The world of independent accounting is filled with opportunity, challenge, and the continuous pursuit of knowledge. The COCPA Independent Accountant’s Alliance (IAA) serves as a collaborative space where like-minded professionals share insights, exchange ideas, and support each other in their journeys as independent practitioners. The February 2025 IAA monthly meeting featured an inspiring member spotlight on Dan Schmidt and a dynamic discussion on niche markets, firm growth, and leveraging technology.

Member Spotlight: Dan Schmidt’s Journey to Independence

As February’s featured member, Dan Schmidt, took center stage to share his path to becoming an independent accountant and the innovative ways he has structured his firm, EBCFO. Based in Colorado Springs, Dan's career trajectory—from public accounting to consulting and ultimately launching his own firm—offered valuable takeaways for those navigating similar transitions.

Dan emphasized the importance of useful over technically correct accounting, explaining that many businesses struggle with financial data that, while accurate, is not actionable. His firm’s mission is to provide management accounting services that empower decision-makers with relevant and practical financial insights. By focusing on fractional CFO services and software implementation, rather than tax services, Dan has built a firm that maximizes efficiency and client impact.

The Power of Niches and Micro-Verticals

One of the standout themes from Dan’s presentation was his approach to serving micro-verticals—subsegments of larger industries that have shared needs and challenges. Rather than trying to be a generalist firm, Dan and his team specialize in markets such as rescue missions, public gardens, and nonprofit organizations with earned revenue streams. This strategy not only helps refine their expertise but also establishes them as go-to experts in those fields.

As he explained, firms looking to scale and differentiate themselves should identify a niche where they can provide unique value. While every client believes they are unique, the reality is that industries share common pain points—and accountants who deeply understand those nuances can deliver more effective solutions.

Building a Technology-Driven Firm

Dan also highlighted how technology plays a critical role in modern accounting firms. His firm has been an early adopter of cloud-based solutions such as Xero, Sage Intacct, and QuickBooks Online, enabling seamless collaboration and efficiency. By leveraging software tools and automation, independent accountants can reduce friction in accounting processes, allowing clients to focus on strategic decision-making rather than getting bogged down by compliance tasks.

Why You Should Join IAA

If you’re looking for professional camaraderie, actionable insights, and opportunities to refine your business strategy, now is the perfect time to get involved! Whether you are a seasoned independent accountant or are considering making the leap, the IAA provides the support, education, and community needed to thrive. Our monthly meetings feature industry leaders, peer discussions, and expert guidance on the issues that matter most to independent accountants. Participation in the IAA comes free with your COCPA membership. Visit the COCPA’s IAA landing page for more information.

Dan Schmidt is a COCPA member and a partner in his firm EBCFO. The IAA supports the accounting journey of those professionals choosing an entrepreneurial accounting path. You can find more information about the IAA here. To reach Dan and learn more about EBCFO, please visit his webpage or find him on LinkedIn.