Episode 68

full
Published on:

6th Dec 2023

Global Perspectives in Accounting and Advisory

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 performance.



Tweetable Quotes:


"I'm over my skis on this one. I have no idea. But I'll try to find somebody who does." - Penny Breslin


"We're taking on this interim role. We're going to work and help your business get to a point where you need a full-time person in your office." - Damien Greathead 


"If you're delivering bookkeeping, you're not delivering CFO services, you're not delivering controller services. Those are totally different." - 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


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About the Podcast

It's not Just the Numbers
Focused on CAS, this accounting podcast helps firm owners build their accounting and bookkeeping business with intention
It’s Not Just the Numbers is a podcast for accounting firm owners, leaders, and professionals building modern firms beyond compliance.

Hosted by Damien Greathead and Penny Breslin, the show explores what it really takes to create a sustainable, advisory-driven accounting practice in a profession undergoing rapid change. From technology, systems, workflow, and pricing strategy to leadership, client experience, staffing, and the future role of the accountant — this podcast goes beyond the spreadsheets and into the real conversations shaping the profession.

Each episode features practical insights, honest discussions, and lessons from firm owners, industry experts, technology leaders, and operators working at the forefront of modern accounting.

Whether you’re building a Client Advisory Services (CAS) practice, refining your operations, navigating AI and automation, or simply trying to build a better firm, It’s Not Just the Numbers delivers thoughtful conversations grounded in real-world experience.

Because the future of accounting isn’t just about compliance.

It’s about strategy.
It’s about relationships.
It’s about systems.
It’s about leadership.
And ultimately, it’s not just the numbers.

A Beyond Numbers podcast.

About your hosts

Penny Breslin

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Penny Breslin is the founder of MoneyPenny, a consulting firm specializing in helping accounting firms and other businesses embrace the power of technology to simplify their operations and increase their profit margins.

Drawing on her years of experience and her knowledge of what it takes to run a successful business, Penny oversees the development of back office processes for her client firms. From the initial evaluation of the firm’s workflow, to technology selection, and assisting in the on-boarding of the firm’s clients, Penny works with her clients to maximize the benefits of a paperless and cloud-based firm.

Damien Greathead

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Damien has been working in the accounting industry for more than 15 years. In addition to getting his hands dirty preparing tax returns and doing bookkeeping, but the bulk of his experience comes from consulting to both accounting firms and the technology companies that serve the industry.

He set up 2020 Group USA which was a membership group for small and medium sized accounting firms and then went on to set up Receipt Bank (now Dext) in North America.

He regularly speaks to industry bodies on technology, marketing and change management.