The CPA Advisory Show

Jeremy and Chris welcome special guest Keila Hill-Trawick (⁠@littlefishcpa on Twitter). Keila is the Founder + CEO of Little Fish Accounting, a boutique CPA firm⁠. The key takeaways from the episode (courtesy of ChatGPT) are:

• The challenges faced by traditional accounting firms in expanding capacity and bringing on more clients.

• Keila's background and motivation for starting her own accounting firm without preconceived notions of how an accounting firm should operate.

• Keila's approach to learning the technicalities and best practices of accounting while building a different kind of accounting firm.

Follow the show on Twitter ⁠⁠@CPAAdvisoryShow⁠⁠

Jeremy Wells on Twitter ⁠⁠@JWellsCFO⁠⁠

Chris Hervochon on Twitter ⁠⁠@ChrisHervochon

Jeremy and Chris welcome special guest Grant Dougherty (⁠@DouTaxSolutions⁠ on Twitter). Grant is the founder of Dougherty Tax Solutions, a boutique tax advisory firm⁠. The key takeaways from the episode (courtesy of ChatGPT) are:

• Grant explained the challenges he faced in meeting the accounting hours requirements and the decision not to pursue additional college courses for eligibility for the CPA.
• Grant delves into the role of a corporate tax accountant and the coordination involved in preparing corporate tax returns. He highlights the importance of understanding the nuances of tax laws and the need for coordination with professionals, such as those from the big four firms.
• Grant shares his marketing approach, particularly through social media platforms like Twitter.
• Grant mentions the use of Facebook groups and offering year-end tax planning services.
• Grant discusses the pricing structure and the inclusion of year-round advisory services along with tax preparation.

Follow the show on Twitter ⁠⁠@CPAAdvisoryShow⁠⁠

Jeremy Wells on Twitter ⁠⁠@JWellsCFO⁠⁠

Chris Hervochon on Twitter ⁠⁠@ChrisHervochon

Jeremy and Chris welcome special guest Randy Crabtree (@RCrabtreeCPA on Twitter). Randy is the host of The Unique CPA podcast and Co-Founder of Tri-Merit. The key takeaways from the episode (courtesy of ChatGPT) are:

• The importance of finding a niche in your firm.

• Randy's journey into podcasting and the role it plays in his firm.

• Definition and importance of advisory services in the accounting field.

• Benefits of offering advisory services for tax firms and clients.

• Comparison between Tri-Merit and traditional CPA firms, highlighting their unique approach to staffing and business development.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome special guest Jennifer Smith (@ScribeCEO on Twitter). Tailor is the founder at Scribe, a software that automates and democratizes process documentation. The key takeaways from the episode (courtesy of ChatGPT) are:

• Introduction to Scribe and its relevance to accountants

• The importance of process orientation and efficiency for accountants and their businesses

• The benefits of standardized processes in onboarding new team members and handling client work

• The relationship between innovation, process improvement, and better client service in accounting firms
• The importance of customizing documentation to meet the specific needs of clients

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome special guest Jason "The Human API" Staats (@JStaatsCPA on Twitter, and yes we are working hard to get that nickname to stick). Jason is the name, face, voice and genius behind Jason Daily, a daily YouTube show which talks about how to move the profession forward, with a focus on tech and AI. The key takeaways from the episode (courtesy of ChatGPT) are:

• The conversation starts with a discussion about the purpose of the show and the desire to have more authentic conversations about accounting from a non-corporate perspective.
• The topic shifts to the challenges faced by accounting firm owners and practical steps they can take to free up time for more exciting and fulfilling work.

• The conversation explores objections and concerns that accountants have about implementing automation, hiring admin staff, and adopting cloud-based portals to move their firms forward.

• The difficulty of starting an accounting firm, citing regulatory requirements from the IRS and state boards of accountancy as major hurdles.

• The episode also touches on the changing landscape of accounting services, including the rise of productized services and the potential risks associated with not maintaining high standards in tax preparation.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome special guest Tailor Hartman (@TailorCPA on Twitter). Tailor is the founder at Celerity, which focuses on bookkeeping and custom reporting. The key takeaways from the episode (courtesy of ChatGPT) are:

• Tailor's accounting experience, his virtual accounting firm, and the services he provides to small and medium-sized businesses.

• Practical tips for CPAs looking to start their own advisory firm, including the types of clients to target and how to effectively market services.

• Strategies for streamlining accounting and bookkeeping work, including the use of AI technology, transcription services and outsourcing.

• Pricing strategies and factors to consider when setting prices for accounting services.

• Balancing the technical work of accounting with the business aspects of running a firm, including client relationships and marketing.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome special guest Nicole Davis (@wifemomcpa100 on Twitter). Nicole is the Chief Hello Officer at  Butler-Davis Tax & Accounting, LLC, which focuses on CAS and tax. We apologize in advance that we didn't cover Nicole's undying love for Buc-ee's in more detail. Nevertheless, the key takeaways from the episode (courtesy of ChatGPT) are:

• Nicole's experience working in corporate accounting and how it translated into small business accounting.

