On this episode of Building the Premier Accounting Firm, host Roger Knecht and his guest, Ken Lacroix, discuss the evolving role of accounting professionals in providing CFO and advisory services. They explore the shift from compliance to forward-thinking financial planning, leveraging technology, and the importance of storytelling in communicating financial insights to business owners. This episode offers key strategies for firms looking to add more value beyond traditional accounting.

In This Episode:

00:00 Introduction to Ken Lacroix 02:00 The Anti-Accountant & Storytelling 05:17 Technology in CFO Services 09:17 From Compliance to CFO Mindset 13:50 Engaging Staff and Valuing Insights 17:09 CFO Services: Sales and Tech Stack 22:16 Pricing & Meeting Structure 27:11 Overcoming Challenges in CFO Adoption 31:00 Entrepreneurial Wisdom and Wellness 36:05 Closing Thoughts and Resources

Key Takeaways:

Transition from historical data entry to real-time financial analysis for better decision-making.
Embrace the role of a storyteller and translator, making complex financial data understandable and actionable for clients.
Leverage technology to automate manual processes, freeing up staff for higher-value advisory work.
Overcome the "what if I'm wrong?" mindset by understanding that estimates, even if imperfect, provide valuable targets and earlier problem detection.
Recognize the value of experience and wisdom when pricing advisory services, moving beyond hourly billing to value-based fees.

Featured Quotes:

"We're that translator, that one that's trying to take this narrative and put it into context so that they can make informed business decisions." - Roger Knecht
"The nature of accounting has been so manual. And for us, we need data that's more granular, more timely, and basically we need it to be instant." - Ken Lacroix
"It's a shift from being paid for being right… And now we're asking them to be paid in essence, to be wrong, but just slightly less wrong than no estimate at all." - Ken Lacroix

Behind the Story:

Ken Lacroix, with decades of experience in guiding businesses through growth and financial restructuring, offers a unique perspective on the accounting profession. His journey from "anti-accountant" to fractional CFO highlights the critical need for forward-looking financial guidance in small to mid-sized businesses. He emphasizes leveraging technology to provide real-time insights and the importance of courageous leadership to inspire staff to embrace an advisory role.

Conclusion:

Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here.

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