In my recent discussion on The Troy Show, I explored how CPAs, CFOs, and business owners leveraged custom dashboards to assess their current status and future goals. My guest, Cary Prejean, a CPA and business advisor, shared valuable insights on this topic.
As a CPA, Cary created dashboards that provided actionable financial data, helping owners understand key metrics like gross margins, operating expenses, and financial ratios—often overlooked when focusing only on cash flow. His weekly dashboards highlighted sales, inventory, receivables, and payables, enabling owners to take corrective action throughout the month. Cary stressed the importance of documented processes so employees could follow consistent procedures, reducing the need for micromanagement. With these processes in place, owners were able to step back and let their leadership teams manage operations effectively.
For CPAs, offering dashboards positioned them as trusted advisors, providing insights beyond historical financial statements and setting them apart from competitors. Ultimately, this helped business owners focus on their roles as visionaries and revenue generators.
Timestamps:
00:02:00 Explaining actionable financial data
00:09:17 Benefits of dashboards for CPAs
00:11:51 Discussing the cash flow projection dashboard
00:20:57 Sales dashboard and tracking performance
00:24:12 Receivables and payables dashboard
00:32:38 Having the business work for you
00:35:43 Designing the business for the future
00:40:03 Time investment for business owners
00:43:43 Reviewing the well-oiled machine process guide
00:48:38 Size of companies suitable for the process
00:58:03 Closing remarks and offering resources
Key Takeways:
Weekly dashboards track sales, inventory, and receivables for timely corrective actions.
Documented processes enable consistent employee procedures without micromanagement.
The "Well-Oiled Machine" process focuses on actionable data, eliminating dysfunction, and strategic planning.
Offering dashboards differentiates CPAs as trusted advisors, providing insights beyond historical statements.
Connect with Cary:
https://www.linkedin.com/in/caryprejean/
