Podcast
Accounting for Innovation
Hosted by Jody Padar & Matt Tait · EN
Bridge the gap between tradition and innovation in the accounting industry. On this podcast, Jody Padar and Matt Tait explore cutting-edge strategies and transformative technologies to help business leaders and accounting professionals navigate change and capitalize on opportunities in today's dynamic landscape.
17episodes
Episodes
Newest firstAll episodes
Go-To-Market Essentials: Building and Expanding Your Accounting Practice
Aug 20, 202400:20:33Tap to summarizeHow should accounting firms go to market today?In this episode of Accounting for Innovation, Jody Padar and Matt Tait explore go-to-market strategies for accounting firms. They discuss the transformation from traditional "rainmaking" to contemporary market entry techniques, emphasizing the importance of defining service offerings and identifying ideal customer profiles. The conversation covers strategic pricing, the role of personal branding, and leveraging digital tools to attract and retain clients. In this episode, we cover:Traditional and modern sales strategies in accountingThe importance of identifying and understanding ideal customer profilesDefining service offerings before approaching the marketStrategic approaches to pricing and service packaging for different client segmentsBenefits of personal branding and building a digital presence for market penetrationChallenges of transitioning from old-school practices to modern marketing techniquesAdvice on harnessing social media and content marketing for lead generationConsiderations for accountants contemplating starting their own firms or buying into existing practicesImpact of technological advancements on client expectations and service deliveryThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →From Old School to New School: Shaping The Next Generation of Accountants
Aug 13, 202400:21:16Tap to summarizeCareers in the accounting industry aren’t the same as they used to be.In episode five of Accounting for Innovation, Jody Padar and Matt Tait discuss the critical transition facing the accounting industry as it shifts from seasoned professionals to the next generation. They explore the challenges and decisions young accountants face, whether to innovate within existing firms or venture out on their own. The conversation highlights the dynamics of legacy firms, the entrepreneurial spirit among young professionals, and the opportunities that modern technologies and methodologies offer in reshaping the accounting landscape.In this episode, we cover:The decisions young accountants face in old-school firmsConsiderations around buying into a partnership or starting an independent firmChallenges of changing firm cultures and adapting to new business environmentsThe role of technology and innovation in modern accounting practicesPotential career paths for technical versus business-oriented accountantsThe impact of firm consolidation on career opportunities and firm dynamicsHow young accountants can navigate the changing landscape of the accounting industryEntrepreneurial opportunities within and outside traditional accounting pathsImportance of adaptability and forward-thinking in career planning for accountantsThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →Blending Tradition and Innovation: Lessons from the Accounting Trenches
Aug 6, 202400:21:29Tap to summarizeHow do you balance new -vs- old when growing your firm?In this episode of Accounting for Innovation, Jody Padar and Matt Tait discuss the dynamic between traditional and innovative practices in the accounting industry. You’ll hear the strengths and weaknesses of both approaches, highlighting the reliability and proven methods of traditional accounting alongside the efficiency and scalability of innovative practices. These methodologies can lead to a more robust and adaptive accounting practice, emphasizing the importance of evolving business models to stay relevant and competitive.In this episode, we cover:The benefits of traditional accounting practices such as reliability and proven profitabilityThe drawbacks of traditional practices, particularly resistance to technological adoption and innovationInnovative accounting practices' advantages, including increased efficiency and scalabilityChallenges faced by innovative practices, such as over-reliance on technology potentially degrading client experiencesThe importance of balancing tradition with innovation to enhance service quality and client satisfactionThe integration of technology and traditional values to optimize practicesHow traditional firms can embrace changes necessary for modern business environmentsThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →M&A Success: The Story Behind Decimal's Purchase of KPMG Spark, Formerly Bookly
