Support for CFO
The highest standard of accounting services for ambitious and demanding CFOs.Read more
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:
Transparency and access to data
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:
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