by AICPA & CIMA
Leveraging technology. Transforming practice. Digital CPA by CPA.com, hosted by Kalil Merhib and Kacee Johnson is the village square and sounding board for the DCPA community – a community of technology enabled accounting and advisory firm leaders who are at the forefront of business transformation and blazing a trail not only in their own organizations but within the profession itself. In this podcast Kalil and Kacee invite our unique and pioneering community to get out of the weeds of the tactical day to day to explore the impact of their achievements and focus on the big picture of their work.
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11/26/2023
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March 18, 2025
<h3 data-start="492" data-end="567"><strong data-start="496" data-end="565">Trusted Business Advisor with Bill Reeb</strong></h3> <p data-start="569" data-end="966">The accounting profession is undergoing a seismic transformation. Firms that have traditionally thrived on compliance services—tax preparation, audit, and financial reporting—are finding that their clients expect more. Today’s business owners don’t just need accountants; they need trusted advisors who can guide them through complex financial landscapes, strategic decisions, and future growth.</p> <p data-start="968" data-end="1443">In this episode of the <strong data-start="991" data-end="1014">Digital CPA Podcast</strong>, we sit down with <a href= "https://www.successioninstitute.com/about/bill-reeb/"><strong data-start="1033" data-end="1046">Bill Reeb</strong>,</a> an industry thought leader, former chair of the AICPA, and co-founder of the <a href= "https://www.successioninstitute.com/"><strong data-start="1125" data-end="1149">Succession Institute</strong></a>, to explore how CPAs can evolve into the role of strategic business advisors. Drawing from his extensive experience and insights from the <a href="https://www.cpa.com/cas-benchmark-survey"><strong data-start="1288" data-end="1317">2024 CAS Benchmark Survey</strong></a>, Bill breaks down the opportunities and challenges of shifting from a compliance-based model to an advisory-first approach.</p> <h3 data-start="1445" data-end="1511"><strong data-start="1449" data-end="1509">The Shift to Advisory: Why It Matters Now More Than Ever</strong></h3> <p data-start="1513" data-end="1776">The push toward advisory services isn’t just a trend—it’s a necessary evolution. CPAs who embrace this shift position themselves at the forefront of the profession, strengthening client relationships, increasing firm revenue, and future-proofing their business.</p> <p data-start="1778" data-end="1854">Bill highlights some of the key drivers of this transformation, including:</p> <ul data-start="1855" data-end="2089"> <li data-start="1855" data-end="1912">The increasing commoditization of compliance services</li> <li data-start="1913" data-end="1976">Technological advancements that automate transactional work</li> <li data-start="1977" data-end="2030">Rising client expectations for strategic guidance</li> <li data-start="2031" data-end="2089">The profitability and scalability of advisory services</li> </ul> <p data-start="2091" data-end="2272">In short, firms that fail to adapt risk losing relevance in a rapidly changing profession. But while the need for change is clear, execution remains a major hurdle for many firms.</p> <h3 data-start="2274" data-end="2326"><strong data-start="2278" data-end="2324">Lessons from the 2024 CAS Benchmark Survey</strong></h3> <p data-start="2328" data-end="2694">As a major contributor to CPA.com’s <strong data-start="2364" data-end="2393">2024 CAS Benchmark Survey</strong>, Bill shares exclusive insights into how firms are adopting <strong data-start="2454" data-end="2501">Client Accounting & Advisory Services (CAS)</strong> and what the most successful ones are doing differently. CAS has been the proving ground for advisory services, allowing firms to move beyond bookkeeping and offer deeper financial insights.</p> <p data-start="2696" data-end="2736">Key takeaways from the survey include:</p> <ul data-start="2737" data-end="3068"> <li data-start="2737" data-end="2847">CAS practices continue to grow at a rapid pace, demonstrating the demand for high-value advisory services.