VIRTUAL CFO PLATFORMS
Reviews
Te greatest beneft in all of these applications is
that they can ofer frms insight and useful information
at any time, not just when the fnancial statements for
a period are completed. Tis helps reduce the com-
pounding negative efects of errors on account bal-
ances (bounced checks, etc), while the collaborative
nature of the programs means that the accountant is
looking into a business' books more frequently. Tis
benefts the client through beter real-time knowledge
of the accuracy of their books.
Each of the programs varies in its capabilities and
features, but some offer direct integration w ith
fnancial institutions so that dashboards can display
real-time bank and credit card balances, as well as
automatically downloading the transaction informa-
tion and performing comparably pain-free reconcilia-
tions. Additionally, user-level access setings allow the
firm and client to limit program features, menu
options, and reports to specifc authorized users.
Integration with outside programs can also play a big
role in the utility of Virtual CFO systems for accounting
frms. Tis allows frms to plug in their preferred systems
for practice management, document management or
other functions, with data flowing or at least being
importable into the primary accounting program.
It is also common for some frms to use more than
one accounting system, depending upon the systems
in use by their clients. Tis is most likely to occur when
a frm is transitioning to a new cloud-based system,
where they may have clients using various bookkeeping
software, such as QuickBooks, Sage 50, Xero or
another system. Ultimately, however, a frm's efciency
and productivity will beneft by shepherding these
clients toward the client version of the Virtual CFO
system they've adopted for the frm.
Additional Solutions for
Accounting & Write-Up
There are, of course, many cloud and installed
accounting systems available for small businesses,
with some ofering tools and functionality for specifc
industries or that meet the needs of specifc types of
businesses, such as franchises. However, this review
section focused on accounting solutions that meet
both sides of the client-firm scenario, with each
acces s i ng t h e s am e d ata i n rea l- t i m e, an d t h e
accounting frm having the ability to manage multiple
clients through a singular management interface to
provide write-up style services without the need for
data transfer or conversion.
Other client accounting systems that were not
reviewed as Virtual CFO systems include:
• FreshBooks
• CYM A 13: Financial Management Systems
• Micronetics Accounting Expert Enterprise Edition
• PC Sofware Client Write-Up
• Kashoo / Paychex Online Accounting
• Intacct
• Sage 50 Quantum Accountants Edition
• Wave Accounting / Wave Apps
• NetSuite ●
Isaac M. O'Bannon,
Managing Editor
Isaac is the managing editor of CPA
Practice Advisor, drawing on two
decades of experience in the areas
of professional accounting , business
productivity and consumer technolo-
gies. He can be reached at editor@cpapracticeadvisor.com
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