“If you don't keep track of the numbers,” Jay Goltz tells us in our latest podcast episode, “the numbers will track you down and beat you to a bloody pulp.”
It's really easy for people to just see the title "CPA" and assume that they're all seeing numbers wizards. The reality is that they're all specialized in different areas. In the same way you wouldn't see a dermatologist for a heart problem, I wouldn't go to a tax firm for financial consulting.
A tax specialist, or an auditor, or a forensic accountant, has their own deep body of knowledge over a specific area. Even most fractional CFO services frequently aren't going to have industry specific knowledge (especially with a niche business like Jay's) to provide true consulting type advice.
The purpose of accounting is to provide information to allow management to make decisions. The key word in there is "management" - there's no substitute for an owner understanding how their business works. Whoever can take that data and turn it into actionable decisions is ultimately the person that's in charge. For a closely held business, there's really no substitute for that being the primary owner.
Enjoyed the article by Gene on the reality of AI in Manufacturing. We have been paying attention to it and I agree, it's limited right now with tremendous potential. Whoever gets it right will have a big advantage.
Truth !
It's really easy for people to just see the title "CPA" and assume that they're all seeing numbers wizards. The reality is that they're all specialized in different areas. In the same way you wouldn't see a dermatologist for a heart problem, I wouldn't go to a tax firm for financial consulting.
A tax specialist, or an auditor, or a forensic accountant, has their own deep body of knowledge over a specific area. Even most fractional CFO services frequently aren't going to have industry specific knowledge (especially with a niche business like Jay's) to provide true consulting type advice.
The purpose of accounting is to provide information to allow management to make decisions. The key word in there is "management" - there's no substitute for an owner understanding how their business works. Whoever can take that data and turn it into actionable decisions is ultimately the person that's in charge. For a closely held business, there's really no substitute for that being the primary owner.
Enjoyed the article by Gene on the reality of AI in Manufacturing. We have been paying attention to it and I agree, it's limited right now with tremendous potential. Whoever gets it right will have a big advantage.