Technology Drives CFO Success

Technology Drives CFO Success

Effective Virtual or Fractional CFOs Rely on Technology

Whether your CFO is full-time or fractional, CFOs are a pivotal part of your company leadership, helping you make crucial financial decisions and leading the execution of those decisions.   What makes an effective CFO?   Effective CFO’s excel at:

  • Capitalizing on opportunities while avoiding ricks
  • Strategic modeling driven by accurate data
  • Speed and accuracy for fast decisions
  • Data analysis and insight

No matter how qualified the individual is, without the right technology the job becomes extremely difficult.  Speed and accuracy drive much of their effectiveness and is almost impossible without the right tools in place.

Lavoie CPA recognized this from the start and has always combined  people, processes and technology.  We provide the necessary tools to quickly digest accurate data and be able to make informed decisions to steer the business down the best path.  With dashboards in place, companies can quickly see information in real-time and make changes were needed without waiting days, weeks or even months.  Lavoie CPA also has the expertise to intercept the data and make impactful recommendations.

The core technology we utilize is Sage Intacct.  Sage Intacct is an industry-leading financial management solution designed for the needs of strategic CFOs and their teams.  In addition, we partner with other leading software providers that maximize our clients’ efficiencies.  If you are looking for a virtual or fractional CFO also consider what technologies are being utilized so that you can fully maximize your investment.

 

Accounting the Key Strategic Advantage?

Accounting the Key Strategic Advantage?

Most companies that are thriving view accounting as a strategic function. Companies relying on bookkeeping have a hard time keeping up in today’s changing climate.   Bookkeeping by itself does not provide opportunities.  In a fiercely competitive work environment, companies that properly manage finance can grow and protect themselves from risk.

The opportunities are exciting for the future but it also comes with lots of challenges.  Too many companies are stuck looking into the past because of lack of expertise and or technology.  It is important to understand the past, but essential to have the knowledge and tools to be able to see in real-time and make educated predictions into the future.  As companies grow, hiring and retaining qualified employees can be a difficult task with lots of uncertainty.

A growing number are relying on Accounting as a Service (AaaS) to gain a competitive advantage. AaaS combines tactical and strategic accounting and includes leading software.

Top 3 benefits of Accounting as a Service:

  • Focus on Core
    • Concentrate on growing the business
    • Efficiency gains
    • Eliminate staff turnover complexities
    • Ability to scale as you grow
  • Professional Expertise
    • Qualified controlled/CFO leading accounting and finance department
    • Improve cash flow
    • Reduce financial risk
    • Audit ready at all times
  • Technology
    • Real-time visibility into your business performance
    • Increased security
    • Reduced IT headaches
    • Integration with other applications to eliminate information silos

Forward thinking companies put themselves a head of the curve.  Interested in learning more about Accounting as a Service?   Contact us.

10 Benefits of “Accounting as a Service”

10 Benefits of “Accounting as a Service”

Small and medium-sized businesses (SMBs) are often driven by a passion or cause – not spending hours on accounting and financial management.

SMBs face many financial challenges that affect cash flow including hiring new employees, increasing profits, employee healthcare, growing revenue and properly managing expenses.

Fortunately, technology has changed the game for SMBs. In the last decade, new technologies have enabled SMBs to compete with large enterprises.

Technology is only part of the equation.  Accounting as a Service (AaaS) is a hybrid solution that combines services with software; thus, the client can enjoy the benefits of professional expertise and leading cloud technology. This lays a great foundation, allowing companies to focus on revenue generating activities.  They are able to focus on future growth instead of being stuck analyzing the past.

10 Benefits of  Accounting as a Service

  1. Real-time visibility to your business performance via dashboards
  2. Reduce financial risk
  3. Increase productivity
  4. Be audit ready at all times
  5. Improved process flow and automation
  6. Eliminate staff turnover
  7. Cost savings
  8. Increased security
  9. Reduced IT headaches (upgrades and maintenance)
  10. Integration with your other applications to eliminate information silos

Interested in learning more?

5 Myths around Outsourcing Finance Functions

5 Myths around Outsourcing Finance Functions

Outsourced Accounting or Accounting as a Service (AaaS) provider can be the catalyst to take your organization to the next level.  For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be.  It also shouldn’t take focus away from growing your core business.  Lots of SMBs don’t consider Outsourcing.  Here are 5 main reasons why.

