Most accounting firms know that compliance work alone isn’t enough to create a truly premier practice. As Roger Knecht noted on the podcast, firms that thrive long-term are the ones that move upstream—toward advisory, toward strategy, and increasingly toward fractional CFO services.
Fractional CFO work isn’t simply “enhanced bookkeeping.” It’s a shift from reporting financial history to engineering a financial future.
That’s how fractional CFO Charles Leikauf put it in a recent conversation with Universal Accounting Center President Roger Knecht on Knecht’s “Building the Premier Accounting Firm” podcast.
Below are the core strategic principles Knecht and Leikauf discussed—reframed as actionable CFO strategies you can implement to elevate your firm. Check out the full episode of the podcast here.
1. Adopt the Strategic CFO Mindset
Leikauf emphasized that the defining trait of fractional CFOs is not a specific task list but a role: becoming a trusted business advisor who directly influences profitability, cash flow, and long-term direction.
Knecht pointed out on the podcast that this begins by understanding the business model itself—not just the books behind it.
Core CFO focus areas include:
- Cash flow optimization and forecasting
- Pricing model evaluation
- Margin analysis and profit engineering
- Working capital strategy
- Operational decision support
- Risk management and scenario planning
Your goal: Provide guidance that produces more financial value than the cost of your engagement.
2. Leverage the Time Value of Money to Influence Decisions
One theme Knecht highlighted was that SMB owners often misunderstand the time value of money.
Leikauf explained that teaching clients this concept—how cash today unlocks opportunities and reduces risk—helps them:
- Evaluate loans intelligently
- Use capital efficiently
- Understand the real cost of slow collections
- Prioritize cash-positive decision making
Fractional CFOs who coach clients on this foundational financial principle dramatically elevate the sophistication of the business owner’s thinking.
3. Engineer Cash Flow Through Policy, Not Hope
In the episode, Leikauf shared a story that illustrates a core CFO principle: cash flow problems are often policy problems.
A client was doing great revenue but starved for cash. The root issue? Soft payment terms. By restructuring:
- 50% upfront deposits
- Clear payment schedules
- Strategic use of interest-free credit
- Better vendor negotiations
…the company flipped from cash-poor to cash-strong.
The strategic lesson:
A CFO doesn’t “fix cash flow”—a CFO fixes systems that produce cash flow.
4. Establish Boundaries to Prevent Scope Creep
Knecht noted that many accounting professionals undervalue their strategic expertise because they never set boundaries.
Leikauf explained three CFO strategies to prevent scope creep:
1. Position Yourself as a Peer Advisor
CFO work is a business-to-business partnership, not a vendor relationship.
2. Define Clear Engagement Terms
Spell out deliverables, cadence, response expectations, and channels of communication.
3. Follow a Repeatable Process
Your method is part of your value. A clear, stepwise process gives structure to the engagement and limits ad-hoc requests.
5. Sell CFO Services Using Outcome-Based Messaging
A major point Knecht made on the podcast is that CFO services must be sold differently from bookkeeping or accounting. Most clients don’t know what a CFO actually does, so you’re not selling tasks—you’re selling transformation.
Leikauf recommended framing your services around outcomes:
- Higher profitability
- Smoother cash flow
- Stronger decision-making
- Faster growth
- Increased business value (especially for owners who want to exit someday)
Use the Problem → Agitate → Solve structure:
- Identify a financial or strategic bottleneck
- Show the cost of leaving it unresolved
- Demonstrate how your CFO process eliminates it
Clients buy a better future—not a list of deliverables.
6. Offer Opportunity-Based Advisory, Not Just Pain-Relief
While many accountants focus on addressing financial pain points, Knecht emphasized that great CFOs also highlight growth opportunities.
Leikauf put it this way on the podcast: sometimes a business is doing “okay,” but they want someone who can help them do great. CFOs help them:
- Scale profitably
- Build cash reserves
- Systemize operations
- Improve pricing
- Prepare for acquisition or expansion
This approach positions you as a strategic growth partner—not a cost center.
7. Build a Repeatable, Scalable CFO Practice
Leikauf spoke openly about transitioning from personal CFO work to helping other professionals build CFO services. A major theme he and Knecht discussed is that scalable CFO practices rely on:
- Process documentation
- A consistent financial planning framework
- Clear revenue models and pricing
- Repeatable monthly deliverables
- A structured advisory meeting cadence
The firms that scale CFO services the fastest are the ones that stop “custom-building” every engagement and instead implement a standardized advisory system.
8. Don’t Wait for Permission—Step Into Advisory
Toward the end of the conversation, Knecht emphasized that most professionals underestimate the value they can bring.
Leikauf’s own story—accidentally discovering CFO work by answering a Facebook post—demonstrates that firms don’t need perfect credentials or a massive resume to start offering strategic services. They need confidence, a process, and a focus on value creation.
The overarching CFO strategy lesson:
Advisory is not something you “graduate into.” It’s something you begin doing as soon as you decide to think like a strategist rather than a technician.
