Financial Technology
Frequently Asked Questions
A fractional CFO evaluates accounting software by assessing your company’s needs, such as scalability, reporting capabilities, and integration with other systems. In today’s marketplace, common accounting platforms include QuickBooks, Xero, Sage Intacct, and Oracle NetSuite. Other dimensions to be considered include cost, user-friendliness, customization options, customer support, and the ability to consolidate multiple entities. Before recommending a software solution for your business, a fractional CFO will help prioritize the relative importance of these various factors, while also taking into account the company’s growth objectives.
Accounts payable automation software uses artificial intelligence (AI) to reduce manual human errors in the processes surrounding invoice payment. AI automates invoice entry, coding each expense line item to the appropriate general ledger account. These tools can also improve payment processing. A fractional CFO can guide the evaluation of available technologies by analyzing your A/P workflow, identifying possible weaknesses, and selecting a tool that integrates with your accounting system. Once a solution is selected, they can oversee setup, staff training, and process optimization to provide for accurate and timely payments while delivering cost savings.
A fractional CFO evaluates retirement plan solutions and payroll systems by assessing costs, compliance, and employee benefits. Furthermore, they analyze features like tax reporting, direct deposit, or integration with HR systems, ensuring alignment with budget and regulatory requirements. For example, they might select a payroll system with automated tax filing to reduce errors. Finally, they can oversee vendor selection, implementation, and employee onboarding to ensure seamless adoption.