Accountants performing the role of a virtual CFO are not only widening their client base and growing revenue but also riding a wave of increasing demand.
A true virtual CFO business provides a level of service equivalent to that provided by a CFO/financial controller who is a part of the client’s team.
This means being a part of the team. It is not just about providing financial reports or forecasts. It is about, through data led insights, helping the business to focus on successful strategies.
A new revenue source: insights as a service
A number of firms have led the way in providing insights as a service to their clients. The concept allows smaller organisations to access talent in data analytics in a way that they couldn’t afford.
For firms looking to seize this opportunity in the market, having the right skill sets and the right tools are critical.
Using AI powered tools like Hyper Anna helps accountants to instantly be equipped with data analytics knowledge. With 1 click, Hyper Anna scans across a P/L dataset and starts suggesting significant insights about the client’s business. These could range from areas for cost saving to revenue optimisation opportunities.
A free trial of Hyper can be obtained here.
Automation of insights generation such as this enables virtual CFOs to offer the new service at scale, and at a cost that is attractive in the market.