Episode 63

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Published on:

15th Sep 2023

Reinventing the Traditional Accounting Firm

What are the new perspectives in technology in relation to the current financial landscape? In this episode of Strategy and the Virtual Controller, Damien and Penny discuss how accountants and financial planners are adapting to the current financial landscape in the midst of the pandemic. They share their experiences from a conference they attended focusing on staying healthy during this time, how to be an effective master of ceremonies at a panel discussion, and what services can work together for mutual benefit.

The conversation covers the importance of communication of technology to provide a high-quality service to clients as well as suggestions for success such as identifying the right clients, understanding what kind of business you want to build, paying referral fees, taking extra care with client prep work, and putting clients on extensions automatically. 


Tune in as Damien and Penny as they bring new perspectives to work such as valuing healthy work-life balance and open communication with colleagues!


[00:00 - 00:27] Opening Segment

  • Damien and Penny discuss AI, Accounting, Bookkeeping, and technology
  • How different people handle being a master of ceremonies at a panel discussion  


[00:28 - 14:03] Reinventing the Traditional Accounting Firm

  • Communication and technology are key in the accounting industry
  • It is important to be on the same page with clients
  • Recommendations from others can help identify potential mistakes
  • User marketing to build relationships with potential competitors


[14:04 - 26:23] Working Together To Achieve The Same Value Set

  • Centers of influence is a great way to do marketing without putting a lot of money into it
  • Referral fees can be beneficial for both parties and should be discussed
  • Response times, communication tools, and client expectations should be transparent
  • The traditional business model of an accounting firm has changed for all the businesses we service


[26:24 - 30:48] Closing Segment

  • Tune in as Damien and Penny share how a growing practice is marketing about being clear on what it is you do, who you serve, and what’s your value proposition!


Tweetable Quotes

“I'm not the sharpest knife in the draw and I'm not a whiz-bang CPA, with all those degrees behind me, but I look at what it takes to be connected with a client.” - Penny Breslin


“Take some time to work out what it is you want. Go back to chapter one of the book, it's not just the numbers to say, “What sort of a business do you want to build?".” – 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

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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.