Not All Employees Will Work Out

Illustration of different types of people connected… and that’s OK.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

There’s a common misnomer when it comes to retention and keeping people on the team. Retention doesn’t mean keeping every single person on your team forever.

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Not only do you want to get the right people on the bus, but you also want to get those people into the right seats. We want Summit CPA to be a great place to work, and we want great people to be working here. However, we realize it may not be the right place for every person.
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Uncover Potential in 10 Interview Questions

Make remote hiring easier.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Before our firm became a distributed company with a remote workforce, our hiring was naturally limited to a small geographical location – Fort Wayne, Indiana.

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When we really started to grow, we knew we needed to bring in more senior-level accountants to be able to handle the clients we were bringing in at such a rapid pace.

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What Running a Virtual CPA Firm Really Costs

Happy business professionals giving high five hand slapRemote workers still need to get together if possible.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

With a brick-and-mortar company, there are a number of standard costs that you would expect to have, such as rent or mortgage, utilities, building repairs, furniture, technology, etc. The total amount of these kinds of costs typically falls in the range of 3-4 percent of the company’s annualized revenue. That amount can be pretty significant for a lot of companies.

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Some business owners may think they can save the company all of that money by going remote, but I personally believe that’s a terrible idea. While it’s true that a distributed company doesn’t have the costs that come with having a physical space, the very nature of a remote work environment results in a completely different and unique set of needs that should be considered in the company’s annual budget.
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Learning to Love Video Calls

Four people on each side of a videoconferenceTake the pain out of online meetings with weekly updates.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

If you’re the type of person who cringes at the thought of “another meeting,” I’m here to tell you, you’ve got to get over it. When you work with and for your clients remotely, you simply have to embrace meetings.

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Not only do meetings become the foundation of every relationship within your company, but they are the stimulus for where the work gets done.

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Try an Accountability Chart Instead

Blank organizational chartThen check to see whether the right people are in the right seats.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

“Getting the right people on the bus, the wrong people off the bus, and the right people in the right seats – these are all crucial steps in the early stages of buildup…” – Jim Collins, “Good to Great”

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When Adam and I first started the company, we didn’t have much organizational structure. We didn’t need it. But as the company grew, it became necessary to develop an organizational structure. There’s a great quote by Michael E. Gerber in his book “The E-Myth Revisited” that says, “Without the Organization Chart, confusion, discord and conflict become the order of the day.”
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Give Your Leadership Team Time to Lead

Large group of people gathered into an upward arrow shapeGet the right people on the bus, then figure out where to go.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

As our team was growing and we reached over 30 team members, we recognized the need to establish a formal leadership team. When we were smaller, it worked fine for Adam and me to be the primary decision makers, but as our client base and workload grew, we realized we would become a bottleneck and slow things down.

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At that point, we made a conscious effort to transition our daily tasks and client responsibilities to other team members so we could remove ourselves from the weeds and focus on the higher-level view of the company.
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Be More Effective Remotely with DiSC

Overhead view of five people in a meetingBetter understanding = better communication.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Working in a remote environment can be great, and it can also have its challenges. Communication is one of the biggest hurdles distributed companies have to overcome. To tackle this issue head on, Summit CPA has implemented many initiatives.

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One of our favorites is the DiSC profiles. Let me start off by telling you a little bit of the background on the DiSC profiles.
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Do You Have the Right People?

Two partners celebrating business success outsideHow core values affect remote work culture.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

A company’s core values are the cornerstone of its culture, and people are the biggest asset a company can have.

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Defining your core values and hiring the right people is essential for the success of your business.
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Hate Billing? Use a Different Method

Businessmen standing on dollar billWhat services do your clients value the most?

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

When I attend CPA conferences across the United States, I often hear from CPAs: “I don’t want to bill for my time.”

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So, how do you bill your clients?
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