Why outsourced CFO firms should invest in better accounting software
Small and midsize businesses hire outsourced CFOs because they want the experience and expertise that comes from a proven leader. But they also expect those leaders to leverage their expertise into tangible results for the company. To do that, providers of outsourced CFO services need to be armed with the right accounting software to meet the needs of a diverse set of clients. Here’s how upgrading your accounting software could help you better serve clients while helping you achieve your firm’s goals.
Improved data visibility and analysis
The biggest reason to consider upgrading your software is purely practical: it will help you do your job better. When businesses organize their accounting around spreadsheets and other manual processes, there’s no real data connectivity, making it difficult to move data between systems. This hinders data analysis and efficiency for the client’s organization, but it also works against your firm. To do your job and help your clients achieve their goals, you need the best information to work from. To do that, you need better accounting automation software. It’s as simple as that.
With better accounting software that can easily integrate with multiple systems, you get better access to analytics tools and eliminate data silos to improve visibility across your clients’ businesses. This will allow you to dig into the data easier, uncover useful insights and make a positive impact for your clients. It may seem a little self-centered to consider a software upgrade solely in terms of your own use. But if better accounting software helps you do your job better, it will ultimately pay off for your clients as well.
Better accounting capabilities
Along with improved data visibility, better accounting software will also give you a better set of tools than most legacy systems. From better reports to better reporting methods, business intelligence tools and improved functionality in your dashboards, chart of accounts and inventory management, upgraded software offers a better way to conduct your daily operations. By leveraging a more powerful set of tools and software modules, you can do more with less and deliver exceptional value for your clients.
Multi-entity accounting needs
One of the biggest challenges for outsourced CFO firms is simply managing all legal entities their clients operate. A single client could represent multiple companies, and to provide sound direction as CFO, you need to be able to track financial data across the entire enterprise. Unfortunately, many basic accounting systems make it nearly impossible to manage multiple legal entities at once. You’ll either have to log in and out of multiple databases every time you need information about a different company, or you may have to manually move data and compile reports, which is slow and inefficient.
By upgrading to accounting software that features multi-entity capabilities, you can speed up these processes and gain better visibility on the company as a whole. A solution like Gravity Software® (Gravity) comes with multi-entity capabilities that make it easier to track financials across any number of organizations and then compile that data in a central location. This will help you optimize operations and find the most efficient way to achieve your clients’ ultimate ambitions.
Positioning your firm for client growth
As an outsourced CFO, your job is to deliver results for your clients, but you also have your own goals in mind. You want to grow your business, add new clients and increase profits. The good news is that both you and your clients’ goals are actually more aligned than it might appear, and better accounting software may help you achieve those goals.
Consider this: If you are successful in providing CFO services and your small business client grows, their needs will change. But if you’re limiting yourself with outdated accounting software, your clients could soon outgrow you and opt for a different firm. In order to continue to provide value to your clients, you need an accounting solution that allows you to grow along with your clients and scale operations as needed. In the end, it’s all about positioning your firm to help clients now and into the future so you can maintain your client base and deliver results at every stage of a client’s journey.
If your ultimate goal is to help you and your clients succeed, the fastest and simplest way to do that is by improving your accounting software. With a new solution that offers better data visibility and analysis, improved capabilities and the ability to scale as your clients grow, you’ll be able to meet your clients’ needs while achieving growth for your own firm.
Need better accounting software for your outsourced CFO services firm? Schedule a demo of Gravity today and see how our powerful accounting solution can help improve financial performance for your clients and business.
Better. Smarter. Accounting.