1217 – Future Focused Accounting with Blueprint CFO’s Jim Downes
In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the founder of Blueprint CFO, Jim Downes.
Blueprint CFO is an accounting firm. They focus on future based accounting that will allow their clients to make better decisions based on information typically left out by normal accounting firms. They take the financial data and make a plan to help their clients better approach their business ventures. Jim explains that cash is the end goal but things like bills, high inventory, and overtime expenditures are important to focus on as they can drive how cash flow ends up in a specific way.
Jim shares that running a business is similar to flying an airplane, without proper instrumentation, people may be less apt to go onto that airplane. The analogy works with running a business, as data is needed to tell business owners what are successful practices or not. Having a successful business is something to be celebrated as many businesses struggle to make it through the first year. However, relying on gut instinct for the accounting aspect can be a hindrance as the data can help further the growth of a business in crucial ways.
Jim shares that his engagement with businesses includes strategic planning. They use practices such as charts and graphs to better illustrate the client's financial trends, rather than using only balance sheets or income statements. Strategic planning allows for goals to be set, as well as the flexibility to revisit those goals and adjust them where it is needed to better the financial future of a business. Jim shares that growth potential is a key component among those that Blueprint CFO works with.
Jim shares that he started as a CPA and a personal experience led him to venture outward from the typical job responsibilities of a CPA. Through his time of learning, he earned the entrepreneur of the year award in Michigan in 2001. Jim explains that business owners should focus more on a profitability roadmap rather than a revenue roadmap. This can show where money is going and how to instill better financial practices, in contrast to only focusing on the revenue that is brought in each month. Blueprint CFO provides case studies on past clients to provide evidence for their accounting work. Prospective clients can go to the Blueprint CFO website to find these case studies alongside information on how to contact them about a possible partnership.
Want to learn more? Check out the Blueprint CFO website at https://blueprintcfo.com/.
Check out Blueprint CFO on LinkedIn at https://www.linkedin.com/company/blueprintcfo/.
Check out Jim Downes on LinkedIn at https://www.linkedin.com/in/6criticalfunctions/.
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