Are you lying to your clients?
Recently the F*** word has become a buzzword used by accountants and bookkeepers to provide more services in their business.
But is it really in the best interest of your clients?
Let me know your thoughts below. Enjoy the episode.
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Episode Show Notes :
The F*** Word in Accounting;
A lot of firms are using this F word and I want business owners to be warned this is a problem and an accounting firm that you do not want to work with.
The F word is “Full-Service Accounting Firm”, I’m calling BS on this because no one can do full everything well.
Segment 1 - The History Lesson and what has changed in the accounting profession
In the past you were limited to only doing business with the accountant that was geographically close to you so firms had to do a little bit of everything. This was not great for business owners who lived in smaller cities because they had to settle for an accountant that may not have the right skill set to provide them with the best services.
Present Day Evolution:
Technology like cloud accounting, and telecommunication has changed the way we think about business and it now allows us to partner with people that may not be in our immediate vicinity
The pandemic impact -
The great resignation -
Segment 2: relevant news stories
Anders buys Summit CPA (firm in Fort Wayne - Adam Hale) - Anders saw Summit’s value in the Marketing & creative agency space
CRI merges with Alonso & Garcia - sometimes its easier to buy another firm vs trying to build an office from the ground up in a new area
Private Equity investments - accounting firms are very profitable so private equity companies are investing to get in on the profits
Segment 3: Resource Tip: See the Bonus clip information below (LiveFlow tool conversation - 2 parts)
Follow the Money: why are so many accounting firms offering CFO services or CAS 2.0
First CAS 2.0 is a stupid term and to be honest I think Academics and Vendors to accounting firms created it
Here is the truth about most accounting firms - they provide tax return services which means they make money 1 once or twice a year - but CFO services or CAS allows them to make money on a monthly basis so they add it or offer it and honestly they tend to suck at it because they don’t konw what they are actaully doing