3 Tips to Building a Successful FP&A Practice

It’s the goal of every accountant and CPA firm to be the trusted advisor to their clients. But to achieve this, you need to deliver constant communication, consistent value add and dependable service that’s entrenched in multiple facets of your client’s business.

This was our aspiration when we created GrowthLab, a Finance-as-a-Service (FaaS) company that supports start-ups and operating companies with Financial Planning & Analysis (FP&A), Accounting, Tax, and CFO services. Like many CPA firms that offer outsourced FP&A services, we strive to achieve the trusted advisor status by acting as an extension of our clients’ management teams. We do this by focusing on the same three pillars that made us successful in building our other accounting and finance divisions: cadence, rigor and team.

If you’re looking to build your firm’s FP&A practice, you can use these pillars as a framework to develop your service offerings, regardless of client type, size and needs. You should also be acutely aware of your firm and team-level capacity and capability. Takt time, widely used in manufacturing to measure the average time interval between the start of production units, is one metric that might be useful to your firm in measuring and optimizing your workflow to meet client demand.

The framework: 3 pillars

Since timing is everything, the first pillar is cadence. Cadence defines “when” and “how often” you’re interacting with clients. Just like tax or bookkeeping, timing dictates deliverables in our FP&A services. FP&A cadence is grounded in the annual strategic business cycle and, at best, an accounting calendar. The annual strategic business cycle is meant to not only set the cadence, but to define the underlying rigor.

Rigor is the second pillar of our framework. Rigor defines the “what” you are delivering. For every business, there are consistent “things” that come up throughout the year. Most CPAs are already touching one or more of them – annual taxes and year-end cleanup. At GrowthLab, we align both the deliverables to the annual strategic business cycle.

This cycle is a series of financial and business strategy outputs that organizations should be leveraging to touch every function of their business. Our FP&A services have a unique deliverable every month. For example, coming into the end of the fiscal year, we’re focused on the Annual Operating Plan process, or the Long-Range Planning process in the end of Q3. The annual strategic business cycle is a great way for trusted advisors to define constant and consistent deliverables and communication throughout the year.

Firms should also aim for 80% standardization with 20% ad hoc analysis. Productization is critical in FP&A and CFO services to deliver those timely and high-quality services cost effectively. For growing FP&A firms, cadence and rigor must be managed using scalable workflow systems.

The GrowthLab Four, which are four areas that challenge most entrepreneurs and business leaders, is the overarching theme in our communications with our clients. They include:

  1. Understanding your clients’ cash flow
  2. Understanding where clients are making and losing money
  3. How to market for profit
  4. How to pay for performance

Inherently, product standardization de-risks the quality aspect of cadence. A key to success is understanding how to create efficiencies without losing effectiveness. Having a tech stack helps improve quality while achieving cost efficiencies. There are many dashboards, spreadsheet templates and planning software, yet we’ve started to migrate many of our client’s financial models to Jirav, an all-in-one financial planning & analysis tool, to improve efficiencies.

Now that you have cadence, which is the “when” you’re delivering, and you have rigor, which is “what” you’re delivering, you can begin to build the third pillar: the team. In the beginning, the team may just be you. But just like in your other divisions or service offerings, you build an organization with an eye toward leveraging human capital—people. At GrowthLab, we do that by ensuring we have the right mix of capability and capacity to execute on the client’s needs, which are grounded in cadence and rigor.

Next steps for building an FP&A practice

As you think about the importance of strategic planning for your clients based on cadence, rigor, and team building, incorporating your FP&A practice into your existing bookkeeping, accounting, and tax divisions provides the building blocks to creating a full stack Finance-as-a-Service company. Now, your firm is truly set up to become an extension of that client’s team.

We find that these three pillars are important as you build a profitable FP&A practice. We’re not selling fractional CFO services—we’re providing ongoing, recurring cost-effective monthly services to our business clients, profitably.

If you’re interested in learning more about how to build a successful FP&A practice, has a breadth of resources to guide you, including a free on-demand webinar, as well as whitepapers, case studies and more.

