“Revenue is vanity, profit is sanity and cash is king”
~Alan Miltz
What’s more important to a business than cold, hard cash? The truth is, a lot of businesses can be helped tremendously by improving cash flow management. So, how do you as an accountant simplify cash management for your business clients? How can the complexity be removed so owners can make better decisions?
Who is Alan Miltz?
Alan Miltz is a co-author of the global best-selling book – Scaling Up by Verne Harnish. Alan is a renowned author and speaker who is dedicated to helping companies scale up their profits. His techniques and Optimist software have become a global standard and are used by 500 Global Banks and 30,000 businesses! The common theme in Alan’s business is to make the complex simple.
What is Cash Flow Management?
Accounting firms have several moving pieces that require a close eye in order to be successful. Cash flow is arguably one of if not the most important. Cash flow management refers to monitoring money coming into your CPA firm against money going out. When calculating money going out of your firm you need to include bills, employee salaries and any property costs you incur. If done accurately, cash flow management gives accounting firm owners a complete picture of their costs vs their revenue. It is not enough to simply cover your bills, you also need to turn a profit.
We have a very special guest on our podcast today. Alan Miltz is a co-author of the global best-selling book – Scaling Up by Verne Harnish. Alan is a renowned author and speaker who is dedicated to helping companies scale up their profits. His techniques and Optimist software have become a global standard and are used by 500 Global Banks and 30,000 businesses! The common theme in Alan’s business is to make the complex simple.
Podcast with Alan Miltz
In our discussion with Alan Miltz, we dive further into cash flow management for your business. We cover topics including: the creation of Cash Flow Story, communicating more effectively with your bank, determining your ideal growth rate for your accounting firm and tips for being a great business leader.
Cash Flow Story Podcast Notable Moments:
1:10 – Alan’s background and the creation of Cash Flow Story
8:30 – What is your number one message to business now?
10:00 – How do we communicate more effectively with our Bank? The result is Cash!
16:00 – Cash flow and your ideal growth rate, cash flow is the result of growth and management
19:10 – The Power of One
20:50 – Great Leaders: listen to your clients and have empathy, take off your “accounting shoes”
27:55 – Price vs Volume
34:30 – What book would you recommend: Scaling up by Verne Harnish
34:40 – A few life lessons from Alan
35:30 – How to connect with Alan: LinkedIn, Cash Flow Story, or Alan’s website
Poe Group Advisors can help you expand your business with the acquisition of a CPA firm. Whether you are a first time accounting practice buyer or adding to your portfolio of firms, we help accountants buy, build and sell exceptional firms. Learn more about your opportunities with Poe Group Advisors.
If you’d prefer to watch this podcast recording, see it on YouTube.
We would love your feedback! Send an email to info@poegroupadvisors.com if you would like to be a guest or if there are new topics you would like to hear about.
About Alan Miltz: Alan is an entrepreneur, speaker, author and accountant. He speaks around the world at CEO conferences and sits on the boards of 15 well recognized companies globally. In 1988 Alan founded Inmatrix (Optimist software), which is now the global standard for over 500 banks in more than 50 countries. He is also a co-founder of Cash Flow Story and The Power of One. Teaching businesses to scale up their profits and business value is his passion. Alan also co-authored the global best-selling book, Scaling Up by Verne Harnish.
About Brannon Poe: Brannon is the founder of Poe Group Advisors and has been facilitating successful accounting practice transitions throughout the US and Canada since 2003. He is also the creator of Accounting Practice Academy™. Brannon is the author of the Accounting Practice Insights Blog and hosts the Accountant’s Flight Plan” podcast with other top thought-leaders in the accounting profession. Brannon is an E&Y alumnus. He has worked with some of the most successful and seasoned CPAs in the industry and has been privy to the behind-the-scenes methods that these clients have used to build highly profitable practices along with capable and independent teams. Brannon has authored multiple books, including “Accountant’s Flight Plan – Best Practices for Today’s Firms” (published by both the AICPA and CPA Canada) and “On Your Own: How to Start Your Own CPA Firm,” Second Edition (published by the AICPA). Brannon is passionate about entrepreneurship and is the president of EO Charleston (Entrepreneur’s Organization).
