5 Steps to Building Client Trust in Accounting w/ Shady Abboud

Welcome to another episode of Building the Premier Accounting Firm with Universal Accounting Center. Today, Roger sits down with Shady Abboud, to discuss his unique path into accounting, blending entrepreneurial experience with finance expertise. Shady highlights the distinction between bookkeeping and CFO advisory services, emphasizing the strategic role of a CFO in business growth and decision-making for SMBs. Learn how a niche in e-commerce can boost success.

In This Episode:

00:00 Welcome Shady
01:31 Shady’s Entrepreneurial Journey to Accounting
05:36 The Strategic Accountant’s Perspective
10:09 Bookkeeping vs. CFO Advisory Services
13:50 When a Business Needs a CFO
17:46 Key Performance Indicators for Businesses
20:21 The Value of CFO Client Relationships
23:07 Managing Bookkeeping and Advisory Businesses
27:06 The Niche Advantage: E-commerce Accounting
31:00 Empathy in Client Relationships
35:42 The Bookkeeping Business Experience
39:48 Gratitude and Supporting Entrepreneurs
42:14 Closing Thoughts: Specialization and Mindset
47:00 Podcast Wrap-up and Resources

Key Takeaways:

• Understand your business owner clients’ goals beyond just numbers for better financial advice.

• Differentiate bookkeeping as compliance-focused and CFO advisory as forward-looking strategic analysis.

• Recognize signs a business needs a CFO, especially during periods of rapid growth, contraction, or strategic pivots.

• Prioritize gross profit margin as a core KPI to assess business efficiency and impact of external factors like inflation.

• Cultivate empathy and build trusting relationships with clients to foster open communication and address challenges effectively.

Featured Quotes:

• “My strongest suit was always accounting and finance. So I decided to go into that route exclusively and I really enjoyed it.” — Shady Abboud

• “The CFO or the fractional CFO is the CEO’s best friend because he’s having a conversation with the business owner that no one else is having.” — Shady Abboud

• “We are more than just a provider. We are their partner. And sometimes one of the most important pieces in their business.” — Shady Abboud

Behind the Story:

Shady offers a look into his evolution from a corporate role to launching and selling two businesses, including a restaurant. This hands-on experience of “wearing all the hats” gave him a rare perspective that traditional accountants often lack. He discovered his knack for finance and his ability to translate complex financial concepts into understandable insights for business owners, leading him to establish his own accounting and advisory firms. His story highlights the personal and professional shifts that paved his way to becoming a strategic financial partner.

Conclusion:

Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger’s team here.

Sponsors:

Universal Accounting Center

• Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

 

Offers:

Connect the Shady on LinkedIn: https://www.linkedin.com/in/shadyabboud/ 

https://unloop.com/ 

 

Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant’s library to provide quality CFO & Advisory services as a Profit & Growth Expert today:

• “Red to BLACK in 30 days – A small business accountant’s guide to QUICK turnarounds” – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses.

• “in the BLACK, nine principles to make your business profitable” – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles.

• “Your Strategic Accountant” - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions.

• “Your Profit & Growth Expert” - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve.

Follow the Turnkey Business plan for accounting professionals.  This is the proven process to start and build the premier accounting firm in your area.  After more than 40 years we’ve identified the best practices of successful accountants and this is a presentation we are happy to share.  

 

Also learn the best practices to automate and nurture your lead generation process allowing you to get the bookkeeping, accounting and tax clients you deserve.  GO HERE to see this presentation and learn what you can do today to identify and engage with your ideal clients.

 

Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center.   It’s here you can become a:

 

• Professional Bookkeeper, PB

• Professional Tax Preparer, PTP

• Profit & Growth Expert, PGE

 

Next, join a group of like-minded professionals within the accounting community.  Register to attend GrowCon and Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business.

 

• The Accounting & Bookkeeping Tips Facebook Group

• The Universal Accounting Fanpage

• Topical Newsletters:

• Universal Accounting Success

• The Universal Newsletter

 

Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company’s Value.

 

For Additional FREE Resources for accounting professionals check out this collection HERE!

 

Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don’t want to miss.

 

Remember this, Accounting Success IS Universal.

Listen to our next episode and be sure to subscribe.

 

Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback

 

For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777