virtual cfo

when covid ‘got real’

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tax season turns into ‘advisory season,’ and a whole new niche is born.

^ click to play

by 卡塔尔世界杯常规比赛时间 research

gabrielle luoma, long one of the profession’s leading innovators, says the future under covid-19 belongs to the quick and the smart, in this exclusive video interview with 卡塔尔世界杯常规比赛时间. firms will need to deploy new services to attract new clients who may have not realized that they needed a firm like yours but now do.

more covid conversations: the covid outlook with darren root and joel hughes: a long, slow climb back to recovery | steven sacks: covid crisis management | jean caragher: how to fight ‘fear’ and ‘insecurity’ | sarah dobek: learning how to operate in the new normal | august aquila: what comes next? | jody grunden: covid and client communications | andrew argue: on a mission | martin bissett: covid slams u.k. accountants, too | bill reeb: separating the winners and losers |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

^ play or download the podcast version

in this conversation, luoma talks about what’s going on in the business, what’s going on with tax season, and what the future holds for cpa firms and the clients of cpa firms.

speaking from her base in tucson, ariz., the ceo of mod ventures is bringing some of her dna to regional powerhouse beach fleischman through a joint venture.

we started by asking about “when it got real?”

she responds, “we truly are affected by the whole world. we have clients in new york. things changed for them rather quickly. and when they started changing, we started realizing, ‘oh, my goodness, we’re going to have to really buckle down.’ in arizona, we started seeing shutdowns mid-march. that’s when things really got real for us because then we started seeing that the businesses that we work with on a regular basis – we’re outsourced accounting, so we work with clients weekly, – we knew that we could be in trouble. we started working really hard on transitioning, and seeing what we needed to do to help our clients quickly.”

for pro members-only: get the transcript:

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the only 3 metrics you need

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a totally virtual firm outlines the metrics it uses to measure staffers.

by jody grunden
summit cpa group

if you want to grow your accounting firm, it’s important to evaluate the effectiveness of your process on a regular basis. you want to be aware of what’s working well and what’s not. you also want to continually be improving upon your services over time.

more: how to attract clients like a magnet | riches in niches | marketing is about thought leadership | how to audit 401(k)s | 3 measures of the effectiveness of your team | how to profit with workflow apps
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there are three things you can specifically monitor when it comes to the effectiveness of your team. here’s how we do it at summit cpa group. maybe these ideas will work for you too.
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riches in niches

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//m.g005e.com/2020/06/21/why-thought-leadership-matters/how going virtual opens endless opportunities.

by jody grunden
building the virtual cfo firm in the cloud

going from brick-and-mortar to distributed is not an easy transition.

more: 6 steps for sales and conversion | marketing is about thought leadership | 3 steps to better client communication in a crisis | how to audit 401(k)s | four key financial metrics for growing any business | 4 ways to bill clients | 3 measures of the effectiveness of your team | transferring clients to a new employee | why process is key to remote work
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

you’ve got to be all in and willing to rip the band-aid off fast.

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how we sell audits online

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make it easy for prospects to reach you.

by jody grunden
building the virtual cfo firm in the cloud

with our 401(k) audit service, the bulk of our clients find us online and come to us through our website. we also get referrals from investment advisors and third-party administrators.

more: 6 steps for sales and conversion | marketing is about thought leadership | how to audit 401(k)s | 3 measures of the effectiveness of your team | how to profit with workflow apps | cyber security at a virtual cpa firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

no matter how a prospect finds us, there are three ways that they typically reach out to us:
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6 steps for sales and conversion

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here’s what works for us.

by jody grunden

an important part of the overall process within the company is sales and conversion. for our virtual cfo service, there’s a six-step lead conversion process from when the prospect discovers our website to when the engagement begins.

more: marketing is about thought leadership | 3 steps to better client communication in a crisis | four key financial metrics for growing any business | transferring clients to a new employee
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the sales and conversion process

our sales and conversion process includes six steps.

here’s what that looks like and the typical timeline: read more →

marketing is about thought leadership

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“you have to be able to acquire and retain, and you have to have both happening at the same time.”

