CPAs are deeply familiar with financial data, but when faced with offering fractional CFO and other advisory services, they may feel unprepared because their education and experience focused on compliance and historical reporting.
Thinking like a CFO requires a strategic mindset and forecasting the future to guide an organization toward sustainable growth. Fortunately, you can learn to think like a CFO to enhance value for your clients and your firm.
Shifting from compliance to advisory and consulting
Many accounting professionals spend most of their time on compliance—accurate financial reporting and meeting tax deadlines. CFOs take it further by using financial data to drive business strategy.
Thinking like a CFO means asking forward-looking questions:
What trends are emerging in our revenue and expenses?
How do our financial projections compare to our goals?
What adjustments should we make now to optimize profitability in the future?
Answering these questions requires access to real-time data, forecasting tools and the ability to model different business scenarios.
Tools for financial forecasting and scenario planning
The biggest difference between accountants and CFOs is the focus on what’s ahead. CFOs don’t just report on past performance—they anticipate what’s next.
Boomer Consulting, Inc. uses Jirav for financial forecasting and reporting. Jirav provides a high-level view of how our revenues and expenses track against our budget. By integrating with our accounting software, Jirav brings in actual financials, allowing us to:
Set parameters and project different scenarios
Model how increasing revenue will impact expenses and profitability
Track key performance indicators (KPIs) through a customizable library of metrics
These tools give us a dynamic way to understand the company’s financial trajectory and make proactive adjustments rather than reactive fixes.
Using dashboards for real-time insights
CFOs used to rely on static reports, but modern CFOs rely on dashboards to gain real-time insights into financial performance. Dashboards give us a comprehensive, visual representation of financial health so decision-makers can quickly assess key metrics without manipulating spreadsheets.
Jirav’s dashboard feature enables our team to:
See revenue and expenses in real-time
Track custom data points relevant to different business units
Provide department managers with tailored reporting packages
Share financial insights with key stakeholders at the click of a button
Whether you use Jirav or another financial forecasting solution, use dashboards to make financial information easily accessible to the right people for data-driven decisions.
Optimizing processes and reducing manual work
One of the biggest inefficiencies in financial management is relying on manual processes. CFOs prioritize investing in technology and automation to minimize errors, improve efficiency and free up time for strategic work.
While we haven’t eliminated spreadsheets, we’re on the way. Jirav connects to our accounting software to reduce manual data entry errors and streamline reporting. Because we automate much of the data collection and preparation, we can:
Spend less time consolidating data
Focus more on analysis and strategic planning
Improve collaboration by sharing reports seamlessly
Delivering actionable insights
CFOs don’t just generate reports—they help interpret the data in a way that supports decision-making.
For example, a report might show revenue increased by 10% year over year. A CFO-minded leader will take it further:
What caused the increase? New service lines, pricing changes, or increased client retention?
What are the cost implications? Did expenses grow at the same rate?
How does this impact future hiring, technology investment or client acquisition strategies?
Shifting the focus from historical reporting to strategic interpretation provides greater value to your firm and clients. The transition takes time, financial resources and effort, but with the right mindsets and toolsets, you can take a more strategic and forward-thinking approach to financial leadership.
Could you benefit from a peer network of other advisory service leaders?
The Boomer CAAS Circle is a peer group of advisory service leaders from top accounting firms who benefit from sharing knowledge, best practices and lessons learned. Apply now to get plugged into the Circle and start transforming your firm.
As Financial and Accounting Manager for Boomer Consulting, Inc., Jenna is passionate about the administrative side of business –both internally and externally. Her primary focus is on the company’s payroll, human resources, and accounting.
Before joining Boomer Consulting, Inc.as a Solutions Advisor in 2018, Jenna owned a home health agency for three and a half years.
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