Fred Parrish is helping small business owners figure out the numbers that help them run their business. Too often, financial professionals like accountants, CPAs, and controllers churn out numbers that don’t make sense to the business owner and that don’t help them make sound decisions for their business. Fred is revolutionizing the industry with his Profit Experts Predictive Management Platform that helps business owners model the outcome of decisions they make so they can make better decisions, faster. He’s taken it one step further with the Profit Beacon tool, which automates this process to make the system even easier for business owners to use. Tune in to find out more!
[:19] John introduces his guest for this episode — Fred Parrish.
[1:57] What does Fred do?
[4:08] Fred’s tool can model the outcomes of decisions to show if they will have good or bad outcomes, very quickly.
[5:59] Fred and John discuss this massive need among entrepreneurs for financial data that they can use to run their business.
[9:44] John shares his first experience looking at what Fred’s software could do.
[11:51] Fred has an example of how his Profit Experts Predictive Management Platform works.
[18:30] Fred explains why controllers, accountants, and CPAs are not going to be able to tell you what your numbers mean.
[24:35] John compares this situation with accountants and paying taxes.
[27:10] Fred highlights another aspect of why it’s important to manage decisions, and know how to do that in the future when things change.
[30:40] Fred dives into some of the details of the Profit Experts services.
[31:40] John and Fred discuss the economic toll of business failures, and the importance of being able to look at things differently.
[35:36] John gives a shout out to SmartVault, sponsor of the podcast.
[36:55] How is Profit Beacon disrupting the Profit Experts business model?
[41:41] John gives an example from his company about how understanding the numbers helps manage the company better.
[43:11] Profit Beacon helps companies break down expenses into different categories in a way that’s easily understood and it’s automated.
[46:03] What does Profit Beacon cost? What does this mean for the future of the accounting and CPA industry?
[55:58] Fred just jointly released a book with Michael Gerber called The E-Myth Chief Financial Officer.
[1:01:03] Get a copy of Fred’s book on his website and also learn more about him and his work!