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Nancy Benet, CPA, fractional CFO, and founder of Fix It Accounting, joins Michael Palmer for a conversation that is equal parts hard-won life lessons and practical bookkeeping wisdom. If you work with small business owners — or you are one — this episode will give you a sharper eye for the financial warning signs that show up long before a crisis does.
Nancy's path to accounting was anything but straight. After leaving a CPA firm, failing at five businesses with her husband, and waking up at 45 with four children, no income, and $650,000 in debt, she had no obvious next step. What she did have was her CPA license and a willingness to start over. She landed a lease on a building the day before her intended business deal fell apart, and instead of walking away, she decided to fill that space herself. "I think that was probably the moment in my life when I stopped being a victim and I started taking responsibility," she says. That shift — from blame to ownership — gave her the confidence to hustle her way to a real client base.
One of the most common mistakes Nancy sees — and lived herself — is pulling cash out of the business too early to fund a lifestyle the business hasn't earned yet. Big houses, expensive vehicles, family payroll that isn't justified by revenue: the money leaks out gradually and owners are often blindsided. Her advice is direct: keep three to six months of business expenses in the bank at all times, and live below your means in the early years. "That is what leads to problems later on," she says. "You just don't realize."
When clients come to Nancy wanting to add staff, her first question is whether they've made their existing operation as efficient as possible. Hiring looks like growth, but without the cash or the systems to support it, it just accelerates the leak. She walks clients through the full cost picture — not just salary, but holiday pay, absenteeism, the time spent fixing errors, and a training curve that can stretch a full year even for experienced hires. "A lot of newer businesses are not efficient at all," she says. "How can we address your systems first before you go into hiring, especially if you can't afford it?"
Bookkeepers and accountants often see red flags that clients aren't ready to act on. Nancy is candid about the limits of what advisors can control: you can raise the concern, frame it carefully, and ask if they're open to a conversation, but you can't force a decision. What you can do is stay consistent and keep the door open. The clients who are willing to be guided, she finds, are also the ones most likely to grow — and to ask for the deeper advisory work that makes the relationship genuinely valuable.
Nancy started offering CFO-style work after a quick conversation with a client helped him decide to buy two pieces of equipment instead of paying off a loan — a choice that increased his net income by $600,000 the following year. That moment convinced her the advisory layer was worth building intentionally. On the technology front, her firm now uses a private AI instance to compare monthly financials year-over-year, then distills the output down to three bullet points for clients. "The client can't comprehend" a long analysis, she notes, so keeping it tight opens the door to a deeper conversation rather than closing it.
Nancy Benet is a CPA, fractional CFO, and the founder of Fix It Accounting, based in Florida. She built her firm from the ground up after overcoming significant personal and financial setbacks, starting with IRS problem resolution and growing into a full-service accounting, bookkeeping, and business advisory practice. Nancy works with small business owners to help them understand their numbers, make smarter financial decisions, and build businesses that actually support the life they want.
Michael Palmer
Michael Palmer is the host of The Successful Bookkeeper podcast and co-founder of Pure Bookkeeping and The Successful Bookkeeper. He started this work because of his father — a brilliant electrical contractor who worked twice as hard as he should have had to, because nobody on the financial side was in his corner. That gap is what The Successful Bookkeeper exists to close. His view: bookkeepers are the most undervalued force in small business — and every bookkeeper who builds a real business changes two families: theirs, and their clients'.