How Offshore Accounting Solutions Helped Anders CPAs + Advisors Become a $60M Virtual Accounting Firm

Operating an accounting firm virtually is no small feat, yet Jody Grunden, Partner at Anders CPAs + Advisors, is really thriving at it. Since 2013, he has skillfully overseen the operations of their remote firm, leveraging the power of offshore accounting services to tap into talent across the United States and India. Anders CPAs + Advisors employs 70 virtual employees within the U.S., coupled with an additional 18 offshore team members from MYCPE ONE. 

About Anders CPAs + Advisors:  

Anders CPAs + Advisors, a prominent CPA and advisory firm based in St. Louis and ranked among the Top 100 in the field, with an unconventional approach to the world of accounting. Made up of an extraordinary team of professionals of virtual accounting firms, including CPAs and accountants, the firm is known for delivering top-tier Virtual CFO Services and conducting 401(k) Audits for companies across the United States. Notably, a substantial proportion of their clientele comprises remote companies, making Anders a trailblazer in providing offshore accounting solutions for Virtual CPA Firms.  

Anders CPAs + Advisors will help you accomplish what matters the most, with their finest services, 

1. Advisory 
2. Audit & Assurance 
3. Tax 

A hallmark of Anders CPAs + Advisors is its commitment to delivering a range of services without the necessity of in-person meetings. Even their hiring process is conducted in the virtual realm, a testament to their seamless integration of technology and innovation, especially in offshore staffing for accounting firms. 

Anders CPAs + Advisors isn’t like any typical accounting firm. Instead it’s a team of CPAs, advisors, and hardworking staff who are always focused on providing you with the best. The firm is always focused on delivering the outstanding results.  

Some of the notable achievements by Anders include: 

1. Best of the Best Firms 2024 & Top 100 Firms 2024 by Inside Public Accounting
2. Process Visionary Award by Boomer Consulting, Inc. 
3. XCellence Award for Best Newcomer at 2024 
4. Top Work Places 2024 by St. Louis Post-Dispatch 
5. Top 100 Firms 2024 by Accounting Today 

The Merger of Anders and Summit

A merger of two firms! What’s that? Jody is a co-founder of Summit CPA Group. The firm utilizes their CPA Firm Augmentation service, aimed at coaching fellow CPA firms in the art of effective Virtual CFO services. This initiative underscores their deep comprehension of intricate financial aspects, such as accounting, bookkeeping, cash flow management, and business taxation, all of which are entailed by the distributed nature of their operations and the use of offshore accounting solutions. Some of the notable industries Summit worked with includes Cannabis, Creative Agencies, Legal Services, and Transportation & Logistics. The unique approach of the firm earned them the esteemed Indiana CPA Society Innovation Award in 2017, acknowledging their pioneering achievements. 

Summit CPA Group and Anders CPAs + Advisors merged their operations. Co-founders, Jody Grunden, CPA, and Adam Hale, CPA, along with their entire team of 60 staff members, have become part of the Anders team, further enhancing their capacity as an offshore solution for Virtual accounting firms. 

This merger elevates the combined firm's strength, with a total of 335 partners and staff members and an estimated revenue of around $60 million, showcasing the growth potential of offshore accounting staff. 

This strategic merger unites two dynamic and forward-thinking organizations. Summit, established in 2002, has been a trailblazer in introducing remote work practices within the accounting industry since 2013. Through its offerings of virtual CFO services, including expertise in cash flow management, business tax planning, and financial forecasting, Summit has experienced rapid growth, reaching a revenue of $8.5 million, demonstrating the effectiveness of an offshore solution for Virtual accounting firms. Its growth trajectory has been remarkable, nearly doubling in size every three years since 2010, receiving recognition in the Inc. 5000 list. Similarly, Anders has achieved significant growth through the expansion of Advisory Services, the introduction of new industry lines, organic growth, and strategic mergers, effectively doubling its revenue to over $51 million since 2013. 

Exploring Jody Grunden's Impact: Pioneer of Virtual CFO Services 

About Jody Grunden: 

At the helm of this innovative venture is Jody Grunden, the virtual and CFO Practice Leader at Anders CPAs + Advisors. He is also the Co-founder and CEO of Summit CPA Group, headquartered in Fort Wayne, Indiana. Jody's focal point centers on Virtual CFO Services, entailing regular interactions with business proprietors to extend support in areas like Cash Flow Management, Forecasting, Budgeting, Debt Restructuring, Cost Accounting, and Cutting Edge Tax Planning. A thought leader in the realm of virtual CFO services, Jody Grunden conducts courses and webinars on this pivotal subject. His innovative mindset paved the way for Summit CPA Group's pioneering of Virtual CFO services, which introduced the groundbreaking concept of subscription-based billing, a key element of their offshore solution for Virtual accounting firms. Furthermore, in 2013, he orchestrated the transformation of his firm from a conventional brick-and-mortar entity into a digitally-driven fully distributed model, housing a workforce of over 335 employees after the Anders merger. Presently, his firm thrives with over 70 virtual employees within the U.S. and an offshore staff of 18 affiliated with MYCPE ONE. 