</li> <li data-start="2848" data-end="2962">Firms investing in CAS are seeing <strong data-start="2884" data-end="2919">higher profitability per client</strong> compared to traditional compliance work.</li> <li data-start="2963" data-end="3068">The most successful firms have well-defined <strong data-start="3009" data-end= "3034">governance structures</strong> that support advisory services.</li> </ul> <p data-start="3070" data-end="3290">Bill emphasizes that firms looking to <strong data-start="3108" data-end="3143">expand their advisory footprint</strong> should look at CAS as a model for growth, leveraging their existing client base while refining the skills necessary for higher-level consulting.</p> <h3 data-start="3292" data-end="3352"><strong data-start="3296" data-end="3350">Overcoming the Barriers to Advisory Transformation</strong></h3> <p data-start="3354" data-end="3542">Many firms understand the importance of advisory services, yet struggle with implementation. Bill outlines the biggest challenges preventing firms from making this transition, including:</p> <p data-start="3544" data-end="3743">✅ <strong data-start="3546" data-end="3587">Lack of Clear Leadership & Governance</strong> – Moving to an advisory-first model requires restructuring leadership roles, assigning clear responsibilities, and ensuring accountability at all levels.</p> <p data-start="3745" data-end="3954">✅ <strong data-start="3747" data-end="3771">Resistance to Change</strong> – Many partners and team members are accustomed to traditional compliance work. Shifting firm culture to embrace advisory services requires <strong data-start="3912" data-end="3940">strong change management</strong> strategies.</p> <p data-start="3956" data-end="4212">✅ <strong data-start="3958" data-end="3992">Defining & Communicating Value</strong> – Firms need to rethink how they present their services to clients. Many business owners still see their CPA as just a tax preparer or auditor. Communicating the <strong data-start="4155" data-end= "4197">value proposition of advisory services</strong> is critical.</p> <p data-start="4214" data-end="4473">✅ <strong data-start="4216" data-end="4239">Upskilling & Hiring</strong> – Advisory services require different competencies than traditional accounting. Firms must invest in <strong data-start="4341" data-end="4375">upskilling their current teams</strong> while also recruiting talent with <strong data-start="4410" data-end= "4470">consulting, technology, and strategic planning expertise</strong>.</p> <h3 data-start="4475" data-end="4528"><strong data-start="4479" data-end="4526">The Skill Set of a Trusted Business Advisor</strong></h3> <p data-start="4530" data-end="4778">To successfully transition into an advisory-first firm, CPAs must go beyond technical accounting knowledge and develop new <strong data-start="4653" data-end="4696">soft skills and consulting competencies</strong>. Bill outlines some of the most important skills professionals should focus on:</p> <p data-start="4780" data-end="5302">🔹 <strong data-start="4783" data-end="4805">Strategic Thinking</strong> – Helping clients plan for the future, beyond just compliance needs.<br data-start="4874" data-end="4877" /> 🔹 <strong data-start="4880" data-end="4915">Data Analytics & Interpretation</strong> – Turning financial data into actionable insights.<br data-start="4966" data-end="4969" /> 🔹 <strong data-start="4972" data-end="4996">Consultative Selling</strong> – Learning how to package and position advisory services effectively.<br data-start="5066" data-end="5069" /> 🔹 <strong data-start="5072" data-end="5099">Technology & Automation</strong> – Leveraging tools that enhance efficiency and create new advisory opportunities.<br data-start="5181" data-end= "5184" /> 🔹 <strong data-start="5187" data-end="5221">Client Relationship Management</strong> – Shifting from transactional engagements to long-term strategic partnerships.