Strategy and the Virtual Controller Penny Breslin & Damien Greathead

In this episode, hosts Damien Greathead and Penny Breslin delve into cybersecurity within the realm of CPA operations with guest Christophe Reglat. Christophe discusses his extensive background in managing data centers and the evolution of cybersecurity, particularly focusing on the challenges CPAs face. The conversation covers the importance of continuous vigilance in cybersecurity practices, the development and function of the WISP (Written Information Security Program), and how cybersecurity isn't just a technical requirement but a moral one to protect clients' sensitive information.
[00:00 - 10:00] Christophe's Experiences and the Importance of Cybersecurity
Christophe talks about his experience since 2002 and the critical nature of compliance and security in data centers.He emphasizes the non-stop nature of cybersecurity efforts in protecting CPAs.

[10:01 - 20:00] WISP, Real World Applications, and Cybersecurity Misconceptions
Christophe’s explanation of WISP's role in ensuring CPA firms' security.He discusses how breaches can occur and the dual approach needed for cybersecurity within local environments and data centers.Penny shares anecdotes about implementing security measures in her practice.What are the common misconceptions about cybersecurity among CPAs?

[20:01 - 30:00] Technological Advancements in Security
The conversation shifts to the ongoing need for cybersecurity updates and the pitfalls of complacency.The landscape of cyber threats is continuously evolving along with the necessity for CPAs to adapt.Christophe discusses the implementation of AI in cybersecurity measures.Continuous updates and real-time monitoring are essential due to the fast-paced nature of cyber threats.

[30:01 - 40:00] Security in Various Environments and Ethical Responsibilities
Christophe and Penny discuss the complexities of securing remote work environments and the specific challenges faced by CPAs.Christophe emphasizes the integration of secure practices in everyday operations to protect against sophisticated cyber threats.What are the moral imperatives of protecting client data and the reputational risks associated with data breaches?

[40:01 - 50:00] Interactive Q&A, Practical Takeaways, and Future Directions
Christophe provides practical advice on how CPAs can start improving their cybersecurity measures immediately.


Direct Quotes:

"Cybersecurity is already, of course, a given. If you want to maintain it 100% of the time, you have to be good at what you do." - Christophe Reglat

"We are always on the forefront of helping them with the cybersecurity problems that they have." - Christophe Reglat

“It's not an if, it's when you're going to get hacked." - Christophe Reglat

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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: a...

Are your accounting practices ready for the transformative wave of technology, or are you stuck in the compliance grind?
In this episode, hosts Damien Greathead and Penny Breslin discuss the importance of transformation in accounting firms. They touch on the continuous nature of tax season, the challenges firms face in adopting new technology, and the necessity of internal readiness for successful outsourcing. Penny shares experiences of firms struggling to adapt and emphasizes the need for clear processes and acceptance of change for successful transformation. The conversation also delves into the broader implications of technological transformation in the accounting industry, highlighting the potential benefits and the need for a collective effort to facilitate change.

[00:00 - 05:00] Introduction to the episode
Damien introduces the theme of accounting technology and transformation.Penny shares her location and comments on the changing nature of tax season.The accounting industry is evolving beyond traditional seasonal workflows.

[05:01 - 10:00] Discussing continuous tax season and client demands
Damien and Penny discuss the year-round nature of tax work and client expectations.Penny talks about the increase in client onboarding and the pressure on firms.Firms must adapt to constant demand and be prepared for continuous operation.

[10:01 - 15:00] Challenges in adopting new technology
What are the difficulties firms face when integrating new technology?Penny shares a story of rejecting a client due to their unpreparedness.Successful technology adoption requires readiness and structured processes within the firm.

[15:01 - 20:00] Transformation in accounting practices
The hosts emphasize the importance of holistic business transformation, not just isolated tasks.True transformation involves rethinking business models and processes comprehensively.

[20:01 - 25:00] Importance of community and collective effort
Penny illustrates transformation through the community effort to restore the monarch butterfly population.Like ecological restoration, business transformation requires a collective, sustained effort.

[25:01 - 30:00] Concluding thoughts on transformation and readiness
There is a need for firms to be brave and commit to long-term transformation.Firm transformation is a long-term commitment that requires patience and strategic planning.


Resources Mentioned:
https://leaders.com/articles/leadership/transformational-leadership/ https://www.valamis.com/hub/transformativelearning https://www.wri.org/insights/business-what-transformativechange https://www.ipbes.net/news/what-transformative-change-how-do-we-achieve-it 

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Have you ever wondered how to transform the endless busy season into a well-balanced, profitable practice?
This episode features an enlightening conversation with Amanda Gascoigne, who shares her insights on creating a more balanced and profitable accounting practice. The discussion covers the importance of selecting ideal clients, the benefits of fixed fee pricing while tracking time for internal purposes, and the strategic use of technology to enhance efficiency. Amanda emphasizes the significance of aligning practice operations with personal goals and values to ensure both professional satisfaction and personal well-being.

[00:00 - 10:45] A Balanced Practice and the Role of Technology and Pricing
Amanda discusses the necessity of choosing clients that align with your values and contribute to a joyful practice.Damien Greathead and Penny Breslin talk about the ongoing challenges of managing a busy season and the importance of strategic client selection.The conversation touches on the importance of pricing services correctly to reflect the value provided and to cover the costs of technological advancements.

[10:46 - 20:55] Achieving Work-Life Balance and the Power of Intentional Client Selection
They share insights on how to structure your practice to support personal goals, including a four-day workweek and setting boundaries for client communications.Amanda elaborates on the importance of intentionally selecting clients to work with, which not only enhances profitability but also job satisfaction.Strategies for evaluating and adjusting the client base to align with firm values and goals are discussed.

   [20:56 - 31:45] Navigating Challenges and Embracing Technology for Efficiency
Amanda discusses the common pitfalls in practice management, such as underpricing and overworking, and how to overcome them.She emphasizes the need for a mindset shift towards more strategic thinking about practice management and client service.Adopting the right technology can streamline operations, improve service delivery, and enhance client relationships.

[31:46 - 44:15] Cultivating a Healthy Work Culture
The conversation shifts to the importance of creating a work culture that supports employee well-being and fosters a sense of community.Amanda shares tips on implementing policies that promote work-life balance, such as flexible working hours and remote work options.She shares her vision for the future of accounting practices, focusing on personalized service, technological integration, and sustainable growth.


Direct Quotes:

"You don't need to work for everyone. And you need to work out who are those people that bring you joy, who are those people that aren't going to make you feel like you're always busy." - Amanda Gascoigne

"I always really wanted to go into public accounting...and I think that's the business we're in. We're in the business of building client relationships." - Amanda Gascoigne

"But some people make that real conscious choice...and I think we need to celebrate that, that not everyone wants a million-dollar practice, some people want more flexibility." - Amanda Gascoigne


Connect with Amanda!
Website: https://www.amandagascoigne.com/home 

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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


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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


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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...