5 things CPAs need to know about the Blockchain Space

What a difference a year makes. The AICPA and recently held their annual Blockchain in Accountancy Symposium in collaboration with the Wall Street Blockchain Alliance (WSBA), and the changes in the blockchain/crypto landscape couldn’t be starker. The event, now in its fourth year, brings together thought leaders, firms and advocates in accounting and finance to share updates, offer insights and work through issues in this area. will be releasing a special report later this year that recaps the event, but if you’re eager for a preview, watch our LinkedIn Live with WSBA chairman Ron Quaranta or read on for five key takeaways:

  1. Crypto is expanding fast.
    In almost every category, the cryptoasset space has advanced. At the time of the symposium, market cap stood at $1.39 trillion, up from $250 billion a year ago (Source: Coin Codex). The number of individual cryptoassets has risen 50% from last September, from roughly 7,000 to 10,540. Major financial services firms such as Visa, MasterCard, PayPal and Goldman Sachs are now allowing crypto on their networks. And the Office of the Comptroller of the Currency earlier this year authorized the first national crypto bank, Anchorage.
  2. Regulators are hard-pressed to keep up with innovation.
    The mechanics of blockchain and cryptoassets create many technical challenges for enforcement agencies. Panelists said policymakers have become more sophisticated in the past year and are asking the right questions about potential guidance, although that fluency can vary agency by agency. The IRS, for one, is devoting more resources to enforcement, but many challenges loom.
  3. DeFi is the next frontier.
    DeFi is decentralized finance, which replicates traditional finance services but runs over blockchains, deploys so-called “smart contracts,” and operates without third-party gatekeepers. “Two years ago, no one was talking about DeFi,” Quaranta said. Last year, the total value of this category was $1.66 billion. As of June 30, it stood at $51.5 billion.
  4. Blockchain transactions are not untraceable.
    Blockchain Intelligence Group, one of the companies that presented during the symposium, has developed tools that can identify high-risk transmissions over public blockchains linked to terrorism, ransomware or other financial crimes. Its clients include law enforcement agencies worldwide and corporate stakeholders. Other companies are developing similar forensic capabilities for blockchain transactions. “Anonymous does not mean invisible,” Quaranta said.
  5. Keeping up is critical.
    Whether you’re well-informed in crypto/blockchain or just getting familiar with this space, continuous education is paramount for the profession as things move quickly. Blockchain-specific news sites including CoinDesk and The Block are great information sources to inform CPAs and CGMAs. and the AICPA & CIMA are also regularly developing new resources for the profession in this space, including a practice aid on digital assets, a whitepaper on blockchain risk for professionals and various learning programs. The WSBA and also recently put together a primer on DeFi.

Stay tuned for the Special Report on the 2021 event and check out previous recaps of past Symposiums.

Top-level domains are on the rise. Here’s why CPAs should pay attention.

You probably don’t think much about your firm’s top-level domain. In fact, “top-level domain” may not even be a term you’re familiar with. But you use them every day – .com, .edu, .gov.… these are the most common examples, which have been around since the popular emergence of the internet in the 1990’s.

In the last decade, new TLDs have become commonplace, with more than 1,200 of them entering cyberspace. TLD’s including .ai, .io, .xyz and even Google’s .new are increasingly being used by individuals and businesses. Yet, despite innovation in the TLD space, most CPA firms haven’t upgraded their domain and are still using a .com address. As a result, many firms are stuck with long, confusing web addresses that are difficult for clients to remember and look strange in marketing materials and client communications.

Meanwhile, cybersquatters and other online fraudsters and criminals have found new ways to exploit the weaknesses of old-school TLDs. If you’ve ever bought a ticket online to a concert or event from a website that looked like a trusted site, mimicking the domain name, layout, and design of a legitimate ticket seller, but turned out to be an online scalper, you’ve experienced just one of the many ways in which fraudsters are increasingly using sophisticated TLD-based strategies to their advantage.

This is a common example, but digital criminals have made inroads into virtually every industry – and accounting firms are no exception. In fact, they’re a prime target given their access to the intimate details of their clients’ finances.