</p> <p data-start="5304" data-end="5566">Bill emphasizes that <strong data-start="5325" data-end="5417">becoming a trusted advisor isn’t about replacing compliance work—it’s about enhancing it</strong>. CPAs who successfully integrate advisory services into their existing offerings create more value for clients and establish deeper relationships.</p> <h3 data-start="5568" data-end="5623"><strong data-start="5572" data-end="5621">Practical Steps to Start the Advisory Journey</strong></h3> <p data-start="5625" data-end="5740">For firms eager to make this shift, Bill provides a <strong data-start="5677" data-end= "5700">roadmap for success</strong>, focusing on the following key areas:</p> <p data-start="5742" data-end="5869">📌 <strong data-start="5745" data-end="5774">Assess Your Current State</strong> – Identify which services you already provide that could be enhanced with advisory elements.</p> <p data-start="5871" data-end="6006">📌 <strong data-start="5874" data-end="5910">Develop a Clear Service Offering</strong> – Create <strong data-start="5920" data-end="5954">standardized advisory packages</strong> that clients can easily understand and invest in.</p> <p data-start="6008" data-end="6155">📌 <strong data-start="6011" data-end="6040">Train & Upskill Your Team</strong> – Invest in training programs to help CPAs develop <strong data-start="6092" data-end="6152">consulting, communication, and strategic advisory skills</strong>.</p> <p data-start="6157" data-end="6267">📌 <strong data-start="6160" data-end="6192">Redefine Internal Governance</strong> – Establish accountability structures that prioritize advisory services.</p> <p data-start="6269" data-end="6444">📌 <strong data-start="6272" data-end="6316">Educate Clients on the Value of Advisory</strong> – Move away from selling “hours worked” and start selling <strong data-start="6375" data-end="6401">solutions and insights</strong> that help clients grow their businesses.</p> <h3 data-start="6446" data-end="6482"><strong data-start="6450" data-end="6480">What’s Next for CPA Firms?</strong></h3> <p data-start="6484" data-end="6765">Looking ahead, Bill predicts that <strong data-start="6518" data-end="6596">advisory services will become the defining feature of successful CPA firms</strong>. Firms that fail to embrace this evolution will struggle to remain competitive in an industry where clients expect more than just financial reporting and tax returns.</p> <p data-start="6767" data-end="7104">Some of the biggest <strong data-start="6787" data-end="6804">opportunities</strong> on the horizon include:<br data-start="6828" data-end="6831" /> ✅ Expanding into <strong data-start="6848" data-end= "6885">industry-specific advisory niches</strong><br data-start= "6885" data-end="6888" /> ✅ Leveraging <strong data-start="6901" data-end="6922">AI and automation</strong> to enhance advisory capabilities<br data-start= "6955" data-end="6958" /> ✅ Creating <strong data-start="6969" data-end= "7007">subscription-based advisory models</strong> for recurring revenue<br data-start="7029" data-end="7032" /> ✅ Strengthening partnerships with <strong data-start="7066" data-end="7102">third-party technology providers</strong></p> <h3 data-start="7106" data-end="7175"><strong data-start="7110" data-end="7173">Final Takeaways: The Future of the Trusted Business Advisor</strong></h3> <p data-start="7177" data-end="7314">The <strong data-start="7181" data-end="7204">Digital CPA Podcast</strong> closes with Bill offering his top advice for firms looking to start (or accelerate) their advisory journey:</p> <p data-start="7316" data-end="7504">1️⃣ <strong data-start="7320" data-end="7350">Start Small, but Start Now</strong> – Firms don’t need to overhaul their entire business overnight. Instead, start by integrating advisory conversations into existing client interactions.</p> <p data-start="7506" data-end="7638">2️⃣ <strong data-start="7510" data-end="7541">Leverage CAS as a Launchpad</strong> – If your firm already offers CAS, use it as a <strong data-start="7589" data-end= "7607">stepping stone</strong> to deeper advisory services.</p> <p data-start="7640" data-end="7813">3️⃣ <strong data-start="7644" data-end="7675">Prioritize Client Education</strong> – Clients won’t understand the value of advisory services unless firms actively communicate <strong data-start="7768" data-end="7810">how these services will help them grow</strong>.