• The decision to start her own firm and the challenges she faced during the process.

• The importance of continuous learning and networking in the accounting industry.

• Nicole's approach to hiring and screening candidates for her small business accounting firm.

• The acquisition of a payroll company by Nicole's accounting firm and the process of transitioning clients.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome special guest Devin O'Brien (@devin_j_obrien on Twitter). Devin is the founder at Kordis, which is a virtual CFO firm that also develops custom software. The key takeaways from the episode are:

• The challenges of developing accounting software, particularly using developers without a technical accounting background.

• The importance of bookkeeping quality and the chart of accounts for effective accounting.

• The need for software developers to understand accounting in order to create software that is easy for business owners to use.

• The use of forecasting and analysis tools to help business owners understand their financial trends and make informed decisions.

• The potential for no code development to disrupt the accounting and technology industries.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris welcome one of the Godfathers of CAS, special guest Adam Hale. Adam is a co-founder at Summit CPA, now part of Anders CPAs. The key takeaways from the episode are:

• The importance of being intentional and curious when asking questions to clients and understanding their businesses.

• The benefits of implementing a productized service offering in public accounting and using cloud accounting tools to deliver it.

• The value of synthesizing information from various sources to improve business performance and maintain client relationships.

• The challenges associated with muddling through and figuring out the accounting business on one's own, and the importance of seeking out information and resources available through podcasts and the internet.
• The benefits of building relationships with clients through advisory services and not just reporting, and the importance of starting questions with "what" or "how" to gain a deeper understanding of their businesses.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

This podcast episode features special guest Mike Moise (@mavidormike on Twitter). We discussed various topics related to running an accounting firm, including the importance of being a wartime advisor or CFO, focusing on clients that add value to the firm, and the challenges of forecasting cash flow. The conversation emphasized the need for proper bookkeeping and tracking to be able to answer questions from board members and stakeholders. We also discussed the increasing demand for fractional CFO advisory work and the importance of being able to influence the finance function at customer companies. Be sure to check out what Mikes got going on at leadwithvalue.team.

The main topics of the episode are:

1. Importance of being a wartime advisor or CFO
2. Focusing on clients that add value to the firm
3. Challenges of forecasting cash flow
4. Proper bookkeeping and tracking to answer stakeholder questions
5. Increasing demand for fractional CFO advisory work and the need to influence the finance function at customer companies.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

This podcast episode features special guest Sandy Johns (@SandyRevolution on Twitter) about various topics related to accounting and advising. The conversation covers topics such as the value of advising customers, the benefits of forming small groups to discuss issues, and the importance of staying up-to-date with industry news and trends. The Jeremy, Chris and Sandy also share personal anecdotes and insights throughout the episode. The main topics of the episode are:

1. Our advisory roles and how we do (or not) market our services based on it.
2. The benefits of being part of a small firm group and how it helps feel connected and provides practical advice for our firms.
3. The importance of professional associations for accountants and the need for trust in the profession.
4. The burden of certification exams and the potential for innovation in the industry.
5. The value of relationships in the accounting profession.

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

Jeremy and Chris are going back to high school with special guest, the Scott Scarano (⁠⁠@scottscarano on Twitter). Scott is the janitor at Accounting High (also https://www.accountinghigh.com/). He's also the only accountant we know that raps. Stay tuned until the end of the episode for the world premiere of Scott's new rap song! The key takeaways from the episode are:

• Why and how accountants that think outside the box will thrive
• The rise of the gig economy and how it will impact the profession
• How does Scott define CAS?
• Soft skills for accountants? Really?
• How focus and ego can impact career progression

Follow the show on Twitter ⁠@CPAAdvisoryShow⁠

Jeremy Wells on Twitter ⁠@JWellsCFO⁠

Chris Hervochon on Twitter ⁠@ChrisHervochon

In this episode of the CPA Advisory Show, Chris Hervochon, CPA, CVA and Jeremy Wells, CPA, EA are joined by special guest Kelly Ward (@kellywardcpa on Twitter) to discuss the current trends in cloud accounting. They discuss how to package and price services, the challenges of remote staffing, and how to find support in the profession. They also provide a shameless plug for their earlier episode, "Feeling Lost In Running Your Firm? Here's How to Get Help." Tune in to hear more about the ever-changing accounting landscape.

The top takeaways from the episode are:

• How the profession has evolved since Kelly got started.
• How accounting and advisory services differ in rural areas, especially when access is truly seasonal.
• How Kelly packages and prices her services and how her approach has evolved.
• The importance of having a support group and resources in running a firm.
• The importance of building and maintaining trust.

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris dive into the ChatGPT craze based on this video that Chris posted on Twitter/YouTube. The key takeaways from the episode are:

• What is ChatGPT and what isn’t it?
• What are some ideas to embed GPT-3 and Chat GPT into advisory services?
• What is the difference between GPT-3 and ChatGPT?
• What are some of the risks with using ChatGPT and GPT-3 in your firm?
• What questions would ChatGPT ask an accountant about ChatGPT?

