New Vision CPA Creates Opportunities And Strengthens .

New Vision CPA Creates Opportunities andStrengthens Client Relationships with eMoneyA C AS E S T U DY

C O M PA N Y P R O F I L EBilling itself as “Your Business’ Best Friend(BBF),” New Vision CPA Group providesstrategic financial planning, tax advisory andcompliance, bookkeeping, and payroll servicesto small businesses and S corporations acrossthe U.S. and the world.An early adopter of cloud-based solutionsand a champion of automation, CEO JodyPadar has for the past decade set the pace ofchange in the CPA industry. She is the authorof two books The Radical CPA: New Rules forthe Future-Ready firm and From Success toSignificance, the Radical CPA guide; the host ofthe Let’s Get Radical podcast; and a nationallyand internationally recognized authority onsmall business for CNN, Forbes, Bloomberg,and Inc. magazine.Q U I C K FA C T SFounded in 2006Based in Mount Prospect, ILeMoney user since 2016New Vision CPA was compensated by eMoney for its participation in this case study and is a paid influencer for eMoney.

OBJECTIVEBuild a Holistic View of EveryClient’s Financial SituationLong-term client relationships are key togrowth at New Vision. And with a clientbase comprised of S corporations andsmall businesses, Padar knows that thebusiness advice she provides to her clientswill impact their personal lives as well.To earn their trust and grow her firm,Padar needed a complete view of herclients’ business and personal goals, plusthe ability to manage progress againstboth simultaneously.“We want to look at our clients froma holistic perspective,” she says. “Weneeded a single solution that would helpthem achieve their tax, business, andpersonal goals effectively. We wanted tobe a one-stop shop because that’s howwe’d offer the most value.”

CHALLENGEAutomated Tax Filing ServicesImpact RevenuesWith her restless passion for innovation,Padar has put New Vision ahead ofthe curve by automating many routinetax processes, like using bots to dobookkeeping. “Tech drives our business,”she says. “It’s a productivity multiplier—we’ve been able to grow revenue withouthaving to hire new people.”But automation is also disrupting the CPAindustry. Automated filing services arelowering the fees that clients are willingto pay CPAs to file 1040 tax returns. Forfirms like New Vision, the cost, stress, anddisruption of tax season are often higherthan the compensation. “Filing 1040screates a lot of chaos in the office for not alot of return,” she says.Looking for a new revenue stream, Padarquickly recognized financial planning’spotential to grow her business.“Financial planning has the potential togenerate a lot more revenue for us. It’salso a natural fit because most of ourclients are S corporation owners, so theirbusiness income, losses, deductions, andcredits pass directly to them. Essentially,we already handle both their personaland business taxes and help with theirbusiness planning.”Even as CPAs look to financial planningfor growth, financial advisors arestarting to offer tax advice to grow theirbusinesses. Padar says, “There’s a lot ofchange in the industry now. Financialadvisors are coming into the tax advicespace. To retain valuable clients and growmy business, I needed to offer fee-basedfinancial planning.”

SOLUTIONeMoney Helps New Vision Meet Clients’Personal and Business GoalsAfter achieving Series 7 and Series 63licenses, Padar and her colleague MaggieBeach set about to find a platform tosupport their holistic approach to financialplanning. Their search would be shortlived. The pair had already seen howone of their clients was using eMoney.They were immediately impressed byits collaborative financial planning,interactive client experience, and theaggregation of client account informationthrough a single platform.The pair were equally impressed by theintuitive eMoney interface, and so movedquickly to implement the solution atNew Vision.“We assessed other solutions, but nothingelse compared. There was no questionwe’d choose eMoney,” Padar says.“eMoney is a comprehensive wealthmanagement platform that’s still reallyeasy to learn and use. The interface isfar superior to anything else out there.The data aggregation and integrationsare really powerful. And we love theinteractive planning tools. They really helpus bring our clients’ financial picture to life.Other solutions don’t even come close.”With the holistic view—provided byeMoney—of each client’s progressagainst their personal, business, and taxgoals, New Vision is able to attract andretain clients.“eMoney lets us add value from thepersonal side as well as the businessside,” she says. “Typically we lead with thebusiness planning. And now eMoney givesus a platform to integrate our clients’business and personal planning.”Connecting New Vision clients’ personaland business goals is a robust set ofeMoney capabilities, including automatedaccount aggregation, tools for budgetingand goal setting, interactive cash flow andestate planning, screen sharing for remotecollaboration and presentations, and anindustry-leading Client Portal.With these capabilities, Padar andBeach collaborate with their clients oninteractive plans, evaluate their spending,and track progress against goals in realtime, whether online or through theeMoney mobile app.Padar is so committed to her growthplan, she has reimagined her client base.“We want clients who are interested inour holistic offering. I had to tell a bunchof my clients that I couldn’t help themif they only needed 1040 tax returns—Iessentially fired 90 tax clients.”

R E S U LT SeMoney Drives New Conversationsthat Increase Client SatisfactionPadar says the ability to access andmanage every aspect of a client’s financesthrough eMoney lets New Vision engagethem in more detailed and meaningfulconversations. Clients and advisorscan explore any scenario and makeadjustments to plans at any time, thanksto instant access to goals, projections,cash flow, and spending.“eMoney is the cornerstone of eachclient’s plans,” Padar says. “We use it toexplain how they’re going to achieve theirgoals and how we’re going to use it toreflect what’s happening. We use it eachtime we sit down with them. It’s key toour conversations.”eMoney is the cornerstoneof each client’s plans.We use it each time we sitdown with them. It’s key toour conversations.These conversations have increased clients’trust in New Vision and strengthened therelationships that are key to Padar’s growthstrategy for her firm. As a result of adoptingeMoney, Padar’s tax clients are transferringtheir assets to New Vision.“Clients have trusted us with their returnsfor 10 years, so it’s a natural progressionfor them to bring their assets to us,” shesays. “They like that we’re involved in thewhole plan.”Based on their long-term relationships,New Vision understands their clients’objectives, risk tolerances, and time frames.When new opportunities or questionscome up, Padar and her team can discussthem as part of an on-going conversation.“We don’t have to stop to bring in aninvestment manager because we knowtheir history, their objectives, theirfinancial situation. The financial planningpiece is a natural extension of the servicewe already provide. eMoney makes thewhole conversation fluid and seamless,”says Padar.eMoney has also helped New Visionattract prospects whose desire forfinancial planning is more closely alignedwith the firm’s own growth strategy.“We’re closing at least one plan a month,”says Padar. “New clients really valueour ability to provide a holistic serviceoffering that includes integrated taxplanning, business planning, and personalfinancial planning.”

NEXT STEPSeMoney Financial Planning at theCore of Every Client EngagementA mere two years into her adoption ofeMoney, Padar is implementing new, highvalue services that will keep New Visionon a growth trajectory. In keeping with her“radical” persona, these include an entirelyautomated bookkeeping function—inPadar’s words, “the bots are doing it all”—and a more robust deployment of eMoneyfor every client.“Financial planning will be part of everypackage we sell,” she says. “We’re going tooffer it up front and sell financial planningas part of our package. We’re going to leadwith it and gain business that way. That’sour plan. And the plan is working.”

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of two books The Radical CPA: New Rules for the Future-Ready firm and From Success to Significance, the Radical CPA guide; the host of . New Vision CPA was compensated by eMoney for its participation in this case study and is a paid influencer for eMoney. Long-term client relationships are key to growth at New Vision. And with a client