Engaging a Fractional CFO/Controller Service

Engaging a Fractional CFO/Controller Service

by | Feb 11, 2017 | CFO, Cloud, ERP, Intacct

Rapid Growth Causes Increased Risk

Small to medium sized businesses that are in rapid growth also are experiencing increased financial risk as a result. Growth requires expansion of the company’s automated systems and access to additional financing to fuel the growth. Managing these financial risks may be foreign territory for the business owner and his team. The company needs a CFO to manage the bigger picture. The CFO will make sure that the systems, processes and people are in place to produce accurate financial information so that the owner of the company can make better decisions managing growth. However, many small and medium sized companies simply cannot afford to hire a full time CFO.

Fractional CFO and Controller Services are the Solutions

Fortunately, there are firms that provide outsourced fractional CFO and Controller services that are affordable. The best way for a company to identify a good service provider is to tap its network of trusted advisers, such as bankers, investors, attorneys or CPA firm. These advisers can direct their client toward a firm that provides the comprehensive accounting and financial reporting support, as well as strategic financial initiatives, that will help drive growth.

What Does the Role Entail?

Businesses who decide to engage a CFO are looking to acquire a person that can guide them with strategic initiatives, but what does that look like? In our experience, a fractional CFO can:

  • Assist companies who are preparing for an acquisition or sale and guide them through the examination phase and financial due diligence required to execute transactions
  • Provide guidance in reconciliation projects
  • Offer advice in software system reviews and recommendations
  • Review company processes and offer guidance on optimization
  • Enhance reporting setup and support

Ultimately, the role will depend on the needs of the company who is interested in engaging in controlling services. Are you interested in engaging a fractional CFO for your business, and if so, what would that role look like?

Outgrowing QuickBooks?

Outgrowing QuickBooks?

by | Jan 11, 2017 | Accounting, Cloud, ERP, Intacct, Quickbooks, Software

Congratulations, you’re outgrowing QuickBooks

When your business grows, you should celebrate—not suffer. Try telling that to the finance team that’s still trying to make QuickBooks work. It’s just too basic to handle growing organizations with evolving needs. So your team might be compensating with inefficient workarounds and spreadsheets. And you may realize you can’t rely on your basic reports to be of any strategic use. That’s a lot to pay for a “low cost” solution. Find out what makes Intacct the top solution for QuickBooks graduates.

Make the “day to day” easier

If your team is spending hours on spreadsheets, your entry-level accounting solution isn’t doing you any favors. Ditch the extra data entry with Intacct’s feature-rich cloud accounting software solution. Automate multi-entity close and reporting, revenue recognition, project accounting, and more. Save team time today and be prepared for tomorrow with a solution that can handle almost any accounting process you can imagine.

Flex your reporting muscle

Intacct was uniquely designed to give you endless reporting flexibility. Unlike QuickBooks, Intacct enables you to track both financial and operational data in real time. You can easily drill from top-level results down to the performance for a specific entity or location, then down to individual transactions. And you can access your reports from any web browser, on any device. Integrate without IT, and other cloud benefits Organizations that are outgrowing QuickBooks can expect high ROI when switching to cloud accounting. You don’t have to worry about system availability and security—that comes guaranteed. Plus, it’s instantly easier to connect with other cloud-based best-in-class business systems, like Salesforce CRM, so you can share data between systems without human data entry or errors.

Key outcomes:

  • Improve productivity by eliminating manual processes and spreadsheets
  • Get instant visibility into business performance, anytime, anywhere
  • Integrate with your other applications to eliminate data re-entry and information silos
  • Save money, increase security, and reduce IT headaches

Maximizing Business Efficiency with Sage Intacct Implementation by Lavoie CPA

by | December 19, 2023 | Accounting | 0 Comments

Lavoie CPA is proud to announce its role as a direct implementer for Sage Intacct. You can now purchase Sage Intacct for use in your business through our team, and our expertise with this software will take your financial operations to new heights. Sage Intacct is a...
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Managing Multiple Entities: A Guide to Effective Accounting

by | April 26, 2023 | Accounting | 0 Comments

Businesses struggle with numbers all the time, and for multiple-entity businesses, this struggle is complicated as there are lots of financial statements to consolidate. This article will serve as a guide to help you learn the challenges of multi-entity accounting,...
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Podcast: The Visionary and Powering Through Burnout

by | April 14, 2023 | Uncategorized | 0 Comments

We are excited to share with you a transcript from a recent podcast episode in which our founder, Sharai Lavoie, was interviewed by Julie Bee on her show "They Don't Teach This in Business School." In this insightful and inspiring conversation, Sharai shares her...
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How Trenches Consulting Entered Growth Mode With Lavoie CPA

