July 31, 2025 • 34 mins
Losing $100K/month and didn’t know it.
Until Sonny Grappone showed up.
In this episode, the founder of Precision Accounting & Consulting breaks down the real reason most businesses stall financially (hint: it’s not marketing or sales).
🎧 What you’ll learn:
- The $500K payroll spike a client missed
- Why 75% of contractors can’t track profit per job
- The #1 red flag Sonny sees on balance sheets
- How he used ERC to build a 7-figure firm (by the book)
- What founders get wrong about accounting (and how to fix it)
If you’ve ever thought "we’re doing fine," this is your wake-up call.
📬 Connect with Sonny:
→ sgr@precisionaccountingconsulting.com
→ precisionaccountingconsulting.com
This episode is brought to you by Bill.com
- Ready to take your finances to the next level? See how BILL Spend & Expense can power up your business—and get that free grill—at bill.com/cfochronicles
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back to another episode of CFO
Chronicles the secrets behindsuccess, the podcast where we
explore the stories, strategiesand the sharp thinking behind
the financial leaders shapingtoday's most resilient
businesses.
I'm your host, james Donovan,and today's guest is someone
who's redefining what it meansto be a trusted financial
partner.
Sonny Grappone is the founderof Precision Accounting and
(00:22):
Consulting, a firm known forblending rock-solid financial
accuracy with high-levelstrategic insight.
His team helps businesses domore than just keep the books.
They help leaders makedecisions with clarity,
confidence and control.
Whether it's navigating complexfinancial landscapes,
identifying inefficiencies orproactively planning for growth,
(00:43):
sonny brings a steady,client-focused mindset that a
lot of firms talk about but veryfew deliver on.
Today we're going to dig intohis entrepreneurial journey what
sets Precision apart and whathe sees coming next for the
accounting world.
Let's jump in, sonny.
So great having you on heretoday.
I can't wait to get into moreof your story, but let's kick
(01:04):
things off with your originstory.
What led you to launchPrecision Accounting and
Consulting?
Speaker 2 (01:11):
Well, it was a combination of things.
I graduated, I would say, fromcollege back in 2000.
What was it?
2018, I think no, no, I'm sorry.
Wow, it's been a while.
2016.
And you know I worked a lot incorporate for a while.
I worked in New York City,manhattan.
(01:32):
I'm located in Long Island, newYork.
So I worked in Manhattan.
Some pretty big firms CantorRich Gerald was the last one
that I worked at.
I got really tired of thecorporate world.
In corporate accounting youreally don't learn the crux of
accounting.
Just to give an example of that, in most of my jobs, because
(01:55):
the corporations were so big,you would work on one piece of a
financial statement as opposedto the whole big picture.
So basically, I really gottired of that and it came to the
point where it was more aboutsanity than, you know, money,
you know.
So when I came back, I tookless money coming back home and
(02:17):
to be closer to my wife and kids, and it was the best thing that
ever happened to me.
You know I worked for anindividual that I consulted with
and you know he pretty much putit out there for us.
You know he said the businessis out there for you to, you
know, to make that, whatever youbring in, you know I would like
you to be a part of it.
You know there wasn't a lot ofpeople taking that initiative
(02:39):
but I kind of took it uponmyself as I had my own side
business on the side already,you know.
And I kind of took it uponmyself as I had my own side
business on the side already,you know, and I made a lot of
networking.
You know I knew I had to get infront of a lot of people and
make a name for myself in myindustry.
You know we are a nicheaccounting firm.
At first we were.
We did a lot of hospitality,hotels, restaurants, you know.
(03:00):
And I've kind of expanded thatand went outside that box and I
got us a huge alliance with aconstruction payroll company.
That kind of launched us and webecame very heavily involved in
construction and then laterbranched off into law firms and
now we take care of medicalpractices, manufacturing, you
(03:21):
know.
So it basically turned into asmy, my part.
My boss at the time put it outthere, you know, if you want to
bring in the business business,it out there for you.
And I uh, exceeded thoseexpectations and he ended up
becoming a partner with me in myown practice now, which we've
had for, uh, for a good amountof time now that's awesome.
Speaker 1 (03:42):
What?
What was the?
Or?
I guess was there a specificmoment or gap you saw in the
market that pushed you to go allin on your own firm?
Speaker 2 (03:52):
sure, uh, the covid.
So, um, you know, like I said,we precision was always there
but it didn't, you know, surpassits peak of revenue until after
COVID.
Because there was such a needof good accounting out there.
Because what happened was itwas a time when people were
(04:13):
suffering and they needed money,they needed funding right, so
they had to go to these banks toget PPP.
A lot of people are applyingfor the employer retention
credit, all these differenttypes of loans.
In order to do that, especiallywith the PPP, you need the
proper financials and nobodyever looks at their financials.
With their account, you know.
(04:34):
They're more in tune withwhere's my financials for my
taxes, you know.
And finally, when they needgood financials, you know and
they realize, kind of what theiraccount was doing, what their
account was doing.
One plus one didn't equal two.
They didn't have both sides ofthe equation.
So we kind of capitalized onthat because we were very
(04:56):
familiar with what was needed onthe PPP background, on certain
tax credits that people neededto apply for, what credentials
they needed, and we pounced onthat while people needed a good
accountant, and we succeeded.
You know, word of mouth spreadand our reach also.
I think a lot of people attestto this that are in business.
(05:17):
After COVID our reach wasspecifically only New York, but
after COVID it exploded becausenow we were able to work remote
with people all over the country.
So now I have clients inCalifornia, every major city
pretty much Florida, chicago,seattle, tennessee we have a few
clients in there.
So that really was the mainjumping off point for us in my
(05:41):
business.
Speaker 1 (05:41):
personally, from what I've seen, us in my business
personally, from what I've seen,okay, understood, how involved
did you get with ERC?
Because we started, that's Iwould say, where we really
started to cut our teeth in theaccounting world, got introduced
to the accounting space andthen, very quickly, a prospect
we were speaking to said hey,I'm actually I'm not looking for
accounting leads, I'm lookingfor tax credit leads.
(06:04):
And this was very early dayswith the ERC and he introduced
me to the employer attention,tax credit.
And we ran with that, I think,for the next two and a half
three years until every man andtheir dog was selling it, and
then it just became saturatedand hard to find a business who
had more than you know, threepeople who didn't know about it.
(06:24):
I'm curious, like, what was yourexperience?
Like how did you guys navigatethose waters?
Because in the early days itvery much sounded to people like
this sounds way too good to betrue, I don't want to do this.
So how did you guys navigatethat and find success?
You know it was it was.
Speaker 2 (06:41):
first of all, it was life changing.
I have to say the employeeretention credit was like to us
it was too good to be true.
My partner, Doug he is what wecall the tax guru he's just
heavily invested in the tax code.
One half of our business CFO,the other half is tax planning.
(07:02):
He's always in the tax code, sowhen he found out about it, he
found out about it literally theday before it was brought into
legislation.
And he brought this to me andhe's like, he's like, this can't
be true.
He's like, and he's reading itto me and I'm like this is way
better than PPP.
And how does nobody know aboutthis?
You know, and so we, you knowknow, we talked to, uh, we
(07:25):
consulted with, a few taxattorneys and you know, because
we were like you know, we got toget on this.
Nobody knows about it.
So we had a few restaurantsthat we uh had under our belt at
the time and we kind of told uh, you know the restaurants, this
is tax credit.
You know why don't we try itout?
So they had about eightlocations.
So our first one we got themabout 4.5 million, all right,
(07:48):
and when we applied for this,like I said, nobody was talking
about this.
