AI for Accounting and Finance Blog

Why CPA Firms Should Offer Proactive Financial Advice

Posted by Joshua Feinberg on Feb 19, 2020 6:45:00 AM

Does today's outsourced CPA firm need a crystal ball to help their clients proactively? And does the choice of accounting systems affect the firm’s ability to forecast trends and identify opportunities?

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Topics: Accounting

How Accounting Firms Delegate Work

Posted by Joshua Feinberg on Feb 12, 2020 7:30:00 AM

Time is your most precious asset, but do you know how to leverage it to work smarter? As a business owner, you have dozens of decisions to make every day that can waste your time - or maximize it.

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Topics: Accounting

Should Outsourced CFOs Review Expenses Line By Line?

Posted by Joerg Joergensen on Feb 5, 2020 7:45:00 AM

In the olden days, accountants wore a green eyeshade and looked for every infraction, down to the penny. But with today’s large, high volume transactions, is it worth doing a detailed review of your client’s expenses? The answer is a resounding, maybe, as long as you are looking for the right expenses.

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Topics: Outsourced CFO

Which Contracts Fractional CFOs Need to Review

Posted by Joerg Joergensen on Jan 29, 2020 7:30:00 AM

One of your first jobs as a fractional CFO will be to understand the inflows and outflows of the organization. But what lies behind your client’s revenue and expenses? In a word, contracts. The business world no longer runs on handshakes, but on lengthy, complex, written documents that you should review.

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Topics: Outsourced CFO

When Should an Outsourced CFO Meet with Banks, Accountants, Insurance Brokers, and Other Advisors?

Posted by Joerg Joergensen on Jan 22, 2020 7:45:00 AM

Whether you’ve just started as an outsourced CFO or you’re an old pro, you’ll always find a fresh perspective by interacting with your client’s business partners. Insurance brokers, bankers, and vendors can provide a unique viewpoint that is hard to find inside your client’s office. 

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Topics: Outsourced CFO

How Outsourced Chief Financial Officers Analyze the Balance Sheet

Posted by Joerg Joergensen on Jan 15, 2020 7:15:00 AM

The balance sheet contains a wealth of information and tells a story about your client’s business. But are your clients looking at the story behind the numbers? Accounts receivable, inventory, and other assets and liabilities will paint a picture of what’s going well - and what hidden factors need addressing.

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Topics: Outsourced CFO

Do Outsourced CFOs Really Understand Payroll?

Posted by Joerg Joergensen on Jan 8, 2020 6:45:00 AM

Labor is typically the largest expense for a business, often comprising between 50% to 70% of the company's budget. Unless you validate current wages, time and attendance, and market comparisons, your client’s company may be paying more than necessary.

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Topics: Outsourced CFO

Fractional CFO Tips for Creating a Financial Forecast

Posted by Joerg Joergensen on Jan 1, 2020 7:45:00 AM

It’s important to live in the moment, but successful companies must also predict their future. A fractional CFO is a valuable asset to any management team that depends on a sound forecast to make critical business decisions for the next quarter, year, and beyond.

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Topics: Outsourced CFO

How Virtual CFOs Analyze Profitability on Financial Statements

Posted by Joerg Joergensen on Dec 26, 2019 8:43:00 AM

Profitability is just one of the many goals of a successful business. But even the best CEO may be in the dark when it comes to knowing if their business is sailing along - or quietly sinking. That’s why an outsourced CFO can be a valuable asset to a management team.

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Topics: Outsourced CFO

How Outsourced CFOs Determine Where Cash is Coming From and Where It's Going

Posted by Joerg Joergensen on Dec 18, 2019 9:21:00 AM

In a recent webinar, Top 10 Outsourced CFO Quick Wins, we asked owners of accounting firms about the cash flow status of their clients. Nearly 75% said their clients had so-so cash flow, 17% were flush, and 9% were an accident waiting to happen.  These results echoed a common theme: businesses have a hard time managing cash and lack understanding of their dynamics.

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Topics: Outsourced CFO

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