This is just one of the many reasons that the roster of TLDs is finally being expanded in a thoughtful, measured, strategic manner. Many industries are recognizing the need to service professionals with a dedicated TLD. The National Association of Realtors (NAR) acquired .realtors, for example. The National Association of Boards of Pharmacy (NABP) is using .pharmacy. And now the AICPA and have secured .cpa in a similar move to protect and promote the reputation of certified public accountants.

Should you or your firm move to a .cpa address? We think so – and now is a good time to act. Here are a few of the top reasons thousands of firms have already made the move to a .cpa domain.

Enhance their brand
With TLDs, firms can secure the unique domain that best suits their brand, rather than settling for whatever remaining .com addresses are available – just ask Ryan King, CPA, partner at Michigan-based King & King. His firm was able to shorten their domain by securing, and they rebuilt their brand around the new URL. Firms have also secured domains to promote industry niches, practice areas, and even geographical locations. A sampling of these domains include:,,, and, among many others.

Promote trust and security with clients
The .cpa domain tells the world your firm is licensed and approved – unlike a .com domain, .cpa domains are not available to anyone with a credit card. As a result, existing and new clients can feel secure working with you and sharing sensitive data. This level of trust will only grow as TLDs become more widespread across industries.

Demonstrate they’re digitally progressive
In today’s virtual world, a firm’s website might be their only visible ‘doorfront’. Having a .cpa domain signals to clients that you’re keeping stride with new technologies and changing times. Plus, wouldn’t you want your ‘doorfront’ to be as modern and progressive as your competitor’s?

It’s easy to secure your desired .cpa domain right now – or just explore the possibilities. Visit for more details, as well as resources and video interviews with leaders at firms who have already made the switch. We also invite you to attend our free CPE webcast on August 12 at 1pm ET to hear best practices on branding, marketing and search engine optimization from two firms that have already secured their .cpa domains.

Democratization of business forecasting: Why CAS firms should add this service offering

Lesson No. 1 from the pandemic: When a crisis hits, it helps to have a plan.

Lesson No. 2: When the recovery comes, it helps to have a plan.

See a pattern emerging here?

For accounting firms, COVID-19 and the resulting workplace shutdowns helped accelerate trends already underway in client advisory service practices – the push to the cloud, demand for virtual CFO services amid remote work and a need for real-time data analysis to guide business decision-making, according to Michael Cerami,’s vice president of strategic alliances & business development, who spoke during our recent webinar FP& A Services: The Future of Your CAS Practice (available now on-demand).

Based on these trends, there is a newfound appetite for CPA firms to provide financial planning & analysis to small and medium-sized businesses – not just to aid in navigating hardships but to lean into the recovery, as well, he said.

Recognizing the need for firms to have advanced tools in this area, last year partnered with Jirav, a leading provider of FP&A software build, to align with the unique needs of CPA firms and their CAS practices.

Jirav’s driver-based financial model combines accounting, workforce and operational data to generate more reliable forecasts. It delivers highly customizable reports and dashboards that allow clients to easily grasp trends, spot red flags and see new opportunities. And it’s a solution designed for small to medium-sized businesses.

That same appetite can be found on the management accounting side, too, where a stepped-up pace of digital transformation and the continuing “role stretch” for CFOs requires more agility and analytical prowess in the finance function, said Tom Hood, CPA, CGMA, executive vice president of business growth and engagement for the Association of International Certified Professional Accountants (AICPA & CIMA) and another webinar presenter.

“We think the tool is an absolute key part of any client advisory services platform,” Cerami said.

“Our goal was to democratize FP&A,” said Martin Zych, the company’s CEO and co-founder. “How do we bring that down to the mass market?”

Jirav allows CPAs to construct regular, routine financial models for clients.

“You’re starting a conversation,” said Zych, a former outsourced controller. “We walk through what happened. We tease out from there, ‘Well, why did this happen?”

Armed with business forecasting insight, the client can move to what Tom Hood called the “actuator” role, a shift from asking “Why did it happen?” to “How can I make it happen?” That’s a powerful, next-level service for CPA firms to provide.

