"As an owner of a business, it’s really nice to have control, knowing what’s coming in, what’s going out, and how much cash I have." -Adam Hale

Summary:

In this episode of the Modern CPA Success Show, hosts Tom and Adam discuss their firm's cash flow management service. They highlight the critical role of cash flow in business health, distinguishing it from financial forecasting. Their service includes a 13-week cash flow forecast, regular cash flow meetings, and detailed tracking of accounts receivable and payable. Emphasis is placed on the importance of reconciling bank accounts, maintaining communication, and ensuring accountability. The episode underscores how these practices help business owners stay informed, manage expenses, and make proactive financial decisions.

Finer details of this episode:

• Importance of cash flow for businesses
• Distinction between financial forecasting and cash flow management
• Overview of the cash flow management service offered by the firm
• Benefits of regular cash flow meetings for business owners
• Process of tracking cash inflows and outflows
• Role of bank account reconciliation in cash flow management
• Structure and efficiency of cash flow meetings
• Importance of communication and accountability in financial processes
• Best practices for handling invoices and payments
• Proactive approach to collections and managing outstanding invoices

Episode resources:

● Summit Virtual CFO by Anders website: https://www.summitcpa.net/

● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com

● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps:

Introduction to the Podcast (00:00:00)

The host introduces the Modern CPA Success Show and its mission to support accounting firms.

Discussion on Cash Flow Service (00:00:22)

Tom and Adam begin discussing the cash flow service offered by their firm.

Importance of Cash Flow (00:00:35)

Adam emphasizes the critical nature of cash flow for business survival and its management.

Distinction Between Cash Flow Services (00:01:01)

Adam explains the difference between financial forecasting and the cash flow management service.

Overview of Cash Flow Management (00:01:56)

Adam discusses the detailed aspects of cash flow management, including tracking income and expenses.

Weekly Cash Flow Meetings (00:02:35)

Tom highlights the value of weekly meetings for business owners to monitor cash flow.

Bill Payment Process (00:03:16)

Adam discusses the bill payment process and the importance of client oversight.

Clarification During Meetings (00:05:24)

Tom and Adam talk about the benefits of asking questions during cash flow meetings for clarity.

Meeting Duration and Frequency (00:06:33)

The speakers outline the typical duration of cash flow meetings and their frequency.

Best Practices for Invoice Management (00:07:51)

Tom emphasizes the importance of using a centralized system for managing invoices.

Accountability in Collections (00:08:38)

Adam stresses the need for accountability in following up on overdue payments.

Preparation for Cash Flow Meetings (00:09:36)

Adam explains the importance of preparation and reconciliation before meetings.

Maintaining the 13-Week Cash Flow Forecast (00:10:21)

Tom discusses the critical nature of maintaining a 13-week cash flow forecast for business planning.

Conclusion and Client Dependency (00:10:51)

The importance of the cash flow service in building client relationships is highlighted.

"If you want to understand your pricing, I need to know what your service packages are. If you want to understand how you're going to onboard a client, I need to know what your service package is." - Adam Hale


The finer details of this episode:
● Importance of service packages for accounting firms, focusing on clarity in offerings, pricing, and alignment with target client segments to enhance relevance and value.

● Structuring service packages using a "small, medium, large" model to cater to different client needs, manage resources, and improve client onboarding and communication.

●Overcoming challenges in creating service packages, including transitioning existing clients, ensuring pricing transparency, and utilizing technology like AI tools for development.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Timestamps
Welcome to the Modern CPA Success Show (00:00:00)
Introduction to the podcast's mission and focus on innovative accounting insights.

Discussion on Service Packages (00:00:22)
Tom and Adam explain the importance of service packages for CAS and CFO services.

Clarity in Deliverables (00:00:50)
Emphasis on the need for clarity in service delivery through defined service packages.

Marketing and Client Attraction (00:01:51)
Aligning service packages with target client demographics for effective marketing.

Access and Time Considerations (00:02:46)
Discussion on the importance of access frequency in determining service package pricing.

Team Understanding of Packages (00:04:48)
How defined packages help team members understand client onboarding and service delivery.

Pricing and Scope Management (00:05:04)
The role of service packages in managing client expectations and pricing structures.

Refining Onboarding Processes (00:06:40)
Importance of revisiting service packages during onboarding to clarify responsibilities.

Promoting the Virtual CFO Playbook (00:07:02)
Advertisement for the Virtual CFO Playbook and its benefits for accounting firms.

Psychology of Package Creation (00:07:44)
Discussion on why many firms hesitate to create service packages and how to overcome this.

Overcoming Writer's Block (00:08:39)
Tom and Adam share insights on getting started with service package development.

Client-Centric Package Development (00:10:05)
Strategies for brainstorming and organizing service packages based on client needs.

Learning from Other Firms (00:11:05)
Encouragement to review other firms' packages for inspiration without copying directly.

Transitioning to New Packages (00:12:11)
Advice on implementing new service packages without alienating existing clients.

Testing New Packages (00:12:41)
The importance of prospectively evaluating service packages and client relationships.

Initial Pricing Transparency (00:13:52)
Benefits of presenting clear pricing options during the initial client call.

Utilizing AI in Package Development (00:16:13)
Exploration of using AI tools to brainstorm and refine service packages.

Continuous Package Improvement (00:16:47)
Encouragement to regularly update service packages to meet evolving client needs.

Closing Remarks (00:17:04)
Final thoughts on the importance of service packages and an invitation for further discussion.

In this special episode of The Modern CPA Success Show, four speakers with Halloween-themed personas—Jamie Nightmare, Hannah Hexed Hood, Adam Haunted Hale, and Joey Killing Kenny—engage in a lively draft-style discussion about their favorite Halloween movies. Jamie, the enthusiastic host, sets the stage and outlines the draft rules. Hannah humorously admits her limited horror movie experience, while Adam and Joey share their deep knowledge and personal anecdotes. The conversation is filled with playful banter and passionate debates as they each select and defend their top horror film picks, creating an engaging and entertaining Halloween-themed episode.