Support for CFO

Our decades of experience and familiarity with the accounting services market allows us to conclude that one of its greatest ills is the lack of trust of clients as to how their accounts are handled by their external accounting firm. Anxiety that often turns into dissatisfaction with cooperation is the greater the awareness of the importance of reliable and quickly available financial data. This is especially the case for structures with a dedicated position of CFO or entire financial and controlling departments. The efficiency of their work depends on the quality and speed of access to accounting data, and they need a trusted accounting outsourcing partner in this regard.

WZ Partners is just such a partner. Over the years, our team leaders have built their competencies in the finance departments of leading domestic as well as foreign companies, learning from the best CFOs in the business. Joining the WZ Partners team, they use these experiences and put all their efforts to ensure that the work of our clients’ CFOs adds value to their companies and ensures their continued growth. All this, in turn, takes place under the watchful eye of our firm’s Partners, who share their extensive experience gained from working with both start-ups and stock-listed companies, international capital groups, but also family businesses or entities in the NGO sector.

What is the CFO Support Package from WZ Partners? It is a model of cooperation in accounting outsourcing: a set of services, competencies and tools that we have been developing for years and that in practice have brought, in the opinion of our clients, added value to their daily work:

Communication with the client is an absolute priority for us – it’s where it all starts and ends. The financial teams we work with on a daily basis must have the confidence to work together based on the comfort of communication with their accounting office. By this comfort we mean accessibility, responsiveness and flexibility. How do we realize these goals in practice?

First – the structure and competence of our team. Each client is assigned to an individual accountant with the rank of at least an accounting specialist. This person is equally responsible with Partners for ensuring the highest standard of service. Through more than 30 years of presence in the market of outsourcing accounting services, we have gained know-how in managing accounting teams and we know how to achieve it. The competence of an individual supervisor alone is not enough. What is needed is the time and work organization to use these competencies in daily communication. This is one of the reasons why teams delegated to CFO Package projects do not participate in parallel in servicing clients in the segment of sole proprietorships: the popular tax ledger of income and expense – micro, one-person companies, where the effectiveness of the accounting business in this segment is a direct result of the number of clients serviced by a single accountant.

Second – flexible forms of communication. Each organization develops the best processes for itself and chooses the most convenient tools. These become all the more important in view of changing standards and forms of work: remote work or hybrid work. Knowing the importance of these issues, we know that an email inbox and phone are not enough today. What’s more – effective and efficient communication in daily cooperation with an accounting office is one that blurs the barrier of in-house <-> outsourcing. That’s why we use multiple tools and platforms in our daily work with clients, leveraging the capabilities of platforms such as Microsoft Teams®.

And third – transparency. We are not afraid of what we do. We do not see the insight into our work and its results as a control, but as an indication of cooperation and realization of common goals. From a single accounting entry to the preparation of financial statements, we are aware of the importance and essence of our work.

The greater the transparency of the data, the faster the detection and lower the cost of corrections. In turn, all of this is realized in the next pillar of the CFO Support Package:

We know that in many accounting offices, the work and the timing of its completion is determined only by tax payment deadlines. The 20th day of the following month is archaeology for CFOs from the point of view of day-to-day financial control, and at WZ Partners we are well aware of this. In order to meet the most demanding reporting deadlines and ongoing analytical needs of our clients, we base our daily cooperation on tools that streamline information flow and accounting procedures.

The foundation of the accounting data workflow is the SaldeoSMART platform provided by our firm, which is extended with a document workflow module as part of the CFO Support Package. The platform is used to upload financial documents, which undergo a reading process using OCR. Then the document, depending on the type assigned to it, is subjected to a custom-designed acceptance path, within which the client’s financial department can complete information on, for example, assigned cost centers, but also generate money transfer packages for electronic banking.

For more information about SaldeoSMART’s functionalities, please visit the e-Accounting website

SaldeoSMART’s extensive configuration capabilities alone make it possible to use its online repository for basic financial analysis. Access to invoice scans from the web application and mobile app perfectly speeds up the process of finding the documents you need at a given moment. Thanks to the built-in functionality offered by this tool, there is no need to maintain a parallel archive of document scans in folders or manually enter payments into the bank. This is a completely new standard of accounting services on the market, while streamlining processes on the client’s side.

Another area of transparency and access to financial data in the accounting outsourcing model are the reporting modules integrated with the Clients’ ledgers maintained by WZ Partners and their functionalities. Based on Business Intelligence (BI) technology, these tools offer a range of scenarios for their use in day-to-day cooperation – from setting up automatic subscriptions to reports, to direct Client access to a web-based platform allowing self-designed reports and uploading data from external data sources.