We were like way ahead of thecurve.
But it went six months where itwas just silence and we were
like, if we got this wrong, weare in serious trouble, because
now we just filed an amendmentright to these people's payroll
uh, they're 941s, right, and ifthey don't get this credit now,
(08:10):
they're gonna owe a lot of moneybecause they're gonna get that
credit back and if they getaudited.
So we were like a lot ofsleepless nights.
Uh, those were six months and,uh, hoping that this was going
to be true, because we, you know, we went over it numerous times
and then, once the first checkcame in, it was like it just
came in full steam ahead and itwas just like they started
talking.
And you know, by by the end ofthis whole thing, I mean we had
(08:34):
processed.
I can't even tell you, probablyover you know, thousands, I
would say.
We processed, we made a lot.
It definitely became wayoversaturated.
We went by very strictguidelines, you know.
We didn't go by um supply chain.
You know, which a lot of peopledid, because we, we knew it was
(08:55):
going to be iffy and it wasvery hard to prove.
Um, we strictly went by revenueand we fell into the uh realm
of hospitality where almostevery restaurant qualified.
You know, um, that's anotherjumping off point where how I
expanded my business was, um, Imade um good potential leads
with um guys that were marketingthis and, um, there was two
(09:15):
guys in particular that weremarketing this and had no idea
how to process it and needed agood processor.
They came to me specificallyand I brought this to my partner
and it just like took off forus.
I mean we, and because of thatnow we are still getting
business from those ERC clientsin other areas of accounting,
whether it be tax planning,whether it be just regular
(09:36):
accounting.
You know we've got theminvolved in wellness programs.
Now there's a whole host ofthings that we've been involved
in that have been directlyconnected to ERC.
But at the same time it's adouble-edged sword, because when
people hear ERC they lose a badtaste in their mouth Like, oh,
I got called about that six,seven times.
You know, and I'm like you know, we're a legit CPA firm, right.
(09:59):
So like you, know we went by thebooks.
Speaker 1 (10:01):
Yeah, that's awesome that you know buy the books.
Yeah, that's awesome.
That's that's so cool.
I'm pumped to hear you had somuch success there and you're
able to help out so many otherbusinesses and just the ripple
effect that was created.
So that's awesome.
Yeah, you mentioned a coupletimes now the hospitality space.
Do you work with any otherindustries?
Is there a patterns that youfind maybe in the hospitality
space with other industries thatare challenges these industries
(10:24):
face?
Speaker 2 (10:25):
yeah, uh, a lack of good accounting, like I said,
especially in hospitality.
They're very unorganized.
Uh, we still do a lot ofrestaurants but, like I said, my
firm position has like kind ofveered off that end because, at
the same time, um, hospitalityis not black and white right
like every other.
And I just say this no knockagainst other accounts, but
(10:47):
we've hired other accountants,especially guys with a lot of
experience and that didn't haveexperience in hospitality.
We brought them in and theycouldn't make heads or tails
right because they don't dothings the conventional way.
So, um, that's why I've made ita point to dive into other
industries, um, that are alittle more profitable too.
Uh, because a restaurant clientwill take you anywhere from 20
to 30 hours a month easily, asopposed to a construction client
(11:10):
or a law firm or whatever itmay be.
So I've actually dived into alot in the construction industry
, specifically with unions andnon-union, primarily wage type
of work.
I'm trying to develop a newniche in the job costing area.
One thing I will say is 75% ofcontractors, guys, that GCs,
(11:34):
that own these businesses, theydo not job cost, they don't cost
anything.
Okay, when I tell you they donot know how much they are
making off their projects.
It astounds me because I'm like, how do you not know how much
they are making off theirprojects, it?
It astounds me because I'm like, how do you not know how much
you're making off each one?
And none of them know.
And they know it's so valuablebut they don't know where to
start.
It's so overwhelming to them.
So, um, and there's not a lotof accounts that do it or offer
(11:59):
it, so I'm trying to capitalizeon it, that niche, and it's
actually working, you know.
So that's the area, that thedifferent area that I'm going
outside of hospitality right now, that I'm trying to really hone
in on and see the end, becausepeople could see the value in it
.
Speaker 1 (12:12):
Yeah, it's, it is interesting from, I mean, any
professional's point of view,where they're sitting, like what
may seem obvious to everyoneelse is not so.
That's that's why you're paidfor what you do and it's where
you can.
You can, you know, bring backthe nights where people can fall
asleep now because they knowwhat's going on.
But yeah, it is interesting.
(12:34):
I mean, there's things that wecome across with our clients or
everyone we speak to.
It's like how, how do you notknow that?
Like it seems so obvious.
But I've, I've been blessedwhere I get to work with
accountants now and cfos.
I think I have more insight tomy own numbers or I'm getting,
I'm getting better in thatregard.
But a lot of this stuff is justlike I I have no idea what I'm
looking at or where to look,because it's not my area of
(12:55):
expertise.
It's not.
I just didn't.
Yeah, I just I didn't.
Even I didn't know what Ididn't know.
So that's so many businesses inoutside of their area of
expertise, I guess yeah, it'sjust you got to bring that
awareness to them.
Speaker 2 (13:10):
You know so many people.
It amazes me a lot of businessowners and this is no fault to
their own, you know they operatewith the um mentality is like
you know, if I can make payrolland I can pay myself, I'm okay.
You know, and that is not theway to run a business.
And they run that business likefor years, like that, which,
like I'm like you know.
(13:31):
So imagine if I give you thesenumbers now in detail.
You know, do like simple, likea trend analysis, right, like
let's see how you're doing monthto month.
Let's compare these numbers.
You know, what are yourpercentage changes?
You know, did you go up in yourcost of goods sold and your
expenses?
Why did you go up 20?
You know why?
I just had a client.
Uh, last week I was going overwith you know, we were going
(13:52):
over prior year comparisons.
His revenue stayed same and hispayroll went up almost $500,000
, and he had no idea.
You know, like this is like youknow and like I'm, like you
know this is why you're losingso much money.
It's like how do you not knowthat your payroll's gone
skyrocketed?
That's a significant increase,you know, and he just didn't
(14:13):
have his hand on the pulse.
And now you know, a, a monthlater he's pretty much, you know
, making a profit.
He's made the cuts that heneeds to, and you know that's
the value.
Because if I don't bring thattype of um, you know, um insight
, then I'm just like any otheraccount.
You know, I'm just getting yourfinancials for your taxes and
(14:35):
you know so that that's where wekind of have to capitalize.
You know, in my industry atleast, yeah, that's fair.
Speaker 1 (14:41):
So what are some of the most common red flags?
You see when a new client firstcomes to?
Speaker 2 (14:48):
you Balance sheet, balance sheet, balance sheet,
balance sheet.
So the balance sheet is likeit's like a bad word, I feel
like to other accounts, or likethey just when we get these
books, nobody pays attention tothe balance sheet, you know, or
(15:08):
they don't communicate withtheir tax account at the end of
the year.
They're supposed to give youraccountant these entries to make
so they can agree to the taxreturn, right, but a lot of
accounts aren't doing that.
So, like we get these balancesheets that are like horrendous
and then, like you know, theonly things that people will
look at if they do look at theirfinancials are their profit and
(15:30):
loss statements.
And profit and loss statements,their balances don't carry
forward, right, but balancesheets do.
So you'll see these hugebalances creep up that are, like
you know, $300,000, you know,in liabilities.
And like you, know they haveassets that are just like with
negative balances and it's justlike you know.
So, like, those are like andlike that.
For example, right in a timewhen there's high interest rates
(15:53):
and people are looking forcompetitive lending, you know
they're going to ask you forfinancial statements and if you
don't have those properfinancial statements, you you're
you're screwed.