The implementation of Subscription-Based Pricing: 

In Jody Grunden's own words, “We completely bootstrapped the company, we didn't have funding of any kind, just left public accounting and we wanted to start something a little different, do something different than we do in other public accounting firms. So when we started, we did the hourly billing, we did that for the first two years and it was horrible”. However, the tides changed when virtual CFO services were introduced in 2004. The inherent challenges of hourly billing became increasingly apparent, culminating in the realization that a new approach was imperative, further emphasizing the need for an offshore accounting solution.” 

However, the tides changed when virtual CFO services were introduced in 2004. The inherent challenges of hourly billing became increasingly apparent, culminating in the realization that a new approach was imperative. 

“It was apparent we had to do something differently, but the real driver behind it was if we want to be real honest and transparent, I had zero money and so no money meant that I couldn't be the bank. It was just too expensive to have three hundred thousand dollars sitting out there at that time waiting for people to pay and worrying about payroll and all that kind of stuff as a young entrepreneur starting a CPA Practice”. 

“We didn't know what it was called at that time 'subscription-based billing' as no one was doing it. We got reported to the ethics committee because they thought that we were doing something that shouldn't be done because no one else is doing it. That was a great idea so we went through with flying colors”, showcasing the success of their innovative offshore accounting solutions. 

Remarkably, Anders CPAs + Advisors maintains a 94% retention rate, reflecting the satisfaction and trust of their clientele. Their unique operational model, which involves collecting fees prior to service delivery, has cultivated financial stability and client satisfaction alike, a testament to the effectiveness of their offshore solution for Virtual accounting firms. 

Building a Vision: Integration of the Onshore and Offshore Teams

Jody Grunden's journey into the realm of remote operations commenced in 2013 and fully transitioned in 2014. The paradigm shift prompted them to showcase their model at prominent industry conferences such as AICPA Engage and DCPA, where their innovative approach garnered considerable attention and praise, demonstrating the value of offshore staffing for accounting firms. 

Each client engagement at Anders CPAs + Advisors is led by a dedicated CFO, supported by senior-level accountants, someone between 4 to 12 years of experience, typically CPA’s. They oversee the financials and actually meet with clients if they have cash meetings as part of their service. 

They’ve got two dedicated people on every team. So CFO and Sr. Accountants don't do taxes, the tax level person does the taxes. But in addition to that, depending upon if the client wants them to do back-office accounting work, our MYCPE ONE team actually performs those functions, highlighting the synergy between their offshore accounting staff and onshore team. 

He also mentions that “We have 20 VCFOs today and 40 senior accountants who report to them, and each senior accountant has at least 1 offshore staff to assist them. With the added cost advantage, we are able to expand our clientele and in turn, it is fueling hiring of both on-shore as well as offshore staff. We anticipate adding 5-10 onshore and offshore staff every year”, emphasizing the role of offshore staffing for accounting firms in their growth strategy. 

The symbiotic relationship between the onshore and offshore teams underpins their operational success. In their pursuit of excellence, Anders CPAs + Advisors adheres to meticulous hiring practices, ensuring that the right talent—whether onshore or offshore—is strategically positioned within the organization, demonstrating the benefits of offshore staffing in accounting for Virtual accounting firms. 

Empowering Success through Strategic Partnership: 

Anders CPAs + Advisors’ collaboration with MYCPE ONE was born from a desire for efficient staffing solutions. Overcoming initial challenges with other outsourcing options, the synergy between the two organizations was a match made in operational heaven. Geographical differences posed no hindrance to their collaborative efforts, as the focus remained on effective communication and shared goals, highlighting the value of offshore accounting services. 

Jody mentions, “Even though we have staff in nearly every state in the US, we faced challenges in staffing and tried outsourcing as a solution. But, it turned out to be quite a nightmare. It was a black box where you have no idea who is working for you, zero consistency in quality of work, deadlines don’t remain sacrosanct, coordinating with the vendor was a major challenge. As a result, we completely gave up the idea”. 

They met Mr. Shawn Parikh at the Accounting & Finance Show New York in 2018 and discussed how MYCPE ONE could be the solution they were looking for. Anders CPAs + Advisors clients are spread throughout the United States, Canada, and many different countries, demonstrating the global reach of their offshore solution for Virtual accounting firms. 

