Unlocking Valuable Relationships And Opportunities In The Accounting Industry

Strategy and the Virtual Controller

In this episode, Damien and Penny discuss the impact of tax season on their workload, with the bookkeeping team being busier than usual. They stress the importance of vetting potential clients before taking them on, including reviewing their website and understanding their specific needs. This helps them provide tailor-made services that meet each other client’s unique requirements.

Today's conversation highlights the benefits of cloud-based accounting software over desktop software for controlling data flow and improving timeliness. They share different perspectives on accounting practices and client relationships, one person talks about trying to convince a client to switch to cloud-based accounting while another discusses helping a coach with tax returns.

Tune in as Damien and Penny to learn valuable insights into running a successful accounting firm during tax season and beyond, making it a must-listen for all business owners looking for expert advice on building an intentional business!

[00:01 - 01:32] Opening Segment

• Damien and Penny discuss accounting and bookkeeping for firms and businesses
• Tax season and increased demand for bookkeeping services
• Importance of vetting potential clients before taking them on
• The benefits of cloud-based accounting software over desktop software

[01:33 - 14:00] Accountants Find Happiness And Value In Client Accounting Services

• Helping a coach with his tax return, fixing mistakes due to lack of information
• Small businesses have complex transactions that cannot be fully automated
• Checking accounting firms’ websites and reviews should be part of client selection criteria
• Maintaining apps and tracking transactions can improve client relationships and security

[14:01 - 16:32] Unlocking Valuable Relationships And Opportunities In The Accounting Industry

• Demand for client advisory and accounting services is increasing
• Payroll was the starting point for unlocking relationships with clients
• Regular interaction with clients leads to more value-add opportunities
• Bookkeeping and accounting firms are crucial for success in client accounting services

[16:33 - 30:16] Closing Segment

• Damien and Penny to listeners that new ideas and pitching to prospective clients can reinvigorate accountants

Tweetable Quotes

“We have to deal with the fact that we can see how things aren’t load leveling, at least when a client is really good with cast and the data is flowing through, I mean, it is just easy to work.” - Penny Breslin

“The accountants working in those cast divisions, I think are having much more enjoyable professional roles where they're working with interesting clients on interesting problems, the bookkeeping's getting done. But actually, where they add real value is helping the clients on that advice side.” – Damien Greathead

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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