by | April 13, 2023 | Uncategorized | 0 Comments

“The real success was having that partner to talk through the tough times, to handle some of the adversity, and to identify and problem-solve together—some of the things that make running the business easier” Brad Olecki, CEO and founder of Trenches Consulting Client...
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How the Whitener Company Gained Clarity With Lavoie CPA

by | April 13, 2023 | Uncategorized | 0 Comments

“[Lavoie] really allowed us an opportunity to not only have a better understanding and clarity for all our own businesses, but other investment opportunities—we can gain an understanding of a business if that’s something we want to pursue.” Brett Thomason, COO of the...
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Harmonizing Automation and Human Expertise in Financial Planning and Accounting

by | March 31, 2023 | SaaS | 0 Comments

Technology for Financial Planning and Accounting Automation and technology have become increasingly important in the world of financial planning and accounting. The rise of technology has introduced numerous innovative tools and software solutions designed to...
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What Is a 10x Valuation System? (+ Advantages and  Strategies to Implement Effectively)

by | March 28, 2023 | Small Business | 0 Comments

Introduction A 10x valuation system refers to a method where a company’s investors are willing to pay up to 10 times the company’s current worth due to its potential for rapid growth and profitability. It has gained popularity in recent years, particularly amongst...
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Bookkeeping vs Accounting: Differences & Benefits

by | March 24, 2023 | Accounting | 0 Comments

As a business owner, managing finances and staying on top of financial obligations is crucial for success. To achieve this, businesses need two important financial services: bookkeeping and accounting. In this blog, we will explore the differences between bookkeeping...
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Guide for Start-Ups Looking to Partner With an Outsourced Accounting Firm

by | February 23, 2023 | Accounting, Startups | 0 Comments

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Due Diligence Checklist 101: What Venture Capitalists Need to Know

by | February 23, 2023 | Accounting, Startups | 0 Comments

Before investing in a company, venture capitalists run what is called a due diligence checklist. This is a rigorous process that looks closely at all aspects of a company, including assessing business legal, financial, and human resources status. By performing a...
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Visibility: You Need Eyes in the Back of Your Head

Visibility: You Need Eyes in the Back of Your Head

by | Oct 25, 2016 | Accounting, Cloud

As business people, we all know that access to the best information is critical to good decision making. Yet many of us struggle with outdated processes and technology that limit our visibility into all aspects of our business, thereby diminishing the quality of our decisions. There is no place where visibility is more important than the accounting and finance departments. If we can’t actually see the state of our financials, then we can’t know what’s going well, what’s going poorly and what needs our attention.

The true measure of accounting visibility is how quickly and easily you can see any given aspect of your businesses financials. Ideally, this should include everything from cash flow to outstanding invoices to cash on hand to receipts and beyond. If it is difficult or time-consuming for you to view any of this information, then you really don’t have optimized accounting visibility, creating uncertainty and undermining your ability to make fully informed decisions.

Furthermore, it is important to recognize that visibility into company accounting is only valuable when in information is not just available, but also usable. That is a key distinction which often goes overlooked. If the accounting information isn’t easily discernible that means it is not actually useful-at least not immediately. Visibility becomes irrelevant if you can’t leverage what you are seeing. The question then becomes how to make sure that the accounting data is both visible and usable.

Software Availability

First, how accessible is the software itself? With legacy accounting software, the solution needs to be installed on a single computer and that is the only device which can access the financial information and programs. Alternatively, cloud accounting software, just like all cloud based solutions, can be utilized from any computer or device with an internet connection and user access permission. This far greater accessibility to information naturally makes the company’s financial information more visible to all authorized users, who then can collaborate to make the business more efficient.

Streamlined Data

How is the accounting and financial information presented? A streamlined display is critical- you need to be able to move easily from viewing one aspect of the business’s financials to another without having to pore through hard to read accounting tables, or worse, raw data. When the accounting software can consolidate the information in an intuitive and easily navigable fashion, you and your team can gain a much better understanding of the state of your business.

Comprehensive View

Ideally, your accounting solution should provide insight into every corner of the company’s financials – otherwise, it cannot truly deliver maximum visibility. A dashboard that offers a complete view of the organization’s financial situation at a single glance offers a level a visibility that drives better analysis and decision making.

Real Time

Finally, the most visible accounting solutions will feature real time capabilities, offering up the most up to date insight at any time, with no exceptions. Accounting and financial solutions that cannot deliver real time information will inherently be incapable of providing visibility in to the company’s financials as they currently stand, and that’s just not good enough for a lot of businesses.