Or you're going to getsomewhere where, like
hospitality for example, they'repaying these pos systems, toast
square, all these.
They lend you money.
Now, right, they're payingupwards of 50 percent in
interest rates and like that,you know, and they don't ask for
(16:17):
financials.
But because of that, right, soyou're going to have to pay for
it.
You know, and these are simplethings that can be prevented if
you just take the right steps inthe beginning.
Speaker 1 (16:26):
That's brutal.
50%.
Wow, yeah, sonny.
How, how, how do you guys helpshift your clients' mindsets, or
you know, from just keeping thebooks clean to using their
numbers to actually drivedecisions?
Speaker 2 (16:43):
So it's funny, it's like you kind of have to like
paint by numbers for them.
You know it's like you got toreally and, like you said, like
this is to no insult to them atall, this isn't because that's
not their job and I actuallywant that.
I want people that are notgoing to get involved right in
more so the day-to-dayaccounting, because, like this
(17:05):
is what I do, let me do what Ido and let me help you make
money, you know, but I wantsomeone that knows that, like
law firms are perfect example ofthat.
They'll always tell you I'mjust concerned with making money
.
You do your thing.
I don't want any surprises,right?
(17:27):
So when I get those type ofpeople, it's all about the
presentation on how you deliverthose numbers when you send
those emails.
If you're just sending anattachment with a P&L balance
sheet, cash flow statement andsay here's your finances for the
month.
If you have any questions,please contact me.
They're just going to go rightpast it.
You know what I mean.
So, like you know, I'll makelike a nice presentation where
I'll kind of like, even you cannow use an AI, you know, like it
can make these white paperpresentations for you that can
(17:48):
break down significant data thatwill kind of jump out at you.
You know, like I was explainingbefore, you know, showing them
where their numbers are shifting.
You know on a month to monthbasis.
Or you know your.
You know your net income wentdown from prior month.
You know 20%.
You know here's why.
You know you have expenses thatyou're not capitalizing that
(18:08):
should be depreciated right now.
That will give you significanttax savings, you know.
You know, but in like, you knowvery short one page that kind
of hits you like in the stomachwhere, like, I got to do
something here.
You know that that's, it's allabout the delivery and how
you're presenting it.
You know, in order for them toactually look at that, if I'm
going to hand them you know afinancial statement and just say
(18:29):
, here, you know, unless they'resavvy enough, where they can,
you know, make heads or tailsand they are owners like that?
Uh, you know you're not goingto get much from them, but
that's that's how I approachthat yeah, that's great.
Speaker 1 (18:43):
I think it's probably just from my, where I'm sitting
.
I I mean, I had to tounfortunately let go of a
bookkeeper I used for a coupleyears and you know since hired a
new, new fractional CFO to comein and help but we were running
with never even getting a P&Lfor I think two and a half,
three years, like it didn't even, and I it was just something
(19:06):
that I wasn't even aware of thatwe should have.
Until speaking with moreclients and more prospects and
helping our clients get more oftheir own fractional CFO clients
, I was like, wait, wait aminute.
All these things that I'mhelping you get to help other
businesses I don't even have inmy own backyard.
(19:26):
And since doing that it'sopened up a whole new light of
okay, this is what our numbersare saying.
And it's scary at first when,like you said, oh, you're paying
yourself, you're runningpayroll and things are good.
Starting to see and learn moreabout the numbers, it can be
scary.
But now we have those, I guess,starting points or metrics to
build from.
(19:47):
But to your point of whatyou're preparing to send your
clients I think that's soimportant because, even though I
work in this industry from themarketing perspective, learning
about accounting and fractionalCFOs.
I'm still not the best atreading the P&L or the reports
that are sent over, so havingsomeone who can jump in to break
(20:08):
that down so it's moredigestible, like you said, to
paint by numbers and almostassuming your clients don't know
what they're looking at,because even just by saying if
you have any questions, let meknow, they probably have a ton
of questions.
They're just not going to letyou know.
So I really like how you'reproactive and getting ahead of
that and saying here's what youshould focus on, here's the
(20:30):
important pieces.
If you're going to skim through, this is the stuff that you
know.
It's bolded and, of course,relying on ai or not relying,
but utilizing ai to help withthat heavy lift I think that's
awesome.
Speaker 2 (20:43):
I'm sure your clients appreciate that as well yeah,
it's a big, it's a big changeand it's a big um area that I've
been expanding on, um using andeven using ai to kind of help
me know, figure out stuff thatwould take me hours, you know,
and just you know, giving it tothem in that sense.
And you know, and you have someclients that, like you know,
(21:04):
I've had some clients that dotake a proactive approach but
take the totally wrong approachto looking at their financials.
You know, I have the guy youknow that was losing probably
about 100 grand a month, likeliterally for two years still
kept us and I, just you know,and he's looking at how much
heat his uh heating lamps are,uh using, you know how much
(21:27):
electricity they're using on adaily basis and he's and he's
losing 100 grand a month and I'mlike dude it's your payroll.
You know you're paying overtime,you're paying benefits.
You know, like you can't bedoing this in the hospitality
industry.
It's just not going to work,you know.
And same thing in theconstruction industry.
You know, like guys would um.
Another thing that we try to beproactive with that I've started
(21:48):
is um insurance, right, and sothese guys they um, especially
in startups any startup they'regonna get killed with insurance.
And if they're not, when youask them, how are you paying for
your premiums?
You know, at the end of theyear, I don't know.
I'm paying it out of profit.
You know why are you paying outof profit?
Why aren't you billing yourclients from it?
You know, because, if you likeI'm just using an example
(22:09):
workers' compensation is aperfect example general
liability insurance right, theybase that off payroll right.
So if your payroll gets higher,right, you're going to get hit
with an audit at the end of theyear saying that you estimated
your payroll to be this and nowit's this.
You owe us a lot more money.
That's what put these.
It puts these uh contractorsout of business.
Uh, a lot of these startups Iwould say 50 of them go under
(22:33):
because of that.
They can't afford their auditat the end of the year.
So, like I'm educating them now,like you know, coming in and
telling them, like you know,listen, like you know, here's
your insurance policy, here'syour payroll.
Like, let's come up with a gameplan to kind of gauge your
payroll to make sure you'rekeeping up with your policies
and, if not, let's, let's bidthem into your projects.
Like this is how much youshould be pricing in, you know?
(22:54):
And uh, that that's anotherthing that's been huge, because
these are, this is a reoccurringproblem that they're not seeing
and they don't have theawareness to realize that, and
nor should they.
You know who's going to thinkof that, you know.
But at the end of the day,that's my job, you know, and so
it's just filling those gaps,you know, to where people don't
see um, what's what's?
Speaker 1 (23:18):
one thing you believed in early on in your
entrepreneurial journey that hassince changed um, you know, a
handful of years in dealing withrejection.
Speaker 2 (23:34):
Yeah, dealing with rejection.
You know, uh, when it was, whenmy first time getting into
business and getting clients,like, and the second I got like
a lead in right, or like I had ameeting with them, I'm already
planning like months aheadalready, like saying like, all
right, this is going to be myrevenue, this is how much I'm
going to have now, and likethey're just being let down,
(23:55):
like.
You know, like where they don'tsign with me, or you know that.
You know, learning how to dealwith that disappointment, you
know, in the beginning, wasreally hard for me, you know,
and like obsessing over it, youknow, at nighttime, like just
being like what did I do wrong?