by jody grunden

i bet you can imagine that marketing a virtual accounting firm is different than it is for traditional brick-and-mortar accounting firms. when you’re only serving your local area, you need to focus on things like signage, local advertising, the yellow pages, your website, google my business, yelp, chamber of commerce and word-of-mouth referrals. those are all great ways to get noticed by people in your area who would benefit from the services you offer.

more: 3 steps to better client communication in a crisis | the right way to onboard new clients | how to evaluate workflow management software | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | the hidden cost of running a distributed company | how to develop your leadership team
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

when your customer base isn’t confined to a specific location, however, it changes the game a bit. you still want word-of-mouth referrals and you still need a website, but it becomes even more important to focus on search engine optimization (seo) and thought leadership – developing your online platform, publishing articles with industry publications, speaking, etc. – to help people discover your services.
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3 steps to better client communication in a crisis

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help yourself while you’re helping them.

by jody grunden

clients desire transparency. being transparent with clients and having open, honest communication with them helps build really strong, healthy working relationships. it’s never been so important for us to have open communication channels with our clients at all times no matter what form of communication is being utilized.

more: the right way to onboard new clients | how to audit 401(k)s | 3 measures of the effectiveness of your team | how to profit with workflow apps | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in some organizations, people hide behind their computers if they feel too busy or if they don’t want to face the client because they aren’t able to meet a deadline. we, on the other hand, make it a priority to be available to our clients at all times.
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the right way to onboard new clients

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smiling businesswoman offering a handshakehow do you want your new virtual cfo client to feel?

by jody grunden

onboarding is critical when it comes to bringing on new virtual cfo clients. it’s also important to have a smooth onboarding process for clients receiving any other types of services. i want to dive into onboarding in each of our service areas a little bit more.

more: how to audit 401(k)s | four key financial metrics for growing any business | transferring clients to a new employee | why process is key to remote work | innovate for the right reasons | creative perks for remote employees
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i don’t mean to beat a dead horse here, but i simply cannot express enough how important the onboarding process is for establishing extremely solid client relationships. when it comes down to it, relationships are the backbone of our business.
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how to audit 401(k)s

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green checks being made on checklist… and keep the process from lasting forever.

by jody grunden

as with any service area, it’s important to have a solid process in place. without one, it can be a little bit like the wild west! the 401(k) audit process involves six stages, which are typically completed within four to eight weeks.

more: four key financial metrics for growing any business | 4 ways to bill clients | how to evaluate workflow management software | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | traditional benefits for remote employees
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

once a prospective client confirms they want summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we’re required to give them.
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four key financial metrics for growing any business

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illustration of 4 key metrics
4 key metrics for business owners

what’s in the pipeline?

by jody grunden

having a solid understanding of their finances can make a huge difference for business owners. not only does it help business owners make decisions about when it’s time to hire a new employee or whether or not to invest in new equipment, but it also enables them to sleep better at night!

more: 4 ways to bill clients | 3 measures of the effectiveness of your team | how to profit with workflow apps | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus | how to run effective leadership team meetings | disc helps remote team work together effectively | 3 ways to keep client files safe from security threats
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as a business grows, there are a few metrics business owners need to understand and review on a regular basis. when we work with growing businesses through our virtual cfo service, we help them focus on the following key metrics:
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4 ways to bill clients

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two businesswomen shaking hands in modern officeof course we have a preference.

by jody grunden

when i attend cpa conferences across the united states, i often hear from cpas: “i don’t want to bill for my time.”

so, how do you bill your clients?

more: 3 measures of the effectiveness of your team | transferring clients to a new employee | why process is key to remote work | innovate for the right reasons | creative perks for remote employees | 10 interview questions for unlocking true potential | toss the org chart for an accountability chart
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

client billing can include hourly billing, but it can also include flat-fee, retainer-based and/or value-based billing. most people use one of these four methods. some use all of them or even a hybrid.
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3 measures of the effectiveness of your team

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illustration with 3 thermometersthey work in harmony.

by jody grunden

once you’ve systemized the processes for your accounting team, it’s important to evaluate the effectiveness of your process on a regular basis. you want to be aware of what’s working well and what’s not. you also want to continually be improving upon your services over time.

more: transferring clients to a new employee | how to evaluate workflow management software | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | the hidden cost of running a distributed company | how to develop your leadership team
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there are three things you can specifically monitor when it comes to the effectiveness of your team, as shown in the illustration at right.
read more →