm not a whiz-bang CPA, with all those degrees behind me, but I look at what it takes to be connected with a client.” - Penny Breslin “Take some time to work out what it is you want. Go back to chapter one of the book, it's not just the numbers to say, “What sort of a business do you want to build?".” – Damien Greathead ----------------------------------------------------------------------------- Thank you for listening, Please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: @Damien_GH LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/ Twitter: @pennyb57

Why is it important to be trained when working with AI-driven solutions? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss their recent getaways and how they managed to get back to work after taking a break. They talk about the importance of training when working with AI-driven solutions. They highlight why training is essential in the accounting industry, from understanding different applications to better understanding customers.           The conversation covers ways to provide ongoing training, such as dedicating time every week, assigning trainers based on their experience, and having team members share what they learned.  Tune in as Damien and Penny as they explore how to successfully use technology while staying trained and informed about the latest developments in the accounting industry! [00:00 - 05:16] Opening Segment Damien and Penny share their experiences after returning from holidayThey discuss the importance of understanding the impact of AI on bookkeeping        [05:17 - 10:24] How to Implement an Effective Training Program The need for skilled workers to understand the end-to-end process of data flowQuality of information is paramount for accurate bookkeepingTraining in accounting processes is just as important, if not more difficult, than helping technicians understand the bookkeeping process betterInternal knowledge of the client is key to assisting the bottom line and helping organize their expenses [10:25 - 27:27] Unlocking The Benefits Of AI And Technology Dedicated training sessions and communication channels should be set up to ensure everyone is on the same pageAI is built in many ways and can save an enormous amount of timeFostering a culture of sharing and constant learning helps get more out of technologyClient intricacy is critical to understanding the goal of the process [27:28 - 36:55] Closing Segment Tune in as Damien and Penny share how networking with others at conferences can lead to comradery and sharing of knowledge! Tweetable Quotes “I can't believe the speed of information changing not information change. The information is always there, the information is always the same, but our ways of accessing it, utilizing it and generating information out of it is changing drastically and it's changing daily.” - Penny Breslin “It's really important that you foster that particular type of culture within your firm. And then that constant never-ending improvement and constant learning starts to flow. And most importantly, you start to get more and more out of the technology that you're paying a lot of money for.” – Damien Greathead ----------------------------------------------------------------------------- Thank you for listening, please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: @Damien_GH LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/ Twitter: a href="https://twitter.com/pennyb57" rel="noopener noreferrer"...

Why do you need to keep tasks easy to understand? In this episode of Strategy and the Virtual Controller, Damien, and Penny tackle the importance of taking a step back before implementing any technology or workflow changes. They discuss how to set up an anticipatory set that will help employees work more efficiently and effectively, reduce misunderstandings, and minimize write-offs due to incorrect processes. The conversation covers how COVID has impacted internships and new workers coming out of college who may lack experience in executing tasks. Tune in as Damien and Penny as they stress the need to make sure that tasks are easy to understand and complete in order to ensure successful outcomes! [00:00 - 01:20] Opening Segment Damien and Penny discuss accounting, client accounting services, virtual accounting, and virtual controller servicesHelping practitioners build intentional businesses and avoid mistakes [01:21 - 13:50] Avoid Tax Write-Offs Through Anticipatory Set They share their advice on taking a step back and making sure there’s a mutual understanding of objectives and outcomes before rushing to a solutionAnticipatory set:Define titleDefine objectivesDefine what learners should learn [13:51 - 36:33] Carving Out Time To Achieve Anticipated Results Remote workers and new employees may not have experience of internships due to COVIDThe anticipatory set is the objective, which includes the tasks, the trial balance, and the objectives of the trial balanceObjectives is what we should achieve, whereas anticipatory set is the result that we anticipate to happenIt’s important to consider what client the client see on their side of the app, as it may be different than what you see [36:34 - 40:10] Closing Segment Tune in as Damien and Penny share why you need to make sure that tasks are easy to understand and complete in order to ensure successful outcomes! Tweetable Quotes “I did not define both ends of it and you would think, well, why should I? Well, because she's a valuable employee and I don't need to constantly berate her because of my lack of communication.” - Penny Breslin “The client's coming to you because of your accounting and tax expertise. And so a great way in which you can demonstrate your accounting and tax expertise is just to get them better organized and tell them how you want them to submit information.” – Damien Greathead ----------------------------------------------------------------------------- Thank you for listening, please like and share this episode with a friend! Websites: https://moneypennyllc.com/ LinkedIn: https://www.linkedin.com/in/damiengreathead/ Twitter: @Damien_GH LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/ Twitter: @pennyb57