Show notes
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. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: 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. Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: "Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses. "in the BLACK, nine principles to make your business profitable" – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. 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. After more than 40 years we've identified the best practices of successful accountants and this is a presentation we are happy to share. Also learn the best practices to automate and nurture your lead generation process allowing you to get the bookkeeping, accounting and tax clients you deserve. GO HERE to see this presentation and learn what you can do today to identify and engage with your ideal clients. Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center. It's here where you can become a: Professional Bookkeeper, PB Professional Tax Preparer, PTP Profit & Growth Expert, PGE Next, join a group of like-minded professionals within the accounting community. Register to attend GrowCon and Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business. 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