AI for Accounting and Finance Blog

Michele Maybaum has over 25 years of expertise in the world of client accounting services. At the young age of 14, Michele Maybaum used to help her father with bookkeeping and found a true passion for helping clients find solutions. Michele loved listening to the stories of how her clients started their businesses, and she had hopes of being part of the solution to the issues that stood in the way of her clients’ business ventures. 

Accounting Automation is Accelerating from 0-60

Even before COVID-19, the accounting industry was already on track to change more in the next 12 months than in the previous 12 years. Automation driven by artificial intelligence (AI) and machine learning (ML) is completely disrupting how accounting firms market and deliver their services. 

At a recent Vic.ai webinar, we asked the question: How important is accounting automation to the future of your firm? We found that 88% of attendees said automation is hugely important to their firm's future. However, historically clients have looked for accounting firms with a local or regional presence.

Early Growth Financial Services Uses Accounting Automation Bill.com to Help Them Win

Every week, Vic.ai marketing and podcast guru and host Joshua Feinberg talks to industry leaders in the accounting world to get their take on how automation, AI and technology are transforming the profession.

But more than just getting entrepreneurs and executives to talk in sound bites, he does an amazing job of getting them to open up about the hardest part of deploying technology: the specific how to's.

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.

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.

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. 

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.

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.

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.

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.