A recent article in The Wall Street Journal entitled "For Rent: Chief Financial Officer. Firms Outsource a Top Job as Cheaper Than Hiring Their Own Executive" reports how more and more small businesses are leveraging outsourced CFO services – especially during this difficult economic period. One of the key benefits of a cloud-based solution like Intacct Accountant Edition is that it makes it possible for accounting firms and their staff to provide higher value services to clients, such as outsourced or virtual CFO services.
According to the article, "Some small-business owners in need of accounting help to balance their books and guide them out of a financial black hole are renting CFOs rather than hiring them. The strategy comes at a time when the deep recession has forced small companies to look for money-saving alternatives that can yield good returns yet avoid substantial overhead costs."
These CFOs often have a bigger role than simply keeping track of the company's books. The article goes on to state, "They work with business owners to manage their accounting and finance departments, connect them with business sources that can help them grow and provide financial data to help make strategic long-term or day-to-day decisions."
The WSJ article serves as a good introduction to the changing landscape of client accounting services and how you can shift your firm's focus to more profitable services, while increasing the overall efficiency and profitability of the services you already offer. Read the full article for some quick insights into the benefits and advantages of outsourced or virtual CFO services. You can find the SaaS solutions you need, such as Bill.com and Intacct, right on this web site that can help you get started down this lucrative new path to increased revenue and profits.
Is your accounting firm currently offering outsourced CFO services to your clients? Have SaaS or cloud-based solutions played a part in your ability to offer these enhanced business and financial services to your clients? Please share your thoughts and experiences here.