In this Episode of FinFactor, Blaine Bertsch, CEO of Dryrun interviews Jonathan Lacasse of Lacasse Advisory Services about the world of mergers and acquisitions (M&A). They discuss the challenges and opportunities in the current market, the importance of understanding business valuations, and the need for due diligence in buy-side and sell-side transactions. They also touch on the impact of COVID-19 on businesses and the importance of realistic forecasting and data-driven decision-making. Jonathan emphasizes the value of working with a trusted advisor who can provide insights and help navigate complex deals.

Catch every episode of FinFactor, where we interview CFOs and finance professionals to uncover the best financial management strategies for overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/EWuuGu2cY1s

Listen on your favourite podcast network or at finfactor.buzzsprout.com

Connect with Jonathan: https://www.linkedin.com/in/jonathan-lacasse/

Learn about Lacasse Advisory Services at https://www.lacasseadvisory.ca/

#CFO #fp&a #business #finance #podcast #finfactor

In this episode of FinFactor, host Blaine Bertsch sits down with FP&A expert Christian Wattig to explore the evolution from basic Financial Planning and Analysis (FP&A) to a strategic role that influences corporate strategy. They dive into the crucial steps businesses must take for this transition, emphasizing the importance of establishing dedicated FP&A teams as companies expand. The conversation highlights the challenges of data overload and the critical role FP&A plays in identifying key metrics. Wattig introduces a maturity model for FP&A development, covering stages from data focus to proactive value creation.

Catch every episode of FinFactor, where we interview CFOs and finance professionals to uncover the best financial management strategies for overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/BziS-rpMYbU

Connect with Christian: linkedin.com/in/christian-wattig/

Learn about PP&A Prep: fpaprep.com/

Listen on your favourite podcast network or at https://finfactor.buzzsprout.com

#CFO #fp&a #business #finance #podcast #finfactor

Summary

In this episode, host Blaine Bertsch interviews Christian Wattig, an FP&A expert, on the transition from basic FP&A to FP&A that impacts corporate strategy. They discuss the steps businesses can take to make this transition, including the importance of dedicated FP&A teams as companies grow. They also explore the challenges of data overload and the role of FP&A in pointing out what metrics matter. Wattig introduces a maturity model for FP&A development, which includes stages such as data focus, story focus, strategy focus, and proactive value creation. They also discuss the importance of people skills and tailoring communication to gain trust and effectively deliver insights to the management team.

Takeaways

- Startups often begin with the founder handling FP&A tasks, but as the company grows, dedicated FP&A teams become necessary for more forward-looking work.

- FP&A teams play a crucial role in pointing out what metrics matter in the midst of data overload.

- The maturity model for FP&A development includes stages such as data focus, story focus, strategy focus, and proactive value creation.

- Building trust and effective communication in FP&A involves extending trust, sharing personal stories, admitting mistakes, and creating an environment where dissent and negative opinions are welcomed.

In this episode of FinFactor, Blaine Bertsch and Gene Hammons discuss selecting and implementing the right ERP system. They cover the crucial roles of training, change management, and internal team engagement for successful implementation. They also touch on managing costs, avoiding implementation fatigue, and the limitations of traditional RFPs. Gene offers insights on cost evaluation, the benefits of automation, and the significance of data quality and project management. Join Blaine and Gene as they take a deep dive into the world of ERPs.

Catch every episode FinFactor where we interview CFOs and finance professionals to uncover the best strategies financial management overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/A7qOrpUU_Us

Listen on your favourite podcast network or at https://finfactor.buzzsprout.com

Learn more about Gene and their services at profitfromerp.com

#CFO #fp&a #business #finance #podcast #finfactor

Show Notes:

In this conversation, Blaine Bertsch and Gene Hammons discuss the importance of selecting the right ERP system for a business and the challenges that can arise during implementation. They emphasize the role of the internal team in ensuring a successful ERP implementation and highlight the need for proper training and change management. The conversation also explores the impact of ERP on staffing and cost savings, as well as the importance of industry-specific expertise. Gene shares insights on avoiding implementation fatigue and maintaining focus throughout the process. 

