Roland sits down for a valuable conversation with Vinnie Fisher, founder, and CEO of Fully Accountable, which provides outsourced accounting and finance. It’s unusual for a service company to hit almost eight figures in under five years, but that’s precisely what Vinnie has done with Fully Accountable.
If you find yourself intimidated by numbers, or frustrated with your CFO, or want to learn how to find the right hires so that you can be less ‘in the weeds’, you’ll find this and so much more in this episode.
“I discovered in the process; there’s really four jobs. There’s this executive bookkeeper. There’s a controller, there’s a financial analyst, and there’s a CFO…You can’t just hire a CFO to expect all those other jobs to be done”. Vinnie Fisher
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- What Vinnie believes is the Secret to Fully Accountable’s massive growth.
- The Simple Step/shift that doubled the size of his company.
- Why this ‘big internet guy’ ended up building a substantial service company.
- The areas that most entrepreneurs overlook from an accounting standpoint.
“If your books aren’t closed on the hour of the month, and then adjustments are made by the 15th of the following, you’ve got a disconnection problem of your accounting team to the running of your business.” Vinnie Fisher
- The critical value of Benchmarking.
- What happens when you reach 1M in gross revenue.
“Everything you do to get to a million dollars is way different than what happens after, right? Which, by the way, is less than 7% of all companies. So this magical number that everyone acts like is the first place you get to, is actually when the hard part of business starts.” Vinnie Fisher
5 Pieces Of Data Every Business Owner Needs To Know
3) Cost of Goods
5) Profit Margin (Not just profit).
“I’m now more consumed with how much I’m off on margin than I am about whether I make a profit.” Vinnie Fisher
You’ll Also Hear,
- Why he still believes a sales team is critical and why he still loves the phone!
- His preferred hybrid mix of employees and ‘homeys’ (contractors working from home).
“I’ve got a company that’s on the inc 5,000 list because of my outsourcing philosophy. I think that a core team can utilize outsource components to leverage growth.” Vinnie Fisher
• Vinnie’s hiring strategy and the tests he uses to find the right people.
“So we believe in a triangle effort, attitude, and ability…if they don’t meet those three things, it doesn’t matter.” Vinnie Fisher
• How he structures compensation, and why.
“I’ve learned a couple of things. Some people don’t want their upside capped. Other people want their downside protected. Right? And so somewhere in the middle that can work. So we believe in a healthy base rate with commission.” Vinnie Fisher.
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Find Vinnie Fisher
Resources Mentioned in this Episode
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