Episode 123. In today's interview, "CFO Consulting Services in Accounting with Kevin Appleby."
Kevin Appleby is COO at GrowCFO. He hosts the GrowCFO show, a weekly podcast dedicated to finance leaders. He is also co-host of long running business show The Next 100 Days Podcast. He qualified with BDO, worked as European Business Accountant for ICI’s Plastics Business, and as a management consultant with PwC and BearingPoint. Key takeaways from this episode include:
⍟ the evolving role of a CFO in a company, particularly with a more external focus
⍟ the two key areas accountants are expected to speak into with today's business clients
⍟ defining the portfolio or fractional CFO from an accounting perspective
⍟ how accountants can take natural steps from compliance to more project and consulting based services
⍟ key questions finance professionals are asking themselves and their peers to stay current for today's business owners
⍟ examples of the topics finance and accounting professionals need to gain knowledge of to be better advisors
⍟ the extent to which CFOs and accountants need to be tech experts, geeks and nerds in advising clients
⍟ how accountants can do so much more for their clients, and in doing so, hit all of their growth or new business targets
⍟ the VITAL vz FUNCTIONAL framework of GenCFO of accountants and CFOs
⍟ the confidence and authority that accountants can gain from claiming expert status and living up to it
⍟ final words of advice and encouragement for accountants wanting to more confidently and effectively deliver CFO advisory services
Here is Kevin's VITAL framework mentioned in the show - being VITAL instead of functional. The functional becomes a commodity and can be automated out of existence (MTD, cloud accounting, automation)
VISION. Taking a role in strategic planning, helping with financial models of the business etc. KPI reporting. This is a core skill - the financials are like driving a car through a rear view mirror.
INSIGHT. Understanding the economic engine of the business and not just the P&L. Activity-based costing is a core skill.
TEAM. Supporting the business owner and their management team, answering the questions that keep them awake at night.
AGILITY. Driving change, implementing finance systems, automation, bringing technical expertise, project management and change management.
LEARNING. Everything is changing so CFOs and accountants must constantly reinvent themselves as subject matter experts and trusted advisors.
Outside work, Kevin is passionate about Newcastle United Football Club in the UK and can often be found in his railway room playing trains. Contact @jkevinappleby on Twitter and here:
https://www.linkedin.com/in/kevin-appleby-295417a
https://www.growcfo.net
https://www.kevinappleby.com
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