Ways to provide higher value to clients
There are two aspects to the heading 'Virtual CFO'/Business Advisory Support.
One is that Clients place real Value on 'Virtual CFO'/Business Advisory Support that delivers for them in terms of improving Cash and Profit.
The other is that without the right automated tools and up to date and 'right' data level required to provide 'Virtual CFO'/Business Advisory Support, members of a Practice's Advisory Team can not deliver real Value to Clients.
The Chart below illustrates the potential scope of services to Clients for 'Virtual CFO'/Business Advisory Support services.
Other research and industry sources support this potential.
A recent Australian Financial Review Article on its 'Top 100 Accounting Firm 2019 survey' states Matt Ashley, a business advisory and outsourcing partner at Mazars, is seizing the opportunities technological disruption is bringing to the accounting profession and across the wider business community.
Ashley, a chartered accountant, says technology is changing how the firm works in two different ways.
The first is it is allowing Mazars, which is one of the country's most successful newer 'start-up' firms (less than five years of operation), to be more efficient by automating and streamlining as many processes as possible.