Show notes
Welcome to another episode of Building the Premier Accounting Firm. Today, Roger Knecht and Duane Deason, a seasoned CPA and cost management expert, discuss how accounting firms can provide invaluable cost management services to their clients. This episode explores strategies for optimizing business efficiency, increasing profitability, and leveraging financial data for sustained growth, moving beyond traditional accounting into an advisory role. In This Episode: 00:00 Introduction to Cost Management 02:54 Cost Management for Accountants 06:14 Rethinking Cost Management Strategies 09:29 Infrastructure, Process, and Culture 14:26 Cost Cutting and Growth Potential 18:22 AI in Cost Management 24:29 Offering Cost Management Services 33:47 Building a Premier Accounting Firm 36:10 Conclusion and Resources Key Takeaways: Prioritize operational efficiency and process improvements before considering headcount reductions to avoid a "death spiral." Utilize existing financial expertise to offer cost management and advisory services, turning financial challenges into growth opportunities. Implement structured approaches to cost analysis, starting with spending patterns, then addressing organizational culture and infrastructure. Explore alternative billing models like a percentage of savings or hourly rates for cost management engagements, ensuring a strong return on investment for clients. Integrate AI strategically into business operations to enhance productivity and optimize cost structures, rather than blindly adopting new technologies. Story Preview Join Roger Knecht and Duane Deason as they share how a seemingly clumsy college decision led to a rewarding career in cost management, transforming struggling companies into profitable, nimble powerhouses. Discover how this expert helps businesses find hidden savings and foster a culture of efficiency, ensuring lasting success. Featured Quotes: "A leaner company, a more efficient company produces better results. So it's I, you can't, like an athlete, if you're bloated and overweight and heavy, you can't perform as well as when you're lean and efficient." — Duane Deason "Cutting costs should not mean the death spiral of the business… Rather, cutting costs should free up the funds needed to actually put towards what are those revenue-producing activities." — Roger Knecht "If you can help a client improve their financial position, you have made a client for life." — Duane Deason 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. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: Get a copy of his book Operationally Svelte: https://efficacygroup.com/company-efficiency-book/ Are you ready for a change, both personally and professionally? Then accept and participate in the Accountrepreneurs Challenge. This is a FREE opportunity to apply best practices and make this the best year yet in your career. Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This conference is one you don't want to miss. Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. 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Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles. "Your Strategic Accountant" - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions. "Your Profit & Growth Expert" - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve. Follow the Turnkey Business plan for accounting professionals. This is the proven process to start and build the premier accounting firm in your area. 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The Accounting & Bookkeeping Tips Facebook Group The Universal Accounting Fanpage Topical Newsletters: Universal Accounting Success The Universal Newsletter Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company's Value. For Additional FREE Resources for accounting professionals check out this collection HERE! Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss. Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe. Also, let us know what you think of the podcast and please share any suggestions you may have. We look forward to your input: Podcast Feedback For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777