John Kogan, a practitioner with Armanino LLP who uses Jirav, said it’s also the kind of insight small businesses in particular need to survive and grow.

“Smaller companies can’t afford a lot of pain because they don’t have much margin,” he said.

How does the cloud address audit challenges?

Meet client needs: Grow your firm’s expertise in FP& A services

If you’d like to learn more about how to integrate business forecasting into your firm’s CAS line-up, we have a breadth of resources to guide you including a whitepaper, case studies and webinars. Consider also attending Digital CPA, our premier conference for practitioners focused on technology, held December 5-8 in Nashville, and also offered virtually. Our CAS sessions will share expert insights and best practices on how to successfully expand your firm’s CAS practice with FP&A offerings.

How to successfully transition your A&A firm to the cloud

Even before the pandemic accelerated cloud adoption, almost half of all A&A firms had begun utilizing cloud-based technologies to drive greater efficiency and effectiveness. This is not a surprise, given the list of onramps to the cloud in the world of audit and assurance is growing every day – and it’s becoming so seamless it’s often unnoticeable.

But at the same time, most firms are a long way off from having majority of their workloads in the cloud.

For the sake of the audit, this should change.

In part 1 of our 3-part webinar series, The Path the Audit Transformation, we discussed the benefits of moving toward a cloud-based auditing ecosystem, which leverages modernized security protocols, and provides instantaneous, transparent teamwork and collaboration. Here are a few key highlights.

Key drivers that necessitate a proactive cloud plan

Using a range of poorly integrated desktop-based tools leads directly to inefficiency and inaccuracy, as well as host of other potential issues such as version control, protecting sensitive client data, dropped handoffs within the process and lack of transparency. It’s not surprising then that for many of our webinar attendees advancing to the cloud is still very much a work in progress:

How much of your A&A technology stack is cloud-based today?

Many firms have adopted cloud-based file-sharing tools such as ShareFile, DropBox, and Google Drive to better secure files and centralize client collaboration. Still, these advances have often been piecemeal, and most firms are still defining and developing more comprehensive cloud strategies.

The benefits of building a cloud ecosystem strategy

Cloud-based auditing ecosystems help firms avoid the above pitfalls in a modernized security environment. No more workpapers downloaded and saved to laptops. No need to keep sensitive data local, where it’s at greater risk of being compromised. No more wondering whether files are up to date and reliable – on the cloud, updates are instant and shared.

How does the cloud address audit challenges?

Working in the cloud also introduces enormous benefits to both internal and client-facing collaboration. No more endless back-and-forth over email. No more having to sync notes before communicating with clients on audit-related issues. In the cloud, people can see requests, comments, notes, and questions relevant to their role in real-time and within the natural audit workflow.

This is the type of environment that firms get with the OnPoint A&A Suite, which is built on the CaseWare Cloud platform – a single, centralized, secure online platform developed specifically for audit and accounting firms.

Change management strategies to help your team win in the cloud

Evaluating and implementing new cloud-based technology solutions requires effort and dedicated resources, including time and people with relevant skills. However, with thoughtful planning, firms can easily lay the groundwork for making a successful, nondisruptive transition to the cloud. For example, by gradually implementing and testing new capabilities into the audit workstream, staff have shown to be more receptive to changes – a critical factor in facilitating smooth transitions.

A clear, disciplined approach to change management is how transformation plans become an everyday reality in the firm. By building trust and communicating openly across the firm the team leading the transition can have a positive impact on firm-wide perceptions of planned changes.

If you didn’t have the opportunity to attend part 1 of our Path to Audit Transformation webcast series, you can view a full recording on-demand.

Also, be sure to save your spot for part 2 of our series, June 23rd at 2pm ET, where we will explore the ways in which firms can better connect the audit experience to improve audit quality and efficiency, starting with initial engagement acceptance and ending with final delivery of the audit report. [Sign up here]

A Closer Look at Our Startup Accelerator Companies

The of International Certified Professional Accountants Startup Accelerator is an annual program that finds, invests in, and guides early-stage tech companies with solutions that support accounting and finance professionals. This blog series provides a deeper look at the five companies in the 2021 cohort.