How Fractional CFOs Can Scale with Turn-Key Platforms
Turn-key platforms give you an end-to-end solution for all your business needs.
For a fractional CFO, a turn-key solution can help with bookkeeping, financial reporting, paying taxes, and much more.
Let’s look at one such turn-key platform – Fincent and the features it provides for fractional CFOs and founders to manage their business finances hassle-free.
What is Fincent? – An Overview
Fincent is a cloud-based turn-key platform that can manage all business finance processes, from bookkeeping to filing taxes. The platform aims to simplify business finance for fractional CFOs and founders.
Running a business is tough on its own; managing finances take up much of your time and could be a nightmare.
It’s not just tough for you; if you have a fractional or full-time CFO onboard, they might end up cleaning your books for the first couple of months before actually starting their work.
Here’s where Fincent comes into play.
The platform lets you view all the transactions from multiple bank accounts and credit cards in one place. When you can see everything better, you can manage everything better.
But that’s not it; the platform is power-packed with features that speed up finance processes, automate most of your reporting, and fasten invoice generation.
Let’s have a look at all the features in detail.
Key Feature #1. Get Clean and On-Time Bookkeeping with Fincent
Keeping records of your financial statements is one of the most important things to do when managing business finance.
Fincent doesn’t just do bookkeeping for you, but it gives you three added advantages:
#1. Consistency
As a fractional CFO, you might be working with many different clients, so the more you can standardize the work process, the better.
Fincent gives you that level of standardization so that you can be efficient at what you do and scale your clientele.
Bookkeeping is something that can be done easily but takes a lot of time, so instead of doing it yourself, Fincent gives you a dedicated bookkeeper so that you can focus on other high-value things like strategic analysis, planning, forecasting, etc.
#2. Accuracy
A startup hires a CFO with the primary motive of book cleaning and getting their finances organized. When that’s done, they then turn their attention toward financial planning.
Founders need clean books to understand what’s happening on the finance side of things.
The catch-up bookkeeping feature of Fincent quickly gets all the business-related transactions of a year or more and cleans them in a very short period.
This helps a business get organized if they weren’t in the past years. And Fincent does this in a very accurate and timely manner.
#3. On-Time Books
Fincent promises to have your finance books closed by the 10th of every month, so you don’t have to worry about following up with your bookkeeper.
This gives founders a sense of relaxation because they don’t have to worry about balance sheets, profit and loss statements, and cash flow reports – all the basics of financial reporting.
The tool doesn’t just close your books by the 10th of every month; we also ensure that they are live on their cloud platform and you can see it in real time.
Note: To get this from Fincent, you must be in regular touch with the dedicated bookkeeper assigned. As long as you share transaction information with the bookkeeper, the work will be done on time.
Key Feature #2. Optimize Company Finances
Fincent has several features in place to optimize company finances. Let’s look at what these are:
#1. Fincent Directory
Fincent directory is a place where you can look at all subscriptions, know about inactive subscriptions, and cancel them.
You can also see the total subscription costs monthly or annually; it helps you calculate the amount of money you spend on SaaS tools.
Similar to this, the Directory feature can also show you vendor expenses your business has incurred over the year or for a specific month.
#2. Timeline For Transactions
Fincent’s timeline feature acts as a feed of all your accounts in one place. Your bookkeeper leverages this feature to categorize and analyze all your business transactions.
It comes with advanced search functionality that allows you to search for total spend in a certain period based on keywords.
Apart from monthly spending, you can also look at the money spent on a particular software category, for example, advertising, cloud, memberships, and many more.
#3. Generate Finance Reports & More
Fincent also sends weekly emails to the fractional CFO with performance reports of the business. This is quite beneficial for small businesses because money matters a lot to them, and keeping track of it weekly lets them plan things efficiently.
The software also gives you weekly cash flow snapshots, which are extremely helpful for both the fractional CFOs and the business owner to have a clear line of sight regarding where their business is.
#4. Connect All Your Bank Accounts to Fincent
Often it becomes a nightmare for a fractional CFO to track bank accounts.
But with Fincent, a founder can connect all their accounts securely with the platform and make their CFO’s life easier.
Note: To ensure top-notch security, Fincent integrates with Plaid to connect bank accounts directly to their platform.
Key Feature #3. Fincent Helps In Invoicing Activities
Fincent has two features – Get Paid and pay, to take care of all your invoicing activities.
In the Get Paid section of the Fincent dashboard, you can see all the invoices raised, and the latest update lets you create invoices via Fincent.
The Pay section has all the invoices your suppliers or vendors raise that you’re yet to clear.
Lastly, we have a Files tab that has all your invoices organized in one place. You can search for an invoice by name, file owner, type, or tag.
Why Do Fractional CFOs Use a Turn-Key Platform Like Fincent?
Every feature in Fincent is built to make a fractional CFO’s life easy. But if there’s one that stands out is having a dedicated bookkeeper.
As a fractional CFO, it becomes comparatively easy to get multiple clients when you have a dedicated bookkeeper. It also takes a heavy burden off your shoulders to manage company books weekly.
Another benefit for fractional CFOs and founders is the tool’s stunning user experience and ease of use.
What’s more, Fincent sits on top of QuickBooks and manages everything related to QuickBooks for you, so you don’t have to worry about it.
Apart from these things, our Timeline feature lets you view transactions categorically or monthly and talk about those transactions with your bookkeeper briefing them about the nature of each transaction. This helps maintain a clear book for your business, closed on the 10th of every month.
Fincent Pricing
Fincent has multiple plans depending on a company’s monthly expenses, but its most basic plan with a dedicated bookkeeper starts at $159/month.
Although, this is the discounted rate, and the prices will increase from January. But if you lock in before 15th December, you get the same rate for the next 12 months.
So do sign up to Fincent, book a call with them to watch a demo, and scale your finance consultation business easily.
Wrapping Up
The partnership between Fincent and Shiny benefits CFOs who want to get rid of their full-time jobs and step into the fractional world to get more freedom and work with multiple startups.
Shiny will help you get those clients, and Fincent will be a perfect solution to help these startups with their finances, planning, and strategy.
