By Jody Grunden
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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About the Author
Jody Grunden is CEO & Co-Founder of Summit CPA Group—perhaps the first virtual CFO firm and the largest distributed-model accounting firm in the nation.
Grunden is an industry speaker and a published author. He started Summit CPA Group in 2002, bringing more than 23 years of public and corporate accounting leadership, tax expertise, and executive management experience to his role with the company. Grunden is a member of the Forbes Finance Council, American Institute of Public Accountants (AICPA) and the Indiana CPA Society.
Direction and Strategy
Grunden oversees the corporate direction and strategy of Summit CPA Group, focusing on leadership, innovation, and marketing. Jody takes great pride in helping business owners strive in all economic conditions. He says, "A well run company will excel in both a good and bad economy.” Since starting Summit CPA Group, Grunden has worked with clients and partners to share Summit CPA Group’s strategy and mission. Unlike many others in the business of accounting who focus on historic financial statements and tax returns, Summit CPA Group operates under profit-focused model, using dynamic forecasting models and key performance indicators with their clients to help them transcend simply “being in the black” and to focus on longer-term financial health and wealth.
Before joining Summit CPA Group Grunden served as a tax professional at the regional accounting firms Crowe, formerly Crowe Chizek and Company, and BKD formerly Geo S. Olive, where his focus was on small business taxation. Jody then worked as the tax manager Rea Magnet Wire Company, Inc-- a $250 million international, multi-state, manufacturing company --where he stood before the Taxation and Revenue Department of the State of New Mexico and won an appeal for a $300,000 investment credit that was earlier denied by the department. The appeal was a published decision.
Summit CPA Group’s mission is to change the way people think about accounting. To achieve this, Jody regularly speaks and leads discussions with groups of creative service professionals including web development, design, marketing firms, and branding agencies. Jody helps his clients apply key metrics to their business.
There are thousands of financial metrics that are important to the health of a business. Many times as an owner it can be overwhelming. Jody identifies the top four metrics—Money in the Bank, Production, Net Income, and Pipeline—and shows his customers how to use them in guiding their business.
When he’s not meeting with clients or team members, he’s a nice guy who likes hockey, golf, and his family. Jody graduated from Indiana University and is writing his latest book.
If you’d like to learn more about Jody, hear him speak, or understand how Summit CPA can change the way you think about accounting, contact Jody today:
- Follow Jody Grunden on Twitter: @jgrunden
- Follow Jody Grunden on LinkedIn: @jgrunden
- Follow Summit CPA Group on Instagram: @summitcpa_group
- Follow Summit CPA Group on Face Book: @ summitcpa_group
Topics Jody can speak to:
Forecasting with Metrics
There are thousands of financial metrics that are important to the health of a business. Many times as an owner it can be overwhelming. Jody will identify the top four metrics and show you how to use them in guiding your business.
Top 6.5 Tips to Run a Distributed Company
Summit CPA Group said goodbye to its brick and mortar model over three years ago and has never looked back. They are an early adopter of the distributed model and a disrupter in the accounting industry. Jody will share his top 6.5 tips for leading a team he doesn’t “see” and guide you to overcoming the common challenges.
Best Practices for Effective Proposals & SOWs for Client Accounting Services
A vital ingredient for the profitability of a client accounting advisory service (CAAS) practice is presenting compelling proposals and accurate statements of work (SOW). Jody will help you step back to evaluate how you are presenting your proposals and reviewing them with clients as well as. whether or not the SOWs are setting the right expectations with clients. Jody provides practical tips and strategies attendees can take back to their practice.
The CFO of the Future: Beyond the Numbers
Jody shares the winning formula for a successful VCFO practice: people, technology, and process. When these three elements are the focus, it’s a winning trifecta.
Jody’s speaking engagements include:
- Bureau of Digital Owner Camps
- Digital CPA.com Conference
- Accounting & Finance Shows