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How Fractional CFOs and FP&As are leveraging new software for standardised client services

For our second Blox CFO Series article we explore a topic sparked by a conversation with Carl Seidman, Finance Leader and Fractional CFO.

Whilst helping our research Carl said he would be very interested to hear how Fractional CFOs and FP&As are leveraging technology for standardised client services so we thought we would ask our extensive finance network for some up to date insights.

It's a subject we have already started looking into here at Blox because we think there is a genuine opportunity to provide significant value to fractional CFOs with a combination of customizable templates, automation, and AI.

So, what exactly are standardised client services?

Imagine services that come pre-packaged, eliminating the need for extensive customization. They're like ready-made solutions, tailored to fit various client needs without the hassle of reinventing the wheel every time. But how do we get there? It's about deciphering the data puzzle, understanding where it originates, and sculpting it into a seamless, standardized offering.

The 6 Key Steps to Revolutionising Client Services through Technology
1. Defining Service Scope and Objectives

Box for Objectives, Where we help, Customer case studies, Expertise, Who

2. Map the current state

Define an owner and current systems in your current state? (lets take one of the market maps, remove the system logos and get them to fill in the internal owner, system, Maturity/efficiency score

3. Map the Finance team and where time is spent

Helps people find problems worth solving

4. Identify opportunities and prioritise

Some text here

5. Map target ideal process

Systems / roles and responsibilities

6. Action list

Top 3 priorities to improve on

Case Studies
"From a young age, I dreamed of traveling the world, but I also knew the importance of financial responsibility. So, I strategically built my career around saving money and leveraging technology. My ultimate goal was to create a business that would allow me to work from anywhere, and thanks to the cloud, I achieved that freedom."

Alex Falcon Huerta
Top 50 Women in Accounting

In a recent interview on The Finance and Technology Podcast with Alex Falcon Huerta, the Founder of her own Accountancy practice, Soaring Falcon Accountancy,
discusses her strategy for achieving her perfect work-life balance revolves around leveraging technology and careful planning. 

Utilizing Cloud Technology: Alex's journey began in the era of transitioning from desktop and paper-based accounting to cloud-based systems. She recognized the potential for location freedom with cloud technology, which became a cornerstone of her business model. By adopting cloud-based accounting software like Xero, she ensures flexibility in her work environment.

Here's a breakdown of Alex's tech stack:

Automation and Efficiency: Alex embraces automation tools like Dext (formerly Receipt Bank) for automating invoice and receipt processing. Automation streamlines repetitive tasks, saving time and reducing manual effort.

Comprehensive Reporting: For insightful reporting, Alex implements tools like Fathom and Translucent. These platforms provide in-depth analysis, including multi-entity reporting for clients operating in multiple countries. By leveraging reporting tools, Alex offers her clients valuable insights into their financial performance, facilitating informed decision-making.

Accounting: Alex uses these various software tools used for billing, financial reporting, compliance, payroll, and HR management - Xero, Chargebee, Recurly, Stripe, WhisperClaim, Firmcheck, Ignition, TaxCalc, Brightpay, and Employment Hero.

Overall, Alex's strategy for achieving work-life balance centers on leveraging technology to optimize efficiency, while also maintaining a client-centric approach and fostering continuous learning and adaptation. By combining these elements, she creates a work environment that allows her to pursue her passion for travel while delivering exceptional service to her clients.

This automation of routine tasks opens the door to higher-level financial expertise for small and medium-sized enterprises (SMEs), eliminating the necessity for a full-time CFO. Utilising AI to sift through extensive data sets reveals trends and patterns, paving the way for enhanced growth strategies, investment decisions, and risk management.

Marie Speakman,
AI Automation Expert

I am seeing fractional CFOs and FP&As leverage AI and cloud-based tools to offer tailored insights across diverse client portfolios. This strategic use of technology ensures high-quality, scalable services. By employing AI-driven analytics, they empower businesses with real-time insights for agile decision-making. Automation streamlines operations, providing SMEs with advanced financial expertise. Utilizing AI uncovers trends, facilitating growth strategies. In today's fast-paced business environment, these professionals lead with standardized yet personalized financial services, redefining strategic guidance.

Ultimately you can use these tools now to drive better outcomes for your lifestyle and your client satisfaction

For those seeking an opening to a better lifestyle and more interesting work environment new software approaches represent an enticing option for the time-conscious consultant.

As we make rapid progress in the implementation of automation and AI, one thing becomes abundantly clear: the future of financial consulting is here, and it's brimming with promise.

Get in touch to learn more about our Blox data to insight process and how you can boost you standardised client services with our automated templates and fast data integration.

"In the realm of FP&A, the future belongs to those who can effectively merge the art of financial strategy with the science of advanced analytics. As finance leaders, our goal is not only to interpret the story that numbers tell but to anticipate the next chapters and prepare our organizations for them. Embracing technological advancements in analytics and AI is pivotal in sculpting a proactive, rather than reactive, approach to financial leadership."

Montaser Aboshady
Finance Senior Manager,The Coca-Cola Company


In the next chapter in our CFO Series we will dive deeper into the dynamic realm of tech-driven financial transformation.

If you would like to discuss further please get in touch

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