Differentiating Cloud-Based Roles

Cloud-based financial services.  You’ve most likely heard this phrase increasingly amongst the business sphere. With advancements in technology influencing every aspect of your business the financial industry has certainly seen a wide array of new services and offerings over the past decade. With new technologies come new services and ultimately new skills that you as a business owner must adopt. Migrating your services from the standard excel sheets to that of a more modern and may we say paperless method can be overwhelming to some business owners. As with any new tool, there can be a learning curve to maneuver.

We’re here to ensure you feel supported and informed at every step of the way.

We’re often faced with questions, regarding the new roles cloud-based practices have introduced. More often than not business owners express concern over differentiating the separate roles and services. For today, we will be focusing on the three main cloud-based financial roles, a Virtual Bookkeeper, Virtual Controller and Virtual Chief Financial Officer.

Virtual Bookkeeper:  When you find yourself spending much of your own time, clearing transactions and updating financial reports it might be time to hire a Virtual Bookkeeper.  A Zenbooks Virtual Bookkeeper much like an in-office bookkeeper works closely with you and your company to ensure your financial needs are met and with minimal errors. Instead of hiring a part-time bookkeeper who requires office space a Zenbooks remote Virtual Bookkeeper will complete their tasks remotely, ensuring you save company resources while receiving a high-quality bookkeeping service.  When choosing to outsource your bookkeeper it helps to choose a company like Zenbooks to ensure you have a skilled professional handling your company’s finances at all times.

Virtual Controller:  A Virtual Controller differs from a Virtual Bookkeeper in the sense that they manage the operations of the bookkeepers and accountant. A Zenbooks Virtual Controller oversees your companies financial strategy and procedures and will refine your methods of operation to ensure quality in the actions of your accountant(s). They may work directly with the bookkeeper or have more of a consulting role. If you already have a team of accountants and find yourself spending time correcting mistakes or running around tracking reports it might be time to outsource to a Zenbooks Virtual Controller.

Virtual CFO: A CFO is invaluable to the profitability and growth of almost any business.   However, for most small to mid-sized businesses, a CFO is required only part-time, supported by a bookkeeper and/or accountant to take care of the organization’s day-to-day financial transactions.   An OTUS Group Virtual CFO provides clients with experienced financial management professionals on a part-time basis, at a fraction of the cost of a full-time CFO.   Having worked with many firms, virtual CFO’s have diverse experience and can bring fresh perspectives to your organization.   OTUS Group Virtual CFO’s can also draw upon the experience and expertise of other members of the OTUS team in addressing specific client challenges.

With new technology comes new tools you can use to increase your productivity and that of your employees. For some, it may be intimidating but that is why we’re here, to help you become comfortable and develop a complete understanding of these new tools.

This blog was written in partnership with Otus Group. Make sure to read our partner article featured on their website covering the safety of your data when utilizing a cloud-based service. You can read the blog article here.

Eric Saumure, CPA, CA, Principal

Eric Saumure, CPA, CA, Principal

Eric is a recognized Chartered Accountant (CA) and Chartered Professional Accountant (CPA) in the province of Ontario. Eric Saumure studied Accounting and Business at University of Ottawa, and obtained his CPA, CA designation during his time at KPMG LLP. Eric has 11 years of experience and actively works with over 300 clients. Eric Saumure is a Quickbooks Online ProAdvisor and a Xero Certified Partner.

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