The Modern CPA Success Show

"As an owner of a business, it’s really nice to have control, knowing what’s coming in, what’s going out, and how much cash I have." -Adam HaleSummary:In this episode of the Modern CPA Success Show, hosts Tom and Adam discuss their firm's cash flow management service. They highlight the critical role of cash flow in business health, distinguishing it from financial forecasting. Their service includes a 13-week cash flow forecast, regular cash flow meetings, and detailed tracking of accounts receivable and payable. Emphasis is placed on the importance of reconciling bank accounts, maintaining communication, and ensuring accountability. The episode underscores how these practices help business owners stay informed, manage expenses, and make proactive financial decisions.Finer details of this episode:Importance of cash flow for businessesDistinction between financial forecasting and cash flow managementOverview of the cash flow management service offered by the firmBenefits of regular cash flow meetings for business ownersProcess of tracking cash inflows and outflowsRole of bank account reconciliation in cash flow managementStructure and efficiency of cash flow meetingsImportance of communication and accountability in financial processesBest practices for handling invoices and paymentsProactive approach to collections and managing outstanding invoicesEpisode resources:● Summit Virtual CFO by Anders website: https://www.summitcpa.net/● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/Timestamps:Introduction to the Podcast (00:00:00)  The host introduces the Modern CPA Success Show and its mission to support accounting firms.Discussion on Cash Flow Service (00:00:22)  Tom and Adam begin discussing the cash flow service offered by their firm.Importance of Cash Flow (00:00:35)  Adam emphasizes the critical nature of cash flow for business survival and its management.Distinction Between Cash Flow Services (00:01:01)  Adam explains the difference between financial forecasting and the cash flow management service.Overview of Cash Flow Management (00:01:56)  Adam discusses the detailed aspects of cash flow management, including tracking income and expenses.Weekly Cash Flow Meetings (00:02:35)  Tom highlights the value of weekly meetings for business owners to monitor cash flow.Bill Payment Process (00:03:16)  Adam discusses the bill payment process and the importance of client oversight.Clarification During Meetings (00:05:24)  Tom and Adam talk about the benefits of asking questions during cash flow meetings for clarity.Meeting Duration and Frequency (00:06:33)  The speakers outline the typical duration of cash flow meetings and their frequency.Best Practices for Invoice Management (00:07:51)  Tom emphasizes the importance of using a centralized system for managing invoices.Accountability in Collections (00:08:38)  Adam stresses the need for accountability in following up on overdue payments.Preparation for Cash Flow Meetings (00:09:36)  Adam explains the importance of preparation and reconciliation before meetings.Maintaining the 13-Week Cash Flow Forecast (00:10:21)  Tom discusses the critical nature of maintaining a 13-week cash flow forecast for business p

Discover the power of service packages for accounting firms, highlighting their role in enhancing client onboarding and clarifying offerings. Learn how to structure these packages using a simple tier system to meet diverse client needs. The conversation addresses overcoming challenges like transitioning existing clients and improving pricing transparency. Dive into the importance of aligning packages with client expectations while leveraging technology, such as AI, to craft engaging and effective service solutions.

In this special episode of The Modern CPA Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.

Dive into the transformed world of accounting where relationships take precedence over compliance. Discover the shift from hourly billing to subscription models that foster deeper client connections. Learn how modern Client Accounting Services enhance efficiency by leveraging resources and adopting a corporate structure. The discussion covers the importance of financial metrics in evaluating profitability and highlights strategies for firms to thrive in a competitive landscape. It's all about redefining the accountant's role to drive business growth!

Simon Severino, Founder and CEO of Strategy Sprints, shares insights from his journey in consulting, helping clients generate over $1 billion in sales. He discusses the crucial shift from traditional tax practices to advisory services, emphasizing the importance of understanding client needs. Severino highlights strategies for enhancing profitability by decoupling time from value and implementing structured approaches like 'Strategy Sprints.' He also explores effective marketing for accounting firms and the significance of building long-term client relationships for sustained growth.

