After 7 years in public accounting and 7 years as a financial executive in industry, I keep following my passion for accounting and have launched a Virtual Accounting Department to serve small and medium businesses and non-profits. Over the last 9 months, I have hired employees, established policies and procedures, attended specialized training and acquired a number of unique certifications in this emerging accounting service niche. Carving out a definition of Chief Financial Fractional Officer and establishing that as the pinnacle of the automated accounting service sets this practice apart from non-corporate executive industry experienced accountants. Below is the service formula I have created for Private Accounting Services:
Experience + Craft + Guidance = Return on Accounting
Experience: Our team is led by veteran corporate CFOs. Our CFOs have lead teams as small as 3 employees to as large as 6,500 employees. We have lead in times of great success and the most challenging times. We have worked at an executive level in numerous industries, generally summarized into consumer services and manufacturing.
Craft: Creative analysis is an art in accounting that is difficult to be proficient in. Accounting is very structured and has a lot of rules and regulations, so it can be challenging to think outside the box. To date, there is no CFO school for accountants, so numerical analysis is learned in business with real, time-sensitive situations. Each number has a story and our CFOs have the situational context to maximize the value from that information to help a business thrive.
Guidance: Wise insights from our CFOs help business owners chart out the right path for their business. Owners can lead with confidence knowing they have collaborated with intelligent financial advisers. Communication is critical during this process so it is important to have an adviser that can clearly step through the numerical analysis, being a sounding board with the owner on non-financial factors, so through collaboration the right path can be identified.
Return on Accounting: Traditionally, an accounting department is a fixed cost that is non-revenue generating, providing historical reports of operations. Accounting department turnover can also disrupt effective fiscal management within a company. Our firm-based service provides value by interpreting the numbers and communicating them to key stakeholders so they have the best financial operation information to look forward down the track and run a successful business. Our consistent support over time helps a business through the many stages they will experience.
I am excited to launch this service in this emerging virtual accounting movement. I look forward to working hard and serving many great businesses in the next 30 years.