You know, like, and literally,and I would come with the
proactive approach after, ifthey didn't, I would be very
(24:16):
professional and I would say,listen, just for my, for my, you
know, awareness like what,where did I go wrong?
How come?
You know, sometimes it was justlike it wasn't the right fit,
but most of the time, too, itwhat?
They?
Just a lot of people find ithard to change accounts for some
reason and they just like stillwant to stick with their own
guy.
You know, um, but I've gottennow.
I've gotten a lot better withit too, and um and pricing.
(24:38):
Also, I would say pricing I usedto be, especially in the
beginning, right, you want anybusiness, so you take anything,
right.
But now I kind of live and diebuying prices.
You know, I know my value, Iknow what I'm worth and I know
what I'm going to bring to thetable and I know how much I'm
going to be saving you and atthe end and my motto is that I
want to save you more than myfee, you know, at the end of the
(25:01):
year and usually that's my goaland I usually accomplish that.
So you know, I usually do notbunch, you know, on my prices.
You know, and more peoplerespect that, believe it or not,
and I get more clients that wayto be honest with you, as
opposed to just like you know,oh, you want it for X amount of
dollars per month, ok, you know,and it's like it's just that I
(25:25):
just it doesn't give off theright vibe in my opinion.
So those are two things I wouldsay.
Speaker 1 (25:31):
That's really good.
Any hard won lessons you'd passon to other firm owners or CFOs
you'd pass on to other firmowners or CFOs.
Speaker 2 (25:42):
You know, in this industry, you know, being a CFO
know your audience, right?
I think that's a very importantlesson.
You know, me and my partner talkabout it all the time.
You know it's like you know,going outside of your scope,
right, like when you give acontract and like, all of a
sudden, you're doing stuffthat's outside of your scope,
right, like when you give acontract and like, all of a
sudden, you're doing stuffthat's not in that contract,
(26:04):
right, like you know, forexample, if I have a client that
you know is not interested infinancials and they're okay with
that and they're okay withgetting all they want is their
tax return done, or they wantquarterly financials, you know,
or they, you know they want tospeak to you once every six
months.
You know filing that and we'relike going overboard, trying to
(26:26):
deliver more than they want.
You know, and, um, it doesn'tmake a difference at the end of
the day, like you know, likeknow your audience, give them
what they want, you know, and atthe end of the day, you know
they'll I feel they'll respectyou and stay with you longer.
I have noticed that, um, asopposed to guys that you know
want to move onward and wedidn't do enough, for we did
over the amount for it and itdidn't save the relationship you
know.
So, really knowing what you'redelivering to your clients and
(26:49):
just being aware of that,Perfect.
Speaker 1 (26:53):
I got two, two final kind of rapid fire questions for
you, sonny, and then just onewhere people can get in touch
with you.
But I'm really curious to knowwhat's the best financial advice
that you've ever received.
Speaker 2 (27:06):
Best financial advice I have ever received.
Oh gosh, that's the bestfinancial advice I have ever
seen I've been ever given.
Gosh, I would't say like it'smore financial advice.
I would say it's just more ofum, how I?
(27:30):
I guess the the 30 like um, Ishould say more so, like the um
30, 30, 30 rule, like, and Itake that down to my mother, you
, and that's not even from somebig, it's literally from my
mother.
When I got my first job, when Iwas 16, my mother always made me
pay my own bills, likeinsurance, whatever, and she
wouldn't make me break down likehere's your monthly expenses
(27:52):
every week, divide by four andthat's what you're putting away
per week.
And she was very strict with meand you know she was very strict
with me and you know, 30% foryour bills, 30% for savings, and
then you know you're over 30%,you know to 40%, you know you
kind of split up if you want toinvest it and then 20% for play.
You know, and like, so manyyears later I still live by that
(28:14):
and you know.
And also, always having sixmonths worth of expenses in the
bank.
You know, and that's somethingI always tell my clients and
it's never failed them and Iwould say 50%.
Do it probably a little less,but anytime, like COVID happened
or anything like that, theywouldn't regret that.
You know so, but that's.
I still use that 30-30-30 rule.
(28:35):
You know till this day.
You know of allocating, youknow savings, my bills, my
investments, and then justhaving some play money love it.
Speaker 1 (28:44):
it's so simple, but yet probably so few execute on
the simplicity of things.
Um, when you're not deep in thespreadsheets and strategy, how
do you recharge Golf Nice?
Speaker 2 (28:57):
What's your rating?
I am currently at a 11.5 rightnow.
I was lower, but you know Ishot at 83, though yesterday I
was very happy.
Yeah, that's cool yeah so yeah,it's just a great release,
great for networking too, youknow.
(29:17):
And yeah, I just like beingoutdoors for four hours.
Kind of just forget abouteverything, anything that can
make you be present.
I'm game.
Speaker 1 (29:25):
Yeah, awesome.
How often do you get out duringthe week?
I've been so bad this summerfor getting out.
I'm trying to be way moreintentional the rest of the
summer about booking time sothat I go rather than oh there,
let's find a tea time yeah, well, long island is like crazy with
tea times especially.
Speaker 2 (29:44):
Uh, I live literally right next to uh beth page, so
they're having the ride up therethis year and, um, so, like
beth page, no joke people arelining up to love the day before
, like today, people are liningup at 8 am for tomorrow morning
in the parking lot sleeping outfor a tea time.
So it's like insane.
Yeah, so I actually joined theclub this year, so you know, so
(30:07):
that's helped a lot and so Iwould say probably twice a week.
Twice a week if I'm lucky, likeyou know, one during the week
with the client and then on theweekends, you know, getting out
early, you know, because I gottwo kids under four.
So you know, my wife only letsme if I get out, like around
like 6 o'clock in the morning.
So where are you guys located?
Speaker 1 (30:28):
by the way, I'm in eastern Canada, new Brunswick.
Speaker 2 (30:32):
Oh, that's great.
I actually have a few guys Iwork with in Canada also.
I got to get down to Banff.
Man, I'm dying to get down andplay to I think it's Alberta or
something like that where Banffis right.
Speaker 1 (30:42):
Yeah, yeah, near Lake Louise, cool.
So, sonny, what's the best wayfor people to get in touch with
you if they have questions?
They want to potentially hireyou.
They just they want to pickyour brain.
Continue the conversation.
Where should we send them?
Speaker 2 (30:56):
Yeah, so you could go to
precisionaccountingconsultingcom.
Okay, you know you could alsoreach out to me via social media
LinkedIn.
You know Sonny Rappone,president of
precisionaccountingconsultingcom.
There are other precisionaccounting, but just put down
Melville, new York, and ourwebsite will come up.
(31:16):
Yeah, and you could just reachout for a free consultation.
And you know, and my email issgr at precision accounting
consultingcom and you could alsoreach out through email.
Speaker 1 (31:28):
Perfect.
We'll put it all in the shownotes so people can get in touch
.
Sonny, thank you so much forcoming on sharing your story,
sharing your insight.
I learned a lot.
I know the audience will learna ton too.
Really appreciate this.
Speaker 2 (31:39):
Thanks again, Thank you so much for having me, it
was a pleasure.
Speaker 1 (31:43):
Thanks for tuning into this episode of CFO
Chronicles the secrets behindsuccess.
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It helps others discover theinsights we share here.
Second, if you're ready to takeyour business to the next level
(32:06):
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(32:28):
Until then, keep pushingforward.
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Speaker 3 (32:34):
Thanks for listening to CFO Chronicles the secrets
behind success.
We hope today's episodeprovided valuable strategies to
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Be sure to subscribe, followand share with fellow
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Connect with us on LinkedIn andleave a review or comment to
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Your feedback helps us bringyou the best insights in finance
(32:57):
and marketing.
