in a world of ai, outsourcing, and shifting client expectations, accountants can remain indispensable.
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accounting influencers
with rob brown
michael king’s journey to becoming a fractional cfo and mentor to accounting professionals is as unconventional as it is inspiring.
a former nuclear submarine engineer, king transitioned into the world of business management, eventually running a $90 million facility. his lack of understanding of financial principles at the time ignited his passion for empowering business owners with actionable financial insights.
today, king is a fractional cfo and podcaster. he guides others in starting, scaling, and optimizing advisory services through his firm and educational platform, the connected accountant.
fractional cfos are reshaping the financial services landscape by bridging the gap between compliance work and strategic advisory services. king explains that while traditional accounting focuses on rearview mirror reporting—documenting what happened in the past—fractional cfos help businesses look forward with forecasts, projections, and strategic planning.
the demand for these services has skyrocketed as business owners seek more than compliance; they want partners who can guide their financial decision-making. “business owners today are more educated and demand strategy,” says king. “they’re looking for someone to help them work on the right things to achieve their goals.”
as the industry faces downward pressure on compliance fees, competition from overseas professionals, and the rise of ai, accountants must evolve or risk becoming obsolete. king warns that these forces create an “existential crisis” for those who solely focus on compliance work.
however, the shift isn’t about abandoning traditional accounting. instead, king urges accountants to complement their skill sets with forward-looking services like cash flow forecasting and financial planning. “good advisory services are dead in the water without good accounting,” he emphasizes.
one of the biggest challenges for accountants considering a move into advisory roles is learning how to sell their services. king acknowledges many professionals’ discomfort about sales but reframes it as an opportunity to serve and educate. “sales, when done properly, can be a teaching moment,” he explains.
king also highlights the importance of building relationships and trust, suggesting accountants partner with wealth managers, attorneys, and other professionals to generate referrals.
king paints a picture of flexibility and purpose for those curious about what life as a fractional cfo entails. a typical cfo may work 8-12 monthly hours per client, delivering high-value insights through regular reports and strategic meetings. this model allows professionals to balance their personal goals with meaningful work transforming clients’ businesses.
king’s passion for his work is infectious. through his podcast, courses, and mastermind groups, he’s on a mission to empower accountants to step into advisory roles and educate business owners about the value of these services.
“small businesses are the backbone of the economy,” king says. “when we help them succeed, the ripple effects are enormous.”
10 key takeaways
- fractional cfos are filling a growing need for forward-looking financial strategies among small and mid-sized businesses. this role focuses on projections, goal-setting, and strategic decision-making rather than just compliance and historical reporting.
- compliance work is under pressure from global outsourcing, ai, and pricing commoditization. accountants relying solely on traditional services risk being left behind unless they adapt to include value-driven advisory offerings.
- many accountants already provide advisory services but fail to market them effectively or charge appropriately. highlighting and communicating the value of forward-looking insights is key to thriving in today’s market.
- accountants must learn to bridge the gap between technical knowledge and practical application to pivot successfully into advisory roles. communication, relationship-building, and business development skills are essential.
- today’s business owners are more educated and expect strategic insights beyond compliance. they seek partners who can help them make smarter decisions and achieve their goals, which opens the door for advisory-focused accountants.
- cash flow forecasting is a natural starting point for accountants looking to transition into advisory roles. helping clients plan for future financial needs addresses one of their biggest pain points.
- building trust and relationships is vital for growing an advisory-focused business. networking with wealth managers, attorneys, and other professionals can generate high-value referrals.
- while ai is not yet a replacement for human expertise, it’s advancing rapidly. accountants should focus on areas where human judgment, strategic thinking, and personalized service cannot be automated.
- for those considering becoming fractional cfos, it’s crucial to align your business model with personal goals around lifestyle, family, income, and community. burnout is avoidable with intentional planning.
- accountants who embrace forward-thinking advisory roles and adopt a mindset of transformation—not just transaction—can thrive in a competitive and rapidly changing industry.
more about michael king
michael king is the ceo of kfe solutions, dallas’s top fractional cfo firm. he’s a former us navy supervisor turned educator, helping accountants and fractional cfos start, scale, and optimise their advisory services. he’s also the host of the cfo report and volunteers at his church’s community development program. visit his website, the cfo accelerator, for more information.
one response to “michael king: the rise of fractional cfos provides challenges and opportunities | accounting influencers”
lennox parkins
great article, mike
i saw this trend 10 years ago as a cpa and research idea of f.cfos and as part of my semi-retirement plan
i retired 3 years ago from corporate and now a f.cfo..
i am now doing a research project on topic ” building high performance finance & accounting teams”. interviewing some 60 cfos in the process. great insights.
let chat one day on a quick zoom call.
cheers
lennox
lennox parkins, bsc, mba, pmp, fcma, fcpa.
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