The conversation concludes with a discussion on the limitations of traditional RFPs in ERP selection. In this conversation, Gene Hammons discusses various aspects of implementing an ERP system. He emphasizes the importance of managing cost overruns and scope creep, as well as dealing with RFPs and bid criteria. Gene also highlights the need to evaluate the cost of software and implementation, and the importance of comparing the total cost of ownership. He explains the value of automation and redeploying resources, and the benefits of forecasting and modeling. Gene also discusses the power of automating processes, considering staff engagement and understanding, and the importance of data quality. 

He concludes by emphasizing the role of planning and project management, and the value of engaging an ERP consultant.

Takeaways:

Selecting the right ERP system is crucial for a successful implementation and requires considering the specific needs and requirements of the business.

The internal team plays a critical role in ERP implementation, and proper training and change management are essential for success.

ERP can lead to cost savings and increased efficiency by streamlining processes and eliminating human errors.

Building a network of industry peers and learning from success stories can provide valuable insights and guidance during ERP implementation.

Avoiding unrealistic expectations and understanding the limitations of ERP systems are important for a smooth implementation process.

Traditional RFPs may not be sufficient for selecting the right ERP system, and a more comprehensive approach that includes scripted demos and industry-specific expertise is recommended. Managing cost overruns and scope creep is critical in ERP implementation.

Evaluating the cost of software and implementation, and comparing the total cost of ownership, are important factors in decision-making.

Automation and redeploying resources can lead to increased efficiency and value.

Forecasting and modeling can provide valuable insights for decision-making.

Engaging an ERP consultant can help ensure a successful implementation.

In this episode of FinFactor, Blaine Bertsch and Mike Milan discuss the concept of “the financial gap” and its impact on businesses. They explore the challenges of managing inventory, the importance of optimizing inventory levels, the financial gap in service businesses and the need to maximize revenue by avoiding idle time. 

The conversation highlights the significance of understanding “the gap” and implementing effective systems and processes to address it. Mike discusses actionable steps that advisors can take to help businesses thrive and introduces the concept of the ‘Client Conversation Coach’, which focuses on improving communication with clients. He introduces the ‘fast money formula’ and emphasizes the importance of quick wins in moving the needle for businesses.

Catch every episode FinFactor where we interview CFOs and finance professionals to uncover the best strategies financial management overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/wj7kPKmn7rk

Listen on your favourite podcast network or at https://finfactor.buzzsprout.com

Learn more about Mike and his training programs at https://cashflowmike.com/ 

#CFO #fp&a #business #finance #podcast #finfactor

Summary

In this episode, Blaine Bertsch and Mike Milan discuss the concept of the financial gap and its impact on businesses. They explore the challenges of managing inventory and the importance of optimizing inventory levels. They also delve into the financial gap in service businesses and the need to maximize revenue by avoiding idle time. The conversation highlights the significance of understanding the problem and implementing effective systems and processes to address it. Additionally, they emphasize the importance of relationships in business success. In this episode, Mike Milan discusses actionable steps that advisors can take to help businesses thrive. He introduces the concept of the Client Conversation Coach, which focuses on improving financial conversations with clients.

Mike shares techniques inspired by the show Hoarders to create a disarming and powerful approach when discussing financial issues. He emphasizes the importance of asking questions and building self-awareness in order to guide clients towards taking action. Mike also explains the economic echo and how to translate the importance of financial decisions into dollars. He highlights the significance of effective and gentle communication, approaching clients as teammates, and mining the business for hidden cash. Mike introduces the fast money formula and emphasizes the importance of quick wins in moving the needle for businesses. He concludes by discussing his courses and books that provide practical tools and techniques for financial advisors.

Takeaways

The financial gap refers to the period when a company runs out of money while waiting for more funds to come in. Understanding and managing this gap is crucial for financial stability.

Inventory management is a key factor in reducing the financial gap. Businesses should aim to minimize excess inventory and optimize turnover rates.

Service businesses often leave money on the table by not maximizing their revenue potential. Efficient scheduling and capacity utilization can help address this issue.

Negotiating payment terms with clients can significantly impact cash flow. Shortening the time to collect payments can improve financial stability. Advisors should focus on actionable steps to help businesses thrive.

Improving financial conversations with clients is crucial for advisors.

Asking questions and building self-awareness are powerful tools for guiding clients

Translating the importance of financial decisions into dollars can create a greater impact.