Until next time, keep strivingfor success and unlocking your
business's potential.
Welcome back to another episode of CFO
Chronicles the secrets behindsuccess, the podcast where we
explore the stories, strategiesand the sharp thinking behind
the financial leaders shapingtoday's most resilient
businesses.
I'm your host, james Donovan,and today's guest is someone
who's redefining what it meansto be a trusted financial
partner.
Sonny Grappone is the founderof Precision Accounting and
(00:22):
Consulting, a firm known forblending rock-solid financial
accuracy with high-levelstrategic insight.
His team helps businesses domore than just keep the books.
They help leaders makedecisions with clarity,
confidence and control.
Whether it's navigating complexfinancial landscapes,
identifying inefficiencies orproactively planning for growth,
(00:43):
sonny brings a steady,client-focused mindset that a
lot of firms talk about but veryfew deliver on.
Today we're going to dig intohis entrepreneurial journey what
sets Precision apart and whathe sees coming next for the
accounting world.
Let's jump in, sonny.
So great having you on heretoday.
I can't wait to get into moreof your story, but let's kick
(01:04):
things off with your originstory.
What led you to launchPrecision Accounting and
Consulting?
Speaker 2 (01:11):
Well, it was a combination of things.
I graduated, I would say, fromcollege back in 2000.
What was it?
2018, I think no, no, I'm sorry.
Wow, it's been a while.
2016.
And you know I worked a lot incorporate for a while.
I worked in New York City,manhattan.
(01:32):
I'm located in Long Island, newYork.
So I worked in Manhattan.
Some pretty big firms CantorRich Gerald was the last one
that I worked at.
I got really tired of thecorporate world.
In corporate accounting youreally don't learn the crux of
accounting.
Just to give an example of that, in most of my jobs, because
(01:55):
the corporations were so big,you would work on one piece of a
financial statement as opposedto the whole big picture.
So basically, I really gottired of that and it came to the
point where it was more aboutsanity than, you know, money,
you know.
So when I came back, I tookless money coming back home and
(02:17):
to be closer to my wife and kids, and it was the best thing that
ever happened to me.
You know I worked for anindividual that I consulted with
and you know he pretty much putit out there for us.
You know he said the businessis out there for you to, you
know, to make that, whatever youbring in, you know I would like
you to be a part of it.
You know there wasn't a lot ofpeople taking that initiative
(02:39):
but I kind of took it uponmyself as I had my own side
business on the side already,you know.
And I kind of took it uponmyself as I had my own side
business on the side already,you know, and I made a lot of
networking.
You know I knew I had to get infront of a lot of people and
make a name for myself in myindustry.
You know we are a nicheaccounting firm.
At first we were.
We did a lot of hospitality,hotels, restaurants, you know.
(03:00):
And I've kind of expanded thatand went outside that box and I
got us a huge alliance with aconstruction payroll company.
That kind of launched us and webecame very heavily involved in
construction and then laterbranched off into law firms and
now we take care of medicalpractices, manufacturing, you
(03:21):
know.
So it basically turned into asmy, my part.
My boss at the time put it outthere, you know, if you want to
bring in the business business,it out there for you.
And I uh, exceeded thoseexpectations and he ended up
becoming a partner with me in myown practice now, which we've
had for, uh, for a good amountof time now that's awesome.
Speaker 1 (03:42):
What?
What was the?
Or?
I guess was there a specificmoment or gap you saw in the
market that pushed you to go allin on your own firm?
Speaker 2 (03:52):
sure, uh, the covid.
So, um, you know, like I said,we precision was always there
but it didn't, you know, surpassits peak of revenue until after
COVID.
Because there was such a needof good accounting out there.
Because what happened was itwas a time when people were
(04:13):
suffering and they needed money,they needed funding right, so
they had to go to these banks toget PPP.
A lot of people are applyingfor the employer retention
credit, all these differenttypes of loans.
In order to do that, especiallywith the PPP, you need the
proper financials and nobodyever looks at their financials.
With their account, you know.
(04:34):
They're more in tune withwhere's my financials for my
taxes, you know.
And finally, when they needgood financials, you know and
they realize, kind of what theiraccount was doing, what their
account was doing.
One plus one didn't equal two.
They didn't have both sides ofthe equation.
So we kind of capitalized onthat because we were very
(04:56):
familiar with what was needed onthe PPP background, on certain
tax credits that people neededto apply for, what credentials
they needed, and we pounced onthat while people needed a good
accountant, and we succeeded.
You know, word of mouth spreadand our reach also.
I think a lot of people attestto this that are in business.
(05:17):
After COVID our reach wasspecifically only New York, but
after COVID it exploded becausenow we were able to work remote
with people all over the country.
So now I have clients inCalifornia, every major city
pretty much Florida, chicago,seattle, tennessee we have a few
clients in there.
So that really was the mainjumping off point for us in my
(05:41):
business.
Speaker 1 (05:41):
personally, from what I've seen, us in my business
personally, from what I've seen,okay, understood, how involved
did you get with ERC?
Because we started, that's Iwould say, where we really
started to cut our teeth in theaccounting world, got introduced
to the accounting space andthen, very quickly, a prospect
we were speaking to said hey,I'm actually I'm not looking for
accounting leads, I'm lookingfor tax credit leads.
(06:04):
And this was very early dayswith the ERC and he introduced
me to the employer attention,tax credit.
And we ran with that, I think,for the next two and a half
three years until every man andtheir dog was selling it, and
then it just became saturatedand hard to find a business who
had more than you know, threepeople who didn't know about it.
(06:24):
I'm curious, like, what was yourexperience?
Like how did you guys navigatethose waters?
Because in the early days itvery much sounded to people like
this sounds way too good to betrue, I don't want to do this.
So how did you guys navigatethat and find success?
You know it was it was.
Speaker 2 (06:41):
first of all, it was life changing.
I have to say the employeeretention credit was like to us
it was too good to be true.
My partner, Doug he is what wecall the tax guru he's just
heavily invested in the tax code.
One half of our business CFO,the other half is tax planning.
(07:02):
He's always in the tax code, sowhen he found out about it, he
found out about it literally theday before it was brought into
legislation.
And he brought this to me andhe's like, he's like, this can't
be true.
He's like, and he's reading itto me and I'm like this is way
better than PPP.
And how does nobody know aboutthis?
You know, and so we, you knowknow, we talked to, uh, we
(07:25):
consulted with, a few taxattorneys and you know, because
we were like you know, we got toget on this.
Nobody knows about it.
So we had a few restaurantsthat we uh had under our belt at
the time and we kind of told uh, you know the restaurants, this
is tax credit.
You know why don't we try itout?
So they had about eightlocations.
So our first one we got themabout 4.5 million, all right,
(07:48):
and when we applied for this,like I said, nobody was talking
about this.
We were like way ahead of thecurve.
But it went six months where itwas just silence and we were
like, if we got this wrong, weare in serious trouble, because
now we just filed an amendmentright to these people's payroll
uh, they're 941s, right, and ifthey don't get this credit now,
(08:10):
they're gonna owe a lot of moneybecause they're gonna get that
credit back and if they getaudited.
So we were like a lot ofsleepless nights.
Uh, those were six months and,uh, hoping that this was going
to be true, because we, you know, we went over it numerous times
and then, once the first checkcame in, it was like it just
came in full steam ahead and itwas just like they started
talking.
And you know, by by the end ofthis whole thing, I mean we had
(08:34):
processed.
I can't even tell you, probablyover you know, thousands, I
would say.
We processed, we made a lot.
It definitely became wayoversaturated.