For most businesses, a cloud based accounting solution is best – it provides comprehensive information that is organized intuitively and is based upon real time data that is easily accessible. You really can have eyes in the back of your head when you utilize cloud based accounting and financial solutions for your business!

Cloud Software Helps Faith-Based Organizations Reach their Goals

Cloud Software Helps Faith-Based Organizations Reach their Goals

by | Oct 19, 2016 | Accounting, Cloud, ERP

“Drowning in a sea of Excel spreadsheets.“

“Plagued by confusion, delays and lack of confidence in reporting.”

“Cost and headaches of on-premise accounting systems and IT infrastructure.”

“Need for a user-friendly cloud solution that would support anytime, anywhere access while minimizing IT efforts.”

These are just a few of the most common challenges that faith-based organizations struggle with. The good news is Intacct, the customer satisfaction leader in cloud ERP software, is the solution for those problems. And it is not just me saying so, below are a few examples of what leaders from churches around the country are saying about Intacct:

“Intacct has allowed us to bridge the gap between efficiency and being a people- oriented caring ministry.” Dennis Richards, Executive Pastor, Preston Trail Community Church, Frisco TX

“They (the ministry staff) wanted to know right away how they were doing in that new campus, What’s our attendance? What’s our giving? What are our expenses on capital expenditures? (With Intacct) we were able to provide that information, fast.” Randy Bell, Executive Pastor of Administration, Gateway Church, Dallas/Fort Worth TX

“With the efficiencies we’ve gained through Intacct, we’ve kept our staff size low even as we doubled in size. By using the system to manage all of our day-to-day bookkeeping, we’re saving $85,000 or more a year in salaries and benefits, while doing deeper analysis and reporting.” Aaron Goin, Finance Director at Faith Promise Church, Knoxville, TN

“QuickBooks was a good fit when we were starting out, but now we need a more robust financial management system. Intacct will enable us to double the productivity of our finance team while providing better overall control and visibility into the use of our funds. With Intacct, we can continue to grow without the need to immediately add headcount to our finance team—providing a nice savings to the church.” Gay Lynn Martin, Financial Director, Canyon Ridge Christian Church, Las Vegas, NV

Reasons Why Intacct Software is a Great Tool for Faith-based Organizations

  • It’s a cloud-based. Forget about needing an expensive on-premises system.
  • Like the staff at Gateway Church says, good data drives good ministry; Intacct frees up staff time that can be spent on ministry. For example, checks and payments can be reviewed and approved from anywhere via internet so events can be organized, budgeted and funded quickly and easily without running around for approvals.
  • With the Statistical Accounts and Journaling functionality, you can capture and track non-financial data such as attendance, baptisms, missions, members in small groups and volunteers. And then you can produce reports such as the Giving Scorecard in a blink. Just think of how quickly you can produce reports showing changes in worship attendance, variations in giving or average giving per attendee per week. All from one system!
    • You have easier, faster and more accurate reports using Intacct Dimensions. This functionality makes reporting a much simpler process. Gateway Church estimate they spend 25% less time preparing reports.
    • With Intuitive dashboards your church leaders have easy access to real-time key information such as revenue vs. expenses, giving by period, current cash position, attendance and more.
    • Budgeting is so much easier when you have reliable data and analytics.  Preston Trail Community Church reports that with Intacct, the 2015 budget was much easier and delivered ahead of time.
  • Intacct provides immediate access to important data and documents so decision-making is much easier and supporting documentation is easy to access for review.
  • Imagine your church’s executive office being completely paperless. Invoices are submitted electronically and payments are made the same way. Data on incoming funds is available to all pastors as soon as the amounts are posted.
  • Intacct provides open APIs so other software can easily interface with it. This is great for churches that outsource their payroll to a third-party processing company, use expense management software to track business travel expense or use church management software to track membership and giving. Also, with the APIs, data uploading using Excel .csv files is easy and time-efficient.

Lavoie is an Intacct business partner and we have an accounting and ERP implementation team dedicated to helping our clients get started on Intacct.  If you have any questions about how your church or nonprofit can benefit from our products and services, please contact us and we’d be happy to help.

Cloud Software – The Competitive Advantage

Cloud Software – The Competitive Advantage

by | May 11, 2016 | Cloud, Competitive Advantage, Small Business, Software

Last summer, International Data Corporation reported that the cloud software market saw $48.8 billion in revenues in 2014, and will continue expanding at a compound annual growth rate of 18.8 percent through 2019. Small businesses have been a major driver of cloud-based software penetration, relying on the more advanced delivery option to keep capital expenditures down and functionality optimal.

