Just in time for tax season, Tom and Adam, chat with David Podell, Founder of Business Benefit Consultants, and deep dive into tax savings and retirement planning for business owners. They discuss defined benefit plans, cash balance plans, and the advantages of profit sharing and 401(k) components. David emphasizes the importance of maximizing contributions to reduce taxes and increase retirement savings, even in the context of mergers and acquisitions. They also discuss the intricacies of plan setup, the need for expert collaboration, and the conservative management of assets within these plans.
Feb 5
45 min
It’s story time! In this podcast episode, the hosts discuss the power of storytelling in business and how it can be used to engage clients and drive sales. They are joined by guest Jeff Bartsch, Founder of Story Greenlight, who shares his expertise as a strategic storyteller. The conversation covers topics such as crafting and tailoring stories for different audiences and how storytelling in accounting can help CPAs and accountants connect with clients through understanding the stories behind the numbers.
Jan 22
42 min
Join Jamie and Joey for a special mailbag-format episode where they answer questions from listeners of the Modern CPA Success Show. They discuss the importance of in-person and/or video meetings and building relationships with clients, as well as the challenges of merging existing processes during the onboarding phase. They also explore the transition from a transactional role to a strategic and advisory role in accounting, highlighting the importance of developing critical thinking skills. The hosts recommend reading business books for professional development and share advice on building effective training programs.
Jan 8
50 min
Kyle Geers, CEO and Co-founder of Zeroed In Consulting, joins Adam and Tom to discuss the role of AI in accounting. They delve into how AI can streamline processes, provide valuable insights, and improve efficiency in the accounting industry. Kyle shares his experiences of incorporating AI into his consulting firm's services and the potential benefits and risks involved. The conversation also touches on the importance of human review in AI processes and the importance for accountants to understand AI.
Dec 11, 2023
48 min
Adam and Tom welcome Gina Cotner, Founder of Athena Executive Services, which provides executive assistant services. Gina explains the differences between virtual assistants and executive assistants, as well as the challenges and benefits of working with virtual assistants from different cultures. They discuss pricing models in the industry, and Gina advises on considering the compensation of assistants when choosing a service. They also delve into the onboarding process for new clients and the importance of clear communication expectations. Gina emphasizes the importance of delegating tasks that align with one's expertise and passion and shares tips for maximizing the effectiveness of executive assistants.
Nov 26, 2023
45 min
In this episode, Tom is joined by Carol Bowser, JD, founder of Conflict Management Strategies. They discuss the impact of conflict in the workplace, the importance of creating a healthy environment, and the challenges of remote work on conflict resolution. Carol shares strategies for fostering a positive remote work culture and provides insights on navigating conflict and difficult conversations. She emphasizes the importance of effective communication, feedback, and clear expectations.
Nov 12, 2023
48 min
In this podcast episode, Tom Wadelton interviews John Fonger, consultant, coach, speaker, and owner of WTS Enterprises, who specializes in helping busy entrepreneurs develop and implement effective systems in their businesses. John discusses his methodology based on the book Work the System by Sam Carpenter, which aims to help entrepreneurs work on their businesses rather than in them. He emphasizes the importance of having clear systems, documented procedures, and a systems mindset to increase productivity and reduce workload. John shares examples of clients who have successfully implemented these strategies and highlights the benefits for accounting firms.
Oct 29, 2023
42 min
Tom Wadelton, and special guest co-host John Scott, Virtual CFO + Legal Industry Expert, are joined by Terrell Turner, CEO of the TLTurner Group, to discuss the importance for non-finance professionals to understand financial metrics, specifically law firms. Terrell shares his insights on bridging the gap between accounting and non-finance professionals, emphasizing the need to align goals with the reality of the business. The conversation also dives into the importance of cash-flow forecasting and the evolution of forecasting tools. They highlight the value of involving non-finance professionals, such as lawyers, in the forecasting process and the benefits of networking and leveraging outside resources.
Oct 15, 2023
56 min
Tom is joined by Summit colleagues, Christy Buchanan and Guillermo Rodriguez, as they discuss the cannabis industry as a niche for accounting firms. Guillermo, a Virtual CFO specializing in the cannabis industry, shares his expertise and explains the challenges and opportunities in the industry. They discuss the differences between the cannabis industry and CBD, regulatory challenges, financial forecasting, and obstacles faced by cannabis businesses. Guillermo emphasizes the importance of building relationships with banks and navigating the challenges of banking in the cannabis industry. They also talk about valuable metrics for retailers in the cannabis space and the passion and purpose behind many cannabis business owners.
Oct 1, 2023
48 min
Tom chats one-on-one with Alex Sonkin, the founder of Virtual Family Office Hub, an open platform offering the best-in-class resources and services in every specialty that a family office or leading CPA firm needs to serve and benefit their most affluent clients. Alex explains the concept of family offices and the challenges faced by CPAs in providing comprehensive advice. He introduces the Virtual Family Office model, which allows business owners to access global resources. Tom and Alex also discuss the importance of due diligence, independent peer review, and continuous improvement in tax planning.
Sep 17, 2023
44 min
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