Episode 60

full
Published on:

14th Jul 2023

“Scaling New Heights” With AI Technology

In this episode, Damien and Penny discuss the importance of leveraging AI to build more intentional businesses, allowing accountants to focus on building relationships and providing value-added services.

The conversation covers topics such as managing data, automating processes, making predictions based on prior history, the need for standardized business models in Australia, and more.  

Tune in as Damien and Penny as they discuss the different ways that AI can be used as deductive, predictive, or generative!

[00:01 - 03:23] Opening Segment

  • Damien and Penny discuss helping accountants and bookkeepers build more intentional businesses
  • Their program focuses on tips and tricks for apps as well as defining CAS (Client Accounting Services)  

[03:24 - 17:09] Leveraging Technology To Build Intentional Businesses

  • Accountants need to differentiate themselves by talking about the outcomes their CAS services will deliver
  • AI, ChatGPT, Barta, and RPA were discussed as ways to personalize relationships with clients
  • Accounting firms need to decide which clients they want to provide value-added services to
  • Promoting the idea of standardized banking to standardize bank feeds and experience

[17:10 - 25:31] Scaling New Heights With AI Technology

  • AI can cut down time spent on administrative tasks by:
  • AI has evolved from being deductive to predictive and generative
  • AI can automate processes and generate personalized information
  • AI can help firms build strategic relationships with their clients
  • AI provides insights that need to be converted into actionable steps for the client
  • Focus on clients that are willing to pay for the services and increase the value of the relationship

[25:32 - 36:41] Closing Segment

  • Tune in as Damien and Penny share how accounting firms can utilize AI for their company!


Tweetable Quotes

“Don't look at AI as an enemy. Look at it as your friend who's going to allow you to say, “Okay, that part of the business runs on AI. This part of the business runs a relationship.” And I get to choose which one I want to do that with.” - Penny Breslin


“What does that mean to have a business coach and partial CFO? It's cashflow planning, it's forecasting, and budgeting, actually explaining to clients what it is that you do, what you just said in terms of helping them make better decisions. They're all outcomes and that's what you have to be talking about on your website.” – 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: @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.