In today's episode of the IC-DISC show, I sit down with Dan Corredor, the owner of Strategic CFO, to discuss how his firm is revolutionizing the accounting landscape through near-shoring in Mexico. We explore Dan's journey starting in Colombia and arriving in Houston, where his bilingual skills have helped Strategic CFO carveout a unique niche.

Our conversation reveals how Strategic CFO blends accounting expertise with innovative strategies to strengthen businesses from the inside out. Through insights on US GAAP, technology, and building capable teams, Dan shows us why accounting is about more than compliance - it's about fostering strategic growth.

Near the end, Dan offers us personal anecdotes about cultivating early savings habits and his culinary interests. Our discussion provides a blueprint for navigating accounting challenges with an international perspective and strategic foresight to propel businesses higher.

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SHOW HIGHLIGHTS

• Dan Corredor's firm, Strategic CFO, is leading a cost-saving revolution by near-shoring back-office accounting services to Mexico, significantly reducing costs compared to traditional US-based services.


• Strategic CFO was acquired by Dan Corridor in 2017 after the passing of founder Jim Wilkinson, and Dan has continued to evolve the company while maintaining its legacy.


• We discuss the importance of differentiating between bookkeeping and accounting, where bookkeeping involves recording transactions and accounting involves analyzing and interpreting financial data according to US GAAP.


• We highlight how an effective accounting team can steer companies beyond outdated systems, and how technology is transforming financial statement preparation.


• Dan emphasizes the symbiotic client relationships that result from a combination of coachability and strategic foresight in financial matters.


• There's a discussion about the challenges in the US accounting landscape, including talent shortages and wage inflation, and how near-sourcing with Mexican talent offers a solution.


• The near-sourcing model involves Mexican employees supervised by Texas-based controllers, ensuring quality control while offering CFO-level support to US companies.


• We touch upon the personal side of Dan Corridor's journey, including the importance of early financial savings and sharing personal culinary favorites, to connect with the audience.


• Strategic CFO brings a unique international perspective to each client they serve, emphasizing their hands-on approach and operational expertise.


• We wrap up with anecdotes and stories that provide insight into the practical application of financial strategies and how companies can scale efficiently with the right accounting support.

LINKS

Show Notes

Be a Guest

About IC-DISC Alliance

About Strategic CFO

GUEST

Dan Corredor <button style="border: none; color: white; background-color: #4caf50; text-align: center; text-decoration: none; display: inline-block; font-size: 16px; margin: 4px 2px; cursor: pointer; border-radius: 3px;">About Dan</button>

TRANSCRIPT

(AI transcript provided as supporting material and may contain errors)

Dave: Hi, my name is David Spray. Welcome to another episode of the IC-DISC Show. Today, my guest is Dan Corredor, the owner of Strategic CFO. Strategic CFO is like many virtual CFO service companies, except that Strategic CFO has an interesting twist that they implemented a little over a year ago. They use what Dan calls near-shoring similar to offshoring, but done in Mexico, where it is very near, and we go into great detail about how they have developed a model that allows for providing professional grade back office accounting for 60% less than a traditional US-sourced solution. There's a lot of great ideas in here, whether you're looking at developing a professionalized accounting group or not. I hope you enjoy this episode as much as I did. Good morning, Dan. Welcome to the podcast.

Dan: Good morning David. Thanks for having me. My pleasure, my pleasure.

Dave: So where are you calling in from today? What part of the world are you in?

Dan: So we are in Shurgland, texas, which is a suburb of Houston, houston, gotcha.

Dave: So let's so. You're a native of Houston.

Dan: No, I was actually born in Bogota, colombia, in South America.

Dave: Okay.

Dan: My family moved to the States when I was a baby about six months old, grew up First 10 years in Ohio, moved to Houston area in 1976, and we've been here ever since.

Dave: Oh wow, Did y'all speak Spanish at home then?

Dan: We did. That was my first language. My dad always said speak Spanish at home and I don't care what you speak outside of house. We learned English outside the house when I went to school and we still speak Spanish today, and my kids do as well.

Dave: That's awesome. I'm so jealous. My heritage is German and both of my grandmothers were born in the Dakotas in German communities. They only spoke German until they started school, but then they married non-German guys and then it was during World War II where, you know, speaking German was kind of frowned upon, so we lost the language. I'm always jealous of you truly bilingual folks, and bilingual with no accent in either language, because I'm assuming your Spanish has a nice Colombian accent.

Dan: Right, it's pretty good as well. Yeah, it's certainly paid off. I really think that I've gotten a couple of jobs I've had in my career because most of the time I spoke Spanish and could be in Latin America.

Dave: That's awesome and good for you for keeping it going to the next generation. I'm told that's easy to kind of let it slide.

Dan: Especially as kids grow up, you know, get a little bit older and they start talking back in English and we have to kind of remind them. But it works. You know, my kids are not 20 and 21, and they both are fluent Spanish and English.

Dave: That's awesome. What a great skill set to launch them into the world with.

Dan: Yeah, we're proud of them.

Dave: That's great. So you end up in Houston at some point, at least when you went to college.

Dan: Yes, I went to University of Houston, got an accounting degree there and I started working in Houston in oil and gas production first, and then oil and gas services. So yeah, it's always been in Houston, except for two years in Dallas and then almost about four years as an expat in Mexico.

Dave: So other than that, always based in Houston- Okay, yeah, I tell people you go through it's like the stages of grief. I tell people that like it's the stages of Houston, right, like when you first get here at least this is what I went through you hate it. There's like it seems like an ugly city. It's flat, you know the traffic, the humidity in the summertime. Then after a while you start to tolerate it and then at some point it kind of gets in your blood and if you ever move away you're like, wow, I really miss that place. That place has got a lot going for it.

Dan: Yeah, I've always enjoyed it. You know I've always liked the Houston area and love Texas. Houston has been great. I love the climate, except for these January February days where you know we made it up in 32 degrees. I don't like that. But I don't mind. It has grown a lot. The last few years has experienced a tremendous amount of growth.

Dave: Especially where you are. Yeah, I remember when Sugar Land was the middle of nowhere, the country it was nothing.

Dan: It was nothing. I remember going to school elementary school we'd go to private school, st Thomas Memorial, and I'd tell kids where I live and I thought I was crazy. You live where you know, but it was only a 30 minute drive back then, so I know.

Dave: Well, let's talk about strategic when. When did you become involved in strategic CFO? When did you acquire it?

Dan: So I acquired the b