“Why does it make any difference if our team is from India, the Philippines, or the Czech Republic, it doesn't make any difference where they're from, just as long as we can communicate and we're in the same time zone”, highlighting the geographical flexibility that offshore staffing for accounting firms offers. 

So, the nice thing about MYCPE ONE is that we allow our team to work in different time zones so that we can actually work with clients hand to hand, showcasing the flexibility and effectiveness of their offshore accounting staff. 

Communication with Offshore Staff: 

“Our offshore staff speaks very good English which was a relief as this was a primary requirement for us. Now it's really great that we can understand things, and English being a second language in India means we get staff that are ready to start. It's important when you're interviewing offshore staff, depending upon the level of their English they can be deployed for internal or client-facing roles”, highlighting the language proficiency of their offshore accounting staff. 

He further adds, “The other important thing when interviewing offshore staff or when meeting them is looking for the right skill sets. With Entigrity (Now MYCPE ONE), it was nice because you can truly interview the candidates that are going to be on your team which was a surprise as other firms didn't allow that'', emphasizing the importance of selecting the right offshore staff. 

Integration of Offshore Team with On-shore Team: 

Anders CPAs + Advisors started with 10 offshore staff in a year then hired 4-5 offshore accountants every year, demonstrating the scalability and growth potential of offshore staffing for accounting firms. 

Anders CPAs + Advisors started with hiring just 1 offshore staff to check it out. Soon, they hired a few more staff members, and today, MYCPE ONE is a key partner of Anders CPAs + Advisors with an 18-person offshore accountants team, highlighting the growth of their offshore accounting staff. Talking about onshore versus offshore, Jody mentions 

“We've got specific roles that our offshore people do. So we don't hire people onshore to do those roles. With the number of MYCPE ONE folks, we have actually lined up one for one, so if we have an accountant, we also have an MYCPE ONE Staff responsible for, so if we have 15 accountants then we've got 15 MYCPE ONE folks out there. We found out that it works really well”., showcasing the integrated approach of their offshore staffing for accounting firms. 

It's vital to ensure that you have the right team in place, whether onshore or offshore, because they're all working on the same team as a whole. We really need to promote people based on growth and capacity and benefit as the organization grows, highlighting the importance of having a cohesive offshore accounting staff.  

How Jody Achieved Offshoring Success: 

Successful integration of onshore and offshore teams and treating both as the same, showcasing the equal importance of offshore staffing for accounting firms in their operations. 

Empowering leaders and managers with the right team, emphasizing the role of effective leadership in managing their offshore accounting staff. 

Investment in onboarding and training, highlighting the importance of equipping their offshore staff with the necessary skills and knowledge. 

They wanted to make sure that we had all of our compliance and security was super tight in terms of access. How they accomplish that is with a tool called Last Pass, and they only give view-only access to the websites, but it ensures that the team from MYCPE ONE is able to launch websites, they have view-only access so that they can carry out their job and they don't have to worry about giving any compromising information and bank account information IDs or anything like that, showcasing their commitment to security and compliance in their offshore solution for Virtual accounting firms. 

Jody concludes, “The nice thing about being virtual is you get access to talent all over the country and now all over the world. So instead of having to worry about finding specific talent in a small geographic footprint, now we can go everywhere. Offshore teams can handle anything that an onshore team can handle from a back-office standpoint. Our team is really focused on the advisory service. We already had all the S.O.P. in place, just needed somebody to take them over. Once we were able to see that, your team could come in and just knock it out really quick. Being distributed is one of the best things that we ever did”. emphasizing the global reach and effectiveness of their offshore staffing for accounting firms. 

Supporting the Journey

Anders CPAs + Advisors's journey is one characterized by innovation, commitment, and success. As they continue to push boundaries and redefine virtual CPA services, the path they tread serves as an inspiration to their peers and partners alike, demonstrating the potential of an offshore solution for Virtual accounting firms. 

MYCPE ONE is a comprehensive ecosystem designed to empower CPAs and accounting firms with a comprehensive suite of services – all in one place. As a strategic platform, MYCPE ONE offers services that include outsourcing, staffing, building captives, continuing education, digital marketing, M&A advisory, and industry insights to support firms in delivering exceptional value to their clients 

Christopher Rivera

Christopher Rivera, Chris serves as a Director of Client Relations and Business Development at Entigrity. He is an expert at leading and managing teams actively from the front. His expertise in sales, training, coaching, mentoring and influencing combined with his competitive nature makes him a strong leader. Chris has traveled through the length and width of the country and has spoken with more than five thousand CPAs, understanding their challenges and limitations. On the grounds of that, he can now easily provide opinions and solutions that can be immensely helpful to the professionals. He has also represented Entigrity at a number of major accounting conferences and networking events.