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

Jeremy and Chris are kicking off 2023 with a bang with special guest, the legendary Ron Baker (@RonaldBaker on Twitter). Ron is the co-host of The Soul of Enterprise podcast, along with friend-of-the-show Ed Kless, Ron is also the author of 7 best selling books, soon to be 8 with Time's Up, and a true thought-leader in the profession. The key takeaways from the episode are:

• The difference between a subscription model and a recurring fixed fee model
• "Plusing" your services and selling the promise of enhanced future value
• KPIs for the subscription model
• The P&L for this model gets flipped on its head. We unpack that with Ron.
• How should a firm that's currently billing by the hour move to a subscription model?

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Patrick Dichter (@PatrickDichter on Twitter). Patrick is not an accountant by trade, but saw an opportunity to acquire and operate accounting firms. The key takeaways from the episode are:

• Why accounting firms are a good investment - an outside perspective
• Key considerations when acquiring a firm
• The three components of change management
• What makes a firm an attractive acquisition, especially for a non-CPA
• Key considerations when combining firms

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris unpack the 2022 Practice Excellence Report, talk about their experiences with their AICPA PCPS Small Firm Groups and how they are preparing their firms for the year ahead. The key takeaways from the episode are:

• What is an AICPA Small Firm group and how can it be helpful?
• All about the "dip" (years 2 to 5)
• What should your expectations be for your firm as you're starting out solo and looking to grow?
• What is the definition of "firm excellence?"
• Ideas for the year ahead to move your firm forward

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Jackie Meyer (@JackieMeyerCPA on Twitter). Jackie is a tax advisory savant and also the founder of a tax planning software, TaxPlanIQ. The key takeaways from the episode are:

• How to identify ideal clients for your advisory services
• What a profitable tax advisory engagement looks like
• How to set boundaries in your firm and with your clients
• The first tactical step to move yourself from “stuck” to a profitable, manageable firm
• How software can assist in a tax planning engagement

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Chris nerds out (in Jeremy's absence) with special guest Chad Davis (@ChadDavis on Twitter). Chad needs no introduction as an automation pioneer in the accounting space and a co-host of the Automation Town podcast. The key takeaways from the episode are:

• 25(ish) ideas for automation to enhance your advisory offering
• Do you need to be an automation expert to make headway?
• Apps you can use to create automation without knowing how to code
• Examples of how to think through how to automate a process
• Is automation in an advisory practice limited to financial data?

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Rachel Fisch (@FischBooks on Twitter). Rachel is #TaxTwitter famous, is known for speaking all over the place and is the new owner of Realty Tax. The key takeaways from the episode are:

• What types of accountants are best equipped to deliver CAS?
• How Rachel identified a firm to acquire
• The types of experience and knowledge Rachel thinks are key to the acquisition process
• The difference between being “in the cloud” vs. having a cloud mindset
• Rachel’s plan and rationale for transforming her firm going forward
• How your firm should think about your technology strategy, particularly around quality

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Kelly Mann (@TheCPAMann on Twitter). Kelly is a 2018 graduate of the AICPA Leadership Academy, firm owner and now a SaaS entrepreneur (AuditMiner). The key takeaways from the episode are:

• The high-level steps Kelly took to start a technology company
• How to "move off the solution" and listen to your current and potential customers
• The direction of technology in the accounting space based on Kelly’s experience at the AICPA Executive Roundtable
• Why small firms are the way of the future
• Why “not having enough time” isn’t the problem

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Alan Hettinger (@AlanHett on Twitter) on a wide range of topics. Alan is an Accounting Manager for, and specializes in, a SaaS company. The conversation starts with Alan's thoughts as far as how software will impact the accounting industry, then transitions into an in-depth conversation about how accountants can add value during the mergers and acquisition (M&A) process. If you're offering advisory in your firm, this is sure to be a valuable conversation. The key takeaways from the episode are:

• Alan's thoughts on the future of the SaaS industry as it pertains to accounting
• Let's get nerdy - how should we define no-code/low-code within the accounting context?
• Things to consider when you're consulting with customers on their accounting technology stack
• Considerations when preparing a startup or early stage company for a transaction
• The accountant's role in an M&A transaction
• Going beyond the financials when proactively preparing a company for a transaction

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon

In this episode of the podcast, Jeremy and Chris speak with special guest Jon Tobin (@jontobinla on Twitter). John is a California-based attorney who offers subscription-based legal services. If attorneys can offer subscription-based services, so can accountants. The key takeaways from the episode are:

• Why John decided to move away from the billable hour
• Modeling capacity for a professional services firm that’s just getting started with an alternative revenue model
• The metrics to track for profitability of subscription services in a professional services firm
• How to get over the fear of moving to a new revenue model
• Where do legal services end and accounting services begin, and vice versa?

Follow the show on Twitter @CPAAdvisoryShow

Jeremy Wells on Twitter @JWellsCFO

Chris Hervochon on Twitter @ChrisHervochon