Running a CPA, bookkeeping, or CFO firm is hard. So much of your work product is directly driven from human capital. So to double your client base, you would need to double your employee base. But what if that were no longer the case? Read on to see how financial automation software can allow you to scale your business dramatically, without adding dramatic cost.
Clients are your lifeblood and you take your duty of care seriously. Typically that means that client reps spend half their time doing the tactical daily bookkeeping tasks required to keep accurate financial records inside of your accounting software of choice.
The second half of their time is largely devoted to advisory: organizing, interpreting, and delivering that financial information to the client. This is the value-driving portion of your advisory services and the way you turn data into insights to help clients run their businesses more effectively. It’s imperative to focus your energy here to stand out, wow your clients, and generate more business through client recommendations. Yet ironically, 80% of this critical advisory step is STILL highly tactical. That portion involves downloading data from your accounting software into Excel, transforming and formatting the data for client delivery, running next-level spreadsheet analysis like budget vs actual or segment P&Ls, creating custom charts and graphs, and finally emailing these various PDFs or raw spreadsheets to your clients. There’s got to be a better way.
The right modern software product can fully automate the tactical 80% of your advisory work, as well as guiding much of your strategic analysis, leaving time for handling more clients. It begins by creating a single source of truth between the past (the accounting information in your ERP) and the future (the projections in your spreadsheet business model). Once your clients’ data is in a structured format, the software can automate the various downstream reports and charts that were formerly human-generated. Finally, the software should deliver the financial package to the client, ideally in a more useful format than a PDF over email.