Functional CFOs growing in USA
Business Advisory Services Update
The CEO of well-known American software designer for Predictive Accounting, Plan Guru Inc’s Christian Wielage, will comment on the significant growth of accountants and other consultants offering Functional CFOs services to SMEs in tomorrow’s complimentary webinar being presented by ESS BIZTOOLS at 10am AEST.
My observation is that the growth of these services in the USA has been created by some visionary accounting firms, such as Summit CPA and other businesses that have not previously provided accounting compliance services. Summit CPA’s founder, Adam Hale, featured in a webinar we presented last year.
Accountants have a significant opportunity in being able to supply a broad range of Advisory Services, particularly a “Functional CFO” service to SME clients. These services will need to be provided when the clients need them.
Australia has the highest interest rates for over a decade. Inflation rates that we have not seen for years and the ever-increasing talk of a recession. If ever SMEs needed assistance on financial planning issues, it is now.
Predictive Accounting requires an understanding of exactly how the business operates. This cannot be achieved by preparation of a set of annual accounts and income tax return alone. In order to offer “Functional CFO” services, you need to have developed knowledge of your clients that is “an inch wide and a mile deep”.
One you achieve that, you can then start the projections by having discussions with the leadership team regarding their expectations of the performance of each individual business activity – not all lumped together but each unit treated as a separate activity for the budgetary process.
“Predictive Accounting” is a very interesting activity for accountants to undertake. It is very beneficial for your SME clients because they are thinking in the future. The past has no relevance other than the amount of tax they have to pay.
We will discuss this subject further on our complimentary webinar, to be held tomorrow at 10am AEST.
Click here to register. CPD point eligibility for CPA Australia members (must attend the duration of the webinar).
Visit www.essbiztools.com.au to find out more about the services that ESS BIZTOOLS has to offer.
