What is a Virtual CFO?

Well then, look no further…

At 118Accounting, we are accountants who love numbers.

We love numbers because we know that there are often hidden gems and insights that are lurking beneath the surface. Once we uncover those insights, we can deliver them in the form of value to you, our customer.

We also love technology.  We are at the dawn of a new age in accounting where accountants get to do more than just accounting. With the technology already available, we are able to do things with your internal systems and processes that will at first appear to be magic.

Enter the Virtual CFO.

If you would like to understand more about the Virtual CFO, contact us at admin@118accounting.co.za or 082 410 6818 for a no obligations discussion.

The Virtual CFO.

Accountants have always held a special place with their customers.

When it comes to annual financial statements and tax, the average accountant can rattle these off relatively easily. We have, however, reached a new era in accounting.

With the advent of digital 2.0 (https://www.cio.com/article/3287929/what-is-digital-20.html) accountants have access to technology that puts them in a new place when it comes to the value that they can add.

The value comes in two areas. Here are some specific examples.

Process efficiencies (this is just one of many examples)

Using a tool like Hubdoc (free with a Xero subscription) you can train Hubdoc to “read” PDF documents using OCR (optical character recognition) technology. All you do is email your invoices received from your suppliers to a Hubdoc email address. Hubdoc captures the invoice – you review it and publish the info to your accounting system. A task that used to take a good accountant two to five minutes, now can take 10 seconds. Multiply that by large volumes, and you have magic.

Data driven insights that lead to better business decisions (this is just one of many examples)

Aside from the traditional role of producing annual financial statements for tax purposes, accountants have access to financial information that can be connected to other operational information. And when this data is connected, new insights can be gained or the business can be operated in a different way.

Here is another practical example:

A customer phones into a business to speak to a sales representative. That customer owes the company money and is two months in arrears. In a finance department that has adopted digital 2.0 principles, sales representatives have access to the accounting system (Xero has unlimited users built into the base subscription, and users can be given read only access to view limited information) to view the customers balance. This allows the sales person to alert the customer to the fact that he is in arrears with his/her account and puts the customer through to the accounts department to settle his/her account. Note that the customers’ debtor’s account was fully up to date with receipts processed up to the previous day’s date (Xero has automated bank feeds, and the accounts department can access Xero from anywhere anytime because it is in the cloud).

118Accounting is:

• Certified Xero Silver partner:
• CA (SA);
• Registered tax practitioner;

We are accountants who love solving business problems using simple elegant solutions.

For more information contact us at admin@118accounting.co.za or on 082 410 6818 for a no obligations discussion.