Introduction: The Shift in the Accounting Profession
For decades, accounting has been associated with meticulous bean counting, financial reports, and compliance. But today, the profession is experiencing a dramatic shift. Automation and AI are reshaping the way accountants work, while businesses increasingly demand guidance, strategy, and foresight. In this episode of Building the Premier Accounting Firm, host Roger Knecht speaks with finance professor and entrepreneur Rick Haskell about how accountants can step into their role as trusted advisors, moving beyond transactions to transform the future of business.
Meet the Guest: Rick Haskell
Rick Haskell brings a wealth of experience as a finance professor, entrepreneur, and mentor. He has taught at Westminster University, served as a dean at Western Governors University, and played a key role in the Goldman Sachs 10,000 Small Businesses program, helping hundreds of entrepreneurs understand the financial side of their companies. With decades of business and academic experience, Rick offers a unique perspective on leadership, entrepreneurship, and the evolving role of accountants.
The Importance of Financial Literacy for Business Owners
One of Rick’s strongest messages is the necessity of financial literacy. Many entrepreneurs excel at creating products, marketing, or customer service, but struggle with understanding their numbers. Rick explained:
“There are two types of business owners: those that understand their numbers, and those who are controlled by other people who understand their numbers.”
Accountants play a critical role here, not by doing the bookkeeping themselves, but by helping business owners interpret financial information and make better decisions.
Management Training and Leadership Development
The conversation highlighted the value of management training. Early in his career, Roger learned the importance of fiduciary responsibility and managing by the numbers. Rick echoed this point, emphasizing that successful managers understand they are entrusted with capital and must protect and grow it for stakeholders.
He noted that leadership is different from management, stating:
“Managers are fulfilling responsibilities. Leaders include vision.”
This distinction underscores the need for accountants and entrepreneurs to develop leadership skills alongside technical expertise.
Entrepreneurial Mindset and Traits of Success
As both an entrepreneur and educator, Rick has seen what separates successful business owners from those who struggle. Passion, stamina, and vision are recurring themes. He described the entrepreneurial mindset as a continuous focus on building and driving progress.
“I’ve never known a successful business person that wasn’t a builder and a driver.”
For Rick, passion fuels the long hours, resilience, and creativity required to sustain a business. Vision ensures that leaders think beyond the present and plan for the future.
Knowing When to Exit a Business
Another key lesson from Rick’s journey is recognizing when it’s time to step away. After years of building his business, he reached a point where frustrations outweighed fulfillment. He explained that when entrepreneurs stop finding joy in daily work, it may be time to plan an exit.
Importantly, he cautioned against selling without a plan for what comes next. Many entrepreneurs fall into purposelessness post-exit, but Rick transitioned into academia and further learning, which gave him renewed purpose.
The Future of Accounting: AI and Advisory Services
One of the most powerful moments in the episode was Rick’s view of the future of accounting:
“This is the age of an accountant really as a consultant, not as a bean counter. That must be left behind and integrated into technology and innovation.”
With AI handling repetitive tasks like bookkeeping and audits, accountants have the opportunity to provide higher-value advisory services. The future of the profession lies in consulting, strategy, and helping clients see beyond the numbers.
Balancing Family, Faith, and Business Success
Beyond business, Rick stressed the importance of family and faith. He acknowledged the sacrifices made during his career but emphasized a family-first philosophy:
“You’ve got to always be on the side of the ledger where you’re giving a little bit more to them than to anything else.”
His reflections remind professionals that true success extends beyond profit to relationships and values.
Lifelong Learning, Mentorship, and Service
The conversation closed with Rick’s commitment to continuous learning and service. Whether through reading, teaching, or mentorship, he sees personal growth as essential for both business and life. He also highlighted the importance of giving back, whether through nonprofit work or supporting underrepresented entrepreneurs.
Conclusion
The accounting profession is evolving rapidly, and this episode of Building the Premier Accounting Firm makes it clear: success lies in adapting. Accountants who embrace technology, step into advisory roles, and develop leadership skills will thrive in the years ahead. Rick Haskell’s journey—from entrepreneur to academic mentor—offers a roadmap for professionals who want to move from bean counters to trusted advisors.
For accountants, business owners, and entrepreneurs alike, this conversation is both a call to action and a source of inspiration.
Offers:
Error Detection Software, Bookkeeping Copilot is dedicated to simplifying your bookkeeping process by providing automated assistance and insightful guidance on a daily basis. Our goal is to empower your bookkeeping, enhancing accuracy, and ensuring compliance, all while reducing the time spent on repetitive tasks.
Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant’s library to provide quality CFO & Advisory services as a Profit & Growth Expert today:
- “Red to BLACK in 30 days – A small business accountant’s guide to QUICK turnarounds” – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process – from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses.
- “in the BLACK, nine principles to make your business profitable” – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles.
- “Your Strategic Accountant” – Understand the 3 Core Accounting Services you should offer as you run your business. help your clients understand which numbers they need to know to make more informed business decisions.
- “Your Profit & Growth Expert” – Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve.
Learn what it is you can do to become an author, leveraging your expertise to market your services effectively and get the clients you deserve. This is a webinar you don’t want to miss. Learn from Mike Capuzzi what a Shook is and how you can use it to position yourself as the Premier Accounting Firm in your area. This is a must-see presentation so get ready to take some great notes.
In addition to becoming an author, see what you can do to follow the Turnkey Business plan for accounting professionals. After more than 40 years we’ve identified the best practices of successful accountants and this is a presentation we are happy to share. Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center. It’s here you can become a:
Next, join a group of like-minded professionals within the accounting community. Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business.
- The Accounting & Bookkeeping Tips Facebook Group
- The Universal Accounting Fanpage
- Topical Newsletters:
Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company’s Value.
For Additional FREE Resources for accounting professionals check out this collection HERE!
Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don’t want to miss.
Remember this, Accounting Success IS Universal.
Listen to our next episode and be sure to subscribe.
Also, let us know what you think of the podcast and please share any suggestions you may have. We look forward to your input: Podcast Feedback
For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777