Jul 30, 202400:16:32Tap to summarizeWhat’s it like to buy a business from a Big 4 firm?In this episode, Jody Padar and Matt Tait explore the details behind Decimal’s acquisition of KPMG Spark, formerly known as Bookly. Matt shares the story of how the acquisition unfolded, including the motivations, challenges, and key takeaways from the process. The discussion highlights the importance of cultural fit, thorough due diligence, and strategic planning in ensuring a successful merger. This episode offers valuable insights for accounting professionals and business owners considering acquisitions as a growth strategy.In this episode, we cover:Overview of Decimal’s acquisition of KPMG SparkImportance of cultural fit and people-oriented approaches in acquisitionsInitial contact and negotiations with KPMGDetailed due diligence process and timelineTransition planning and integration strategiesChallenges faced during the acquisition and how they were overcomeRole of legal and corporate development teams in the processBenefits of the acquisition for Decimal, including growth and team expansionKey lessons learned from the acquisition experienceThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →The Art of Buying Accounting Firms: People First, Economics Second
Jul 23, 202400:22:30Tap to summarizeIs acquiring another firm the right move?In this episode of the Accounting for Innovation podcast, Jody Padar and Matt Tait dive into the intricacies of acquiring accounting firms. Matt shares his experience and insights on why acquisitions can be a strategic choice over organic growth, emphasizing the importance of cultural fit and people over economics. He details the stages of an acquisition, from negotiating a letter of intent to post-deal integration, highlighting the critical role of due diligence and trust-building. The episode provides valuable lessons for anyone considering mergers and acquisitions in the accounting industry.In this episode, we cover:The importance of cultural fit and strategic growth through acquisitionsBuilding a brand and networking to attract acquisition opportunitiesThe decision-making process in selecting firms to acquireAssessing financials and employee compatibility before finalizing acquisitionsClient transition and communication strategies to maintain trust and service continuity post-acquisitionThe challenges of aligning acquired firms with new business models and practicesLessons learned from successful and challenging acquisitions, like Decimal’s acquisition of KPMG SparkThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →Navigating the Emotional Journey of Selling an Accounting Firm
Jul 16, 202400:20:43Tap to summarizeWhat will it take to sell your accounting firm? In this episode of Accounting for Innovation, Jody Padar—the Radical CPA—shares her personal and professional journey of selling her cloud-based accounting firm. Jody discusses the emotional complexities, the importance of aligning values with the acquiring firm, and the critical steps she took to prepare her firm for acquisition. In this episode, we cover:The emotional aspect of selling a firm and its impact on the ownerImportance of aligning values with the acquiring firmJody's journey of building a cloud-based, innovative accounting firm since 2010The process of getting courted by top firms and the decision-making involvedThe significance of having a good advisor and the role of the networkPractical tips for preparing a firm for saleExperiences of negotiations and aligning with potential buyersLessons learned about maintaining firm culture and ensuring team fit during and after the acquisitionRead more about Jody's deal that failed prior to her acquisition in this article she wrote for Accounting Today:https://www.accountingtoday.com/opinion/the-feeling-side-of-accounting-firm-m-aThis episode is brought to you by Decimal and the Radical CPA.
Transcribe →Leveraging Technology for CX Enhancement
May 10, 202400:21:53Tap to summarizeHow can accounting firms improve CX through technology?In this "Accounting for Innovation" episode, Jody Padar (Founder, Radical CPA) and Matt Tait (CEO, Decimal) explore the intersection of technology and customer experience (CX) enhancement within accounting businesses. We look at innovative strategies and transformative technologies that enable these teams to optimize client interactions, streamline processes, and deliver exceptional value. In this conversation, we cover:- The 3 major ways to discuss the client experience in accounting- Why communication is critical across all areas- Standardizing work is key to automating processes- Translating financial information for clients is often missing- Setting clear expectations at every stage through SLAs- Rethinking processes and firms from a blank slate- Tools aren't enough without back-end changes- Action steps to optimize the client experienceIf you found this episode valuable, please leave a rating and review. This episode is brought to you by Decimal and the Radical CPA.
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