Creative Agency Success Show

Quote “We are trying to learn about a candidate, know how they are going to fit into the culture, and know how they are going to do the job in a very small amount of time.” - Zach   The finer details of this episode  How Summit CPA has struggled in the past with hiring  The hiring assessments that Zach introduced to Summit CPA  Why Emotional Intelligence is such an important factor in a potential...

Quote “Don’t try to game the system with these. The government is going to be really scrutinizing the details with this.” - Jody Grunden   The finer details of this episode  Which expenses are included in loan forgiveness What you should do if your business uses contractors  How to approach documentation  What you need to know about the regulations and guidelines  The timing and process to obtain...

Quote “The first thing you want to do is identify what you think is going to happen over the next 2-3 months.” - Jody Grunden   The finer details of this episode  The main things to look at in your forecast when your business is struggling  How often to look at your forecast when times are tough  The 15% net income model and how you can use your forecast to achieve it  A walkthrough of how we are...

Quote “You are not trying to just increase your top-line revenue. Your bottom line needs to be increasing too.” - Jody Grunden   The finer details of this episode  How Summit CPA used forecasting to help a client double their revenue  What part of your business to work on in order to create growth  Determining if you have the capacity to grow the way you want to  The “Four Levers of Growth” that y...

Quote “It doesn’t make sense to drain your cash in order to save for taxes” - Jody Grunden   The finer details of this episode  Tax laws and how to follow them  Cash-based vs accrual-based  What you can do to lower your tax bill  How to forecast your tax bill  What creative agencies need to know about their taxes  Is it your location or the client’s locations that matter?    Episode resources Summ...

Quote “Creating a dedicated space for your work is one of the most essential things you can do when working from home.” - Adam Hale    The finer details of this episode  How Summit CPA became a virtual company Work from home tips from the Summit CPA team Perks of working from home Our favorite tools for working online How this can actually be a blessing in disguise for your company How to support...

Quote “The fact that you created a process is more important than what process you use. What matters is that you have a process.” - Jamie Nau    The finer details of this episode  How often you should be looking at your bank balance How to determine your inflow to start a cash flow forecast  How to forecast your outflows  Reasons you should reconcile your account as often as possible  Why your bus...

Quote “When you have a lot of recurring revenue, you are able to increase your capacity for more projects and take more risks.” - Adam Hale    The finer details of this episode  How Summit CPA started with recurring revenue streams  How the subscription based model solved many of the problems we faced early on in business  Different ways that marketing firms can take advantage of the recurring rev...

Quote “You know that it’s going to happen, but it’s not possible to predict exactly when, so the key is to prepare for it.” - Jody Grunden   The finer details of this episode  What is a recession?  What happens during a recession  Tips to prepare your business for a recession  Why you should start planning now for the next recession  The biggest tool you have against a recession  The advantages of...

Quote “Forecasting gives us the opportunity to reroute, so we can stay on track with the goal.” - Adam Hale     The finer details of this episode  The difference between budgeting, forecasting, and resourcing How Summit CPA began to implement forecasting with our clients How far ahead you should look when forecasting How forecasting can help you reach your long-term goals How to create a forecast...

“It’s important that the amount you have in your pipeline varies based on what your future outlook looks like.” - Jamie Nau   The finer details of this episode   How often you should look at pipeline metrics The different parts of the pipeline that can be measured and controlled The three inputs that should be evaluated regularly How to calculate Recognized Revenue and why that’s important Why loo...

“A service-based company should be making 15% net income, 10% is the break-even.” - Jody Grunden The finer details of this episode Why 10% is the new break-even How profit margins get smaller as your company gets bigger The sections of an income statement and why they are important How to calculate your actual gross profit and determine what it should be How much to invest in your employees outsid...

“Measuring something and then consistently looking at it really helps you understand exactly how you’re doing.” - Jamie Nau  The finer details of this episode  Production metrics 101. How to calculate your utilization rate. Standard rate vs. average bill rate. Where do service businesses fail? What is an effective rate? How to improve your average bill rate. A Summit CPA client success story. Epis...

“If the client knows you're going to reach out every time a payment is due and you do it, there’s no question that it will improve your receivables process.” - Audrey Giannini The finer details of this episode How much cash should you have in the bank? Understanding client concentration and why it’s important. The way Summit CPA looks at short term cash flow. Penalties and incentives for coll...

“Many times, it’s the last thing they want to deal with, but they know things could go so much further if they had the proper staff. The back of the napkin doesn’t work anymore.” - Michelle Lesifko The finer details of this episode How Summit CPA helped coin the term “Virtual CFO” Traditional bookkeeping and accounting vs. Summit CPA Should you hire a full-time CFO? How Summit CPA uses forecasting...

“We’ve put together processes and deliverables for our clients. They’ve seen a big impact on their businesses, so there’s tons of value.” - Adam Hale  The finer details of this episode  Adam’s shares his Jerry Maguire moment when leaving the previous firm What made Summit CPA stick with creative agencies as a customer base since The two types of ways Summit CPA works with creative agencies How one...

“The strategy, speaking with the clients weekly and making sure they have enough cash in the bank to survive the next eight weeks or 12 months, that’s really the differentiator and why we’ve grown so fast.” - Jody Grunden The finer details of this episode  How Jody and Adam started their careers in accounting What was Jody's philosophy when starting Summit CPA Group How to value clients and b...