“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff LenningThe finer details of this episode:• Strategies for leveraging Excel to improve efficiency• Continuous learning and development in Excel• Common pitfalls and challenges in Excel usage• Mindset shift from "if" to "how" in using Excel• Role of AI in enhancing Excel skills• Structure and offerings of Excel University• Key Excel functions and features for accountants• Real-world applications and case studies using Excel• Importance of presentation skills in Excel reportingEpisode resources:● Summit Virtual CFO by Anders website: https://www.summitcpa.net/● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/● Check out Excel University here: https://www.excel-university.com/tipsTimestamps:Introduction to the Episode (00:00:00)Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.Guest Introduction (00:00:22)Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.Why Excel University? (00:01:18)Jeff explains his passion for Excel and how it transformed his workflow efficiency.Continuous Improvement in Excel (00:02:27)Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.The "Last Year" Trap (00:04:06)Jeff addresses how accountants often stick to familiar methods without seeking improvements.Mindset Shift in Excel Usage (00:05:53)Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.Learning with AI Tools (00:07:00)Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.Excel University Experience (00:09:02)Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.Continuing Education Credits (00:11:44)Information on CPE credits offered through Excel University’s programs.Focus on Presentation Skills (00:12:11)Discussion on improving both functionality and presentation of Excel reports for better client communication.Charting in Excel (00:14:16)Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.Key Excel Functions for Accountants (00:15:25)Jeff highlights essential Excel functions that every accountant should master.Power Query's Benefits (00:16:59)Jeff explains how Power Query automates data processing, saving time and improving efficiency.Real-Time Data Refresh (00:18:07)Benefits of using Excel for live updates during client meetings, enhancing responsiveness.The Impact of Spreadsheets (00:19:01)Discussion on the historical significance of spreadsheets in making personal computers indispensable.Microsoft's Ongoing Investment in Excel (00:19:51)Discussion on Microsoft's continuous updates and new features in Excel.Learning Excel Functions (00:20:17)Importance of learning new Excel functions beyond the basics through courses and online resources.YouTube Channel Promotion (00:20:38)Jeff shares his YouTube channel for quick Excel tips and updates.Se

Michael Clarke, an expert in transitioning professional services into sustainable business models, shares his insights on building collaborative practices and avoiding common pitfalls in the industry. He emphasizes the power of teamwork and clear communication in enhancing client relationships. Clarke discusses the concept of 'trust compression' and the need for professionals to identify their ideal clients for growth. He also highlights the importance of networking and continuous learning as essential strategies for advancing both personal and firm success.

In this engaging discussion, Adam Koós, a financial planning expert and founder of Libertas Wealth Management Group, emphasizes the urgency of proactive financial strategies for business owners. He shares insights on navigating complexities in real estate investment and the tax implications of selling a business. Adam delves into the importance of tailored financial planning and strategic transitions, highlighting a structured approach for enhancing company value and preparing for successful exits. His unique journey from pre-med to finance adds an inspiring twist!

Blagoja Hamamdjiev, founder of Modeliks, specializes in financial planning solutions for startups and small businesses. He shares his journey from creating complex Excel models to developing user-friendly software that streamlines financial reporting. Discussion highlights include driver-based financial planning's impact on business outcomes and the cost-effectiveness of Modeliks' templates. The software's integration with pitch decks and its AI features are emphasized, all designed to save time and enhance decision-making for entrepreneurs.

Tyson Ray, an expert in client-centered financial advisory, shares insights into revolutionizing client relationships in finance. He emphasizes the importance of understanding short-term goals to enhance advisory effectiveness. Tyson discusses fostering meaningful connections with clients beyond numbers, particularly in succession planning. He highlights the necessity of proactive life planning and collaboration among financial professionals to ensure comprehensive support. Lastly, he explores adaptive communication strategies for better client engagement during significant life events.