We went by very strictguidelines, you know.
We didn't go by um supply chain.
You know, which a lot of peopledid, because we, we knew it was
(08:55):
going to be iffy and it wasvery hard to prove.
Um, we strictly went by revenueand we fell into the uh realm
of hospitality where almostevery restaurant qualified.
You know, um, that's anotherjumping off point where how I
expanded my business was, um, Imade um good potential leads
with um guys that were marketingthis and, um, there was two
(09:15):
guys in particular that weremarketing this and had no idea
how to process it and needed agood processor.
They came to me specificallyand I brought this to my partner
and it just like took off forus.
I mean we, and because of thatnow we are still getting
business from those ERC clientsin other areas of accounting,
whether it be tax planning,whether it be just regular
(09:36):
accounting.
You know we've got theminvolved in wellness programs.
Now there's a whole host ofthings that we've been involved
in that have been directlyconnected to ERC.
But at the same time it's adouble-edged sword, because when
people hear ERC they lose a badtaste in their mouth Like, oh,
I got called about that six,seven times.
You know, and I'm like you know, we're a legit CPA firm, right.
(09:59):
So like you, know we went by thebooks.
Speaker 1 (10:01):
Yeah, that's awesome that you know buy the books.
Yeah, that's awesome.
That's that's so cool.
I'm pumped to hear you had somuch success there and you're
able to help out so many otherbusinesses and just the ripple
effect that was created.
So that's awesome.
Yeah, you mentioned a coupletimes now the hospitality space.
Do you work with any otherindustries?
Is there a patterns that youfind maybe in the hospitality
space with other industries thatare challenges these industries
(10:24):
face?
Speaker 2 (10:25):
yeah, uh, a lack of good accounting, like I said,
especially in hospitality.
They're very unorganized.
Uh, we still do a lot ofrestaurants but, like I said, my
firm position has like kind ofveered off that end because, at
the same time, um, hospitalityis not black and white right
like every other.
And I just say this no knockagainst other accounts, but
(10:47):
we've hired other accountants,especially guys with a lot of
experience and that didn't haveexperience in hospitality.
We brought them in and theycouldn't make heads or tails
right because they don't dothings the conventional way.
So, um, that's why I've made ita point to dive into other
industries, um, that are alittle more profitable too.
Uh, because a restaurant clientwill take you anywhere from 20
to 30 hours a month easily, asopposed to a construction client
(11:10):
or a law firm or whatever itmay be.
So I've actually dived into alot in the construction industry
, specifically with unions andnon-union, primarily wage type
of work.
I'm trying to develop a newniche in the job costing area.
One thing I will say is 75% ofcontractors, guys, that GCs,
(11:34):
that own these businesses, theydo not job cost, they don't cost
anything.
Okay, when I tell you they donot know how much they are
making off their projects.
It astounds me because I'm like, how do you not know how much
they are making off theirprojects, it?
It astounds me because I'm like, how do you not know how much
you're making off each one?
And none of them know.
And they know it's so valuablebut they don't know where to
start.
It's so overwhelming to them.
So, um, and there's not a lotof accounts that do it or offer
(11:59):
it, so I'm trying to capitalizeon it, that niche, and it's
actually working, you know.
So that's the area, that thedifferent area that I'm going
outside of hospitality right now, that I'm trying to really hone
in on and see the end, becausepeople could see the value in it
.
Speaker 1 (12:12):
Yeah, it's, it is interesting from, I mean, any
professional's point of view,where they're sitting, like what
may seem obvious to everyoneelse is not so.
That's that's why you're paidfor what you do and it's where
you can.
You can, you know, bring backthe nights where people can fall
asleep now because they knowwhat's going on.
But yeah, it is interesting.
(12:34):
I mean, there's things that wecome across with our clients or
everyone we speak to.
It's like how, how do you notknow that?
Like it seems so obvious.
But I've, I've been blessedwhere I get to work with
accountants now and cfos.
I think I have more insight tomy own numbers or I'm getting,
I'm getting better in thatregard.
But a lot of this stuff is justlike I I have no idea what I'm
looking at or where to look,because it's not my area of
(12:55):
expertise.
It's not.
I just didn't.
Yeah, I just I didn't.
Even I didn't know what Ididn't know.
So that's so many businesses inoutside of their area of
expertise, I guess yeah, it'sjust you got to bring that
awareness to them.
Speaker 2 (13:10):
You know so many people.
It amazes me a lot of businessowners and this is no fault to
their own, you know they operatewith the um mentality is like
you know, if I can make payrolland I can pay myself, I'm okay.
You know, and that is not theway to run a business.
And they run that business likefor years, like that, which,
like I'm like you know.
(13:31):
So imagine if I give you thesenumbers now in detail.
You know, do like simple, likea trend analysis, right, like
let's see how you're doing monthto month.
Let's compare these numbers.
You know, what are yourpercentage changes?
You know, did you go up in yourcost of goods sold and your
expenses?
Why did you go up 20?
You know why?
I just had a client.
Uh, last week I was going overwith you know, we were going
(13:52):
over prior year comparisons.
His revenue stayed same and hispayroll went up almost $500,000
, and he had no idea.
You know, like this is like youknow and like I'm, like you
know this is why you're losingso much money.
It's like how do you not knowthat your payroll's gone
skyrocketed?
That's a significant increase,you know, and he just didn't
(14:13):
have his hand on the pulse.
And now you know, a, a monthlater he's pretty much, you know
, making a profit.
He's made the cuts that heneeds to, and you know that's
the value.
Because if I don't bring thattype of um, you know, um insight
, then I'm just like any otheraccount.
You know, I'm just getting yourfinancials for your taxes and
(14:35):
you know so that that's where wekind of have to capitalize.
You know, in my industry atleast, yeah, that's fair.
Speaker 1 (14:41):
So what are some of the most common red flags?
You see when a new client firstcomes to?
Speaker 2 (14:48):
you Balance sheet, balance sheet, balance sheet,
balance sheet.
So the balance sheet is likeit's like a bad word, I feel
like to other accounts, or likethey just when we get these
books, nobody pays attention tothe balance sheet, you know, or
(15:08):
they don't communicate withtheir tax account at the end of
the year.
They're supposed to give youraccountant these entries to make
so they can agree to the taxreturn, right, but a lot of
accounts aren't doing that.
So, like we get these balancesheets that are like horrendous
and then, like you know, theonly things that people will
look at if they do look at theirfinancials are their profit and
(15:30):
loss statements.
And profit and loss statements,their balances don't carry
forward, right, but balancesheets do.
So you'll see these hugebalances creep up that are, like
you know, $300,000, you know,in liabilities.
And like you, know they haveassets that are just like with
negative balances and it's justlike you know.
So, like, those are like andlike that.
For example, right in a timewhen there's high interest rates
(15:53):
and people are looking forcompetitive lending, you know
they're going to ask you forfinancial statements and if you
don't have those properfinancial statements, you you're
you're screwed.
Or you're going to getsomewhere where, like
hospitality for example, they'repaying these pos systems, toast
square, all these.
They lend you money.
Now, right, they're payingupwards of 50 percent in
interest rates and like that,you know, and they don't ask for
(16:17):
financials.
But because of that, right, soyou're going to have to pay for
it.
You know, and these are simplethings that can be prevented if
you just take the right steps inthe beginning.
Speaker 1 (16:26):
That's brutal.
50%.
Wow, yeah, sonny.
How, how, how do you guys helpshift your clients' mindsets, or
you know, from just keeping thebooks clean to using their
numbers to actually drivedecisions?
Speaker 2 (16:43):
So it's funny, it's like you kind of have to like
paint by numbers for them.
