Episode 226:

Most of us didn’t major in math or accounting. In fact, many of us were drawn to our industry because it wasn’t math centric! Unfortunately, agency leaders are not math exempt. Without proper financial data, it’s impossible to successfully run a profitable agency. This means your accounting partner, in-house or not, should be your constant companion.

Many agencies are exploring an outsourced accounting solution, just like most of us outsource our tax prep. But there is more to accounting than what meets the eye. Chris Hervochon is the founder of Better Way CPA that was built to serve agencies. Chris and his team approach accounting as a vital source of data that can help us make better decisions in real-time.

Chris joined us to discuss the metrics and best practices we can use to run our agencies better. We also talk about how to automate some of your accounting to really take full advantage of the information you have.

A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here: https://www.whitelabeliq.com/ami/

What You Will Learn in this Episode:

  • How to maximize the value of an outsourced CFO
  • Chris’ view on the purpose of accounting
  • Common mistakes that agency owners make with their books
  • The automation of accounting and the value it can bring to your agency
  • How accounting has changed and what it is able to do for us as agencies owners

The Golden Nugget:

“Accounting enables you to ask questions about your agency and get accurate, timely, reliable answers back.” @ChrisHervochon Click To Tweet “The availability of APIs, the move to the cloud, AI, and blockchain are driving the automation of accounting.” @ChrisHervochon Click To Tweet “Data-driven accounting allows you to make informed decisions about pricing, what kind of clients you should be taking on, and what questions you should be asking the clients you’re thinking of taking on.” @ChrisHervochon Click To Tweet “A lot of smaller agencies, in particular, don’t track time—and time informs a lot of decisions.” @ChrisHervochon Click To Tweet “Accounting’s job is to give us data, and that data allows us to make better decisions.” @DrewMcLellan Click To Tweet

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