you just need to be a little bit of a mind reader.
by andrew hunzicker
cannabizcpa.pro
why are ceos so confused about what they want from their bookkeeper, accountant, tax cpa or cfo?
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here’s what they tell me they want:
- they want me to work “full time”
- they want me to track my time to “prove” 40-50 hours a week
- they want me to work on site
- they are willing to pay me huge compensation (6-7 figures) of dollars, equity and benefits
- they want regular recurring “meetings”
- they want me to “lead” their accounting department
- they want me to participate in key decisions
- i must have prior experience working in their niche and leading a company their size
- i must have an mba, a cpa certification and hopefully a few more letters after my name
but i know what they really want:
- world-class books and records: always ready, always tied out from transaction level to financials, so they are useful in management decisions and increasing entity valuation and allow for seamless access to capital (debt and equity)
- accounting policies, procedures and internal controls so they are audit ready all the time, with very low risk of fraud, theft or accounting irregularities
- lower taxes: proactive tax planning ideas and strategies so they can correctly minimize their tax liability
- useful “information,” kpis, dashboards, financials and forecasts so they can make decisions, not me
- forward cash forecasting tools that are simple and reliable so they can better run their business, allocate capital and not be surprised by working capital deficiencies
- budgets that are useful and reliably accurate so the “budget vs. actual” report isn’t always so far from reality
- more cash: strategies that put allow the ceo to keep more of every dollar earned, whether through a marketing roi initiative, a margin analysis of product lines, not hiring a full-time accounting department, or other strategies that increase net cash flow
- perpetual data room: a place on the cloud that they have access and “own” that is up to date 24/7/365 with all legal, hr, board, accounting, tax, payroll, banking, insurance, contracts, debt agreements and all monthly accounting files and supporting documents so they are audit, investor, lender, board, exit-ready anytime and all the time
- fires extinguished: any issue or problem that comes up can be dealt with timely and “solved” quickly
- peace of mind: all risks are covered via internal controls, corporate governance, audit quality accounting and insurance so the ceo can sleep at night
so the “secret” for accountants: give the ceo what they really want, not what they think they want, and you will be rewarded in money, lifestyle and success.