1) They think it is too expensive

By using Accounting as a Service, you have access to shared service center.  Providers have put a lot of investment, thought, and execution into their model and have staffed accordingly.  With an AaaS provider you now have access to a full accounting department that often is less expensive than one full-time FTE.  This doesn’t even figure in technology costs that come with the service.

2) It is the same as bookkeeping services

Bookkeepers are responsible for recording daily financial transactions.  Controllers are responsible for financial reporting, internal audit and internal controls. CFO are responsible for financial planning, financial data analysis and strategic planning.  By relying only upon a bookkeeper you are stuck looking in the past and cannot see into the future to effectively make critical decisions for your business.  AaaS providers ensure daily transactions are done correctly but also greatly reduce risks and provide necessary forward-thinking strategy to help growth your business.

3) We can just do the same in-house

For most SMBs it is hard to justify the expense of having a bookkeeper, controller, VP of finance and CFO.  All positions have importance.  You don’t want to pay a senior level person to do daily transactions and you definitely don’t want to ask an entry level person to manage financial risks.

4) We cannot have any finance staff in-house

Often AaaS providers work with internal staff to fill voids.  Yes, providers can function as the entire finance department but often work with existing staff to help maximize their production.

5) We have more control and stability by utilizing in-house staff

Employees turnover and training are always on the minds of companies.  If you don’t have a defined professional develop plan for each employee, you are at risk of losing your top talent to other opportunities.  By using an AaaS provider you eliminate the risk of employee turnover.  You also will not miss a beat when people people are out sick, on vacation, or on leave.

What do I get with an AaaS?

  • Enterprise software platform (workflow, automation, dashboards etc)
  • Vendors paid on-time
  • Customers billed on-time and accurately
  • Employee expenses captured and reimbursed
  • Cash transactions reconciled
  • Timely payables collection
  • Accounts analyzed and reconciled on an ongoing basis
  • Financial and management reports delivered on-time and accurately
  • Scalability and rapid deployment, when needed
  • Regulatory compliance delivered
  • Audit ready
  • A finance and accounting function that is STRATEGIC
Our CPA Day of Service

Our CPA Day of Service

For the last six years, the North Carolina Association of Certified Public Accountants (NCACPA) have challenged its members to give back to the community by participating in the CPA Day of Service. The idea came originally from one of NCACPA’s Board of Directors to allow members to “take to their communities and give back in some way”.

As a member of the NCACPA and the Charlotte community, we have made it a priority to participate in this event every year by volunteering with Habitat for Humanity, one of the global nonprofit housing organizations in the US. The organization works toward helping people in the community to build or improve a home and they rely on volunteers to be able to do so.

“Everyone deserves to have a place to call their own regardless of their income level.  Affordable housing is pivotal to reducing poverty in Charlotte and beyond.  Habitat for Humanity Charlotte provides the hand-up needed by thousands of local and global families.   We always look forward to spending the day with the wonderful people at Habitat ReStore and doing our part towards being a part of the solution. Shopping afterwards is always an added perk!  I always find something there!”

– Sharai Lavoie, CEO and Managing Member at Lavoie CPA.

Habitat for Humanity ReStore

On Friday, September 22, all our employees met up at one of the two Habitat ReStores, which functions as the fundraising division of Habitat for Humanity of Charlotte. The ReStores accept donations of new or used items and resells them to the public at a reduced cost. Consequently, Habitat can use the proceeds to build Habitat homes with their local affiliates. There are currently two locations in Charlotte, NC, which allows Habitat to build approximately 10-12 new homes every year.

Volunteers are necessary for Habitat’s success and when it comes to the ReStores they are mostly in need to people to help them with unloading donated items, organizing and cleaning donations, placing the items on the sales floor, and aiding customers with carry-outs of purchased items.

“We had a very rewarding time helping the community and bonding with our Lavoie CPA Team. Habitat is a great organization that helps struggling family’s get on their feet through volunteers and the family working together”

– Doug Burkhart, Senior Financial Consultant at Lavoie CPA

Thank you to Habitat for Humanity for letting us be a part of your mission and giving back. If you are interested in volunteering please visit the Charlotte ReStore website or email the Volunteer Coordinator of Retail Operations at volunteer@charlotterestore.org.

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