Cash is king: Accountalent CFO on AI, taxes, and cash flow
The Net Gains had the opportunity to chat with John Jeanson, CFO of Accountalent, a firm specializing in startup tax and accounting, and is heavily involved in supporting innovation and mentorship through partnerships with Ivy League schools like Harvard and MIT.
Here, Jeanson, who served as senior director and CFO of L3Harris Technologies prior to joining Accountalent, delves into AI’s impact, compliance strategies, and the enduring importance of cash flow management. -Brent LeBlanc, assistant editor
How do you see AI and automation shaping the future of accounting, and what tools do you recommend for firms to stay competitive? AI and automation streamline tasks like data entry and reporting, freeing accountants to focus on advisory roles. Using LLMs for drafting responses boosts efficiency, while platforms like Puzzle or Rillet reduce manual bookkeeping hours.
With tax laws constantly changing, how do you ensure your team stays current and your clients remain compliant? We prioritize ongoing education for our team by leveraging subscriptions to reputable tax and accounting resources, such as the AICPA, IRS updates, CCH and state-specific tax bulletins. For our clients, we proactively assess their financial situations to ensure compliance, sending out timely updates and conducting regular reviews to mitigate potential issues before they arise.
What is your approach to building a strong, cohesive financial team, and how does that impact the success of your clients? A strong team is built on a foundation of collaboration, continuous learning, and a shared sense of enjoyment in the work. It’s our priority to create a positive and fun work environment, through team-building activities, celebrating wins, and a company culture where everyone feels valued. That translates into better service, stronger relationships, and more creative problem-solving for our clients.
What’s one piece of financial advice you believe every business owner should follow, no matter what industry they’re in? Remember that "cash is king." Cash was king 100 years ago, cash is king now, cash will be king 100 years from now. While profitability is important, cash flow is what keeps a business running day-to-day. A lack of liquidity can quickly derail even the most profitable businesses. Business owners should regularly monitor their cash flow, create projections and maintain a cash reserve for unexpected expenses or opportunities. Ultimately, strong cash flow management provides the flexibility and stability needed to weather challenges, seize growth opportunities, and keep your business on a path to long-term success.
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