</p> <p data-start="7815" data-end="7983">4️⃣ <strong data-start="7819" data-end="7858">Build a Strong Leadership Structure</strong> – Advisory success isn’t just about services—it’s about having the right governance, culture, and mindset within the firm.</p> <p data-start="7985" data-end="8161">5️⃣ <strong data-start="7989" data-end="8012">Invest in Your Team</strong> – A firm’s greatest asset is its people. Upskilling, hiring strategically, and fostering a <strong data-start="8104" data-end="8129">culture of innovation</strong> will drive long-term success.</p> <p data-start="8199" data-end="8413">This episode is a must-listen for any accounting professional who wants to stay ahead of the curve in an industry that’s rapidly evolving. <strong data-start= "8338" data-end="8411">Becoming a trusted business advisor is not a luxury—it’s a necessity.</strong></p> <p data-start="8415" data-end="8575">To dive deeper into Bill Reeb’s insights, check out his book <strong data-start="8476" data-end="8504">Trusted Business Advisor</strong> and explore the resources available at the <strong data-start="8548" data-end= "8572">Succession Institute</strong>.</p> <p data-start="8577" data-end="8689">🔊 <strong data-start="8580" data-end="8687">Subscribe to the Digital CPA Podcast for more conversations on the future of the accounting profession!</strong></p>
February 24, 2025
<p data-start="361" data-end="1068">In this episode of the <strong data-start="384" data-end="407">Digital CPA Podcast</strong>, host <strong data-start="414" data-end= "430">Kalil Merhib</strong> is joined by <strong data-start="444" data-end="458">Kim Blasco</strong> from CPA.com and <strong data-start="476" data-end="490">Beth Allen</strong> from Greer Walker to discuss the <strong data-start="524" data-end= "553">2024 CAS Benchmark Survey</strong> findings. They dive deep into the evolving landscape of <strong data-start="610" data-end= "644">Client Advisory Services (CAS)</strong>, highlighting trends in <strong data-start="669" data-end="739">growth, pricing strategies, profitability, and technology adoption</strong>. The conversation explores how firms are leveraging <strong data-start= "792" data-end="856">efficiency, industry specialization, and dedicated CAS staff</strong> to drive success. Whether you're just starting your CAS practice or looking to refine your strategy, this episode is packed with actionable insights to help firms stay ahead in the evolving advisory landscape.</p> <p data-start="1070" data-end="1216"><a href= "https://www.cpa.com/cas-benchmark-survey">🔗 <strong data-start= "1073" data-end="1134">Download the 2024 CAS Benchmark Survey </strong></a><br data-start="1134" data-end="1137" /> ⭐ <strong data-start="1139" data-end="1214">Enjoying the show? Don't forget to like, subscribe, and leave a review!</strong></p>
January 27, 2025
<p>In this episode of The Digital CPA Podcast, Jen Wood from The Bonadio Group shares her key insights from chairing the 2024 Digital CPA Conference. We explore how firms are leveraging AI to tackle capacity challenges, the rapid growth of CAS practices, and the transformative impact of cloud-based audit tools. Jen also discusses innovative strategies for firm leaders to evolve their business models, retain top talent, and embrace technology to drive success in 2025 and beyond. Don’t miss this conversation packed with actionable takeaways for firm transformation!</p> <div class="flex items-center"> <p>For more episodes and resources, visit <a href= "http://www.cpa.com/" target="_new" rel= "noreferrer">www.CPA.com</a>. Stay tuned for our upcoming episodes featuring industry leaders driving innovation and transformation in finance and technology.</p> <p><strong>Don't forget to subscribe to our podcast on your favorite listening platform!</strong></p> <strong>For additional resources check out:</strong></div> <div class="flex items-center"> <p class="MsoNormal"><a href= "https://www.cpa.com/insights">https://www.cpa.com/insights</a></p> </div> <p><a href="https://linkedin.com/in/jennifer-wood-8b04b78">Jennifer Wood LinkedIn</a></p>
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