Accountants have one thing going for us that we consistently overlook.
We have the trust of our clients.
They trust us with the most sensitive info they possess – their financials.
Let’s face it. Our clients don’t really know what we do.
They don’t know if we’re doing a good job, mediocre job, or a horrible job.
They simply trust we know what we’re doing.
Trust is a very powerful logical and emotional thing.
Logically, they see us as an authority on numbers. It’s a job they don’t want – nor understand. We seem to have the credentials to do what we do.
Emotionally…well, this is something we take for granted. And, it’s something we totally undervalue.
Most clients – especially business owner clients - don’t have that many people in their lives that they can trust. Especially with something as sensitive as their financials.
They can’t turn to their employees.
They can’t burden their spouse.
This is not a topic of conversation at a dinner party.
Most business owners are scared, lonely, overwhelmed. Being a business owner is an emotional roller coaster.
On top of that, they don’t understand their numbers. They don’t get it. Many never stepped foot in a college classroom.
But you do.
You get it. You understand their numbers. You have the qualifications. And your clients trust you.
Most accountants are not capitalizing on this trust.
Most accountants are not giving their clients what they really want.
What do they want? Well..
Business owners want someone they trust. To tell them what to do. To have a growing and more profitable business.
They want someone they trust (again, you have this in the bag).
To tell them what to do (on a regular basis)…
To do the one thing they want more than anything – to have a successful, growing and more profitable business.
Business owners want to FEEL successful. They want to BE successful. They want their business to GROW.
They need help. They CRAVE this type of help.
If you – someone that already has their trust – can offer this to them, you can pretty much charge what you want.
As an accountant – you are in the best possibly position to offer an “outsourced CFO service”. You already understand financials. And, of course, you already have the trust of the target audience – business owners.
The missing piece is how to actually “tell them what to do to have a growing and more profitable business.”
This can be learned. (In fact, in our masterclass we'll show you step-by-step.)
So, the bigger question is does this makes sense for you?
Here’s a few reasons why offering a CFO would make sense…and why it wouldn’t.
Offering an outsourced CFO service would make sense if…
If your business clients are asking for it.
They might not directly come out and ask for a CFO service (in fact, this is highly improbable). However, are they indirectly asking for help? Are they saying things like “I’m making a lot of money but it’s not showing in my bank account – where did it go?” or “I’m working a ton but I can’t seem to make this thing work – I feel like I’m constantly spinning my wheels but not getting anywhere.” If so, this is a signal that they want some sort of guidance.
If you get the ‘dear-in-the-headlights-look’ when you give them their financials each month.
You know the look. It’s the “I know these reports are important because you give them to me but I have no idea what they mean but I don’t want to let you know that because I don’t want to seem ignorant. The only report that sort of makes sense is the P&L. However, I don’t understand the Balance Sheet and don’t even get me started with the Cash Flow Statement – I’m not even sure the numbers here are for my business…”
If you have a ton of competition.
Let’s face it. You do. You could be the best accountant in town but if your clients don’t see the difference between you and the thousands of others (they don’t) why would they pay you top dollar? Not only that, you’re not just competing with other accountants you’re competing with QuickBooks and Bench and all of the other SAAS businesses disguised as ‘financial services’ firms across the country.
If you need a way to increase your income.
The only way to truly – dramatically – increase your income is to scale. Scaling is being able to make more money without taking up more time. Offering a CFO service will allow you to leverage your time better. You could potentially make more money servicing one business owner client as their CFO than twenty clients as their accountant.
If you’re employed and want to start your own business.
If you’ve ever wanted to start your own business, you could open up a traditional accounting shop. However, you’ll need a TON of tax/bookkeeping clients to make this a reality. Much less to be able to replace your day job salary. Offering a CFO service is a way to quickly replace your salary because you only need about ten clients to make six figures.
If you like the idea of being a financial guide/therapist/confidant.
If being able to guide and coach and teach gets you excited, then this might be a great route for you. Being an outsourced CFO is like being a financial therapist. Your clients will value the time you spend together because you’re helping them get better. They love having someone who ‘gets it’ to bounce ideas off of and, well, to simply vent. Again, most business owners don’t have someone in their lives they can do that with.
That being said, offering an outsourced CFO service might not make sense for you for two reasons…
If you don’t want to service business clients.
Whether you’re employed by an accounting firm or you’re self-employed, this doesn’t make sense if you don’t want to target or service business clients.
If you want to stay employed at your accounting firm.
Most people are simply not cut out to be a business owner. Many accountants got into this profession precisely because they don’t like risk. They love the idea of working for a major firm and getting the perks that come along with it. And there usually are some great perks.
Now, if you think offering an outsourced CFO service might be something you want to explore, we invite you to download our whitepaper using the form at the top of this page.