June 16, 2022

Boost Cash Flow and Safely Scale Financial Operations with Nikole Mackenzie and Ashley Carroll

45 minutes

Mandi Ellefson’s guests are Nikole Mackenzie and Ashley Carroll, founder and COO of Momentum Accounting. Momentum Accounting helps creative agencies and other professional service companies scale from $1 million to $10 million in annual recurring revenue. They are a 100% US-based, remote team of business-savvy accountants and technology experts who provide actionable insights and vision into the future so your business can grow faster, and more confidently.

You’ll hear Mandi, Nikole and Ashley talk about:

Typically, businesses reach a point where their CEO is asking questions like: How much money can I take out of the business? How much can I pay myself? When can I hire the next employee? When can I offer benefits? Nikole shares how Momentum Accounting helps leaders answer these questions. [2:55]

Pricing is the easiest low-hanging fruit you can change, Nikole says. Raising your prices and providing more value to your clients is going to significantly impact your business. “If you’re [not] continually trying to add more value and more services, you’re not going to grow.” [11:39]

Ashley explores what to look for when bringing in a financial professional. “You definitely want [to work with] someone you’re comfortable with,” she suggests. There are a lot of complex emotions around money that may cause some insecurity, and the right fit will make you feel comfortable to share what's actually going on in your business. [21:18]

Mandi and Ashley discuss what CEOs need to consider before exiting the financial side of the business and the importance of invoicing. [33:47]

You should be spending 2-4% of your revenue on your accounting and finance function, according to Nikole. Additionally, there’s a diverse array of service providers in the accounting space, and everyone does things differently, so you should shop around when hiring a financial professional. “Don’t just go with the first person that raises their hand or [the first person] you get referred to.” [43:20]

Resources

Momentum Accounting

Ashley Carroll on LinkedIn

Nikole Mackenzie on LinkedIn

Mandi Ellefson on LinkedIn | Twitter | Facebook

Hands-Off CEO - Executive Briefing

...more