Closing a client's books used to take most of a month. You categorized transactions, reconciled accounts, and chased people for the statement they forgot to send. Software handles much of that now, and firms are finishing the close sooner than they used to. Here's what usually happens next: the hours that opened up fill back in with more compliance work at the rates you're already charging. Nobody decides that on purpose; it happens because there was no plan for the time.
This webinar will start with the close itself. Luke Frye, Accountant in Residence at Canopy, will go over which recurring tasks a practice management system can take over, which ones still need you, and what you have to standardize for meaningful time savings.
Then Dyanna Salcedo, CEO of The CFO Project, will help you decide where those hours go. Your freed-up capacity can either absorb more compliance volume or carry a monthly CFO Advisory engagement with a client you already have, and she'll price both so you can see the difference. She'll also show you three things that define a good candidate (hint: clean books isn't one of them) and help you determine which client you'd start with and what you'd charge.
After this session, participants will be able to:
- Identify which close tasks a practice management system can take over
- Estimate the monthly hours a standardized close frees up
- Apply a three-part profile analysis to find advisory candidates in your current book
- Compare one client's value as compliance work versus a monthly advisory engagement