Tax Advisory in Action

Join us as we bring the curtain down on our much-loved series, celebrating the diverse and deeply insightful conversations we've been privileged to host over the last two years. Our special guest for this grand finale is none other than our very own production wizard, Luke Johnston. He shares his journey, laced with industry insights and fun facts around the production of the show.As we look back on the show, a host of transformative themes leap out. The digitization wave and AI's indomitable march in the business world, the emergence of niche practices, and the rise of the audit's importance in CPA firms all point to an exciting future for the profession. We also cast the spotlight on the transformational role private equity is playing in morphing CPA firms into professional services establishments.Our series finale also embraces a moment of introspection. Over the course of our journey, we've unearthed precious lessons about work-life balance, the power of connection, and the critical need to fuel prosperity worldwide. As we bid adieu to our much-loved series, we extend a warm thank you to our loyal listeners. So, here's to candid reflections, exhilarating discussions, and a heartfelt farewell to you, our cherished audience.Notes:Check out Musicbed for easing your music selection woes

Ever wondered how to navigate the changing landscape of tax accounting and stay ahead of the curve? Kane Polokoff, Principal, Client Advisory Services Practice Leader at CohnReznick LLP, joins the podcast today as we unravel fascinating insights that will set you apart in your firm. We'll illuminate why imaginative hiring strategies are crucial, how to meet client expectations, and why soft skills are as vital as advisory services in shaping a future-ready industry. Together with Kane, we look at how firms can effectively build capacity to meet the demands of clients, the pivotal role of recruiting and training, and the art of projecting future workloads. As we wrap up our explorative chat with Kane, we delve into the value of vertical expertise and the significance of offering advice that goes beyond the transactional level. Get ready to be enlightened, challenged, and inspired.

What if you could gain the confidence to embark on an advisory journey and transition your business smoothly into this new venture? In our latest episode, we get to chat with Geni Whitehouse, the founder of Impactful Advisor, who generously shares her knowledge on consulting and advisory services. Geni, with her unique experiences and innovative approach, affirms the significance of operational and customer service elements in any successful advisory firm.Geni Whitehouse's step-by-step training course equips you with the right questions to ask your clients and the tools to navigate the intricacies of consulting and advisory services. She elaborates on the benefits of her subscription-based online training, a treasure trove of recorded videos, downloadable tools, and PowerPoints. This comprehensive training fosters insightful client conversations and improved service delivery. Moreover, Geni reveals how to construct data dashboards atop operational systems to make data more meaningful, helping you to align better with your client’s business tracking mechanisms.Geni meticulously explains her framework for consulting, emphasizing evaluating what's working and what needs improvement, understanding the client's ideal outcome, and identifying levers to help them reach their goals. If you are seeking insights on how to improve business performance, creating engagement, and effectively selling advisory services, this episode is a must-listen!

Join us as we chat with Bob Lewis from the Visionary Group, an industry veteran with 27 years of experience and plenty of fascinating insights to share. Surprisingly, pickleball and Cornhole aren't the only games picking up pace; accounting is too, with earnings even surpassing some medical professions!The staffing shortage and the capacity problems in the accounting sector are real, but what if we told you there's a silver lining? A crisis can often be the birthplace of innovation. In this episode, we dissect the impact of limited personnel on capacity mix and how firms are getting creative. The old guard is gradually passing the baton with over 50% of CPAs being over 50, and the dynamic field of mergers and acquisitions is stepping into the spotlight. Brace for a deep dive into strategies firms are employing to navigate these changes and harness the potential of our evolving industry.Lastly, it's time to gear up for the future of advisory services. With the accounting industry landscape shifting, we explore the impact of private equity investments, the rise of outsourcing, and the transformation to more profitable service lines. We also discuss how firms are responding to the varying needs of clients, the comparison between corporation and partnership models, and the disruption in the M&A market. Tune in for an episode jam-packed with insights, trends, and opportunities that will reshape your perspective on the accounting industry.

H. Randy Hughes III, Chairman & CEO of Counting Pennies LLC, joins the podcast to talk all things tax advisory, including specific use cases, helpful tips, how to implement it, and more. Tune in to hear first-hand how tax advisory has saved Randy's clients thousands.

In this episode, we sit down with Martin Bissett, Founder of The Bissett Group, to discuss the importance of trusting and leaning on your financial advisor. Martin shares his family story and emphasizes the need for financial literacy in today's world. He also highlights why advisory services are key to a thriving business and offers insights on how to transition to an accounting business that prioritizes growth and profit while providing high-value services to clients.As we navigate the pandemic's 'snapback' effect, Martin encourages us to get closer to our clients and truly understand their needs. He also discusses the power of social proof in transforming the traditional accounting profession and breaking free from the recurring fee apathy cycle. This episode is a call to action for accountants everywhere to step up, break the mold, and truly make a difference. Tune in for a important conversation on how to elevate your accounting practice and provide exceptional value to your clients.

How do you take a data-driven approach to your business while keeping your passion at the forefront? Amy Phillips, the powerhouse behind TriStar CPAs, has mastered the art of blending number crunching with relationship building. Join us as we explore her journey in the accounting industry and marvel at how she's revolutionized her practice by transitioning to an advisory model. No matter the size of your business or the complexity of your financials, Amy's insightful story presents a treasure trove of advice for both accounting professionals and business owners.

Uncover the secret sauce to doubling or even tripling your business profits without spending a dime on advertising! In our enlightening chat with Tatiana Tsior, CEO and Founder of The Bold Method, we explore how to build a profitable, self-sustaining business that won't leave you chained to your desk. Tatiana's revolutionary approach to business development allows entrepreneurs to step away from day-to-day operations, retire comfortably, and live off their investments, all while avoiding hefty tax penalties.We'll guide you through a labyrinth of market dominance strategies and dive into the psychology behind pricing. Tatiana brings her expertise to the table, detailing the importance of a unique selling proposition, the power of drip campaigns, and the art of standing out in a saturated market. She also shares her savvy three-option pricing strategy, utilizing color psychology to create a compelling pricing framework. With insights on understanding supply and demand curves, you'll soon be setting the perfect price for your products and services.Finally, we delve into the world of advisory services. We explore how to create capacity within your firm to focus on these services, and the value they bring to potential clients. Tatiana sheds light on the concept of proactive tax advisory services that can save clients significant sums of money and keep them coming back for more. From the tax reduction strategy plan to business tax filing and personal tax filing, Tatiana leaves no stone unturned. Tune in for an episode filled with actionable strategies that will transform your business approach and supercharge your profits. Don't miss out!

Join us as we discuss the future of accounting with renowned educator, consultant, and writer Randy Johnston. With decades of experience in the accounting software world, Randy's insights on the evolution of the profession and the importance of tax automation are invaluable for both accounting professionals and business owners alike. We dive into the impact of technology on accounting firms, focusing on the benefits of automation in terms of efficiency and productivity. Randy shares his expertise on how using technology intentionally can help firms break free from the "hamster wheel" and gain a holistic view of their business. Additionally, we discuss the challenges of adopting new technology and the significance of educating staff to maximize its capabilities. Finally, we explore tax strategies and the role of new technologies in ensuring firms and individuals pay their fair share, without being overcharged. Randy sheds light on common tax strategies that are often overlooked, and the time-saving potential of new technology.

Roman Kepczyk, CPA and Director of Firm Technology Strategy at Right Networks, helps firms throughout North America effectively use information technology to optimize production processes. Listen as Roman shares information on the top technology trends he’s seeing in the industry and what tax professionals should know.