The scope of data access can grow as the business scales and we take advantage of further opportunities we can offer through WZ Partners’ outsourced accounting services and IT infrastructure:

The CFO Support Package and cooperation with WZ Partners is the best solution for start-ups who are looking further ahead and who want to prepare in advance for the challenges that the dynamic growth of their business will bring. By working with our firm, you don’t have to worry about the accounting office becoming a brake on dynamic growth.

From the very beginning of cooperation with WZ Partners, processes related to the recording of business events are configured in a way and within the infrastructure of systems that will be able to smoothly cope with the handling of an increasingly complex business structure. Without the need for significant capital expenditures and months-long implementation processes, our clients get access to the tools and infrastructure of ERP software. How?

Beginning of cooperation with each client means that WZ Partners, within its own infrastructure and own licenses, configures the database in COMARCH ERP OPTIMA® program. As part of the daily service, our team records economic events in the accounting module and, if covered by the service, the HR and payroll module. On an ongoing basis, a database is created, which from the very beginning is integrated with the SaldeoSMART platform, which supports the circulation of cost documents and basic sales processes within the available “Invoices” module.

Growth and scaling pose new challenges in terms of handling selected business processes – more and more powerful tools are needed, which will be integrated with external systems, allow to design process automation and provide direct data export to accounting ledgers. All this, coupled with time pressures and budget constraints, may on the surface seem like a highly complex task. At WZ Partners, however, we have a solution for this.

Our infrastructure allows us to expand our database with additional ERP-class modules, which become a direct part of the database and to which clients have free, remote access, working in the same environment in parallel with WZ Partners’ accounting department. This is how we provide fast and inexpensive solutions for demanding processes, for example, in the field of:

• Sales – we are offering a dedicated module for handling sales document issuance processes, which, in combination with the CRM module, allows you to automate document dispatch to customers as well as debt collection processes. The module can be integrated with external systems, such as e-commerce platforms. Sales documents are automatically transferred to the accounting module
• Cash flow (Cash/Bank) – management of payments directly from the ERP level and without the need to log on to electronic banking thanks to webservice integrations. Payment estimates, forecast of receipts and expenditures, control of settlements.
• Stock Inventory – a module for recording the quantity and value of inventory. Possible integration with external platforms, including e-commerce.
• Manufacturing – handling basic production processes.
• Fixed Assets – records of fixed assets, including management of rented/leased/leased equipment.

In practice, the customer incurs only one-time costs for the purchase of a particular module with a license key assigned to it, as well as the cost of its installation and implementation with training. Ongoing maintenance costs are limited only to hosting costs and the annual license renewal fee. The invaluable benefits of this deployment model include:

• No cost of preparing your own hardware and software infrastructure under ERP.
• No cost of integration with accounting systems.
• No cost of initial data migration (records are downloaded directly from the accounting module).
• Efficient and inexpensive implementation and training process.

Speed and efficiency in the CFO Support Package is not only in the area of accounting. WZ Partners is not just an accounting office, but a professional firm that also brings together experts in law, tax, labor law and IT. These people support the work of accounting teams on a daily basis and know the specifics of each client’s business. They are proactive when they see an area where they could offer effective solutions. They are also available to support any other new issues or projects of our clients.

The efficiency of WZ Partners’ consulting is based not only on the aforementioned knowledge of the client’s specifics, but also on direct access to data. This means saving time and money – the project budget is not consumed by the time spent by external experts on correspondence with the accounting office, making the project implementation faster and cheaper. Joint projects with WZ Partners experts are a real synergy and added value.

Take a look at the list of basic accounting services that determine the minimum scope of service under the CFO Support Package:

• Maintenance of accounting records in electronic format.
• Storage of source documentation in the form of an online electronic archive compliant with statutory requirements.
• Online tool for issuing sales invoices.
• Custom-designed workflow.
• Support for export of payments to electronic banking and an online tool for checking the status of payables.
• Individual accountant supervisor and dedicated accounting team in offices in Warsaw and Poznan.
• Calculation of PIT or CIT income tax, including support for Companies covered by the flat-rate income tax (so-called Estonian CIT).
• Maintenance of VAT records.
• Cyclical and automatic subscription of income and expense reports.
• Preparation of annual financial statements.
• Access to tax consulting services.

We prepare each offer within the CFO Support Package individually, preceding its creation with the recognition of key needs and business processes on the part of the Client, selecting the most appropriate competencies and tools. We invite you to contact us so that we can personally offer you our knowledge and experience.