You know it's like you got toreally and, like you said, like
this is to no insult to them atall, this isn't because that's
not their job and I actuallywant that.
I want people that are notgoing to get involved right in
more so the day-to-dayaccounting, because, like this
(17:05):
is what I do, let me do what Ido and let me help you make
money, you know, but I wantsomeone that knows that, like
law firms are perfect example ofthat.
They'll always tell you I'mjust concerned with making money
.
You do your thing.
I don't want any surprises,right?
(17:27):
So when I get those type ofpeople, it's all about the
presentation on how you deliverthose numbers when you send
those emails.
If you're just sending anattachment with a P&L balance
sheet, cash flow statement andsay here's your finances for the
month.
If you have any questions,please contact me.
They're just going to go rightpast it.
You know what I mean.
So, like you know, I'll makelike a nice presentation where
I'll kind of like, even you cannow use an AI, you know, like it
can make these white paperpresentations for you that can
(17:48):
break down significant data thatwill kind of jump out at you.
You know, like I was explainingbefore, you know, showing them
where their numbers are shifting.
You know on a month to monthbasis.
Or you know your.
You know your net income wentdown from prior month.
You know 20%.
You know here's why.
You know you have expenses thatyou're not capitalizing that
(18:08):
should be depreciated right now.
That will give you significanttax savings, you know.
You know, but in like, you knowvery short one page that kind
of hits you like in the stomachwhere, like, I got to do
something here.
You know that that's, it's allabout the delivery and how
you're presenting it.
You know, in order for them toactually look at that, if I'm
going to hand them you know afinancial statement and just say
(18:29):
, here, you know, unless they'resavvy enough, where they can,
you know, make heads or tailsand they are owners like that?
Uh, you know you're not goingto get much from them, but
that's that's how I approachthat yeah, that's great.
Speaker 1 (18:43):
I think it's probably just from my, where I'm sitting
.
I I mean, I had to tounfortunately let go of a
bookkeeper I used for a coupleyears and you know since hired a
new, new fractional CFO to comein and help but we were running
with never even getting a P&Lfor I think two and a half,
three years, like it didn't even, and I it was just something
(19:06):
that I wasn't even aware of thatwe should have.
Until speaking with moreclients and more prospects and
helping our clients get more oftheir own fractional CFO clients
, I was like, wait, wait aminute.
All these things that I'mhelping you get to help other
businesses I don't even have inmy own backyard.
(19:26):
And since doing that it'sopened up a whole new light of
okay, this is what our numbersare saying.
And it's scary at first when,like you said, oh, you're paying
yourself, you're runningpayroll and things are good.
Starting to see and learn moreabout the numbers, it can be
scary.
But now we have those, I guess,starting points or metrics to
build from.
(19:47):
But to your point of whatyou're preparing to send your
clients I think that's soimportant because, even though I
work in this industry from themarketing perspective, learning
about accounting and fractionalCFOs.
I'm still not the best atreading the P&L or the reports
that are sent over, so havingsomeone who can jump in to break
(20:08):
that down so it's moredigestible, like you said, to
paint by numbers and almostassuming your clients don't know
what they're looking at,because even just by saying if
you have any questions, let meknow, they probably have a ton
of questions.
They're just not going to letyou know.
So I really like how you'reproactive and getting ahead of
that and saying here's what youshould focus on, here's the
(20:30):
important pieces.
If you're going to skim through, this is the stuff that you
know.
It's bolded and, of course,relying on ai or not relying,
but utilizing ai to help withthat heavy lift I think that's
awesome.
Speaker 2 (20:43):
I'm sure your clients appreciate that as well yeah,
it's a big, it's a big changeand it's a big um area that I've
been expanding on, um using andeven using ai to kind of help
me know, figure out stuff thatwould take me hours, you know,
and just you know, giving it tothem in that sense.
And you know, and you have someclients that, like you know,
(21:04):
I've had some clients that dotake a proactive approach but
take the totally wrong approachto looking at their financials.
You know, I have the guy youknow that was losing probably
about 100 grand a month, likeliterally for two years still
kept us and I, just you know,and he's looking at how much
heat his uh heating lamps are,uh using, you know how much
(21:27):
electricity they're using on adaily basis and he's and he's
losing 100 grand a month and I'mlike dude it's your payroll.
You know you're paying overtime,you're paying benefits.
You know, like you can't bedoing this in the hospitality
industry.
It's just not going to work,you know.
And same thing in theconstruction industry.
You know, like guys would um.
Another thing that we try to beproactive with that I've started
(21:48):
is um insurance, right, and sothese guys they um, especially
in startups any startup they'regonna get killed with insurance.
And if they're not, when youask them, how are you paying for
your premiums?
You know, at the end of theyear, I don't know.
I'm paying it out of profit.
You know why are you paying outof profit?
Why aren't you billing yourclients from it?
You know, because, if you likeI'm just using an example
(22:09):
workers' compensation is aperfect example general
liability insurance right, theybase that off payroll right.
So if your payroll gets higher,right, you're going to get hit
with an audit at the end of theyear saying that you estimated
your payroll to be this and nowit's this.
You owe us a lot more money.
That's what put these.
It puts these uh contractorsout of business.
Uh, a lot of these startups Iwould say 50 of them go under
(22:33):
because of that.
They can't afford their auditat the end of the year.
So, like I'm educating them now,like you know, coming in and
telling them, like you know,listen, like you know, here's
your insurance policy, here'syour payroll.
Like, let's come up with a gameplan to kind of gauge your
payroll to make sure you'rekeeping up with your policies
and, if not, let's, let's bidthem into your projects.
Like this is how much youshould be pricing in, you know?
(22:54):
And uh, that that's anotherthing that's been huge, because
these are, this is a reoccurringproblem that they're not seeing
and they don't have theawareness to realize that, and
nor should they.
You know who's going to thinkof that, you know.
But at the end of the day,that's my job, you know, and so
it's just filling those gaps,you know, to where people don't
see um, what's what's?
Speaker 1 (23:18):
one thing you believed in early on in your
entrepreneurial journey that hassince changed um, you know, a
handful of years in dealing withrejection.
Speaker 2 (23:34):
Yeah, dealing with rejection.
You know, uh, when it was, whenmy first time getting into
business and getting clients,like, and the second I got like
a lead in right, or like I had ameeting with them, I'm already
planning like months aheadalready, like saying like, all
right, this is going to be myrevenue, this is how much I'm
going to have now, and likethey're just being let down,
(23:55):
like.
You know, like where they don'tsign with me, or you know that.
You know, learning how to dealwith that disappointment, you
know, in the beginning, wasreally hard for me, you know,
and like obsessing over it, youknow, at nighttime, like just
being like what did I do wrong?
You know, like, and literally,and I would come with the
proactive approach after, ifthey didn't, I would be very
(24:16):
professional and I would say,listen, just for my, for my, you
know, awareness like what,where did I go wrong?
How come?
You know, sometimes it was justlike it wasn't the right fit,
but most of the time, too, itwhat?
They?
Just a lot of people find ithard to change accounts for some
reason and they just like stillwant to stick with their own
guy.
You know, um, but I've gottennow.
I've gotten a lot better withit too, and um and pricing.
(24:38):
Also, I would say pricing I usedto be, especially in the
beginning, right, you want anybusiness, so you take anything,
right.
But now I kind of live and diebuying prices.
You know, I know my value, Iknow what I'm worth and I know
what I'm going to bring to thetable and I know how much I'm
going to be saving you and atthe end and my motto is that I
want to save you more than myfee, you know, at the end of the
(25:01):
year and usually that's my goaland I usually accomplish that.
