New Jersey-based WithumSmith+Brown is the latest CPA firm to join cloud financial management and accounting applications provider Intacct as a business process outsourcing partner.
As part of the new relationship, WS+B in most cases will utilize the Intacct system to act as a virtual CFO or accounting department for current and future clients.
It has been many years since the firm represented any accounting products. The firm decided to do so with Intacct after evaluating several similar SaaS accounting products, and recognizing the potential for the firm’s own business growth, according to partner Jim Bourke.
“Historically we were deep in software sales, and we would go in train, install, and leave,” said Bourke. “This model is different and it took us a while to get it, but I believe having Intacct helps us lock in clients and is another way to build the relationship. I believe, done right, you can help create some non-traditional revenue. Most firms are marketing accounting, audit and tax work, but this is out of the box. You can market to existing clients or you can market it to non-clients who have no desire for audit and tax, but you can be an outsourced CFO.”
The firm is currently working on its first business process outsourcing project using Intacct with a manufacturing and distribution company in Houston, a client Bourke explains would have cost thousands of dollars in travel expenses to maintain in person.
“The president of this company is based here [in New Jersey], but it was only a matter of time before he says I’m spending a lot on getting you to work with my company in Texas, so why don’t I go with a local firm,” said Bourke. “There is a need for us to be on site, but not nearly as much. They have no CFO. The client is doing the day-to-day financial data entry, but there is no one there to verify the accuracy of the financial statements. That’s our role. We know what to look for and are able to be on top of it from here with Intacct.”
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