In this conversation, Blaine Bertsch and David Safeer discuss the myths and flaws in conventional cash flow strategies and emphasize the value of a holistic approach to cash flow management. They highlight the need for accountants and bookkeepers to be curious and cared for in order to improve their clients' financial well-being, as well as the opportunity for accountants and bookkeepers to help businesses improve their cash flow. They also discuss the need for pivoting business strategies when necessary, building long-term relationships with clients, and cutting low-margin products and services.

Catch every episode FinFactor where we interview CFOs and finance professionals to uncover the best strategies financial management overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/vM3xK0PulQs

Listen on your favourite podcast network or at https://finfactor.buzzsprout.com

Learn more about David at https://www.davidsafeer.com/

#CFO #fp&a #business #finance #finfactor

Summary

In this conversation, Blaine Bertsch and David Safeer discuss the challenges of GAAP accounting for small business owners and the importance of cash flow management. They highlight the need for accountants and bookkeepers to have a curiosity and care for their clients' financial well-being. The conversation also explores the myths and flaws in conventional cash flow strategies and emphasizes the value of a holistic approach to cash flow management. They discuss the opportunity for accountants and bookkeepers to help businesses improve their cash flow and the importance of understanding and addressing cash flow for business success. 

In this conversation, Blaine and David discuss various aspects of cash flow management and business strategies. They share lessons learned, emphasize the importance of sales and pipeline management, and discuss the significance of identifying profitable clients and firing loser clients. They also talk about the need for pivoting and shifting business strategies, building long-term relationships with clients, and cutting low-margin products and services. The conversation highlights the complexity and depth of cash flow management and explores reverse cash flow strategies. Finally, they discuss the cash flow advisory certification and training offered by David.

Takeaways

GAAP accounting can be challenging for small business owners who lack formal accounting education, making cash flow management and modeling crucial for their success.

Accountants and bookkeepers should have a curiosity and care for their clients' financial well-being, going beyond reporting to actively helping them improve their cash flow.

Conventional cash flow strategies often overlook the unique needs and opportunities of individual businesses, requiring a holistic approach to cash flow management.

Understanding and addressing cash flow is essential for all businesses, not just those with cash flow problems, as it can lead to improved profitability and growth.

Accountants and bookkeepers have the opportunity to provide valuable guidance and support to businesses in improving their cash flow and overall financial health.

In this episode of FinFactor, Blaine Bertsch chats with Amanda Mallmes of Mallmes Consulting, a firm specializing in fractional CFO services. They explore the journey from accountant to fractional CFO, and the impact CFOs have on businesses. They also dive into the benefits and best practices for companies considering engaging a fractional CFO. 

Amanda shares her unique perspective on understanding the numbers behind the business, the importance of communication skills in finance, and how to bridge the gap between financial data and actionable business insights. Whether you're a finance professional contemplating a shift towards offering fractional CFO services or a business owner seeking strategic financial guidance, this episode offers valuable insights.

Catch every episode FinFactor where we interview CFOs and finance professionals to uncover the best strategies financial management overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on youtube: https://youtu.be/JtVoatkAosc

Listen on your favourite podcast network or at https://finfactor.buzzsprout.com

Learn more about Amanda and Mallemes Consulting at:

https://www.mallmesconsulting.com/

https://www.linkedin.com/in/amanda-mallmes-cpa-cga/

Article by Amanda: https://dailydividends.cpaalberta.ca/what-is-a-fractional-cfo/

#CFO #fp&a #business #finance #podcast #finfactor

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In this episode of FinFactor, host Blaine Bertsch engages in an enlightening conversation with Greg Kautz, CEO of Black Owl Systems, about finance transformation and the significant impact of digital evolution on financial systems post-COVID. 

As companies and CPA firms navigate the challenges of moving financial systems online, Greg shares insights from his extensive experience in finance transformation, emphasizing the importance of not just technology but also people, processes, data, reporting, and governance in achieving successful financial system integration. 

The discussion dives into the critical role of adopting a holistic approach to system and process improvement, the necessity of having a champion for transformative projects, and the strategic implementation of new financial systems.

Catch every episode FinFactor where we interview CFOs and finance professionals to uncover the best strategies  financial management overcoming complex business challenges. Don't forget to subscribe, follow, and like the show to stay updated with our latest episodes and expert insights.

Watch on YouTube: https://youtu.be/w5kQMhiCdfg

Learn more about Black Owl Systems at https://www.blackowlsystems.com/

#CFO #fp&a #business #finance #podcast