In this episode James Kennedy sits down with Patrick Arnold, Director of Client Advisory Services at Elliott Davis, to explore the power of Client Advisory Services (CAS) and its game-changing impact on business profitability. Patrick shares an engaging case study of how he helped a golf cart business in South Carolina go from stagnant growth to seven-figure annual distributions – all by optimizing inventory, restructuring financial processes, and leveraging technology for smarter decision-making.
They also dive into the role of CAS in modern accounting, the evolution of public accounting firms to include more strategic, forward-thinking advisory, and how business owners can unlock hidden cash flow by better managing working capital.
About Patrick Arnold:
Patrick Arnold is the Director of Client Advisory Services (CAS) at Elliott Davis, a public accounting firm headquartered in Greenville, South Carolina. With years of experience in financial consulting, Patrick helps business owners transform their operations by optimizing their financial health and creating long-term sustainability. His strategic approach has helped clients achieve real, measurable growth – like the golf cart business that went from zero distributions to $1 million annually.
What You’ll Learn:
- The Role of CAS:
Why Client Advisory Services are becoming a cornerstone in public accounting, and how they go beyond traditional bookkeeping. - Inventory Mastery:
How Patrick helped a golf cart business identify $1 million in hidden value sitting on shelves and transform it into real cash flow. - Financial Clarity and Budgets:
How realigning financial segments and building budgets helped the business achieve predictable, quarterly distributions. - Technology Integration:
The role of Fathom and Lightspeed in streamlining procurement, inventory tracking, and financial forecasting. - The Power of Collaboration:
Why empowering your team to participate in budgeting and financial management leads to better outcomes and business growth.
Episode Highlights:
- “We realized a lot of the owner’s money was sitting on shelves. It wasn’t a profit issue – it was a process issue.”
- “If you want to grow, you have to manage the balance sheet. It’s not just about the P&L.”
- “Within six months of optimizing inventory and setting budgets, the owner began receiving quarterly distributions for the first time.”
More About Patrick’s Role:
As Director of Client Advisory Services at Elliott Davis, Patrick works hands-on with business owners to uncover hidden financial opportunities and drive long-term profitability. His expertise lies in turning financial statements into actionable insights, optimizing inventory, and building cash-positive operations.
Whether it’s helping a golf cart business reclaim a million dollars in inventory or guiding clients through complex financial forecasts, Patrick’s approach is strategic, proactive, and results-driven.