So you know, I usually do notbunch, you know, on my prices.
You know, and more peoplerespect that, believe it or not,
and I get more clients that wayto be honest with you, as
opposed to just like you know,oh, you want it for X amount of
dollars per month, ok, you know,and it's like it's just that I
(25:25):
just it doesn't give off theright vibe in my opinion.
So those are two things I wouldsay.
Speaker 1 (25:31):
That's really good.
Any hard won lessons you'd passon to other firm owners or CFOs
you'd pass on to other firmowners or CFOs.
Speaker 2 (25:42):
You know, in this industry, you know, being a CFO
know your audience, right?
I think that's a very importantlesson.
You know, me and my partner talkabout it all the time.
You know it's like you know,going outside of your scope,
right, like when you give acontract and like, all of a
sudden, you're doing stuffthat's outside of your scope,
right, like when you give acontract and like, all of a
sudden, you're doing stuffthat's not in that contract,
(26:04):
right, like you know, forexample, if I have a client that
you know is not interested infinancials and they're okay with
that and they're okay withgetting all they want is their
tax return done, or they wantquarterly financials, you know,
or they, you know they want tospeak to you once every six
months.
You know filing that and we'relike going overboard, trying to
(26:26):
deliver more than they want.
You know, and, um, it doesn'tmake a difference at the end of
the day, like you know, likeknow your audience, give them
what they want, you know, and atthe end of the day, you know
they'll I feel they'll respectyou and stay with you longer.
I have noticed that, um, asopposed to guys that you know
want to move onward and wedidn't do enough, for we did
over the amount for it and itdidn't save the relationship you
know.
So, really knowing what you'redelivering to your clients and
(26:49):
just being aware of that,Perfect.
Speaker 1 (26:53):
I got two, two final kind of rapid fire questions for
you, sonny, and then just onewhere people can get in touch
with you.
But I'm really curious to knowwhat's the best financial advice
that you've ever received.
Speaker 2 (27:06):
Best financial advice I have ever received.
Oh gosh, that's the bestfinancial advice I have ever
seen I've been ever given.
Gosh, I would't say like it'smore financial advice.
I would say it's just more ofum, how I?
(27:30):
I guess the the 30 like um, Ishould say more so, like the um
30, 30, 30 rule, like, and Itake that down to my mother, you
, and that's not even from somebig, it's literally from my
mother.
When I got my first job, when Iwas 16, my mother always made me
pay my own bills, likeinsurance, whatever, and she
wouldn't make me break down likehere's your monthly expenses
(27:52):
every week, divide by four andthat's what you're putting away
per week.
And she was very strict with meand you know she was very strict
with me and you know, 30% foryour bills, 30% for savings, and
then you know you're over 30%,you know to 40%, you know you
kind of split up if you want toinvest it and then 20% for play.
You know, and like, so manyyears later I still live by that
(28:14):
and you know.
And also, always having sixmonths worth of expenses in the
bank.
You know, and that's somethingI always tell my clients and
it's never failed them and Iwould say 50%.
Do it probably a little less,but anytime, like COVID happened
or anything like that, theywouldn't regret that.
You know so, but that's.
I still use that 30-30-30 rule.
(28:35):
You know till this day.
You know of allocating, youknow savings, my bills, my
investments, and then justhaving some play money love it.
Speaker 1 (28:44):
it's so simple, but yet probably so few execute on
the simplicity of things.
Um, when you're not deep in thespreadsheets and strategy, how
do you recharge Golf Nice?
Speaker 2 (28:57):
What's your rating?
I am currently at a 11.5 rightnow.
I was lower, but you know Ishot at 83, though yesterday I
was very happy.
Yeah, that's cool yeah so yeah,it's just a great release,
great for networking too, youknow.
(29:17):
And yeah, I just like beingoutdoors for four hours.
Kind of just forget abouteverything, anything that can
make you be present.
I'm game.
Speaker 1 (29:25):
Yeah, awesome.
How often do you get out duringthe week?
I've been so bad this summerfor getting out.
I'm trying to be way moreintentional the rest of the
summer about booking time sothat I go rather than oh there,
let's find a tea time yeah, well, long island is like crazy with
tea times especially.
Speaker 2 (29:44):
Uh, I live literally right next to uh beth page, so
they're having the ride up therethis year and, um, so, like
beth page, no joke people arelining up to love the day before
, like today, people are liningup at 8 am for tomorrow morning
in the parking lot sleeping outfor a tea time.
So it's like insane.
Yeah, so I actually joined theclub this year, so you know, so
(30:07):
that's helped a lot and so Iwould say probably twice a week.
Twice a week if I'm lucky, likeyou know, one during the week
with the client and then on theweekends, you know, getting out
early, you know, because I gottwo kids under four.
So you know, my wife only letsme if I get out, like around
like 6 o'clock in the morning.
So where are you guys located?
Speaker 1 (30:28):
by the way, I'm in eastern Canada, new Brunswick.
Speaker 2 (30:32):
Oh, that's great.
I actually have a few guys Iwork with in Canada also.
I got to get down to Banff.
Man, I'm dying to get down andplay to I think it's Alberta or
something like that where Banffis right.
Speaker 1 (30:42):
Yeah, yeah, near Lake Louise, cool.
So, sonny, what's the best wayfor people to get in touch with
you if they have questions?
They want to potentially hireyou.
They just they want to pickyour brain.
Continue the conversation.
Where should we send them?
Speaker 2 (30:56):
Yeah, so you could go to
precisionaccountingconsultingcom.
Okay, you know you could alsoreach out to me via social media
LinkedIn.
You know Sonny Rappone,president of
precisionaccountingconsultingcom.
There are other precisionaccounting, but just put down
Melville, new York, and ourwebsite will come up.
(31:16):
Yeah, and you could just reachout for a free consultation.
And you know, and my email issgr at precision accounting
consultingcom and you could alsoreach out through email.
Speaker 1 (31:28):
Perfect.
We'll put it all in the shownotes so people can get in touch
.
Sonny, thank you so much forcoming on sharing your story,
sharing your insight.
I learned a lot.
I know the audience will learna ton too.
Really appreciate this.
Speaker 2 (31:39):
Thanks again, Thank you so much for having me, it
was a pleasure.
Speaker 1 (31:43):
Thanks for tuning into this episode of CFO
Chronicles the secrets behindsuccess.
I hope you found value intoday's conversation.
As we wrap up, I'd love for youto do two things.
First, make sure to subscribeto this podcast so you don't
miss any future episodes.
If you enjoyed today'sdiscussion, please rate and
review the show.
It helps others discover theinsights we share here.
Second, if you're ready to takeyour business to the next level
(32:06):
and attract the high endclients you deserve, head over
to accountingleadsnowcom orclick the link in the show notes
to book your strategy.
Call it's time to positionyourself as the advisor your
clients need.
And don't forget you canconnect with me on LinkedIn to
stay up to date on what'shappening in the world of
accounting and financial growth.
We've got exciting topicscoming up, so stay tuned for the
next episode of CFO Chronicles.
(32:28):
Until then, keep pushingforward.
Your growth is just onestrategic move away.
Speaker 3 (32:34):
Thanks for listening to CFO Chronicles the secrets
behind success.
We hope today's episodeprovided valuable strategies to
help you attract morehigh-paying clients.
Be sure to subscribe, followand share with fellow
professionals.
Connect with us on LinkedIn andleave a review or comment to
join the conversation.
Your feedback helps us bringyou the best insights in finance
(32:57):
and marketing.
Until next time, keep strivingfor success and unlocking your
business's potential.
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