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Demystifying the Fractional CFO Role: What Every Business Owner Should Know

In the ever-evolving financial arena, the question on many lips is, “What exactly is a Fractional CFO?” This pivotal role is gaining traction as it offers a strategic financial helm for small to medium-sized businesses sans the full-time commitment. This blog is your compass if you’re contemplating integrating Fractional CFO services into your accounting, bookkeeping, … Continue reading…

Capacity Through Collaboration

Call me Pollyanna, but I like to look for the bright side in all things. And one of the best things about the current capacity issue in the accounting industry is that it’s encouraging us to collaborate with our fellow financial services professionals. Buh-bye, competition Maybe you’ve always been of the “there’s plenty of business … Continue reading…

Talent Shortage? Profit to the Rescue.

Are you tired of hearing about the “talent drought” in the accounting industry yet? I know I am. Are accountants retiring at a faster rate than before? Are there fewer young people graduating with accounting degrees? Yes, and yes. Is this happening in nearly every other industry in the US? Also, yes. Does this mean … Continue reading…

Don’t Join Profit First Professionals!

Friends, today I come to you with a plea. Don’t join Profit First Professionals. This elite membership organization for accountants, bookkeepers, and business coaches is not for everyone. I’d go so far as to say it’s probably not for you. How do I know? Your attributes Forgive me for being so bold, but I kind … Continue reading…

Fix Your Firm, Fix the Industry

There’s no question that the accounting industry is facing greater challenges than ever before (and, yes, we do remember the Enron scandal). We are in the eye of a perfect storm composed of three “pressure systems”: The increased push to implement client advisory services (CAS) in answer to the continued automation of compliance work A … Continue reading…

Where Tax and CAS Meet

All the industry experts agree: implementing client advisory services (CAS) is critical to the ongoing growth and profitability of your firm. CAS not only adds revenue and profitability to your firm, but it is also a “sticky factor” that makes it difficult for your clients to compare you to your competition. Plus, with automation and … Continue reading…

Lessons Learned while Playing Games

Have you ever played the game “Tap Away”? I recently started playing it on my iPad and it just struck me how much it reminded me of running a business. Just stay with me for a moment. The point of the game is to clear away blocks. Simple enough, right? Well, each block can only … Continue reading…

Cut Expenses. Keep Investments.

There’s a common misconception that Profit First emphasizes expense reduction to the point that businesses are forced to run on “leftovers.” Yes, an expense analysis is one of the first things a Profit First Professional will do when implementing the program with a new client. And, yes, we do put a large amount of emphasis … Continue reading…

Client Attraction: What’s Working Now

We got spoiled. In 2020 and 2021, business owners were clamoring for help. Accountants, bookkeepers, and financial coaches were the beneficiaries, and for a moment in time, we basked in the glory of knowing business owners saw us as the trusted advisors we are. Then the world opened back up, and things slowly returned to … Continue reading…

Profit First Isn’t Necessary

“Profit First isn’t necessary.” This is one of the objections we hear most often from accountants and bookkeepers. And, as much as it pains us to say it, they are correct. Profit First isn’t necessary… if you’re already wired to think like a financial professional. Which most business owners are not. In fact, I’d go … Continue reading…

Let’s Talk about Debt, Baby
(Part 2)

In part one of this two-part series on the “D” word, we defined the two uses of business debt. As a recap, you can either Leverage debt to strategically improve your business’s profitability (this is the “good” debt), or Use a debt bridge to cover expenses that exceed your business’s income (this is the “bad” … Continue reading…

Let’s Talk about Debt, Baby
(Part 1)

Debt. It’s the four-letter word everyone wants to avoid, and yet we can’t stop talking about it. Whether it’s personal debt levels or the government debt ceiling, everywhere we look there is a discussion happening about debt. There’s a common misconception that through the lens of Profit First, debt is always bad. But debt can … Continue reading…