Regardless of which industry a firm might be competing in, cloud-based accounting software can help to drive both the efficiency of processes in finance departments and their accuracy. Reporting is a challenging task, and software has been helping to reduce complexity while increasing the value of the data generated and stored. Recognizing the accounting challenges companies face that can be remedied by cloud-based software is the first step toward success.

The problem at hand

Earlier this year, AccountingWEB reported that issues with accounting can quickly lead to fraud, which cost the private sector about $2.9 trillion in 2015, a third of which traced back to small businesses. The source pointed out that errors are most often associated with an incorrect logging entry or some divergence from best practices, which represent 60 percent of the mistakes involved in these processes.

At the same time, the average small business owner will not always be able to expand training, hire more quality assurance professionals or take other expensive actions. Software that automates some of the stages involved and supports users will tend to reduce the error rate and maintain transparent, visible recordkeeping. Taking that a step further, the best options for software in the past were often outside of the budgets of smaller firms.

Cloud computing has increased the flexibility of IT provisioning and offered decision-makers an option that is more easily deployed, managed and upgraded than the contracts of the past. Tackling both the challenges associated with accounting and the cost of maintaining optimal performance management in this area, cloud-based software has opened the doors to a more intelligent future for many organizations.

Digital accounting’s strong suits

CPA Practical Advisor once listed the most common struggles of accounting in small business as accounts receivable, cash flow, managing paperwork, finalizing monthly reports and payroll. The news provider noted that about 83 percent of entrepreneurs who responded to one survey stated that they do not even have the ability to audit financials within their management systems.

When approaching accounting with antiquated processes and practices, these types of issues will often cost companies severely either in terms of budget constraints or noncompliance with industry standards.

Cloud-based accounting software such as Intacct can almost immediately change the ways in which the accounting wing of a business functions for the better. In fact, these solutions will tend to be far faster and efficient in accounting workflows than the technologies of the past, all the while improving user experiences and continuously evolving to keep up with the transformation of markets and operations.

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This content was originally posted by David Furth.

A Solid Accounting Strategy Is Key to Your Success

A Solid Accounting Strategy Is Key to Your Success

by | May 4, 2016 | Accounting, Cloud, Entrepreneurs, Startups

Financial Planning and Analysis (FP&A) Challenges

Entrepreneurs have to cope with many unique factors that come along with running a startup firm, and many are directly related to financial management, accounting and reporting. Failing to get these matters right can lead to significant challenges such as compliance and budget. Thus, having a solid accounting strategy is key.

Fortunately, there are ample remedies available that are specifically targeted at helping entrepreneurs tackle these challenges. Many solutions come in the form of affordable cloud-based software solutions that are administered by an outsourcing firm. In order to discuss the benefits of cloud-based accounting and reporting and outsourcing, it is important to first identify the pain points and challenges that startups face.

No Foundation

Startups rarely have a strong foundation of accounting practices in place. Typically, they start from scratch. Building an accounting strategy from the ground up is challenging for financial professionals, much less for individuals with no financial training. Creating an accounting strategy without understanding what is required can seriously hinder growth of your business. Outsourcing your accounting work to a firm that utilizes a cloud-based accounting and financial management software, gives you real time access to all the information you need to react proactively to your changing business environment. Outsourcing the financial piece of your business to experts will allow you to focus on developing your product and getting it to market.

Related: Accounting Solutions for Early Stage Companies

Tight Cash Flow

New businesses tend to have a minimal safety net of funds to fall back upon if they experience an unexpected cash shortfall. If accounting experts are running your books and analyzing your financial performance with cloud-based solutions, you can be assured that you will have the information you need about your companies financial situation. Thus, you will then be ready to raise capital or obtain a line of credit to cover the shortfall or even avoid experiencing a shortfall at all.  For startups, adhering to a budget and managing cash are critical to your success

New to Compliance

The financial and accounting regulatory compliance statutes for startup companies can be extremely complex and difficult to meet. Entrepreneurs are often new to the matters involved, putting them at a disadvantage when trying to maintain compliance. Your outsourced accounting firm has the resources and experience to ensure that your company is in compliance so you can focus on what you do best.

No Accounting Department

Startups often begin with a small team of individuals who are passionate about a product or service, but who may not have experience running the financial side of things. But far too often, the founders end up shouldering these responsibilities anyhow, because they cannot afford to staff a financial team. By outsourcing your accounting and financial management needs to the experts, you mitigate errors and inefficiencies involved with doing it yourself, at a fraction of the cost of an in- house accounting team.  Services are scalable, so you utilize only what you need to get the job done.

Starting a new business is exhilarating and terrifying at the same time. Consider utilizing cloud-based accounting and financial solutions managed by experts so you and your team can spend all your time building something wonderful – your own business!